FCA consults on recovering gateway costs: FCA has published a discussion paper looking at how it should recover the costs of processing authorisation applications. The paper looks just at the firms in the "A" fee blocks although FCA may extend its focus in later proposals. The paper looks at the main administrative processes involved in authorisation and the processes from which it currently recovers costs. It now wonders:

  • whether it should share the costs of processing applications between applicants and existing firms and whether more complex firms should bear more cost;
  • whether there is any merit in not charging application fees at all, and what is the significance of the fees it charges; and
  • whether it should introduce new staged charges for various processes that would increase costs.

FCA asks for comments by 22 August. It would like to introduce new rules from 1 April 2015. (Source:FCA Consults on Recovering Gateway Costs)

Wonga to pay compensation for misleading debt practices: FCA has announced that Wonga has agreed to pay around £2.6 million in compensation to around 45,000 customers for unfair and misleading debt collection practices. Wonga had sent threatening letters to customers who were in arrears. The letters purported to be from law firms that were in fact non-existent and threatened legal action. It also charged some customers an administration fee for sending the letter. FCA said the conduct, which took place between 2008 and 2010 was particularly serious because it put pressure on those already under financial stress. The Office of Fair Trading had discovered the breaches, and FCA has continued the regulatory action. Wonga will contact all affected customers during July. (Source:Wonga to Pay Compensation for Misleading Debt Practices)

FCA updates on AIFMD: FCA has updated its AIFMD news pages, which contain short summaries of key aspects of implementation and the end of the transitional period. (Source: FCA Updates on AIFMD)

FCA responds on firm failings: FCA has published its response to the "Special Measures" proposal of the Parliamentary Commission on Banking Standards (PCBS). The paper explains how it can meet the PCBS recommendations and the supervisory approach FCA applies. It also looks at how FCA and PRA work together to address systemic weaknesses in firms. (Source: FCA Responds on Firm Failings)

FCA finalises annuity comparison guidance: FCA has published its finalised guidance on its financial promotions review of annuity comparison websites. It has made amendments and clarifications to its draft guidance to reflect responses. The finalised guidance includes a list of items which FCA thinks websites must address in order to comply with its Principles and the rules in chapter 4 of the Conduct of Business Sourcebook. (Source: FCA Finalises Annuity Comparison Guidance)

FCA updates on fund recognition requirements: FCA has published a direction setting out the information it requires in relation to funds recognised under s272 of the Financial Services and Markets Act 2000 for marketing in the UK. (Source: FCA Updates on Fund Recognition Requirements)