Up next from FCA: FCA plans a number of publications before the end of March, and then a break until May and June. Its imminent publications include policy statements on:

  • the Financial Services Compensation Scheme (FSCS) management expenses limit and FCA fees and levies policy proposals, and consultation on FCA fee rates;
  • mutuality and with-profits funds; and
  • consumer credit related amendments to the Decision Procedure and Penalties Manual and the Enforcement Guide.

(Source: Up Next From FCA)

FCA fines another insurance broker for ABC failings: FCA has fined Besso Limited, an insurance broker, £315,000 for failings in its systems and controls for preventing bribery and corruption (ABC). FCA found that, from the date the firm became authorised until 2011, it operated a "weak" control environment over sharing commissions with third parties which gave rise to an unacceptable risk that some payments could have been corrupt. FCA found the firm had introduced anti-bribery policies in 2009, but these were not adequate. In particular, the firm did not carry out adequate risk assessments or due diligence on third parties, nor did it record the commercial rationale for entering into a relationship with them. It then failed to review the relationships and so could not assess whether any previous commercial rationale remained, nor did it document the ABC checks it carried out. Finally it did not monitor staff who arranged third party relationships to ensure that they carried out checks and assessed a proper commercial rationale. FCA found the firm had not improved its systems and controls until FCA had visited them twice. After that the firm instructed solicitors to review its ABC policies and acted swiftly on their recommendations. FCA is currently undertaking a review of small insurance brokers' ABC measures and is finding a number of concerns. (Source: FCA Fines Another Insurance Broker for ABC Failings)

FCA speaks on market structure: David Lawton spoke on developments and achievements from a global, EU and domestic perspective. He looked at the gradual shift in emphasis towards global priorities, but stressed there are complementary domestic measures. (Source: FCA Speaks on Market Structure)

FCA publishes supervision guides: FCA has published guides to supervision to help firms better understand what to expect from it. There are four guides, one for each conduct category. (Source: FCA Publishes Supervision Guides)

FCA and BoE update MoU: FCA and BoE, including PRA, have republished the Memorandum of Understanding (MoU) on how they co-operate when supervising FMIs. (Source: FCA and BoE Update MoU)

FCA updates UCIS page: FCA has updated its website to focus on the marketing restrictions on promotion of unregulated collective investment schemes (UCIS) and conduct concerns its supervisory work raises. (Source: FCA Updates UCIS Page)

FCA reminds EMIR firms of SUP reporting rules: FCA has published a note on its website reminding firms that report derivatives to TRs under EMIR that this does not replace transaction reports due to FCA. This reporting, required under Chapter 17 of the FCA Handbook Supervision Manual (SUP), applies to MiFID investment firms and investment and pension schemes managers, and needs to be effected through an Approved Reporting Mechanism (ARM). (Source: Transaction Reporting

FCA explains regulator networks: FCA has explained how it works with other regulators in fulfilling various of its objectives. A new page on its website explains the UK Competition Network and the UK Regulators Network. It explains the members and aims of each network. (Source: FCA Explains Regulator Networks)