On 4 January 2016, the FCA updated one of its industry guidance confirmation webpages.
The amendment relates to the recently updated version of the guidance on the Banking Conduct of Business sourcebook (BCOBS), which has been produced by the British Bankers' Association (BBA), the Building Societies Association (BSA) and Payments UK. The expiry date for the FCA's confirmation of this guidance is now 31 December 2016. It was previously scheduled for 31 December 2015.
The trade associations advised when they published an updated version of the guidance in December 2015, that they have agreed with the FCA they will undertake a full review of the form and content of the guidance before the end of 2016. The full review will take account of forthcoming regulatory and legislative changes that are likely to dictate more substantive changes to the guidance as BCOBS is updated.
What this means for you
Since 2007, the FCA has had a policy on recognising industry guidance. If a firm follows confirmed industry guidance correctly, it will be regarded by the FCA as compliant with the underlying requirements. The updated version of the guidance on BCOBS, which has yet to be recognised by the FCA, can be found here: Industry Guidance for FCA Banking Conduct of Business Sourcebook - BBA.