FCA updates on IRHPs: FCA has published its regular update on how banks are addressing possible mis-sales of interest rate hedging products (IRHPs). By the end of December, the banks involved in FCA's survey reported completion of 99% of their sophistication assessments with a 78% opt-in rate from customers who had opted to join the review. 48% of compliance assessments on those customers are complete, with a 96% rate of findings of unsuitable products. £156.8 million in redress has been paid, with around 17,000 customers still in various stages of the redress assessment. FCA commented that, as expected, the pace of the review has increased, and it urges the 3,700 customers who have not yet opted in to it to do so. The four largest banks are progressing as projected, with most slightly ahead of projection, and all aim to have finished by the end of June. (Source: FCA Updates on IRHPs)

Up next from FCA: FCA's latest policy development update highlights as key publications in the first quarter of 2014:

  • feedback on policy proposals and consultation on rates proposals for 2014/15 fees and levies;
  • consultation on the Financial Services Compensation Scheme management expenses levy;
  • policy statement on payments for referrals to discretionary investment managers and reporting of complaints against retail investment advisers;
  • policy statement on regulatory approach to crowdfunding; and
  • policy statement on the detailed proposals for FCA's consumer credit regime (not until February at the earliest).

(Source: Policy Development Update No 9)

FCA updates on AIFMD: FCA's latest update to its pages on the Alternative Investment Fund Managers Directive (AIFMD) explains how FCA plans to handle applications for the status of alternative investment fund manager (AIFM) and reminds firms of the importance of submitting complete applications. (Source: FCA Updates on AIFMD)