The FCA has published its regulation round-up for February 2016.  This month’s edition focuses on the launch of the FCA’s regional engagement programme - “FCA: Live & Local”.  This aims to give firms greater clarity on how to comply with the FCA’s regulatory requirements and is an opportunity for firms to ask the FCA any questions they may have about being regulated.  The FCA will host events focused on investments, mortgages and general insurance sectors in each region it visits.

A hot topic this month is the Senior Managers and Certification regime, which, comes into force on 7 March 2016.  The new rules aim to restore trust in financial services firms.  Firms that must comply with the regime should make sure they are embedding the rules, including:

  • Ensuring that senior managers and certified staff understand what accountability means for them.
  • Making preparations to certify the fitness and propriety of certified staff before 7 March 2017.
  • Making sure that other financial services staff are aware of the Conduct Rules and how these will apply to their jobs from 7 March 2017.

The FCA also reminds firms of the Innovative Finance ISA (IFISA) that the Government will introduce in April 2016.  This will allow peer-to-peer (P2P) agreements to be included within an ISA tax wrapper.  The FCA’s consultation paper, that was published earlier this month, proposes changes to its rules and guidance on disclosure and advice about P2P agreements.