FCA publishes Wonga requirement: FCA has published details of its agreement with Wonga that requires Wonga to make significant changes to its business immediately. Wonga agreed to contact all its customers by 10 October to tell them whether they are involved in its redress programme. It will write off the balance of loans for around 330,000 customers who are over 30 days in arrears, and will ask around 45,000 customers who are in arrears by less than 30 days to repay their debt without interest or charges. They can also pay their debt off over a longer period if they wish. FCA has required Wonga to appoint a skilled person to monitor a new lending decision platform that Wonga has introduced, and will assess in due course whether Wonga should take any further remedial actions. (Source: FCA Publishes Wonga Requirement)

FCA gives RMAR guidance: FCA has published a factsheet for advisers on how to complete section K of the Retail Mediation Activities Return (RMAR). (Source: FCA Gives RMAR Guidance)

Up next from FCA: FCA promises several key publications before the end of 2014 including:

  • consultation on fees and levies policy for 2015/16 in October;
  • policy statement on implementation of the Recovery and Resolution Directive in December;
  • consultation on marketing restrictions for non-mainstream investments in October;
  • policy statement on the EBA high earners and benchmarking information report during this quarter; and
  • policy statement on proposals for a price cap on high-cost short-term credit, also in this quarter.

(Source: Up Next from FCA)

Regulators explain Connect: FCA and PRA have created website pages for the new online application system, Connect, which takes the place of some parts of the Online Notification and Application System (ONI) from 1 October. (Source: FCA Connect Page and PRA Connect Page)

FCA publishes first data bulletin: FCA has published its first data bulletin, in which it outlines:

  • the number of authorised firms in the UK: this is 27,500, of which 1,500 are consumer credit firms and 28% are passported in from elsewhere in the European Economic Area;
  • types of firms, broken down by category: general insurance intermediaries and personal investment firms comprise more than half of all authorised firms;
  • geographical position of firms: 34% are in Central or Greater London, with 6% in Scotland and 3% in each of Wales and Northern Ireland;
  • firms by classification: 88% are category 4 supervision firms, and only 1% are in category 1 and broken down by business type within those classifications;
  • complaints against firms by product group;
  • compensation statistics;
  • statistics on the mortgage market, including numbers of advised sales, and loan values and percentages;
  • freedom of information requests: FCA received 748 in 2013/14 and progressed over half of them as formal Freedom of Information Act requests. They related mainly to approved persons applications, enforcement actions and suspicious transaction reports.

(Source: FCA Publishes First Data Bulletin)

FCA speaks on market abuse: Patrick Spens spoke on FCA's expectations and toolkits for tackling market abuse. He focused on transaction reporting and the suspicious transaction reports regime. (Source: FCA Speaks on Market Abuse)

FCA tells firms to obtain pre-LEIs now: In light of EBA's January 2014 recommendation that national authorities should use Legal Entity Identifiers (LEIs) when reporting to EBA, FCA has said it expects firms to have obtained their pre-LEIs and start using them in COREP reporting by the end of the year at the latest. (Source: LEI Codes

FCA issues new AIFMD reporting FAQ: FCA has issued a new set of detailed FAQs on reporting under Annex IV of the Alternative Investment Fund Managers Directive (AIFMD). (Source: FCA Issues New AIFMD Reporting FAQ)