FCA has issued its latest quarterly consultation on proposed miscellaneous amendments to the Handbook. Proposals include:

  • consequential changes to rules and guidance on controllers as a result of the UK’s transposition of the Transparency Directive Amending Directive (TDAD). FCA does not expect the changes to increase costs to firms;
  • consequential changes to various Retail Distribution Review (RDR) forms as a result of the SMR, and to simplify some other forms;
  • adding text to EG 7 to reflect FCA ability to apply to the Court for a voting rights suspension order, following TDAD implementation;
  • consequential changes to the Handbook for Solvency 2 and non-Directive firms (NDFs), mainly reflecting PRA’s creation of rules for these firms in its Rulebook;
  • changes to the SUP to amend the reporting requirement and submission methods for banking groups, mortgage lenders and administrators and to introduce a financial crime reporting form. FCA intends this form to help it gather information from firms about their customers, areas of business, the resources they allocate to tackling financial crime, the number of suspicious activity reports they file, sanctions and asset freezes and the firm’s views on fraud. It plans to use the data to conduct proactive trend analysis. The new forms will apply to all firms subject to the Money Laundering Regulations and some general insurers, Lloyd’s managing agents and certain credit unions and friendly societies;
  • changes to the TC list of appropriate qualifications;
  • amendments to the Consumer Credit Sourcebook (CONC), the Perimeter Guidance manual (PERG) and Glossary, mainly in respect of financial promotions;
  • changes to address the impact on LR (Listing Rules) of changes to PR (Prospectus Rules) that FCA needs to make to comply with EU standards; and
  • clarifications on Fourth Capital Requirements Directive (CRD4) Pillar 2 and financial conglomerates. FCA plans to amend the relevant parts of the Prudential Sourcebook for Investment Firms (IFPRU) following EBA’s guidelines on the Supervisory Review and Evaluation Process (SREP).

FCA asks for comments on its proposals for changes to TC and LR by 4 January 2016 and on all other proposals by 4 February 2016. (Source: FCA Quarterly Consultation Paper No.11)