FCA’s November regulation round up outlines key publications and upcoming deadlines and looks in more detail at:

  • preparing for SMR implementation;
  • the forces of technology, macroeconomics and demographics on financial services;
  • how FCA is using its power to restrict or suspend authorised firms and approved persons, which came into force in 2010. It noted how it imposed a recruitment ban on the Financial Group for failing to control its appointed representatives and a stop on Bank of Beirut acquiring new customers from high-risk jurisdictions, each for 126 days. It discussed how it can use these powers as well as, or instead of, fines; and
  • firms applying to operate an electronic platform in relation to lending. It says that of the nearly 200 firms that applied for interim permission for the activity it expects only around 40 to apply for that particular permission. It says this does not reflect firms leaving the market, but rather reflects firms analysing the permissions they actually need. It has also received around 40 applications from firms new to the market.

(Source: FCA Publishes Regulation Round-Up)