FCA publishes MMR FAQs: FCA has published a set of FAQs about its online survey on the Mortgage Market Review (MMR). It explains the purpose of the survey, encourages firms to complete it and says it does not plan to contact firms individually as a result of their completed survey. It stresses it expects firms to be ready to comply with the new rules from 26 April 2014. (Source: FCA Publishes MMR FAQs)
FCA updates on AIFMD: FCA has:
- confirmed the ESMA requirements for AIFMD reporting and the templates firms should use. It says it will consult on implementing the requirements into its rules; and
- published details of the information it needs on AIFM depositary arrangements, following queries from some prospective AIFMs.
(Source: FCA Updates on AIFMD)
FCA makes SME lending statement: FCA has confirmed it has considered the reports by Sir Andrew Large and Dr Lawrence Tomlinson on how banks and specifically RBS treat small and medium-sized enterprises (SMEs) that are in financial difficulties. It comments that commercial lending is not a regulated activity. Nevertheless, failing to treat customers properly is of concern to it and could fall within its regulatory remit. As a result, it has commissioned a skilled person's report into RBS' practices and written to banks and building societies telling them to read the reports and satisfy themselves that they do not carry on any of the poor practices the reports identify. It says the banks' supervisors will discuss the reports and the individual institutions' findings with them. (Source: FCA Makes SME Lending Statement)
FCA publishes consumer credit market participants research: FCA has published research into the size and diversity of the population of consumer credit licence-holders and their awareness of the transfer of consumer credit regulation to FCA. (Source: Consumer Credit Licence-holders: Population Sizing and Communications Research)