FCA updates MMR readiness: FCA has carried out its second review on readiness for the Mortgage Market Review (MMR). All relevant firms say they will be ready in time although some need still to complete their planning. (Source: FCA Updates MMR Readiness)

FCA publishes arrears management review: FCA has published its thematic review on mortgage lenders' arrears management and forbearance. Its review found firms have improved their practices since the last review, and now wants firms to educate and empower front line staff so they can better make decisions. It also thinks firms could improve their practices to be more flexible and therefore provide more tailored outcomes. (Source: FCA Publishes Arrears Management Review)

FCA updates on CC applications: FCA has updated its website in respect of applications for consumer credit permissions. The website now clarifies that firms with no CC permissions can apply for authorisation from 1 April, while those with interim permissions should wait for FCA to contact them to let them know when to apply. During March, it will publish further information so firms will have an idea of when their application slot is likely to be. Firms that do not apply within the timeframe set by FCA will lose their interim permission. Separately, FCA has set out a summary of how its approved persons rules will apply to CC firms. (Source: FCA Updates on CC Applications)

FCA updates on AIFMD applications: FCA is pleased so many firms have applied early for authorisation under the AIFMD. During January it received 103 full-scope and 95 small authorisation applications. (Source: FCA Updates on AIFMD Applications)

FCA publishes Hobbs final notice: FCA has published its Final Notice banning David Hobbs from performing any function in relation to any regulated activities. Publication follows the Tribunal's agreement that Mr Hobbs was not a fit and proper person, although it had agreed Mr Hobbs' contention that he had not committed market abuse which FCA had originally found. (Source: FCA Publishes Hobbs Final Notice) 

FCA fines for "unfair profits" and lack of openness: FCA has fined two companies within the Forex Capital Markets group a total of £4,000,000 for allowing their US parent to withhold profits that should have been passed to the clients of one of the UK companies. It also found the UK company had not informed FCA that the US authorities were investigating another part of the group for similar conduct. FCA said it expects firms to be transparent and put their customers first. All UK clients of the relevant firms will be fully compensated. FCA noted it is conducting a review of firms' execution practices and will report by the end of June on its findings. (Source: FCA Fines for Unfair Profits and Lack of Openness) 

FCA sets out EMIR supervisory priorities: FCA has set out its supervisory approach to the implementation of EMIR. It clarifies that, where there is a reason why full compliance with EMIR cannot be achieved, firms should have in place a realistic plan to achieve compliance within the shortest timeframe possible. (Source: FCA Supervisory Priorities Arising from EMIR) 

FCA publishes notes on completing AIFs Schedule: FCA has published notes to assist managers applying for authorisation under AIFMD to complete the Schedule of Alternative Investment Funds (AIFs) they intend to manage and/or market. (Source: Notes to Assist the Completion of the AIFMD in completing Schedule of AIFs Form)