Eva Dauberton
News Editor
CP24/19: FCA consults on new regulatory reporting return for consumer credit firms
The Financial Conduct Authority (FCA) has released consultation paper (CP) 24/19, which includes proposals for a new regulatory reporting return for specific consumer credit firms. This update is part of the FCA multi-year plan to review and replace regulatory returns for consumer credit-regulated activities.
Key takeaways
- In-scope firms
The new regulatory return will apply to consumer credit firms that have permission to engage in any one, or more, of the following regulated activities: credit broking, debt adjusting, debt counselling services, and providing credit information services. These firms are referred to as Relevant Ancillary Credit Firms by the FCA.
- Return content
The proposed return consists of a series of questions about how firms operate, engage with consumers and use the regulated activities for which they hold permission. Depending on a firm’s responses, the return will present a range of questions relevant to their business model. The aim is to tailor the set of questions to align more effectively with each firm’s unique business model and activities.
Next steps
The deadline for feedback is 31 October 2024.
Click here to read the full RegInsight on CUBE’s RegPlatform
Australian Treasury consults on new gateway to facilitate investment proposals
The Australian Treasury has released a consultation paper seeking input on the establishment of a new 'Front Door' for major transformational investments.
The Hon Dr Jim Chalmers MP, Treasurer, stated, "As a key component of the Government’s Future Made in Australia agenda, the Front Door will help encourage and facilitate the private sector investment we need to succeed and remain an indispensable part of the global economy."
Some context
The Front Door initiative was introduced in the 2024–25 budget. It aims to simplify and consolidate services for investors with significant investment proposals in Australia, ensuring efficient coordination and support integration with other government operations.
Key takeaways
This paper includes a broad model for stakeholders to consider how a Front Door could operate. The Front Door’s functions could involve:
- Prioritisation process to identify major transformational projects and determine the service offerings available to them.
- Coordinated engagement with relevant agencies, including facilitating connections to existing project development supports.
- Regulatory facilitation, such as mapping regulatory requirements and supporting proponents to navigate them.
- Facilitating public financing, such as coordinating engagement with Specialist Investment Vehicles.
Next steps
The deadline for feedback is 4 October 2024.
Click here to read the full RegInsight on CUBE’s RegPlatform
ASIC announces revised default rate for superannuation forecasts
The Australian Securities and Investments Commission (ASIC) has reduced the default rate of nominal wage inflation (default rate) for superannuation forecasts from 4% p.a. to 3.7% p.a.
This adjustment aligns with the revised long-term wage growth forecast in the 2023 Intergenerational Report (IGR) and is now reflected in:
- ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 (ASIC Instrument 2022/603).
- Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276).
Next steps
Providers of superannuation calculators and retirement estimates who rely on these will need to update their economic assumptions by 31 December 2024.
Click here to read the full RegInsight on CUBE’s RegPlatform
MAS updates compliance toolkit for fund managers
The Monetary Authority of Singapore (MAS) has recently updated the compliance toolkit for fund managers. These changes are a result of the repeal of the regulatory regime for registered fund management companies (RFMC), which took effect on 1 August 2024. Existing RFMCs who wished to continue with regulated fund management activity after this date had to apply to be a licensed fund management company (LFMC).
Some context
The toolkit offers guidance and support for licensed fund management companies and venture capital fund managers to ensure compliance with MAS approval, reporting requirements, and deadlines.
Click here to read the full RegInsight on CUBE’s RegPlatform