Greg Kilminster
Head of Product - Content
FCA releases new handbook notice
The Financial Conduct Authority (FCA) has released Handbook Notice 115, which details changes to the FCA Handbook resulting from various Consultation Papers (CPs) and standalone instruments. Some of the key CPs covered in this notice include CP23/15, which outlines the Framework for a UK Consolidated Tape, CP23/16, which covers Margin requirements for non-centrally cleared derivatives, and CP23/18, which clarifies guidance on what a firm must do when appointing an appointed representative or an FCA registered tied agent.
The standalone instruments covered in this notice include changes related to disputes about motor finance discretionary commission arrangements (DCAs). Firms have been given a 37-week pause on the requirement to provide a final response to a complaint about motor finance agreements with DCAs within eight weeks of receiving the complaint. Consumers, on the other hand, have been granted an extension in the time they have to refer DCA complaints to the Financial Ombudsman, from six to fifteen months if the firm sends its final response to the complaint within the specified period in the rules.
In addition to the above, the FCA has also changed the Perimeter Guidance (PERG) to reflect the exemptions made in articles 48 and 50A of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) relating to promotions to high net worth individuals and self-certified sophisticated investors.
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FDIC issues December 2024 enforcement list
The Federal Deposit Insurance Corporation (FDIC) has recently published a list of administrative enforcement actions taken against banks and individuals in December 2023.
The FDIC took a total of 12 orders, including one order to pay a civil money penalty (which relates to Bank of Morton for a violation of the Bank Secrecy Act resulting in a fine of $600,000), four termination orders of deposit insurance, three orders to terminate consent orders, two consent orders, one order to terminate a supervisory prompt corrective action directive, one order to prohibit further participation, and one decision and order to prohibit from further participation and assessment of civil money penalty.
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APRA releases feedback letter on proposed changes to the EFS reporting standards
The Australian Prudential Regulation Authority (APRA) has released a letter addressing the feedback received on the proposed changes to the Economic and Financial Statistics (EFS) reporting standards and guidance. The proposal aimed to rectify inconsistencies identified in Reporting Standard ARS 701.0 and RPG 701.0 ABS/RBA Definitions and Reporting Concepts for the EFS Collection, respectively, and harmonise them with the updated capital framework released in 2021.
APRA confirmed that the revised ARS 701.0, inclusive of the finalised definitional changes, will apply to reporting periods ending on or after 30 June 2024. The current ARS 701.0 will still be in effect for all reporting periods before the commencement of the revised ARS 701.0. Additionally, APRA has finalised the amendments to RPG 701.0 and updated the revised priority listing for data items, which supports RPG 702.0, to include a reduced priority of an additional item.
To help implement the required changes over the next nine months, APRA has provided a marked-up version of the Excel workbook. The links to the priority listing for data items in the Excel workbook in RPG 702.0 will be updated closer to the effective date for these changes.
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