Rulebase (YC F24)’s Post

𝗡𝗼𝘁 𝗳𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝘂𝘀𝗲. 𝗙𝗼𝗿 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗶𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝗿𝘆 𝘂𝘀𝗲 𝗼𝗻𝗹𝘆. How we’re adjusting to the FCA’s rules on consumer protection. The FCA's 'final rules and guidance' on Consumer Duty were published back in 2022, and came into effect for existing products and services last year. But what are the regulations, and what difference are they making?   We've published an article exclusively for brokers like you, so you are up to date on the latest findings. https://bit.ly/3JKbxQx

Read May's regulatory news to find out which firms received a fine and learn about key updates such as changes to Regulation S-P by the SEC, the UK FCA’s product deadline for consumer duty obligations, and much more.https://bit.ly/3RlH7bn #RegulatoryNews #RegNews

The FCA has now released its ‘name and shame’ consultation paper. It proposes to provide earlier, factual and measured disclosures about its enforcement investigations, where it serves the public interest, whilst balancing the potential impact on affected firms and markets. The regulator believes this will have several benefits, not least enabling consumers to make more informed decisions and avoid harm. If you wish to provide feedback on these proposals, you must do so before February 17. The FCA board will make final decisions in the first quarter of next year.

In progressing Targeted Support it's important that the Regulator does not go back to the pre-RDR days and hope it'll be different this time because it assumes firms will interpret the Consumer Duty in the same way it does. The objectives of this regime also need to be clearer: does the FCA want to close the advice gap or does it simply want to mitigate the risk of consumers buying products which might be wrong for them?

My team and I are launching a new webinar series on FCA market abuse, conduct and oversight!   Our first webinar will be on 10 September 2024 at 11.30am to 12.30pm. Anthony Harrison, Jonathan Cavill, and I will be providing a quick refresher on the regulatory regime, and discussing: - The current 'state of the union' relating to issues of market conduct and its oversight by the FCA and exchanges such as the LSE - Key trends - Market Watch 79 (on post-trade surveillance expectations) - The new Listing Rules   If you are interested, feel free to join through the following link: https://lnkd.in/eY8-9MH8 #FCA #FCAregulation #LSE #Marketabuse #ListingRules #Marketoversight

“While naming at the outset may be appropriate in clear cases of fraud or those trading without permission, for regulated firms in our market investigations are never so clear cut.” “Our members are dual regulated with long-term business plans; it is highly improbable they will be involved in deliberately heinous or fraudulent activity. Enforcement action is most likely hinging on interpretation of the UK’s complex outcomes-based regulation – regulation that gives scope for grey areas, proportionality and debate.” John Levett, Senior Executive, Regulatory Affairs at the LMA, weighs in on the Financial Conduct Authority’s consultation CP24/2 on a new approach to the Enforcement Guide and publicising enforcement investigations. You can read the full article in Insurance Day: https://lnkd.in/g-EfCdQ7   #FCA #LMA #EnforcementGuide

Last week, the FCA published the final version of its new listing rules for a new, simplified, and more competitive UK listing regime, whilst maintaining key standards to protect investors and ensure market integrity. The rules will take effect on 29 July 2024. Read more here; https://ow.ly/VStU50SzEqB

With the Consumer Duty deadline now here, it is crucial for firms to continuously ensure they deliver good outcomes for clients, as emphasised by the Financial Conduct Authority. The FCA's deadline for extending the Consumer Duty to closed products and services is also upon us. This is an ideal time to revise what it means to have an implementation plan. Consumer Duty affects regulatory areas such as supervision, enforcement, and authorisation. Access our free comprehensive Consumer Duty Board Report Checklist to ensure your firm remains compliant and client-focused: https://lnkd.in/dpsGQrJX

The FCA launches a study of the protection market along with good practice guidance on appointed representatives. Learn more in the Autumn Regulation Update: https://ow.ly/Q9e750TTblL

On the 19th March, the FCA published it's plan for the year ahead. It should come as no surprise to hear that the primary objectives for the next 12 months will be: customer protection, promoting the UK as a world class financial centre, and consolidating the data led approach to regulatory enforcement. Click here to read the FCA's summary on their upcoming objectives, which includes links to the full underlying plans https://lnkd.in/ebubKH-5