Asset management
In 2018/19 the FCA will issue a further Policy Statement on the final rules and guidance outlined in its recently published consultation paper, in which it ordered fund managers to be more explicit in justifying their charges, among other measures.
The FCA will also issue a second consultation paper on how to ensure investors receive clear, comprehensive and consistent information.
Reviewing firms’ use of data
The FCA will further develop its relationship with the Information Commissioner’s Office as the General Data Protection Regulation (GDPR) comes into force in May 2018. It will then publish an updated Memorandum of Understanding setting out how they will work together in future.
Establishing a public register
In July 2017, the published proposals to extend the Senior Managers Regime to all FSMA firms.
Under these proposals, only senior managers will appear on the Financial Services Register. The FCA has received substantial feedback on this and will consult by summer 2018 on policy proposals to introduce a public register.
The mortgage market
The FCA’s Mortgage Market Study has looked at whether available tools, including advice, help mortgage consumers make effective decisions. It has also examined whether commercial arrangements between lenders, brokers and other players cause harm to consumers.
The FCA will publish its interim report in Q2 of 2018, setting out its findings and inviting views on any potential remedies. It will consider feedback received before publishing its final findings, a summary of the feedback and its next steps later in 2018/19.
Regulatory sandbox
The FCA’s regulatory sandbox gives businesses of every size the opportunity to test the commercial and regulatory viability of their innovative concepts before they invest more heavily in them, while providing safeguards for consumers.
The sandbox also gives us an understanding of the opportunities and risks of harm that innovation can create.
Over the coming year the FCA will undertake work that uses lessons its has learned since the sandbox was created in 2016, with the aim to further reduce unnecessary barriers to entry for innovative firms.
