The Financial Conduct Authority (FCA) has published a document for use by the financial services sector that covers its upcoming regulatory developments over the next year.
The 50-page document is a sector-split overview of the regulator’s regulatory initiatives split over eight sectors and aims to show public information and operational impact in:
- Banking
- Credit and lending
- Payment services and systems and market infrastructures
- Insurance and reinsurance
- Pensions and retirement income
- Retail investment
- Investment management
- Wholesale financial markets
The grid includes initiatives from the Bank of England (BoE), Competition and Markets Authority (CMA), Financial Conduct Authority (FCA), Financial Reporting Council (FRC), Her Majesty’s Treasury (HMT), Information Commissioner’s Office (ICO), Prudential Regulation Authority (PRA), Payments Services Regulator (PSR) and the Pensions Regulator (TPR).
It shows which authority is linked to which initiative, the expected key milestones, the indicative impact on firms and a quarter-by-quarter breakdown of the initiative.
Key initiatives in the regulatory landscape
The document goes into great detail, but a high-level view of the main initiatives are:
July 2022
Regulation of pre-paid funeral plans to be brought within the FCA’s Perimeter
Regulation of pre-paid funeral plans to be brought within the FCA’s Perimeter
Q3 2022
FCA Consumer Duty Policy Statement with final rules and guidance
FCA Consumer Duty Policy Statement with final rules and guidance
Q3 2022
Consultation Paper on proposals to support improving diversity in financial services
Consultation Paper on proposals to support improving diversity in financial services
1 Sept 2022
Implementation of Bilateral margin obligations phase 6
Implementation of Bilateral margin obligations phase 6
Oct 2022
HMT transitional period ends for unauthorised funeral plan providers to wind down outside of the perimeter
HMT transitional period ends for unauthorised funeral plan providers to wind down outside of the perimeter
Q4 2022
Consultation Paper on implementation of the remaining Basel 3 banking standards
Consultation Paper on implementation of the remaining Basel 3 banking standards
End 2022
First two Technical Screening Criteria (Climate Change Adaptation and Mitigation) of the UK green taxonomy to be finalised
First two Technical Screening Criteria (Climate Change Adaptation and Mitigation) of the UK green taxonomy to be finalised
Jan 2023
Required compliance with new PRIIPs rules
Required compliance with new PRIIPs rules
Q2 2023
Proposed Consumer Duty implementation period ends and rules and guidance come into force
Proposed Consumer Duty implementation period ends and rules and guidance come into force
June 2023
Deadline for ending reliance on US dollar LIBOR
Deadline for ending reliance on US dollar LIBOR
30 June 2023
Most pension providers required to implement pension dashboard obligations
Most pension providers required to implement pension dashboard obligations
End 2023
Remaining UK Green Taxonomy Technical Screening Criteria to be finalised
Remaining UK Green Taxonomy Technical Screening Criteria to be finalised
You can read the full document here.