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What’s on the FCA’s Agenda for Second Quarter 2021
As we come into the second quarter of this year it is a good opportunity to review what we can expect to see on the FCA’s agenda for this quarter.
The previous quarter saw some significant activity, mostly around supporting customers through COVID-19 and the long-awaited Vulnerable Customer Guidance. The COVID-19 support is likely to continue through Q2 and firms should keep a regular check on the FCA’s news pages for any updates related to their sector.
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The FCA’s Operational Resilience work trundles on too, with the regulator expecting Banks, Building Societies, PRA designated Investment Firms, Insurance Firms and Enhanced SMCR Firms to identify their critical business services, map key persons, technology, processes and any other dependencies, set impact tolerances, test the identified risks resilience and conduct a lessons learned assessment.
Another major development is the debt respite scheme, under The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium (England and Wales) Regulations 2020 borrowers will gain the legal right to be provided 60 days of breathing space when obtaining debt advice and/or 30 days of breathing space when going through a mental health crisis. As such the FCA is making amendments to CONC 7, 8 and MCOBS. The FCA released a policy statement explaining the changes in Feb 2021, this statement can be found here: PS21/1: Breathing Space Regulations: changes to our Handbook | FCA
What else can we expect to see this quarter?
A consultation is due on the duty of care
The FCA Business Plan will be released this week, it was not released at the time of writing. This is likely to include steps to implement recommendations made in the Woolard Review, we will follow up with a specific article relating to the business plan
As always, feel free to send us any questions you might have by email Robert.bell@rbcompliance.co.uk.
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