| Link(s): | Regulatory Initiatives Grid | FCA Financial Services Regulatory Initiatives Forum – Minutes: February 2023 (fca.org.uk) |
Context
The Regulatory Initiatives Grid is updated twice each year by the Financial Services Regulatory Initiatives Forum, which is made up of representatives from the Bank of England, FCA, PRA, Payment Systems Regulator, the Competition and Markets Authority, the ICO, The Pensions Regulator and the Financial Reporting Council.
The Grid sets out the regulatory pipeline, so the financial services industry and other stakeholders can understand, and plan for, the timing of the initiatives that may have a significant operational impact on them. It is also published in the form of an interactive dashboard and an Excel spreadsheet to help users interact with the underlying data.
Key points to note
This publication of the Grid has been delayed from November 2022, due to the announcement of the UK Government’s Edinburgh Reforms. There is a minor update planned once the Financial Services and Markets Bill has been given Royal Ascent, with the next main update to be published during late 2023.
Initiatives with updates planned up to the third quarter of 2023 include:
- Insurance guidance for the support of customers in financial difficulty
Consultation Paper (CP23/1) closes 11th March 2023, with a Policy Statement due in Q2 2023 and guidance coming into force in July 2023 - Multi-occupancy buildings insurance
Consultation Paper due to be published in first quarter of 2023, with final rules expected during third quarter of 2023 - Diversity in Financial Services
Publication of a Consultation Paper is due in the first half of 2023 - Transforming data collection building on Digital FCA/ Regulatory Reporting
The next update to industry will be in March 2023, followed by a Transforming Data Collections Briefing event (virtual and in person) on 29th March 2023 - Oversight of Critical Third Parties (CTPs)
Consultation of proposals relating to the oversight of Critical Third Parties is due to be published in the second half of 2023 - Expansion of the dormant assets scheme
A further Consultation Paper is planned for the second quarter of 2023 for the inclusion of investment assets and client money into the dormant assets scheme, with a Policy Statement due by the third quarter of 2023. - Regulation of Pre-Paid Funeral Plans
A Portfolio Letter is expected to be sent to firms within the sector during the third quarter of 2023. - Amendments to the Credit Unions Act
During the first quarter of 2023, UK Government to legislate changes to the Credit Unions Act 1979. This is expected to allow credit unions to offer hire purchase agreements, conditional sale agreements, and insurance distribution services. - Regulation of Buy Now Pay Later
FCA expected to consult on bringing unregulated, interest-free Buy Now Pay Later, or Deferred Payment Credit, products into FCA regulation before the end of the year. - Reform of the Consumer Credit Act 1974
HM Treasury expects to publish a response to their public consultation paper (published December 2022) during the second quarter of 2023.
Next actions
None – for information and awareness.