| Link(s): | Handbook Notice 117 (fca.org.uk) |
Context
The FCA has published Handbook Notice 117 which provides feedback to a number of Consultations. The Handbook Notice effectively serves as the Policy Statements in relation to the Consultations included in the Handbokk Notice.
Key points to note and next actions
Two particular impacts to note are:
- The update to the Consumer Credit proxy measure calculation (Sections 3.46 to 3.48 and 3.65 to 3.68), which confirms the removal of the Bank of England Base Rate from the calculation and is effective immediately.
- The widening of the definition of ‘relevant income’ for the purposes of the FOS fees calculation that goes in Section J of the RMAR (Sections 3.52 to 3.6 and 3.70 to 3.81). This is to be widened to capture all the types of firm that are ‘eligible complainants’ – see Consultation Paper CP23/22, Section 6. This change impacts firms that tailor their RMA-J income figures for the FOS levy and is effective from 1 April 2025 for reporting purposes, with the reported data then used to calculate the levy amounts payable by firms for the 2026/27 fee year onwards.