| Link(s): | Regulatory Initiatives Grid | FCA Regulatory Initiatives Grid – Interim update | FCA regulatory-initiatives-grid-interim-update.xlsx (live.com) |
Context
The FCA has published an October 2024 interim update to the Regulatory Initiatives Grid (RIG), updating its RIG web page, posting a new interactive web page about the interim update, and publishing a spreadsheet format detailed update. Following the announcement of the General Election on 4th July 2024, and due to the re-planning required because of the change of government, the eighth edition of the Grid was delayed.
The Financial Services Regulatory Initiatives Forum acknowledges that the Grid is a valuable tool for stakeholders. As the Forum is unable to publish a complete Grid this year, an interim update has been made available. The Grid will return to its usual format in 2025.
Key points to note and next actions
This update covers known regulatory initiatives impacting firms from October 2024 to March 2025. Some items of note are:
- The FCA intends to publish a Policy Statement on ‘Tackling Non-Financial Misconduct in the Financial Sector’ around year-end 2024, to be followed by FCA and PRA Policy Statements on the remaining D&I proposals in 2025.
- Incident and Outsourcing and Third-Party Reporting: Consultation Paper – Q4 2024 – the purpose of this policy would be to introduce clarity regarding the information firms should submit when operational incidents occur. It will also collect certain information on firms’ outsourcing and third-party arrangements in order to manage the risks they may present to the PRA/FCA’s objectives, including resilience, concentration and competition risks.
- Review of firms’ treatment of customers in vulnerable circumstances – Q1 2025 – the FCA is assessing firms’ approaches to the treatment of customers in vulnerable circumstances to explore how firms are meeting expectations of the FCA’s 2021 Guidance for firms.
- Proposed Revised Enforcement Guide – Q4 2024 – the FCA consulted on a revised Enforcement Guide and (as confirmed by the FCA in September 2024) will publish further information in Q4 2024, including case studies. The FCA aims to reach a decision on these proposals, in light of that further engagement, in Q1 2025.