| Link(s): | Handbook Notice 140 |
Context
The FCA has published Handbook Notice 140, which sets out an overview of updates made to the FCA Handbook, a summary of the changes, and some Consultation feedback.
Key points to note and next actions
The Notice, amongst other updates, confirms amendments to the Handbook in relation to:
- FSCS Management Expenses Levy Limit 2026/2027 – changes to the table in FEES 6 Annex 1R to add the figure for the 2026/27 management expenses levy limit, which represents the limit on management expenses to which the FSCS will be subject for the 2026/27 financial year. This came into force on 1 April 2026
- The ‘Individual Accountability’ (SM&CR) review which, in summary:
- improves the operation of the 12-week rule;
- streamlines the Senior Management Function (SMF) approval process (including related process and communications changes);
- extends the validity period for criminal record checks supporting SMF applications;
- allows longer to notify updates to Statements of Responsibilities (SoRs) and to update certain Directory information;
- removes duplication in certification roles and provides guidance to support firms’ annual certification processes;
- provides further guidance on the scope and allocation of certain SMF/ Prescribed Responsibilities and on the application and reporting of the Conduct Rules;
- updates guidance on the period covered by regulatory references on request;
- raises the thresholds for firms to be classified as Enhanced SM&CR firms; and
- makes technical Handbook amendments to align with aspects of the PRA’s proposals.
- This instrument came into force on 24 April 2026 in the main, with some parts coming into force on 10 July 2026, and one element (to align with the new non-financial conduct rule implementation date) coming into force on 1 September 2026