Context
The FCA has published Handbook Notice 141 outlining, amongst other things, the FCA’s Policy Statement following feedback to one element of Consultation CP26/8 (FCA Quarterly Consultation no. 51). The Consultation proposed some minor amendments, including to SYSC 1.5, SUP 16 Annex 38C and SUP 16 Annex 38D (consumer credit reporting).
Key points to note and next actions
- Following the publication, The FCA identified a mistake in the changes made to Senior Management Arrangements, Systems and Controls sourcebook (SYSC) 1.5.3R. Therefore, it consulted to make a correction.
- The FCA also identified areas in the Handbook where minor amendments to the rules or guidance would help support firms’ ability to meet the rules set out in SUP 16.
- The changes in SUP 16 will not impact policy scope; instead, they focus on clarifying the language of the existing rules to improve the experience of firms when completing the return.