| Link(s): | CP26/17: Quarterly consultation paper No. 52 | FCA CP26/17: Quarterly consultation paper No. 52 |
Context
The FCA has published its latest Quarterly Consultation Paper no. 52, CP26/17. Once a quarter, the FCA consults on proposed miscellaneous amendments to its Handbook. These tend to be minor changes, but the FCA still wants to get your feedback on its proposals.
Key points to note and next actions
- There are items in relation to climate disclosure rules for asset managers, life insurers and FCA-regulated pension providers (proposed changes to the product-level disclosure requirements in ESG), revoking provisions of the UK Capital Requirements Regulation (UK CRR), three provisions in relation to cryptoasset firms, and simplify the scheduling rule for Section M of the Retail Mediation Activities Return (RMA-M).
- Of interest to our clients will be some minor proposed amendments to the guidance on how to complete the FIN073 Baseline Financial Resilience return. The FCA notes that firms’ reporting periods are not the same and may be different from a calendar quarter or UK fiscal quarter. Qualifying firms see FIN073 return frequency updating as they complete their reporting period.
- The FCA proposes to update SUP 16 Annex 53R and SUP 16 Annex 54G (guidance notes on the data items for FIN073) to cater for firms that meet the criteria to submit FIN073 annually (firms that meet both of the following criteria):
- they submit Section A of the Retail Mediation Activities Return (RMA-A); and
- they have annual revenue from regulated activities in scope of the Retail Mediation Activities Return (RMAR) of £150m or less.