Context
The Regulatory Initiatives Grid is produced by the Financial Services Regulatory Initiatives Forum, which brings together key UK regulators and government departments, including the FCA, Bank of England, PRA, Payment Systems Regulator, The Pensions Regulator and HM Treasury. The latest edition of the Regulatory Initiatives Grid, setting out the regulatory pipeline for financial services over the next 2 years, has been published. The grid covers current and planned initiatives for 9 organisations. In addition to the (70 pages long) .pdf version, the Grid is also published as an interactive web page and an Excel spreadsheet.
Key points to note and next actions
This edition of the Regulatory Initiatives Grid includes 124 live initiatives (a 13% reduction from the previous edition), of which 45 are joint initiatives where there is collaboration across regulators and government departments. In our view, there are 29 which are more directly relevant to the sectors we support, which are listed below:
- Appointed Representatives regime legislative reforms (FCA and HM Treasury)
- Automated Decision Making and Profiling Guidance (ICO)
- Berne Financial Services Agreement (FCA/PRA)
- Captive insurance (HM Treasury/FCA/PRA)
- Complaints Guidance for Organisations (ICO)
- Complaints reporting review (FCA)
- CONC 3 review (FCA)
- Consultation on Improving the Effectiveness of the Money Laundering Regulations (HM Treasury)
- Consumer Duty scope and distribution chain (FCA)
- Data Protection by Design and Default Guidance Update (ICO)
- Gibraltar Authorisation Regime (HM Treasury)
- High Cost Short Term Credit Price Cap Review (FCA)
- Incident and Outsourcing and Third Party Reporting (Bank of England/FCA/PRA)
- Insurance third-country branches: policy implementation and other updates (PRA)
- International Transfers Guidance (ICO)
- Modernising the redress framework and external redress guidance (FCA)
- Motor Finance commission review (FCA)
- Non-financial misconduct in financial services firms (FCA)
- Premium Finance Market Study (FCA)
- Pure Protection Market Study (FCA)
- Purpose Limitation Principle Guidance Update (ICO)
- Recognised Legitimate Interest and Legitimate Interest Guidance (ICO)
- Reform of the Consumer Credit Act 1974 (HM Treasury)
- Reforms to the Senior Managers and Certification Regime (FCA/PRA/HM Treasury)
- Regulation of Buy Now Pay Later (FCA/HM Treasury)
- Review of FCA requirements following the introduction of the Consumer Duty (FCA)
- Transforming Data Collections (Bank of England/FCA/PRA)
- UK Captives Insurance Regime (Bank of England/FCA)
- Value Measures Post-Implementation Review (FCA)