Following rules introduced by PS20/3, FCA has now published this post-implementation review which looks at firms’ implementation of and compliance with the rules and indicators of the impact of the regulator’s intervention.  FCA considers that the signposting intervention has had a positive, albeit lower than expected, impact on the market.  FCA intends to consult later this year on updating the £100 medical condition premium trigger point for signposting.

The 2024/25 Business Plan sets out the workplan for each of PRA’s strategic priorities, together with an overview of the budget for 2024/25.  Initiatives highlighted include: work relating to the resilience of the UK’s banking and insurance sectors; Basel 3.1 implementation; Solvency UK reforms; the Banking Data Review; ringfencing reforms and improvements to PRA’s authorisation process.

PRA has set out its proposals for fees in 2024/25.  Responses are required by 10 May 2024.

The ESAs have announced that they will launch in May 2024 the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities.

FCA has published the results of this survey, which found that 7.4m people were struggling to pay bills and credit repayments in January 2024, down from 10.9m in January 2023, but still higher than the 5.8m recorded in February 2020.  Alongside the survey, FCA has published new rules and guidance aimed at providing stronger protections for borrowers (see separate news item).

FCA is consulting on a new regime which would allow the “bundling” of payments for third-party research and execution services, subject to proposed guard rails.  Responses are required by 5 June 2024.  FCA hopes to introduce new rules in the first half of 2024 and notes that it also intends to consult on rule changes concerning COBS 18.

Further to CP23/13, FCA has published feedback and final rules.  The rules have mostly been finalised broadly as they were consulted upon, but a number of amendments have been made which are set out in paragraph1.15 of the PS.  In the CP, FCA stated that it expected the rules to come into force in H1 2024, but as a result of feedback it is giving firms to 4 November 2024 to implement these changes.  The FG, originally published in 2023, has accordingly been updated and also comes into force on 4 November 2024.

This report provides a detailed overview of patterns in crypto-asset secondary markets.

PSR has published its Annual Plan and Budget for 2024-25 along with a work plan detailing key activities during 2024/25.

EBA has published its final guidelines on the resubmission of historical data under the EBA reporting framework which provide a common approach to the resubmission of historical data by the financial institutions to the competent and resolution authorities in case of errors, inaccuracies or other changes in the data reported, in accordance with the supervisory and resolution reporting framework developed by the regulator.