This Week in Regulation


Review of Appropriate Qualification Exam Standards

The FCA has recently issued a policy statement outlining the final, updated appropriate exam standards (AES) included within its training and competence (TC) sourcebook.

Its training and competence regime ensures financial services staff are appropriately qualified and regulated, with the overall aim of protecting consumers. The policy statement follows the FCA’s Consultation Paper in September 2017 and provides guidance on how to interpret and understand the appropriate qualification table, alongside feedback on the debate around producing a further equity release qualification.

Accredited Bodies who provide appropriate qualifications to the UK financial industry may find the policy statement of particular interest. The statement may also be of interest to firms and employees who must complete qualifications listed in the FCA’s training and competence sourcebook, in addition to prospective firms, employees or students that will need to complete the appropriate qualifications for career development.


Remuneration in CRD IV in Firms

Final rules and guidance have been published by the FCA to help firms understand the rules around remuneration policies and practices. Co-ordinating their resources with the European Banking Authority (EBA) guidelines on the policies of sound remuneration, this document outlines the requirements that firms are subjected to under the Capital Requirements Directive (CRD IV).

Changes have also been made to the FCA’s handbook to eliminate the differences between handbook provisions and the EBA guidelines. Guidance around remuneration has also been simplified within the FCA’s handbook and through their general guidance around proportionality.

The FCA has a view to publish new handbook guidance that aims to take into account some of the most frequently asked questions around the application of resources under the EBA guidelines, in addition to more general resources used in the FCA’s handbook.

The statement is applicable to a range of firms, including building societies, investment firms and overseas firms which must comply with the FCA’s remuneration code under SYSC 19A, SYSC 19C or SYSC 19D.


Monthly PPI Refunds and Compensation

Devised to cover circumstances where debt or credit repayments can’t be met through circumstances such as redundancy, the inability to work through ill health, an accident, a disability or death, payment protection insurance (PPI) has previously acted as a safety blanket for consumers across the UK. Nowadays, PPI is hardly sold due to the level of mis-selling that has previously occurred. The FCA provides information on the way in which payment protection insurance is sold, how you can complain and claim money back for the policy you’ve paid for.

A recent statement from the FCA outlines that £235.3m was paid out to customers who complained about the method in which they were sold payment protection insurance. A total of £235.3m was paid to customers in February 2017, taking the total amount paid since January 2011 to £26.7 billion.

Refunds and compensation paid to customers who were mis-sold PPI are provided in a monthly analysis by the FCA. As of September 2015, 95% of the complaints about the sale of PPI have come from 23 firms. A deadline of 29 August 2019 has been set by the FCA for consumers to complain about the way in which their PPI policy was sold.


Policy Development Update

The FCA have recently issued a policy development update including information on the FCA’s most recent and forthcoming publications. Including these recent publications:

The publications are listed in the FCA’s handbook under the appropriate blocks where the policy is likely to be utilised. The blocks cover:

  • High level standards
  • Business standards
  • Specialist sourcebooks
  • Other

These blocks are explained in the FCA’s Handbook readers guide

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