European Union: FIG Bulletin, 13 September 2019

Last Updated: 23 September 2019
Article by Hogan Lovells


FCA Directory of financial services workers: FCA webpage and user guide

The Financial Conduct Authority (FCA) has published a new webpage on its public directory for checking the details of key people working in financial services. It has also published a user guide to help firms submit data to the Directory.

The following deadlines apply to firms submitting information for entry into the Directory:

banks, building societies, credit unions and insurance companies must submit their data between 9 September 2019 and 9 March 2020; and

all other firms must submit their data between 9 December 2019 and 9 December 2020.

SMCR: BSB good practice guidance on regulatory references

The Banking Standards Board (BSB) has published good practice guidance on receiving and issuing regulatory references under the senior managers and certification regime (SMCR). It has also published a summary of responses received to its related consultation.

The BSB's Statements of Good Practice are living documents and are kept under review.

SMCR extension: Form K information

The FCA has updated its SMCR webpage for solo-regulated firms in respect of Form K information. Form K is relevant to:

enhanced firms who must submit Form K to the FCA to notify it which currently approved individuals should be converted to a mapped senior management function; and

core firms that have a non-executive Chair.

Form K must be submitted by 23.59 on 24 November 2019 and was made available on Connect from 9 September 2019.

The FCA has also updated its webpage on converting from the approved persons regime to the SMCR, with information for sole traders.

SMCR: UK Finance report

UK Finance has published a report on the evolution and reform of the SMCR in the banking sector.

The aim of the report is to establish if change has occurred as a result of the SMCR, both in individuals and at firms. UK Finance claims it is the most in-depth study conducted to date of the practical implications of the SMCR, benefiting from the responses over a year of more than 25 banking institutions, almost 60 senior managers and drawing on nearly 2000 data points.

The key finding of the report is that the introduction of the SMCR has been regarded as a positive development, which has led to improvements in behaviours and processes within firms. The report also sets out recommendations on where further improvements could be made to the regime.

Regulation of funeral plans: FCA initial thoughts

The House of Commons Treasury Committee has published a letter, dated 26 July 2019, from Andrew Bailey, Chief Executive of the FCA, to Gosia McBride, Committee Clerk, regarding the regulation of funeral plans. Mr Bailey's letter responds to a request from Nicky Morgan, former Committee Chair, asking the FCA to provide information on how it will regulate funeral plan providers. In his letter, Mr Bailey responds to specific questions asked of the FCA.

Mr Bailey notes that, at present, entering into a funeral plan contract is a regulated activity. However, the FCA does not authorise any firms for this activity as firms can rely on exclusions in the Regulated Activities Order 2001 for entering into plans that are either insurance or trust-backed and meet certain conditions. HM Treasury is consulting on removing these exclusions to bring this activity within the FCA's remit. The consultation closed on 25 August 2019 and feedback is expected by the end of the year. HM Treasury's proposals envisage an 18-month implementation period after the necessary legislation is made.

While the FCA cannot pre-empt the outcome of HM Treasury's consultation, it is conducting research on what action it may need to take should the perimeter be broadened in respect of funeral plans. The FCA would aim to publish a consultation paper shortly after the relevant legislation is laid before parliament. The FCA should then be in a position to publish final rules with sufficient time before implementation of the regime for firms to familiarise themselves with them and apply for authorisation.

FCA quarterly consultation paper 25: CP19/27

The FCA has published its 25th quarterly consultation paper (CP19/27), proposing miscellaneous amendments to the Handbook. Issues consulted on in CP19/27 relate to:

  • minor amendments to Chapter 15 of the Supervision manual (SUP) related to Alternative Investment Fund Managers Directive (AIFMD) Forms (chapter 2);
  • amendments to the Collective Investment Schemes sourcebook (COLL) (chapter 3);
  • minor Handbook amendments to update references to the UK Corporate Governance Code (chapter 4);
  • changes to the Disclosure Guidance and Transparency Rules sourcebook (DTR) to implement the European Single Electronic Format (chapter 5);
  • implementing the changes made by HM Treasury to domestic legislation to reflect the amendments brought by the European Commission's Regulatory Fitness and Performance Programme (REFIT) to the European Market Infrastructure Regulation (EMIR) and make firms aware of the FCA's new powers set out in the amended domestic legislation (chapter 6);
  • further Brexit-related changes to Handbook and binding technical standards (BTS) following the extension of Article 50 (chapter 7);
  • seeking views from interested stakeholders about whether the Lending Standards Board's Standards of Lending Practice for business customers meet the FCA's Codes Recognition Criteria (chapter 8);
  • modifications to periodic fees rules for Recognised Overseas Investment Exchanges that are also European Economic Area market operators (chapter 9);
  • changes to regulatory reporting requirements (chapter 10);
  • modifying the FCA's "wake-up" pack and annuity information prompt rules (chapter 11); and
  • changes to the Training and Competence (TC) sourcebook list of appropriate qualifications (chapter 12).

The consultations close on 4 October 2019 for chapters 2, 7, 9, 10 11 and 12, and by 1 November 2019 for chapters 3, 4 5, 6 and 8.

To see the full article click here

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions