Update of Regulatory Initiatives Grid available
The Financial Conduct Authority (FCA) has published the fifth edition of the Regulatory Initiatives Grid which provides an overview of the key initiatives in the regulatory landscape up until September 2023.
The Grid, produced by the Financial Services Regulatory Initiatives Forum, sets out the regulatory pipeline so that the financial services industry and other stakeholders can understand – and plan for – the timing of the initiatives that may have a significant impact upon their operations.
The Forum was launched to strengthen coordination between members. It is made up of representatives of the Bank of England, FCA, Prudential Regulation Authority, Payment Systems Regulator, the Competition and Markets Authority, the Information Commissioner’s Office (ICO), The Pensions Regulator, and the Financial Reporting Council. HM Treasury (HMT) is?an observer member.
Pages 7-22 of the Grid contain initiatives that affect multiple sectors. The section includes seven new entries across a broad range of sub-categories, including two of significant cross-cutting initiatives that will affect much of the financial services related to competition, two to conduct and one to financial resilience. Initiatives affecting members include: diversity and inclusion; ESG; reviewing the Appointed Representatives Regime; and ICO work to update its international data transfers guidance and employment guidance.
Pages 33-34 of the document relate to regulatory initiatives in the insurance and reinsurance sector. This section contains eight initiatives, none of which relate directly to insurance intermediaries. The majority of these are reviews of the sector to enhance the regulatory framework, though there is also a new insurer resolution regime to align the UK with internationally agreed standards and best practice.
There is also a Regulatory Initiatives Grid dashboard which members may prefer using.
BIBA members’ compliance and regulation queries should be directed to:?compliance@biba.org.uk?quoting their membership number.
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