UK FCA Board Minutes March 2024

On May 9, UK FCA issued Board minutes from Mar. 28, 2024 meeting.

  • FCA issued minutes of Mar. 2024 Board meeting, including instruments to be made.
  • Follows UK FCA Apr. 2024 Board minutes from Feb. 29, 2024 meeting, see #208208.
  • Board Committee Reports
  • Board noted report from Chair of the Oversight Committee, topics included assurance sought from UK FOS on performance outcomes through its transformation program.
  • Recommending FOS post-consultation budget 2024/25 to FCA Board, FOS plans for charging professional representatives, relevance to upcoming charging consultation.
  • Assurance sought from UK FSCS on mitigations against risks arising from dual running of insourced and outsourced claims assessments as part of transition to new model.
  • Recommending the FSCS post-consultation management expenses levy limit.
  • Performance Committee report including information on FCA's transformation program.
  • Report of Risk Committee covered topics including FCA risk management framework, next phase of FCA strategy looking at horizon scanning, AI and digital markets, later life income, wholesale markets, and climate and other environmental risks.
  • Reports also received from Board's Audit Committee and its People Committee.
  • Board notes reports from the Independent Panels, particularly on common themes such as enforcement consultation on potential announcements of investigations.
  • Regulators' Reports
  • UK PRA spoke on ongoing reduction in level of resources in financial system, need for banks and regulators to pay close attention to any liquidity impacts this may have.
  • UK PSR briefed on its ongoing work on faster payments system; open banking; cards policy including cross-border interchange fees, and on scheme and processing fees.
  • FCA CEO Report
  • Briefed FCA Board on issues including ongoing policy discussions around buy now pay later, the FCA's regulatory perimeter and related voluntary codes of conduct.
  • Discussions about cost disclosure by investment trusts, next steps following closed UK listing regime consultation, letter from UK GVT on diversity and inclusion proposals.
  • Noted high level of stakeholder engagement with enforcement publicity consultation.
  • Rules, Guidance, Technical Standards
  • The Board resolved to make the following instruments: The Data Reporting Services Forms (Amendment) Instrument 2024 (FCA 2024/6); The Consumer Credit and Mortgages (Tailored Support) Instrument 2024 (FCA 2024/7).
  • The Periodic Fees (2024/2025) and Other Fees Instrument 2024 (FCA 2024/8); Fees (Special Project Fee for Restructuring) Amendment Instrument 2024 (FCA 2024/9).
  • Collective Investment Schemes Sourcebook (Miscellaneous Amendments) Instrument 2024 (FCA 2024/10); Credit Unions Sourcebook Instrument 2024 (FCA 2024/11); Conduct of Business Sourcebook (Amendment) Instrument 2024 (FCA 2024/12).
  • Financial Services Compensation Scheme (Management Expenses Levy Limit 2024/2025) Instrument 2024 (FCA 2024/13); Financial Promotions and High Risk Investments (Incentives) Instrument 2024 (FCA 2024/14).
  • Investment Firms Prudential Regime (Amendment) Instrument 2024 (FCA 2024/15); and The Handbook Administration (No 69) Instrument 2024 (FCA 2024/16).
  • FCA Board approved the making by the FOS Board of The Financial Ombudsman Service Case Fees and Voluntary Jurisdiction Levy 2024/2025: Fees and Dispute Resolution: Complaints (Amendments) Instrument 2024 (FOS 2024/1).
  • The FCA Board also approved the standard draft comfort letter from the FCA Chair to the FSCS Chair on the management expenses levy limit unlevied reserve.

Regulators UK FCA
Entity Types B/D; Bank; BS; CNSM; Corp; Depo; Exch; IA; Ins; MSB; Pension
Reference PR 5/9/2024; Mt 3/28/2024; ESG; Fintech; Citation: FCA 2024/6; FCA 2024/7; FCA 2024/8; FCA 2024/9; FCA 2024/10; FCA 2024/11; FCA 2024/12; FCA 2024/13; FCA 2024/14; FCA 2024/15; FCA 2024/14; FOS 2024/1;
Functions Complaints; Compliance; C-Suite; Environment; Financial; Legal; Operations; Reporting; Technology; Trading; Underwriting
Countries United Kingdom
Category National Regulator
Products AI; Banking; Cryptocurrency; Derivatives; Fund Mgt; Insurance; Payments; Pensions; Securities
Regions EMEA
Rule Type Guidance
Rule Date 5/9/2024
Effective Date 5/9/2024
Rule Id 211528
Linked to Rule :208208
Reg. Last Update 5/9/2024
Report Section UK

Last substantive update on 05/14/2024