Have you seen the FCA Business Plan and fees consultation?
What’s happening?
The FCA has recently set out in its 2020/21 Business Plan its priorities for the year ahead, with a specific focus on the challenges presented by the coronavirus pandemic. In the same week, it issued its new Consultation Paper 20/06 on regulatory fees and levies. We set out below some key points for firms to consider
What do you need to do?
Over the coming year, the FCA has announced its attention to shift its focus towards smaller firms that consistently fail to meet the required standards. It will also move more swiftly to enforcement action against those that fail to do this and so cause consumer harm.
More effective use of information and intelligence will allow the FCA to identify harm and remove it more quickly, and it will also reduce the regulatory burden on firms. This will be done by streamlining data and regulatory returns through Digital Regulatory Reporting and by streamlining operational impact on firms through better coordination between regulators.
The FCA wants to reduce the burden of regulatory reporting on firms and will replace the Gabriel system with a new platform for collecting firms’ data. This will provide an improved user experience and will include a single identity log on shared with the Connect system.
The FCA will also consult on extending the Financial Crime Data Return to more firms.
The FCA has proposed freezing of minimum regulatory fees, meaning that 71 per cent of firms will see no change in the fees they pay and because of coronavirus it is also proposing to extend the period medium and small firms have for paying fees from two months to 90 days, meaning nine out of 10 firms will have until the end of 2020 to pay their fees and levies. Larger firms are expected to pay under the usual payment terms.
How can we help you?
If you’d like further information, to arrange a review of your FCA supervision, regulatory reporting or fees arrangements, or to discuss any other aspect of compliance, our expert team is here to help. Contact us today on 0207 436 0630 or email info@thistleinitiatives.co.uk.