Following industry calls, the FCA confirmed an extension to the implementation period for the GI Pricing Practices reforms, and provided valuable further clarity on the details of the rules to ensure a level playing field across the market, including on allowed incentives, application of the rules to the distribution chain and closed books.
In response to ABI recommendations on their work on operational resilience, the regulators have taken steps to ensure greater consistency between PRA and FCA final rules, provided additional guidance and amended definitions, confirmed that dual regulated firms may concentrate efforts in ensuring they remain within the most stringent impact tolerance, and, notably, extended the implementation timeframe to give firms up to March 2025 to embed the changes.
The FCA recently finalised guidance on the fair treatment of vulnerable customers reflected ABI’s calls for a pragmatic and practical approach, by giving firms concrete examples on how they can meet the FCA’s regulatory requirements and ensure that the fair treatment of vulnerable consumers is fully embedded in their culture, policies, and processes.
The FCA has acknowledged the ABI’s concerns on their proposals for open-ended authorised property funds, particularly around the operational challenges to introducing a redemption period to funds that currently operate on a daily dealing basis. The FCA has now committed to an 18-24 month implementation timeframe, if the FCA chooses to proceed with the proposal.
