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Other Updates for October

 "Dear CEO" letter - consumer credit firms and complaints handling
FCA has published the text of a letter sent to consumer credit firms which notes the results of a review of how consumer credit firms approach and deal with customer complaints. It cites concerns over the failure to provide customers with required information to FOS; the failure to provide clear explanations to complainants over the outcomes of their complaints; a lack of management controls in the area of complaints handling and failures with regard to the recording and reporting of complaints data.

See the Letter.


FCA: Occasional Paper: Ageing population
Further to a 2016 discussion paper, FCA has now published this Occasional Paper outlining the findings from a project that explored how the ageing population would impact the FS sector. FCA suggests that there is scope for firms to do more, and provides ideas for firms to consider in ways that fit their business models, such as looking at product and service design, customer support, and reviewing and adapting strategies. FCA anticipates a further review in three to five years of how the industry is adapting to meet the needs of older consumers.

See the Paper.

FCA/Hong Kong Insurance Authority: MoU
The entities have entered into a cooperation agreement with regard to innovation/fintech.

See the publication.
FCA: Regulation round-up
FCA has published its monthly round-up. Topics include a report on FCA's review of AML and sanctions systems and controls at around 100 randomly selected firms, the results of which are described as "positive".

See the Round-Up.

FCA: Statement on compliance with ESA guidelines on acquisitions and increases of qualifying holdings (changes in control)
With regard to the ESA guidelines coming into force on 1 October 2017, FCA advises that it and PRA have notified the ESAs that they will comply with the guidelines except for provisions relating to the identification of acquirers of indirect qualifying holdings. FCA states that firms should continue to use the existing methodology as laid out in Part XII FSMA to identify proposed and/or existing controllers, and includes a short guidance for identifying controllers.

See the Statement.


FCA/The Pensions Regulator: Guide for employers and trustees on providing support with financial matters without needing to be subject to regulation
This factsheet provides information to employers and trustees on what can be done without the need to be authorised, including information on giving advice and on promotions.

See the Factsheet.

FCA: Board minutes
FCA has published the minutes of its meetings held on 19/20 July 2017. Topics include: extending the SMCR to insurers and all FCA solo-regulated firms; FCA's approach to consumers; FCA and public confidence and the FSCS funding review.

See the minutes.

FCA: Response to CMA's final report for its digital comparison tools market study
FCA has published a press release responding to CMA's final report for its digital comparison tools market study. FCA particularly notes concerns over how digital comparison tools are not making their sites user-friendly for some vulnerable people, and over CMA's findings that certain types of contracts between suppliers and digital comparison market tools can limit suppliers' ability to offer a lower price on one platform than on another. FCA states that it is working with CMA to assist its investigation into this.

See the Press Release.