On 22 November 2019, the Financial Conduct Authority published Handbook Notice No. 71.

Which describes the changes to the Handbook and other materials made by the FCA Board under its legislative and other statutory powers on 24 October 2019 and 21 November 2019. Firms should note that there is no particular sectorial theme to this Handbook Notice.

A summary of the changes are as follows:

Mortgages (Responsible Lending) Instrument 2019

Following the consultation in Consultation Paper CP19/141, the ‘FCA’ Board has made changes to its Handbook Sections (below):

– MCOB 11.4 and 11.9

– SUP 16 Annex 21R and TP 1.10 2.3

In summary, this instrument makes changes to the responsible lending rules and guidance to remove potential barriers to consumers switching to a more affordable mortgage and to reduce the time and costs of switching for certain consumers.

This instrument came into force on 28 October 2019.

Training and Competence (Amendment No 8) Instrument 2019

Following the consultation in Consultation Paper CP19/273, the ‘FCA’ Board has made changes to its Handbook Sections (below):

– Glossary TC

– App 4.1

In summary, this instrument makes changes to:

• • The Glossary to reflect The Pensions Management Institute’s (PMI) wish to cease to be recognised as an ‘FCA Accredited Body’, from 31 May 2019
    .
  • The text in TC App 4.1.1AE(2) to signpost interested parties to the existing guidelines at TC App 7.1

 

Further information:
To read more, please follow this link:
https://www.fca.org.uk/publication/handbook/handbook-notice-71.pdf

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Please Note: This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.