FCA news – Tips to keep up to date with the regulator
I always pause for thought as I write an update on what's happening at the FCA, thinking about how to summarise the essence of what I'll cover and knowing I'm only focusing on a small sample of what's going on there.
For those of you able to make it to last week's FCA event you'll have heard the team talk about the size of the FCA's role and remit. Since coming back to work after the Christmas break I've found myself thinking about what to cover in my regular blogs, when there could be so much to highlight. So its with that thought in mind that I'm focusing the majority of my update on a couple of ways to keep up to date with what's going on at the FCA and ending with a specific point relating to a consultation paper on cryptoassests.
Getting updates from the FCA
There are two communications that I've always found helpful and even more so since staring my role at FinTech Scotland.
The first is simply a weekly email that contains a summary of that weeks FCA news. Its a great way of seeing what the Regulator has published that week. It's no more than one page (usually) and will include links to any consultation papers, policy papers, final notices, speeches etc. Its worth signing up for - try this link.
The second is the Regulation Round Up. Its published on a monthly basis, includes information that is relevant for all firms regardless of sector, size or business model. The January Edition can be accessed here and for those interested you can also sign up to receive the Regulation Round each month - regardless of whether or not you're involved in an authorised or regulated business. Again - my view is - its worth signing up for!
As well as covering hot topics, the Regulation Round Up provides updates on ongoing FCA work, will often contain articles outlining the FCA's view on an topic and will include relevant links to current consultations and other FCA papers that may be relevant to your business or future plans. It will also outline any FCA events that maybe relevant or useful for your business.
The January edition highlights that the FCA intends to carry out a survey of smaller firms on how FCA regulation specifically impacts them. This work will be completed by an independent consultancy - Kantar Public. If you're contacted please support this initiative. Your feedback will be highly valuable.
It also mentions that the FCA will be holding two events in Edinburgh in March aimed at regulated firms working in general insurance or the retail investment market. You'll find more detail through the January Edition link above as well as information on how to register for the events.
There is much more information in the round up and the final point I'll reflect on here is that in this months edition it also covers the important topic of Preparing for Brexit!
Getting insight from the FCA
To help focus its work, the FCA has divided the financial system into seven sectors that it monitors on a continual basis. It develops a set of sector views that provide a way to bring its collective intelligence together and considers a wide range of factors that drive change across the financial system.
The sector views are published and made available on the FCA website and will also be used as the FCA shapes and develops its business plan - due later this year.
The latest set of sector views were published in January and can be accessed here
Consultation paper - Guidance on Cryptoassets
The FCA is consulting on Guidance on crypto assets. This work is to help businesses understand whether their crypto asset activities fall under regulation.
This consultation has the potential to apply to a wide range of businesses. If crypto assets is currently or may potentially to be part of your business in the future, or if you're engaging or talking to consumers on this topic or marketing this type of product, please review this consultation and offer your feedback. Comments are required by Friday 5th of April and can be emailed to firstname.lastname@example.org
As I sign out for now, a final reminder that the FCA's project Innovate team is hosting an event in Edinburgh on the 31st of January. I look forward to seeing you there. Please come and say hello especially if we've not met yet.
All the best