The Financial Conduct Authority (FCA) has published its planned regulatory initiatives for the next 2 years.

The Financial Services Regulatory Initiatives Forum comprised of representatives across bodies including the Bank of England (BoE), HM Treasury, and the Prudential Regulation Authority (PRA) has issued its initiatives in the form of a grid.

The planned initiatives include:

  • Updating the UK’s High Risk Third Countries List under the Money Laundering Regulations 2017, expected as soon as time allows following the passing of the ECCT;
  • Consumer Duty entering into force for closed products on 31 July 2024;
  • Review of the Senior Managers and Certification Regime (SM&CR), expected April – June 2024;
  • Development of the financial services regulatory regime for cryptoassets, consulted on during 2023 with secondary legislation expected to be laid by HM Treasury in 2024;
  • Reforms to the Payment Services Regulations to allow a risk-based approach to payments, with draft legislation of reforms expected by the end of 2023; and
  • Authorised Push Payment (APP) scam prevention, with consultations by the Payment Services Regulator (PSR) expected to continue throughout 2024.

The FCA continues to welcome stakeholder feedback on the grid, particularly regarding its use for firms during their planning for regulatory initiatives.

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