Tasks for regulated firms (FCA)

Providers of online payment accounts are required to have a contingency mechanism for account access in place by 14 September 2019. 

An ‘approved person’ is an individual who we approve to do one or more activities – what we call ‘controlled functions’ – for an authorised firm.

The Senior Managers and Certification Regime (SM&CR) replaces the Approved Persons Regime, changing how people working in financial services are regulated.

Individuals or companies that wish to acquire or increase control in a firm that we regulate must seek our prior approval.

An appointed representative (AR) is a firm or person who runs regulated activities and acts as an agent for a firm we directly authorise. This firm is known as the ARs ‘principal’.

Find out how a firm can ‘passport’ to establish a presence or carry out its permitted activities in another country in the European Economic Area (EEA).

If an authorised firm wants to change or add to its regulated activities it can apply to us for a ‘variation of permission’ (VOP).

Your business (FCA)

The FCA’s role under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011

Read more about the different elements of the Banking and Payments Conduct Regime. 

Find out how to follow our client assets rules, including sending us a return about your client assets.

As part of our responsibility to ensure the integrity of the UK financial markets we require all authorised firms to have systems and controls in place to mitigate the risk that they might be used to commit financial crime.

The Proceeds of Crime Act 2002 requires you to submit a Suspicious Activity Report to the National Crime Agency if you know or suspect that a person is engaged in, or attempting, money laundering.

Payment service providers carrying out credit transfers or direct debits denominated in euro may be subject to specific requirements under the SEPA Regulation.

If you think a firm or individual is involved in wrongdoing within an area we regulate, and you want to report it confidentially, contact our whistleblowing team.

Our training and competence regime supports consumers by making sure the financial services workforce is appropriately qualified and well regulated.

Your employees need appropriate training before working with a reduced level of supervision.

Find out how financial incentives for staff could potentially have a negative effect on customers.

Our remuneration rules set out the standards that certain firms are required to meet when setting pay and bonuses for staff. Read on to find out more about the main requirements, who they apply to and proportionality. Information can also be found below on the latest developments and resources on sales incentives, including SYSC 19F.

Some firms need to appoint an auditor to do an external audit.

It is not a regulatory requirement for firms to use compliance consultants. If you do decide to get compliance support, it is important to consider what sort of support your firm needs and establish the type and level of service you require.

If you are a regulated firm, or wish to become regulated, you should review the level of resources required to operate your business effectively.

Professional indemnity insurance (PII) is liability insurance that covers firms when a third party claims to have suffered a loss, usually due to professional negligence.

We established rules regarding the recording of telephone calls to meet our objective of deterring, detecting and preventing market abuse.

Improving culture in financial services is a continuing priority for the FCA.

Your customers (FCA)

All firms must be able to show consistently that fair treatment of customers is at the heart of their business model.

The Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation has applied since 1 January 2018. Firms need to comply with this regulation, in addition to any relevant disclosure requirements in our Handbook.

Find out about what we can do to tackle unfair contract terms in financial services contracts and what you should focus on.

Find out how to make sure that your promotions and adverts comply with our rules and treat customers fairly.

From 14 September 2019, new rules apply that affect the way banks or other payment services providers check that the person requesting access to their account or trying to make a payment is the person permitted to make a payment and validate specific payment instructions. We have agreed to give firms extra time to implement these rules in some circumstances. We explain our expectations below.

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