January Monthly Regulation Update

By Kyte Ekstrom | Brexit, Covid 19, FCA Regulation, FinTech | 0 Comments

FCA Statement on Further Extending Flexibility on 10% Depreciation Notifications – COVID-19

Temporary measures have been in place since March 2020 regarding the requirement for firms to issue 10% depreciation notifications to investors (COBS 16A.4.3 UK). The measures were put in place initially to help firms support consumers during market volatility linked to COVID-19 and also the Brexit transitional period.

As a result from findings of HM Treasury of their Wholesale Markets Review (WMR), the FCA is extending the temporary measures for firms for a further 12 months (until 31 December 2022) while HM Treasury and/or FCA conclude their policy work on the future of this requirement.

During this period, the FCA will not take action for breach of COBS 16A.4.3 UK for services offered to retail investors, provided that a firm has met certain specified requirements. For services offered to professional investors, the FCA will not take action for breach of COBS 16A.4.3 UK, provided that firms have allowed professional clients to opt-in to receiving notifications.

FCA: Statement: 10% depreciation notifications: further extension of temporary measures for firms

Compliance Assistance of the Future

FinTech firms are all about trying new ideas and finding new solutions in creative and interesting ways. Compliance is all about adhering to boring rules. In that regard, FinTech and your average compliance consultancy go together like hipsters and instant coffee – not at all… (you get the idea!)

FinTech Compliance is different, we are the only consultancy in the UK to specialise exclusively in FinTech. Meaning, we understand tech-driven companies need a compliance consultancy that thinks outside the box. Especially when alternative financial products and concepts don’t always fit the parameters of conventional FCA regulation.

When it comes to working with FinTechs, compliance isn’t just a paper-pushing, one-size-fits-all, tick-box exercise, it’s an ever evolving, multifaceted landscape, that requires a dynamic approach. And, that’s is where we come in. Like other consultancies, we are rule-sticklers, but, our team of qualified, knowledgeable and experienced consultants are also imaginative problem solvers and compliance visionaries, striving to improve compliance services for the FinTechs of the future.

The difference is FinTech Compliance, we go together with FinTechs like coffee and cream!

Need help with your FCA application, an ad-hoc project or ongoing compliance support? Then check out our services.

Are you satisfied with your current compliance solution? Show us the scope and cost of your current compliance retainer and we will endeavour to match or beat what you’re currently paying AND enhance the scope.

Our Comply Hub is revolutionising compliance services. Find out how our shared workspace is a cut above the rest.