The Financial Conduct Authority (FCA) is considering how it can remove or simplify rules, having been challenged by the Government in December to support the UK’s growth ambitions.
In its response to the Government, the FCA letter sets out work already underway and actions the regulator is planning to further support growth. This includes plans to use input to a previous consultation to streamline rules and improve accessibility and efficiency.
Plans to further reduce reporting burdens for firms and make the SM&CR more flexible are also under consideration. It is too early to assess the potential impacts that such changes may have on BVRLA members, but the association welcomes the principals behind the plans.
The letter also outlines plans to remove the need for a Consumer Duty Board Champion now the Duty is in effect. This could be another positive change for BVRLA members, but it is not yet clear how the FCA will distribute the previous responsibilities of that individual.
It is acknowledged in the letter that “Certainty and predictability underpin business and investor confidence”. In line with this statement, and subject to Supreme Court and other legal timetables, the FCA will provide clarity on potential motor finance redress this year. It also aims to improve coordination with the Financial Ombudsman Service (FOS). This is something that BVRLA members have asked to see so would be a positive step.
The BVRLA is currently working on a response to the joint FCA and FOS’ current call for input - Modernising the Redress System, so it better serves consumers and provides greater stability for firms. Members wishing to feed into this consultation should email [email protected] before Friday 24 January.
FCA response to Government call for regulators to support growth | FCA.
