Navigating FCA Website Changes and Consultation Updates

Rachel MacRae

Alright, welcome back to the B-Compliant Podcast! I’m Rachel, joined as always by Vicky. And, wow, Vicky, have you seen the beta version of the FCA’s new Handbook site?

Unknown Speaker

Yeah, Rachel, I’ve been digging around it this week—though “digging” might be the right word! I don’t know about you, but I found it took a bit of getting used to. I kept thinking, maybe it’s just me struggling with change, but honestly, that new search function really threw me.

Rachel MacRae

Same here! It’s, really sensitive —you’ve got to type in exactly the right phrase or…poof, nothing. The old version was a lot easier to navigate, you know?

Unknown Speaker

No, but it’s true! And they still let you toggle back to the old system, but there’s that warning plastered at the top—it’s only temporary. At some point, like, the rug’s going to be pulled from under everyone and it’ll just be the new one left.

Rachel MacRae

Which is why, I think, now’s the time for firms to get their heads around it. The FCA’s put out a user guide—it’s not War and Peace, but it’s worth a look. There are some genuinely useful tips, especially for that fiddly search thing. Have you tried searching Consumer Duty stuff yet? You have to be really, really precise with your wording, which is not my strong suit!

Unknown Speaker

Yeah, exactly! Before it was easy to jump on and just have a quick look, but it’s a bit more work now, isn’t it? I’d just say, everyone listening—take the time to play around with it now while you can still flip back if you get stuck. You don’t want to wait until it’s forced on us.

Rachel MacRae

Lesson learned the hard way for some, I reckon. Still, I’ll give them this—the new site is a bit sharper looking, and you can definitely see they’re trying to modernise things. But, if you haven’t checked that user guide, please do!

Unknown Speaker

And that theme of modernising rolls into the authorisations world too, doesn’t it? The FCA’s out with another new bit of guidance this week, and it’s a bit of a “back to basics”—people, processes and financial resources. Not rocket science, but apparently lots of people still miss the basics.

Rachel MacRae

Yeah, it’s funny, because these aren’t new expectations. It’s just the same old “get the right people, have decent processes and show the money’s there.” But what stood out to me was how the FCA are linking this to their target of three months to process applications. They want the job done properly, first time around, so they’re spelling out what works and what doesn’t.

Unknown Speaker

And we see it all the time, don’t we? The headaches that comes from using off the shelf templates instead of something tailored to what you actually do. Or, where firms lean too hard on us consultants, and then can’t answer basic questions about their own compliance. It's really important for firm's to understand their application.

Rachel MacRae

Totally. And I liked that the FCA are encouraging real clarity: if you’ve got someone doing four jobs, explain how they’ll actually manage it—or better yet, show what you’re planning to do about it. It’s not just titles; it’s real substance. Oh, and UK presence—feels like they’re cracking down a bit more on those who say they’re based here but, well, aren’t, really.

Unknown Speaker

Yeah, remember last year, that firm who’d drafted everything from some template they’d found online—nothing matched how they actually worked. We coached them through putting together real policies, showing their decision-making happens here in Manchester, explaining their systems, the works. And honestly, it made a huge difference. The process went so much smoother.

Rachel MacRae

And—oh, this bit’s really important too—if you’re doing something bespoke with your IT, or have anything unusual in your financial set-up, you need to spell it out. Too many get stuck because their figures or plans don’t add up, or the FCA comes back asking for more information. It just causes delays all round.

Unknown Speaker

Exactly, the strongest applications we see are from those firms who prepare properly, double-check the FCA’s templates, and pull together all their supporting evidence in advance. I know it sounds obvious, but it’s amazing how many get tripped up by missing basics. Make life easy for the case handler, and nine times out of ten, you get a decision back faster.

Rachel MacRae

And while we love helping firms, we do try and push them to really understand the “why” behind their answers, not just the “what.” It’s your business, your compliance, your reputation at the end of the day. Don’t just outsource the responsibility.

Rachel MacRae

So, sticking with the FCA’s efforts to make life a little, erm, lighter—let’s talk about their latest consultation. I thought CP25/24 was interesting, because it’s all about less reporting, not more! Vicky, you spotted the proposals about annualising some of the RMAR returns, didn’t you?

Unknown Speaker

Yeah, once again the FCA is looking to ease the regulatory burden on firms—moving RMA-E, RMA-G, and RMA-M to annual returns. That’s your PII, training and competence, and pension transfer advice, for anyone not familiar with the returns. I think it’s a pretty sensible step, honestly. We bang on all the time about regulatory burden—feels nice to see further moves to cut it back.

Rachel MacRae

Plus, there’s some nice flexibility coming for Sustainability Disclosure Requirements, if the changes go through. Especially on timing—so you might be able to sync sustainability reporting with your year-end or other reporting cycles. That will save some faff, for sure.

Unknown Speaker

And there are a few more fiddly, technical changes in the mix, too: updates to PERG following the MiFID Org Reg restatement, tweaks to the Listing Rules around share buybacks, and the Pisces platform for those dealing with private company shares. Not everyone will need all of that, but it’s worth diving into the consultation if your firm’s affected. Comments are open until 15 October, plenty of time but don’t sleep on it.

Rachel MacRae

Alright, we’d better wrap it up. Thanks for joining us! Vicky, always a pleasure rambling round these topics with you—

Unknown Speaker

And with you, Rachel! Big thanks to everyone listening, and we’ll catch you next time for more regulatory fun. Take care!

Rachel MacRae

Bye, everyone!