FCA consults on changes to Handbook resulting from Breathing Space Regulations
Regulatory Updates | 21/10/20
The Financial Conduct Authority (FCA) has published consultation paper CP20/21: Breathing Space Regulations: changes to our Handbook, proposing minor changes to its Consumer Credit sourcebook (CONC) as a result of the draft Breathing Space Regulations (the Regulations). The Regulations have been approved by Parliament and are currently laid before Senedd Cymru. They are expected to come into force in May 2021.
The consultation aims to provide clarity on some specific issues where there may be duplication or uncertainty about firms’ obligations under the Regulations and compliance with the FCA rules.
The FCA has confirmed that no relevant changes are being proposed to the Mortgages and Home Finance: Conduct of Business Sourcebook (MCOB) or the debt advice rules in CONC. The FCA seeks responses by 6 January 2021.