FCA Quarterly Consultation No 26: CP19/33

Regulatory Updates | 06/12/19

The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), consulting on miscellaneous proposed amendments to the FCA Handbook. This includes Brexit-related changes to the Handbook and binding technical standards following the extension of Article 50. As the application of Mortgage and Home Finance: Conduct of Business Rules (MCOB) is changing as a result of Brexit such that MCOB will only apply where the borrower is resident in the UK when the home finance activity is carried out, the FCA is consulting in CP19/33 to correct this change to preserve the protections in place for borrowers with pre-exit day regulated mortgage contracts who are resident in the EEA after exit day. The consultation will close on 6 January 2020.