James Belfield, Compliance Graduate, Simplybiz
Also, in Q2, firms have grappled with CCR009, a return designed to provide the FCA with more information as to how firms are using their consumer credit permissions. The reasons vary from discussing repaying debt, lender requirements, premium finance to commercial mortgages and bridging loans. As the FCA review this data, firms should continue to track the relevant MI to help facilitate next year’ s return.
Capital Adequacy Reform – COREPRU
FCA Consumer Composite Regime( KID / KIID reforms) ongoing implementation
Consumer Credit Act Reforms
Consultation on the Appointed Rep Regime
Seven years on, the regulator has now begun reforming the Senior Managers & Certification Regime by issuing their policy statement on phase 1 of the reforms. Highlights include, increased flexibility around criminal record checks, changes to the 12-week rule and streamlining of the recertification process, with wider ranging reforms in phase 2 expected later this year.
Looking forward to the rest of the year, we remain at pace. The FCA’ s consultation into the Simplified Advice Regime closes in May. The regime is being designed to allow firms to recommend a particular product or course of action based on a single need rather than their wider needs and circumstances. Alongside this, the FCA are reviewing the requirements for annual assessments of suitability. We will be responding to their consultation but encourage you to respond as well. We are due to see final rules for the Simplified Advice Regime towards the end of the year g Redress atement
Non-Financial Misconduct Rules
Later Life Lending Thematic Review
Crypto-asset activities into regulatory perimeter
Q4 • 2026
Simplified Advice Policy Statement
Consultation
From 1st September 2026, the FCA will be implementing their non-financial misconduct rules. These rules bring serious misconduct such as harassment and bullying into scope of the Conduct Rules. We will be publishing further guidance closer to the time and its important firms fully acquaint themselves with this before the rules come into effect.
And finally, we’ ll have a final report concluding the Protection Market Study and the launch of a new Market Study looking at Later Life Lending.
We look forward to updating and supporting you as these changes emerge.
Preparation
Implementation
May 2026 | 5