It does feel as if the much-vaunted deregulation is reaching advisers.
The Financial Conduct Authority says it will scrap portfolio letters and will instead publish “a small number” of market reports, in a drive to simplify its supervisory letter system as Mortgage Strategy reports.
The watchdog adds it will make it easier for firms to find up-to-date supervisory communications on its website by retiring historical portfolio letters and Dear CEO letters.
MS reports the FCA saying: “We’ll clearly mark them as ‘historical’ and no longer current, with a few exceptions. Historical documents will remain publicly accessible at existing links.”
The FCA is also proposing slashing red tape around regulatory capital rules by 70% in a bid to reduce compliance burdens for investment firms.
Under the proposed changes, the regulator plans to remove all references to the UK Capital Requirements Regulation (UK CRR), the definition of regulatory capital, also known as ‘own funds’, as Citywire reports.
It will be interesting to hear adviser views on this in a year or two about whether it has significantly reduced the burden.
In other news, MorganAsh has made upgrades and added new functionality to its customer vulnerability management platform, the MorganAsh Resilience System (MARS) as Professional Adviser reports.
Yorkshire Building Society has warned that this month’s increase in the stamp duty thresholds could change housing market fortunes if it deters them from buying, as Financial Reporter reports.
Corporate Adviser notes the launch of the Government’s Menopause Advisory Group to support women in work.
Citywire New Model Adviser reports that retired adviser Brian Mole is competing in the BBC’s Race Across the World with his brother. He’d better win!
