IFPR: FCA publishes final Policy Statement 21/17

With a month to go until the Investment Firms Prudential Regime (IFPR) starts to apply on 1 January 2022, the FCA has published its final policy statement (PS21/17). PS21/17 contains final rules and feedback to the FCA's third consultation on IFPR, CP21/26. The FCA has made some relatively minor adjustments and clarifications and affected firms should consider how to factor in these changes within their IFPR implementation. Read more

FCA letter to AFM chairs: Authorised ESG & Sustainable Investment Funds

It did not take long for the FCA to issue its first serious intervention connected to greenwashing and poor ESG product governance standards in the funds space. In a letter addressed to the chairmen of authorised fund managers (“AFMs”), published on 19 July 2021, the FCA states that it is “essential that funds marketed with a sustainability and ESG focus describe their investment strategies clearly and any assertions made about their goals are reasonable and substantiated”. Read more

UK post-Brexit reform: Financial Services Act 2021

On 29 April 2021, the Financial Services Act 2021 received royal assent. The Act is a milestone in implementing the UK Government’s wider Future Regulatory Framework initiative and represents the first major step towards HM Government’s objective of maintaining the competitive position of the UK financial services industry whilst capitalising on new opportunities following the end of the Brexit transition period. Read more