Thames, London | Seven Compliance

FCA Regulatory Update – January 2021

On 8 January, the FCA updated their statement on Market Trading and Reporting to clarify their expectations on recording calls when working from home. Click the link to view the statement:
On 8 January, the FCA updated their statement on Financial crime systems and controls during coronavirus situation to note that from 7 February 2021 this will no longer apply. Click the link to view the statement:


The International Swaps and Derivatives Association (ISDA) has published its IBOR Fallbacks Protocol for adherence, which comes into effect on 25 January 2021. In light of the announcements made by IBA, LIBOR’s administrator, the FCA remind firms that the Protocol is an important tool in facilitating transition for legacy derivative contracts to alternative rates when LIBOR ceases or is no longer representative. The FCA, Bank of England and Risk Free Rate Working Group strongly support and encourage early adoption of the Protocol among market participants, where appropriate. Globally, more than 5,000 entities are signed up to the protocol so far.

Making Transfers Simpler

PS19/29 – Making Transfers Simpler sets out new rules to make sure consumers have the opportunity to request an in-specie transfer and, where necessary, a unit class conversion, when transferring between platforms.
The original deadline for the implementation of the new rules was 31 July 2020, but, in the light of the coronavirus (Covid-19) pandemic, the FCA Board extended the deadline to 1 February 2021. This deadline is not being extended further and firms should comply by 1 February.
These rules apply to all firms that provide a platform service, but are also relevant to asset managers, financial advisers and wealth managers.

Click the link to view the Policy Statement:

EEA transitional regimes

Several EEA states have introduced temporary measures for UK firms providing financial services in the EEA.
The FCA have updated their information about Brexit from EEA regulators to include these temporary measures where they exist.

The list is not exhaustive, and firms doing business in the EEA should check directly with the relevant national regulator to make sure they act in accordance with their expectations and the jurisdiction’s local laws.

Click the link to view the information:


The contents of this article are taken from the Financial Conduct Authority’s (“FCA”) January 21st 2021 regulation round up communication and are communicated by, and the property of, Thornbridge. Thornbridge is a trading name of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

The information and opinions contained in this article are subject to updating and verification and may be subject to amendment. No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained in this article by Thornbridge Investment Management LLP or its directors. No liability is accepted by such persons for the accuracy or completeness of any information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained in this article.