Q3 • 2026 Q4 • 2026
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.
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.
Protection Market Study Final Report
Consumer Credit Act Reforms
Senior Managers and Certification Regime Phase 2 Proposals |
Capital Adequacy Reform – COREPRU |
FCA Consumer Composite Regime( KID / KIID reforms) ongoing implementation |
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Consultation on the Appointed Rep Regime
Q3 • 2026 Q4 • 2026
Consumer Duty Board Report
Later Life Lending Thematic Review
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Modernising Redress Policy Statement
Non-Financial Misconduct Rules
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Crypto-asset activities into regulatory perimeter |
Simplified Advice Policy Statement |
Consultation
Preparation
Implementation
June July 2026 | 17