Notifications and applications

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This Overview is a guide to the Financial Services content within the Notifications and applications subtopic, with links to the appropriate materials.

This Overview provides a summary of the requirements for firms to notify the regulator in relation to key information changes and lists all the relevant Practice Notes that readers can access for obtaining detailed information.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are the UK's regulators for investments, banking, insurance, listing and other financial services matters. The FCA and the PRA authorise and regulate different financial services businesses in the UK including banks, insurance companies and fund managers.

The regulators hold certain information about the firms that they regulate. If there are any changes in the information of these firms, such as a change of control or a change to its close links, the regulators must be notified. The Financial Services Register provides details of the firms, individuals and other bodies that are, or have been, regulated by the PRA and/or the FCA.

Firms can also make applications to the regulators, for example if they want to apply for a Part 4A permission

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Latest Financial Services News

FCA calls for faster bereavement claim processing by life insurers

The Financial Conduct Authority (FCA) has conducted a multi-firm review of life insurers' handling of bereavement claims and the review revealed evidence of good practices, such as firms providing additional support for claimants during their difficult time. However, the FCA also acknowledged that firms can face challenges in obtaining the necessary evidence to assess a claim and has called for firms to improve their handling times for bereavement claims for delivery of positive customer outcomes, in line with the Consumer Duty introduced in July 2023.

FCA updates whistleblowing data for Q3 2024

The Financial Conduct Authority (FCA) has published whistleblowing quarterly data for Q3 2024 and revealed that it has received 322 new whistleblowing reports between July and September 2024, which is an increase from the reports received in the same quarter of 2023, and 253 reports in Q2 2024.

FCA publishes guidance for firms that enables a risk-based approach to payments

The Financial Conduct Authority (FCA) has published final guidance explaining how it expects Payment Service Providers (PSPs) to apply changes introduced by the Payment Services (Amendment) Regulations 2024 which came into force in October 2024. The FCA has also updated its Approach Document which sets out the final guidance.

Financial Services—other developments (22/11/2024)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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