The UK Financial Conduct Authority (FCA) has announced updates to the requirements, directions and limitations applied to firms. This follows a review which identified that certain data was out of date, superseded by new content or contained minor errors. As part of the FCA's strategy to become a smarter and more efficient regulator, it will be taking action to ensure firm-related data is consistent, up-to-date, and necessary, enabling consumers to have access to clearer information and that firms receive improved service. Where changes have been identified as needed, the FCA's next steps will include: (i) automatically implementing immaterial updates that do not alter what a firm can or cannot do; and (ii) contacting firms directly where substantive changes are required, such as the removal of a requirement, direction or limitation. These changes will be taking place over the next few months. No action is required from firms unless the FCA contacts them directly.
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