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The Financial Conduct Authority (FCA) has published Policy Statement PS16/19 Financial Crime Reporting: feedback on Chapter 6 of CP15/42 and final rules, stating that it had decided to exclude pure GI firms from the initial implementation, with a view to bringing them into scope at a later date.
As such GI-specific questions have been removed from the reporting form.
Members that operate within the investment, mortgage or life sectors will still be caught by the proposal.
Members wishing to read the policy statement may access it here.
(http://www.fca.org.uk/static/documents/policy-statements/ps16-19.pdf)
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk
The post FCA delays application of financial crime reporting for GI intermediaries appeared first on British Insurance Brokers' Association.
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