SIC 64.30 1,550 enterprises in the UK
Trusts, funds and similar financial entities
What you must comply with
Unique to trusts, funds and similar financial entities
FCA Part 4A permission for managing investments
Fund managers require specific Part 4A permission for managing investments (article 37 RAO). Must demonstrate adequate resources, systems and controls.
UK AIFM regime compliance
UK retained version of AIFMD applies to managers of alternative investment funds (hedge funds, private equity, property funds). Full-scope AIFMs must comply with remuneration, leverage, and transparency requirements. Sub-threshold AIFMs have lighter regime.
Depositary appointment requirement
Full-scope AIFMs must appoint an independent depositary to safekeep fund assets and oversee fund operations. UCITS schemes also require an authorised depositary.
Key information document (KID/KIID) disclosure
PRIIPs KID required for packaged retail investment products. UCITS KIID for authorised funds. Must be provided to retail investors before purchase. Maximum 3 pages.
Prospectus requirements for public offers
Public offers of securities over the threshold require an FCA-approved prospectus. FSMA 2023 introduces a new UK prospectus regime replacing retained EU Prospectus Regulation.
Applies to all trusts, funds and similar financial entities
FCA authorisation under FSMA 2000
General prohibition: criminal offence to carry on a regulated activity without authorisation (s.19). Up to 2 years imprisonment and/or unlimited fine (s.23). Application typically takes 6-12 months.
Anti-money laundering compliance
Must appoint MLRO, conduct business-wide risk assessment, implement CDD procedures, screen against sanctions lists, file SARs. Records retained for 5 years from end of business relationship.
Senior Managers and Certification Regime
Senior managers require FCA approval. Certification staff assessed annually for fitness and propriety. Conduct rules apply to almost all employees.
Financial promotions compliance
Restriction on financial promotions: must be approved by authorised person or fall within exemption. FSMA 2023 introduced FCA gateway for approving promotions by unauthorised persons.
Complaints handling (FCA DISP)
Must have written complaints procedure, acknowledge within 5 business days, resolve within 8 weeks. Unresolved complaints may be referred to Financial Ombudsman Service. Biannual complaints reporting to FCA.
Data protection (financial data)
Must register with ICO. Financial data is sensitive — enhanced security and breach notification requirements. Subject access requests must be handled within one month.
FCA Consumer Duty (Principle 12)
Effective 31 July 2023 (new/existing products), 31 July 2024 (closed products). Four outcomes: products and services, price and value, consumer understanding, consumer support. Annual board-level assessment required.
Operational resilience requirements
FCA PS21/3: firms must identify important business services, set impact tolerances, and remain within tolerances by 31 March 2025. Ongoing self-assessment required.
Guidance for this activity
Cyber security for financial services firms
FCA operational resilience requirements for cyber security, including the 31 March 2025 compliance deadline, SM&CR responsibilities for cyber risk, third-party outsourcing requirements, and preparing for DORA-style regulations.
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How to provide the required pre-contract information to borrowers before entering a consumer credit agreement. Covers the SECCI form, adequate explanations duty, creditworthiness assessments, APR disclosure, and agreement execution requirements.
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How the FCA Consumer Duty applies to consumer credit providers, brokers, and debt collectors. Explains the four outcomes for credit products, the annual board report requirement, how the Duty interacts with existing CONC rules, and current FCA supervisory priorities.
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Additional compliance requirements for firms providing high-cost short-term credit (HCSTC), including the price cap regime, enhanced affordability assessments, mandatory risk warnings, repeat borrowing interventions, and persistent debt rules for credit cards.
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