• Financial Lives survey – FCA has released a snapshot from its upcoming Financial Lives survey. It’s found nearly 8 million people are finding it a heavy burden to keep up with their bills, an increase of around 2.5 million people compared to 2020. AMI plans to provide further analysis in next month’s Connect. In the meantime, click here to read the FCA’s findings.

• Misuse of trading names – FCA has reminded firms what is and isn’t permitted when it comes to trading names. This is following examples of firms registering trading names in the wrong circumstances and/or using them in a way which may mislead consumers. Trading names are not an alternative to appointing a firm as an appointed representative (AR). The FCA also encourage firms with a large number of trading names to consider whether this could cause consumer confusion and affect a firm’s ability to communicate with customers in a clear, fair and not misleading way. AMI suggest firms that use trading names to read the update in full here, to check they are using trading names correctly from a regulatory perspective.

• Section 165 data request (principals with ARs) – following lobbying by AMI, the FCA announced it would be extending the deadline for principal firms to submit data on their ARs/IARs. Firms with active ARs/IARs will be sent, via e-mail, a Section 165 (S165) data request by the FCA between 8 and 10 December 2022. Firms within scope will now have until 28 February 2023 to complete and submit the information to the FCA.

• Big Tech in financial services – the FCA is running a webinar on 28 November to discuss the potential competition impact of Big Tech in financial services. Click here to register.

Click here to read the FCA’s Regulation Round-up in full.