How to keep up with FCA changes as a small advice firm
By Tom · Last reviewed · 3 minute read
Set aside ten minutes a week, look only at what the FCA has published for the kinds of work your firm does, and write down any deadline. The FCA's own email alerts list everything it publishes, or you can have the items that match your firm's permissions sent to you.
On this page
The FCA publishes something most working days. Very little of it is aimed at a small advice firm, but the parts that are can matter a lot: a change to how you document advice, a new expectation in a Dear CEO letter, or a consultation that closes before your next compliance review. This guide sets out a routine that keeps you informed without reading everything.
What the FCA publishes
Publications fall into a handful of types. Knowing what each one is tells you how much attention it needs.
- Consultation papers (CPs) set out proposed changes and ask for comments by a closing date. Nothing changes yet. See consultation papers and policy statements for how the two fit together.
- Policy statements (PSs) confirm the final rules, respond to the consultation feedback and say when the rules take effect. These are the ones that usually mean work.
- Finalised guidance explains how the FCA expects existing rules to be followed. It isn't new rules, but supervisors will judge you against it.
- Dear CEO and portfolio letters tell the firms in a sector what the FCA is worried about and what it will be looking at.
- Reviews of good and poor practice report what the FCA found when it looked at a group of firms. They're one of the most practical things it publishes, because they show what "good" looks like.
- News, speeches and enforcement notices give context. They rarely need action, though an enforcement case in your area is worth reading for what went wrong.
Where to find it
- The FCA's website. The news and publications pages list everything as it comes out, newest first.
- FCA email alerts. The FCA sends a daily email on weekdays and a weekly round-up on Fridays. They list titles and links rather than summaries, so you still need to open each one.
- Regulation Round-up. The FCA's monthly newsletter for firms picks out the main changes.
- Your network, principal or compliance consultant. Many send their own updates. Find out what they cover and how quickly they send them.
A routine that takes ten minutes a week
- Pick a fixed time. Friday morning works well, because the week's publications are out.
- Filter by what your firm does. Your permissions on the FCA Register list your regulated activities, such as advising on investments, pension transfers or mortgages. Skim titles and skip anything outside them. Keep anything that applies to all firms, such as the Consumer Duty, FCA fees or the FSCS levy.
- Read the summary, not the whole document. Most FCA pages open with a short explanation and a "who this applies to" section. That's usually enough to decide whether you need to do anything.
- Write down dates. Note consultation closing dates and the dates new rules take effect. A shared calendar is enough.
- Keep a short record. A line for each item you looked at, and what you decided, is useful when your network or compliance consultant asks how you keep up.
Things that are easy to miss
- When rules take effect. A policy statement often gives firms months to prepare. The date can pass quietly unless it's in your calendar.
- Dear CEO letters. They don't change the rules, but the FCA expects firms to act on them, and supervisors may ask what you did.
- Changes that apply to every firm. Fees, levies, reporting and Consumer Duty updates apply whatever your permissions.
- Appointed representatives. If you're an appointed representative, the permissions that matter are your principal firm's, so check its Register entry rather than your own.
Having it sent to you
If you'd rather not filter the FCA's output yourself, I built a free tool that does it. Enter your firm reference number and it reads your permissions from the FCA Register. Every Friday it sends you the new publications that cover them, each with a plain-English summary, whether you need to act and any deadline. See what applies to your firm.
It's information, not compliance advice. Always read the FCA's original before acting, and keep your compliance support. If your website needs checking too, the FCA website compliance checker goes through the common requirements.
Questions people ask
How often does the FCA publish new rules and guidance?
Most weeks. Consultation papers, policy statements and guidance come out throughout the year, alongside news, speeches and enforcement notices. Only a small share applies to any one advice firm, which is why it helps to filter by what your firm is permitted to do.
Do I have to read every FCA consultation paper?
No. Responding to a consultation is optional. It's worth reading the summary of any consultation that covers your work, because it tells you what may change and roughly when, but the rules only take effect once the FCA publishes a policy statement.
Is my network or compliance consultant responsible for telling me about changes?
Check what your agreement says. Many networks and consultants send updates, but the firm is still responsible for meeting the rules. Knowing what's been published means you can ask them about it sooner.
What's the quickest way to see which FCA publications apply to my firm?
Filter by your permissions. Your firm's entry on the FCA Register lists what it's allowed to do, such as advising on investments or arranging mortgages. My free FCA updates email does this automatically from your FRN and sends the matching items every Friday.