In the coming months, the Financial Conduct Authority will update approximately 11,000 requirements, instructions or restrictions to more than 9,000 companies.
The city watchdog said after checking its records: “Some of our data is outdated, [or] Have been replaced by new content or need small error correction”.
It explains its requirements and instructions “We are under the Company’s obligation to take specific actions or stop certain activities.”
For example, regulators say: “We may impose requirements on companies to prevent them from absorbing new customers or requiring them to retain assets so they can fulfill their future liabilities to consumers.”
Its limitations Permissions that apply to a company usually limit the scope of activities a company can do.
It explains that most companies licensed for debt consulting activities have the limitation of “debt-free management”.
Watchdogs say that where some minor amendments are needed, none of these will change what a business can or cannot do, it will automatically make these changes.
However, if a “substantial change” is required, it may involve deletion requirements, guidance or restrictions, and it will contact the company.
It added: “The changes will be made in the next few months. The company does not need to take any action unless we get in touch.”
