The Financial Conduct Authority will update around 11,000 requirements, directions or limitations to over 9,000 firms over the coming months.  

The City watchdog says after checking its records that “some of our data was out of date, [or] had been superseded by new content, or needed small errors correcting”. 

It explains that its requirements and directions “are obligations we place on firms to take specific actions or cease certain activities”.  

For example, the regulator says, “we may impose a requirement on a firm preventing them from taking on new customers or requiring them to retain assets so they can meet future liabilities owed to consumers”. 

Its limitations apply to a firm’s permissions and typically limit the scope of the activity the firm can do.  

It explains that most companies that have permission to carry out the regulated activity of debt counselling have a ‘no debt management’ limitation.     

The watchdog says that where it needs to make small amendments, and these do not change what a firm can or cannot do, it will make these automatically. 

However, where “substantive changes” need to be made, that may involve removing a requirement, direction or limitation, it will contact firms.

It adds: “The changes will take place over the next few months. Firms don’t need to take any action unless we get in touch.”