Conduct regulation Greater clarity and extended timeframes We have helped secure a number of significant wins this year, including the extension to the PRIIPs RTS amendments, the implementation period for the GI Pricing Practices and engaged proactively with members and the FCA to shift the argument on advice and guidance from the advice boundary, to working with the FCA to trial specific interventions. Following industry calls, the FCA confirmed an extension to the implementation period for the GI Pricing Practices reforms. It also provided valuable further clarity on the details of the rules to ensure a level playing field across the market, including on allowed incentives, application of the rules to the distribution chain and closed books. In response to ABI recommendations on their work on operational resilience, the regulators have taken steps to ensure greater consistency between PRA and FCA final rules; provided additional guidance and amended definitions; confirmed that dual regulated firms may concentrate efforts in ensuring they remain within the most stringent impact tolerance; and, notably, extended the implementation timeframe to give firms up to March 2025 to embed the changes. Following extensive ABI engagement, the FCA has agreed to not extend the remit of IGCs to cover non-workplace pensions. The FCAs recent finalised guidance on the fair treatment of vulnerable customers reflected ABIs calls for a pragmatic and practical approach, by giving firms concrete examples on how they can meet the FCAs regulatory requirements and ensuring that the fair treatment of vulnerable consumers is fully embedded by firms in their culture, policies, and processes. The FCA has acknowledged the ABIs concerns on its proposals for open-ended authorised property funds, particularly around the operational challenges to introducing a redemption period to funds that currently operate on a daily dealing basis. The FCA has now committed to an 18-24 month implementation timeframe, if it chooses to proceed with the proposal.