The following update has been made to your workbook edition.

Chapter 3, Section 9.1.1 – this text has been amended to read:

New legislation available to the ICO has changed the approach to and understanding of data protection by firms. Tougher enforcement penalties have been introduced. There are two tiers of penalty that the ICO can impose – the higher maximum penalty and the standard maximum:
• The higher maximum amount is £17.5 million or 4% of the total annual worldwide turnover in the preceding financial year, whichever is higher. In practice, the higher maximum amount can apply to any failure to comply with any of the data protection principles, any rights an individual may have or in relation to any transfers of data to third countries.
• The standard maximum may be applied where there are infringements of other provisions, such as administrative requirements of the legislation. The standard maximum is £8.7 million or 2% of the total annual worldwide turnover in the preceding year, whichever is higher.

Chapter 4, Section 3.1 – this text has been amended to read:

The rules in COBS 4.1.1 apply to firms communicating with clients regarding their designated investment business. When communicating or approving a financial promotion, certain exemptions apply:
• for qualifying credit, a home purchase plan or a home reversion plan
• a promotion for a non-investment insurance contract
• the promotion of an unregulated CIS (as per COBS 4.1.1(1)(c), firms are not permitted to communicate or approve such promotions), or
• a financial promotion that relates to a credit agreement, a consumer hire agreement or a credit-related regulated activity.

Chapter 4, Section 8.2.1 – this text has been amended to read:

External reconciliations are intended to ensure the accuracy of a firm’s internal records and accounts and those of any third parties through whom those safe custody assets are held. External reconciliations should be carried out as often as necessary. CASS 7.15.22 of the FCA Handbook provides that external reconciliations should not allow more than one month to pass between each external client money reconciliation and should be performed as soon as reasonably practicable after the date to which the external client money reconciliation relates. If possible, someone who has not been involved in the production or maintenance of these records should do the appropriate reconciliation.

We are withdrawing our level 3 ‘Managing Cyber Security’ unit and the optional qualifications which contain Managing Cyber Security as a mandatory unit on 30 September 2021. Candidates affected by these changes have been sent communications with further explanations. If you have any questions, please contact our Customer Support Team.