The UK Financial Conduct Authority (FCA) will amend and update around 11,000 requirements, directions or limitations applied to over 9,000 firms.

The regulator has found that some of its data was out of date, had been superseded by new content or needed small errors correcting.

Requirements and directions are obligations the FCA places on firms to take specific actions or cease certain activities. For example, the FCA 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.

Limitations are applied to firms’ permissions and typically limit the scope of the activity the firm can do. For example, most firms that have permission to carry out the regulated activity of debt counselling have a ‘no debt management’ limitation. The FCA does this to prevent firms like motor dealers providing holistic debt advice.

Firms can voluntarily agree to have a requirement, direction or limitation placed on them (a VREQ, VDir or VVOP). The FCA can also use its own-initiative powers to impose a requirement or directions on a firm (an OIREQ, OIDir or OIVOP).

Requirements, directions and limitations are typically published on the Financial Services Register.

The changes will take place over the next few months. Firms don’t need to take any action unless the FCA gets in touch but should contact the FCA in the usual way if they have any concerns.