The EU has adopted a Directive on criminal sanctions for money laundering. The Directive: sets minimum requirements for Member States’ laws on defining criminal offences and sanctions in relation to money laundering; imposes a maximum 4 years’ imprisonment with the possibility for additional civil and administrative sanctions; introduces the possibility of holding legal entities liable […]
The FCA has published a consultation on proposed guidance to help solo-regulated firms draft their Statements of Responsibilities (SoR) and (for enhanced firms) Responsibilities Maps, in preparation for the SMCR extension in December 2019. Although targeted at solo-regulated firms, the FCA notes that the guidance may also be useful for dual-regulated firms preparing or updating […]
Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on : plans for the Solvency II and Insurance measures Bank Recovery and Resolution Credit Rating Agencies (FCA has also published an […]
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes to the FCA’s Handbook and to those EU Binding Technical Standards, which, it is proposed, would be incorporated directly […]
FCA has published feedback and final rules and guidance following its consultation on improving the quality of pension transfer advice. Since the introduction of “pension freedoms” in 2015 members have had more options available to them in terms of accessing their defined contribution (DC) pension savings. This has resulted in a substantial increase in the number of […]
The FCA and Securities and Futures Commission (SFC) have signed a Memorandum of Understanding (MoU) on Mutual Recognition of Funds, which will allow eligible Hong Kong public funds and UK retail funds to be distributed in each other’s market through a streamlined process. The MoU also establishes a framework for exchange of information, regular dialogue, and regulatory cooperation […]
The FCA is consulting on the introduction of rules to address issues that could arise where open-ended funds with illiquid asset holdings encounter stressed conditions. Following the outcome of the Brexit referendum in June 2016, a number of such funds had to cease trading for a period of time, following a rush by investors to […]
Following the FCA’s Call for Input into the implementation of the PRIIPs Regulation, the Personal Investment Management and Financial Advice Association (PIMFA) has commented that it agrees with concerns about the practical operation and the detailed KID requirements of the regime. In particular, PIMFA has noted that there is a suggestion that UCITS and other […]
Treasury has set out its plans for a temporary transitional tool for the UK regulators to use that will enable them to phase in the requirements for UK firms that will change under the raft of onshoring legislation consequent on Brexit. The EU Withdrawal Act provides the enabling powers for Treasury to make the various […]
FATF has published its updated consolidated assessment ratings, based on reviews of its members AML/CFT measures after the 4th round of reviews. All countries are graded on methodology and technical compliance. The UK does not yet feature in the table as the 4th round report for it has not yet been published.
OFSI has published its annual review covering the period from April 2017-March 2018. The review covers: that 29 regimes were implemented during the year, with the most active list by far being North Korea (with 96 additions, and other regimes accounting for less than 30, but the lists with the largest number of sanctioned targets […]
The FCA has published a ‘Dear CEO’ letter to debt packager firms, setting out its expectations on the provision of debt advice and counselling services. The FCA is concerned about the poor standards it has seen after undertaking a review of a small sample of debt advice provided by debt packager firms. The FCA stated […]
AFME has published guidance on financial analysts’ interaction with representatives of private companies and their financial advisers under the revised rules in COBS 12.2.21 which took effect in July. The change stemmed from the MiFID Org Reg, which states that financial analysts should not engage in activities other than the preparation of investment research where […]
ESMA has updated its FAQs on MiFID 2 and MiFIR on market structures and transparency. New questions look at: how derivatives are classified for transparency purposes amending an existing question on the default liquidity status of bonds the scope of the MiFIR pre-trade transparency waiver market making activities and incentives in stressed trading consitions bulk […]
ESMA has updated its AIFMD FAQs to include questions on how notification requirements apply to AIFMs managing umbrella AIFs on a cross-border basis.
Following a super-complaint by the Citizens Advice bureau, the CMA has announced that it is seeking views on concerns about long term customers paying more for goods and services. The CMA has identified four key issues to which it invites responses by 14 October 2018: the existence, impact and root causes of a ‘loyalty penalty’ […]
ESMA has published an update to its Q&As on MiFID II and MiFIR, answering questions relating to investor protection and intermediaries. The answers address: best execution: reporting for firms using a venue’s RFQ system to agree a trade; and investment advice on an independent basis: use of a ‘look-through’ approach. EMSA has also formally withdrawn […]
The CMA has announced that it is bringing forward the date for publishing its final report on its investigation into the supply and acquisition of investment consultancy and fiduciary management services in the UK. Having considered the responses to its Provisional Decision Report, the CMA has announced that it will aim to publish its final […]
The LMA’s recent bulletin, which was published on 2 October 2018, provided the Lloyd’s community and its members with: (i) new model clauses for EEA and non-EEA risks placed with Lloyd’s Brussels; (ii) suggested wording for “Brexit affected policies”; and (iii) treaty exclusion wording for outwards reinsurance placed with Lloyd’s Brussels. New model clauses The […]
The respondent to the first Unexplained Wealth Order granted under the Criminal Finances Act 2017 failed in an appeal against it. NCA had obtained the order in February, and it was appealed in July. The respondent is the wife of a banker from a non-EEA country. £22m of UK property has been frozen, and the respondent […]
Steven Maijoor has spoken on the state of implementation of MiFID 2 and preparing for Brexit. He focussed on the impact of MiFID 2 on non-EU trading venues – in particular looking at the impact of the trading obligation and on secondary markets and transparency. He looked also at the role and increase in market […]
FCA has published its Thematic Review into money laundering and terrorist financing risks in the E-money sector. Its review covered 13 firms and focused on e-money products including prepaid cards and digital wallets, but not money remittance services or any services that fall outside FCA’s regulatory remit (such as exempt cards). FCA found the firms […]
The Court of Appeal has handed down its judgement in R (Holmcroft Properties Ltd) v KPMG LLP. The case had raised the issue of whether KPMG, as a “skilled person” appointed to carry out an independent review of Barclays in the context of the IRHP redress scheme, could be judicially reviewed. The High Court had […]
ESMA has updated its FAQs on: commodity derivatives. Changes address the ancillary activity test, and position limits and reporting; and MAR. Changes clarify delayed disclosure of inside information. It has also published a number of documents tracking compliance of Member States with MAR, including on the delay in disclosure of inside information and on […]
ESMA has published its 2019 work programme. As ever, its top priority is supervisory convergence. It will be working particularly on prospectuses, investment funds and MiFID 2 as well as cross-cutting supervisory themes. Of course, all activities will consider Brexit. It also plans to work on improvement of data quality and risk monitoring and further […]
Charles Randell, speaking at AFME’s conference, highlighted the damage that a cycle of deregulation, crisis and regulation can do. He discussed in particular the risks of deregulation, or the choice not to apply regulation to something innovative, thus encouraging business into that area – which often then leads to a scandal and then the introduction […]
ESMA has written to the European Commission on various issues which are relevant in the context of Brexit but also to third-countries generally. There has already been discussion on the MiFID 2/MiFIR requirements on trading venues, and this letter now addresses: how MiFIR treats third country firms providing services and activities to ECPs and per […]
PRA is consulting on changes to various forms relating to: passporting change in control ISPVs and Notifications It asks for comments by 1 November.
Christopher Woolard has spoken on how FCA recognises the value of testing interventions so that regulation works most effectively. He highlighted how what may seem well intentioned and well designed interventions may in fact fail and how FCA has made significant use of behavioural economics to assess what works best. He gave an example of […]
FCA has fined Tesco Personal Finance plc £16,400,000. It found the bank failed to exercise due skill, care and diligence in protecting its PCA holders against a cyber attack that took place in November 2016. As a result, it breached Principle 2 by failing to act with due skill, care and diligence. When the cyber […]
ILPA‘s (the Institutional Limited Partners Association) latest member update includes items on: a comment letter in response to SEC’s proposed Interpretation on the standard of conduct for investment advisers, which among other things suggests that advisers of private equity funds should treat the fund as a whole as its client and not the individual limited […]
FCA has made three new rules instruments at its September board meetings: the Individual Accountability (Dual-Regulated Firms) Instrument 2018: this instrument makes significant changes to SYSC as well as to COCON, COND, APER FIT and SUP, and several other changes to many other handbook modules and guides. The changes mainly take effect on 10 December […]
The APP Scams Steering Group, set up by the PSR, is consulting on a draft industry code to reimburse victims of APP scams. The code sets standards for industry to meet to help get appropriate treatment for customers. The code proposes, among other things, that where a consumer has met their requisite level of care […]
ESMA has confirmed the further extension of the restriction on marketing, distributing and selling CFDs to retail clients, for another three months. Alongside the extension it has updated its FAQs, particularly to clarify how the measures apply to rolling spot forex.
The FCA has published its thematic review on the impact of credit broking remuneration models at the point of sale. The thematic review covered a wide variety of credit brokers offering loans or finance provided by a third party. In its 2017/2018 Business Plan, the FCA set out its intention to focus on inter-firm remuneration […]
The PRA has published a report examining the impact of climate change on banks in terms of financial risk implications. The report notes that 70% of banks recognise that climate change poses financial risks to their business model, for example, and immediately, exposures to mortgaged homes at risk of flooding or by investments in countries […]
MEPs from ECON have backed the Commission’s proposal for a proportionate regime for smaller, non-systemic investment firms. The proposals suggest that firms’ whose total average monthly assets over a 12 month period exceed €30 bn should be subject to the current capital requirements for banks, but that smaller firms can either be regulated at that […]
FCA’s latest Market Watch focuses on market conduct and transaction reporting issues. It follows up on previous editions, which looked at FCA’s conclusions from a series of supervisory visits on suspicious transaction reporting. FCA had been concerned about over-reliance on “out of the box” alert calibration and that surveillance was not very developed for some asset […]
The EP has published draft reports on the Commission’s proposals relating to fund marketing. The key concern of the rapporteur, Wolf Klinz, is that while it is a good idea to make pre-marketing to professional investors easier, reverse solicitation should be prevented. As a result, he says that, within 18 months of a pre-marketing, investors […]
The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April 2019. The consultation also sets out when SM&CR may apply to CMCs, and what action they will need to take. The […]
As part of its implementation of PSD2, the FCA has published a consultation on matters relating to the Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication (SCA-RTS) (CP18/25). Most of the SCA-RTS provisions come into effect from 14 September 2019, and certain provisions relate to measures that regulators […]
LSB has published its first summary report on how banks have applied the Access to Banking Standard. Generally it found banks have used a positive approach, but suggests some improvements, such as improvement in training for staff in branches closest to a branch which is to be closed.
The Treasury Committee has published a report, in which it describes its unanimous support for regulation for the “Wild West” crypto-currency market. The report outlines all the problems and dangers the market presents and calls for proportionate regulation, which could improve customer outcomes, reduce some of the risks and see the UK become well placed […]
FCA has confirmed it has closed its remaining investigations into life insurers, following its thematic review into the fair treatment of longstanding customers in the life insurance sector. FCA has already closed investigations into some of the firms within its study and has now concluded no further action is needed in respect of the last […]
The FCA and PRA have published a joint ‘Dear CEO’ letter sent to major banks and insurers supervised in the UK regarding the preparations and actions they have taken to manage the transition from the London Interbank Offered Rate (LIBOR) to alternative risk-free rates (RFRs). The purpose of the letters is to seek assurance that firms’ senior […]
FCA has confirmed its ban on Christian Bittar, formerly interest rate derivative trader at Deutsche Bank. It found Mr Bittar requested EURIBOR submitters to make high or low submissions, both internally and externally, so that he could benefit his own and sometimes other traders’ profitability. Mr Bittar was convicted and imprisoned for his actions, otherwise […]
Michael Nascimento, the controlling mind of a £2.8m investment fraud was sentenced to 11 years’ imprisonment in the Southwark Crown Court. Between July 2010 and April 2014, members of the public were cold-called and subjected to high pressure sales tactics to persuade them to purchase shares in a company that owned land on the island of Madeira. […]
The PRA has published the second part of its consultation on the extension of SM&CR to insurers. These proposed amendment to its rules consist of ‘technical consequential changes’ and ‘minor administrative amendments’ arising from this extension, for example refining the scope of those individuals for whom insurers may consider seeking approval for a PRA senior […]
The Treasury is not planning to include EEA market operators in the proposed arrangements enabling incoming firms and businesses to continue to operate immediately after Brexit. Accordingly if EEA market operators are no longer able to rely on MiFID II passporting rights (eg because a transitional deal is not agreed), they may need to have […]
The ASA has published a ruling which upheld a complaint that the representative APR (RAPR) in an advertisement for Sunny Loans was insufficiently prominent. The advert’s ‘incentives’ that triggered then requirement for the RAPR were the lines ‘At Sunny they don’t charge fees at all’, and ‘Loans with no fees from £100’, delivered in voiceover and […]
The European Parliament has voted in plenary to adopt a resolution on regulatory and supervisory relationships between EU and third countries. In addition, it published a provisional edition of the resolution. In summary, the resolution contains recommendations relating to the equivalence framework in financial services legislation, including that: equivalence decisions should be objective, proportionate, and risk-sensitive, while […]
Treasury and the BoE have announced that Mark Carney is to carry on in his role as Governor of the Bank until 31 January 2020, an extension of 7 months to his originally agreed term, while Sir Jon Cunliffe, deputy-governor with responsibility for financial stability, has also been reappointed.
The FCA has held its annual public meeting, at which it reviews the year past, talks about key priorities for the year ahead and takes questions from the public. Charles Randell, who was chairing his first Annual Public Meeting, opened the meeting by: noting that the demands of Brexit preparation meant that they were forced […]
The Joint Committee of the European Supervisory Authorities (ESAs) published its latest report on the risks and vulnerabilities in the EU financial system (JC 2018 34). The autumn report highlights the following risks as potential sources of instability: abrupt yield increases could generate substantive asset price volatility and lead to losses across asset classes; repricing of risk […]
Treasury has made the Regulations extending the SMCR to insurers. The Regulations bring into force certain provisions of the Bank of England and Financial Services Act 2016 from 13 September to enable the making of the measures necessary to apply the SMCR to insurers from 10 December 2018. There are also transitional provisions delaying the […]
FCA’s latest quarterly consultation focuses on SUP. FCA proposes changes that will update the Gabriel validation rule and FCA guidance on the capital adequacy form for APIs, and update its supervisory principles in line with its Approach document. Consultation closes on 7 November and 7 October respectively.
Treasury has published further drafts of Brexit-related statutory instruments: the EEA Passport Rights (Amendment, etc, and Transitional Provisions)(EU Exit) Regulations 2018 address the necessary amendments to legislation to repeal passport rights under single market directives consequent on Brexit and legislates for the temporary permissions regime for those who will lose any passports; the draft Payments […]
FCA and the Chartered Insurance Institute have worked together to create a re-assessment test of the level 4 diploma in financial planning. The new “Regulated Retail Investment Adviser Re-Evaluation” will be available from October. FCA encourages firms to use the test and may ask them to use it as part of its supervisory activities if […]
FCA has appointed Sheldon Mills, currently senior director of mergers and state aid at the CMA, as its new director of competition. He will take up the role in November.
The joint committee of ESAs has published the results of its monitoring exercise on automation in financial advice. The ESAs found that automation is growing but that there are still only a limited number of firms and customers involved. Moreover, the risks many had identified with the practice have not materialised, not least because most […]
Lisa Osofsky has given her first speech since taking over as SFO Director. She spoke of her past, as a federal prosecutor and then working in financial institutions. Her speech focused on how SFO has now successfully used DPAs and how she plans to use many more. She noted that SFO will look at whether the company has […]
The August edition of the PRA’s Regulatory Digest includes: news about a New Insurer Start-up Unit. This is a joint initiative with the FCA. The dedicated page on the Bank of England’s website includes a guide to becoming an insurer in the UK, and also a call for feedback on perceived barriers to entry in […]
OFSI has reminded all firms that hold or control funds or economic resources belonging to, owned, held or controlled by a designated person to provide a report to OFSI by 12 October. The report should cover both the UK and overseas where they are subject to UK financial sanctions legislation and should report the value […]
The FCA has published final notices in respect of One Call Insurance Services Limited and its majority shareholder John Radford for breaches in relation to client money and assets in the general insurance and protection sector. The final notices follows the decision notices that we reported on in January 2018. As planned, the FCA has fined […]
The Dubai Financial Services Authority (DFSA) and the Singapore Monetary Authority (MAS) have announced that they have entered into an agreement to promote the regulation of innovative businesses. The agreement allows referrals of FinTech firms between the two authorities, provides a framework for sharing information on innovation, and also records a commitment to collaborate on […]
The Committee on Economic and Monetary Affairs has published a report on relationships between the EU and third countries on financial services regulation and supervision. The report calls for a Resolution requiring the Commission to review how current equivalence decision procedures work, to provide greater and clearer transparency, and says there is a clear move […]
HMRC has published its guidance on civil measures it can take to address non-compliance with AML requirements. The guidance looks at HMRC’s role under the 2017 MLRs and how it will use its powers under those Regulations and under the CTA. The note addresses civil measures, but HMRC stresses that it may treat any breach […]
Lisa Osofsky has started her 5 year term as SFO Director.
FCA has confirmed its ban on Arif Hussein following a decision of the Upper Tribunal published in June. Mr Hussein was a derivatives trader with UBS, who engaged in internal chats with a UBS trader-submitter knowing that it would be improper to participate in conduct intended to influence UBS’ LIBOR submissions. FCA found that Mr […]
ESMA has confirmed the ban on binary options will remain in place for a further three months. The current ban, which prohibits marketing, distribution or sale of binary options to retail clients, expires on 2 October. ESMA has reviewed the specific features of certain binary options which make them less risky and as a result […]
The FCA has cancelled the Part 4A permissions of two firms, Causeway Group Limited and Prime Render Solutions Limited . The cancellation of the permissions is due to both firms failing to satisfy the suitability Threshold Condition, in that the FCA was not satisfied that the firms are fit and proper persons having regard to all the circumstances, […]
Treasury has published guidance for the banking, insurance and other financial services sectors on the impact of what it still describes as an “unlikely” no-deal Brexit scenario. It stresses that increased preparations towards a no-deal were always likely to be necessary the closer Brexit becomes and that accelerating the plans does not mean the Government […]
The FCA and the Pensions Regulator have launched a joint advertising campaign to raise awareness of pension scams, following research they have conducted which shows that pension scam victims each lost an average of £91,000 in 2017. The campaign, ScamSmart, is aimed at individuals aged 45-65 who are the group most at risk of pension […]
The European Commission has adopted a Delegated Regulation adding Pakistan to the list of high-risk third countries under MLD4. Member States will be bound to require application of EDD when dealing with any persons from Pakistan. The requirement will take effect 20 days after it is published in the Official Journal.
The latest draft Regulations anticipating Brexit relate to capital resources requirements. The draft Capital Requirements (Amendment)(EU Exit) Regulations 2018 are intended to make sure the CRR can continue to operate effectively once the UK has left the EU. Key changes the draft addresses relate to: group consolidation so as to amend the geographical scope of […]
FCA has started criminal proceedings against Mark Starling for three offences relating to operating CIS without authorisation or exemption over a 9 year period and of fraud. Mr Starling is alleged to have operated schemes that purported to carry out financial futures trading for investors.
FCA is consulting on how it proposes to set fees to recover its costs for setting up the regulatory regime for claims management companies and for ongoing supervision of the sector. The consultation covers fees under the temporary permissions regime and the ultimate full permissions regime. FCA plans to recover as many of its costs […]
The UK Government has published a presentation (dated 25 July) that sets out a proposed ‘Framework for the UK-EU partnership’, as part of the preparations by the UK Brexit negotiating team. This document sets out a proposed model, that would be based on the principle of autonomy, including autonomous judgement over market access, legislation and […]
In December 2017 the Law Commission confirmed that one of the projects it would be working on was addressing the absence of explicit case law and legislation that has given rise to uncertainty as to the validity of electronic signatures in some cases. Consequently, the Law Commission has now published early conclusions from its review […]
The Financial Ombudsman Service (FOS) has published a statement, following its October 2016 Consultation Paper and December 2016 Feedback Statement on complaints data publication. The Feedback Statement included FOS’s commitment to work with stakeholders to explore a new measure of cases received per 100 FCA-reportable complaints, and to report some resolved PPI complaints by volume only […]
The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders on issues such as: awareness and adoption of the LEI in various jurisdictions; types of private sector uses of the LEI; […]
New FCA rules requiring banks to publish information about personal and business current accounts came into force on 15 August 2018. The new rules cover standing data relating to account opening and service availability and major incident metrics. Further rules will require firms to publish information about account opening and debit card replacement from 15 […]
The European Central Bank (ECB) has published the latest edition of its Supervision Letter. The August edition includes a recording of an interview with Ed Sibley, Deputy Governor of the Central Bank of Ireland and ECB Supervisory Board member, discussing the importance of all forms of diversity to the governance, culture and risk profile of banks. In […]
The FCA has published its findings of the review of how Non-deposit Taking Mortgage Lenders (NDTMLs) and Mortgage Third-Party Administrators (MTPAs) handle complaints. In particular the review looked at how NDTMLs and MTPAs treat their customers, whether their complaint handling arrangements pose any potential consumer harm, and how they could handle complaints better. The FCA found that overall […]
The Co-Chair of the All-Party Parliamentary Group on Fair Business Banking has written to Andrew Bailey of the FCA in the wake of the FCA’s announcement that it was unable to take further action in relation to its investigation of RBS’ treatment of business customers. The letter calls for further information and action on a […]
The industry body UK Finance has developed a voluntary ‘How to’ guide on compliance with the requirements of the Funds Transfer Regulation (also referred to as the Wire Transfer Regulation). The guide aims to assist with an industry-wide harmonised approach to compliance, thereby increasing the efficiency of payment processing. The guidance’s stated aim is to […]
Commission Delegated Regulation (EU) 2018/1108 has been published in the OJ. This Regulation sets out RTS relating to the criteria for determining when it may be appropriate to require electronic money issuers and payment service providers who have certain cross-border operations to appoint a central contact point for a particular territory. The RTS also address the […]
The FSB, Basel Committee, the CPMI and IOSCO have published a joint consultation on incentives to centrally clear OTC derivatives. The organisations want to look at how the post-crisis measures have worked and whether there is a need to fine-tune them. A post-reform evaluation suggests that there are overall good incentives for using central clearing, […]
The FCA has published a Dear CEO letter on cross border booking arrangements. In its letter, the FCA acknowledges that, in order to deal with the UK’s withdrawal from the EU, firms have put in place contingency plans which when executed will impact current business models, legal entity strategies and booking arrangements. The FCA appreciates the […]
The European Insurance and Occupational Pensions Authority (EIOPA) has announced that it has become a member of the Sustainable Insurance Forum (SIF). The SIF is a network of insurance supervisors and regulators from around the world working together on sustainability challenges facing the insurance sector. In July 2018, the SIF, together with the International Association […]
FCA has announced the creation of the Global Financial Innovation Network (GFIN), in collaboration with 11 other regulators and organisations. This builds on FCA’s plans for a global regulatory sandbox and will create a new framework for innovative firms interacting with regulators, and regulators sharing information. FCA has now published a consultation seeking views on […]
ESMA has responded to some queries EIOPA raised with it on the definition of AIF and leverage in the AIFMD. EIOPA had asked: whether AIFs that use certain borrowing arrangements and derivative instruments under the Solvency II Delegated Regulation considered leveraged for AIFMD purposes. ESMA points out that the AIFMD has no formal definition of […]
The ECB has published a draft Regulation amending the Money Market Statistical Reporting (MMSR) Regulation. Since July 2016, the ECB has used the MMSR Regulation to collect data on the euro money market. In addition, detailed data has been reported by large euro area banks on transactions denominated in euro in the unsecured, secured, foreign exchange […]
FMLC has published a report looking at contract continuity post-Brexit and highlights the legal uncertainties that will continue if there is no clear agreement on the UK/EU relationship. The paper, which reprises many views FMLC has already expressed, also looks at how not only legislation but also firms can take measures to mitigate the risks.
The Upper Tribunal has upheld FCA’s decision to ban Alistair Burns, Director and CF1 of TailorMade Independent Limited, firm that advised on pension transfers and opt-outs, from any significant influence or senior management function because of his lack of competence and capability. It also directed FCA to fine Mr Burns £60,000 for failing to ensure the […]
The FCA is progressing with its statutory obligation to review the CCA, by publishing an interim report on its review. The interim report sets out the FCA’s initial views on whether the repeal of CCA provisions would adversely affect consumers. Comments are requested by 2 November 2018; the final report must be delivered by 1 April 2019. […]