Monthly Archives: September 2017

FCA speaks on asset management regulation

Meghan Butler has spoken on how FCA is clarifying its supervisory approach to asset managers. She looked at FCA’s mission and its recognition of the importance of the asset management industry. She spoke of the findings of the asset management review and said FCA is still working through responses. In the meantime, the CMA has […]

FCA publishes streamlined advice guidance

FCA has published feedback on its consultation on guidance on streamlined advice and the fact find process. The guidance stems from two of the FAMR recommendations – and includes materials from existing guidance on adviser charging, complaints and redress, professional standards, appropriateness and discretionary investment management. FCA has also consulted on other FAMR related matters, […]

ESMA and NCAs agree waiver and position limit plans

ESMA and the national regulators in EU member states have updated their work plan for the opinions MiFID 2 requires on pre-trade transparency waivers and position limits. Around 700 of the former and 110 of the latter opinions need to be issued, so there is a plan to ensure they can be implemented pending the […]

PSD2 and Open Banking – bringing opportunities for start-ups

In an Insight article published on 28 September 2017, the FCA explores the opportunities that the Payment Services Directive 2 (PSD2) and Open Banking may bring for start-ups. PSD2 is changing the rules for the banking industry. From January 2018, UK banks will have to provide details of customer transactions to any authorised organisation that a customer approves […]

European Commission adopts IDD delegated regulations

The European Commission has adopted the following two delegated regulations in relation to IDD: conduct of business rules for the distribution of insurance-based investment products; and product oversight and governance requirements  for insurance undertakings and insurance distributors. The next step will be for the Council of the EU and the European Parliament to consider the […]

EU-US agreement on insurance and reinsurance

The European Commission has published a statement and a factsheet detailing the agreement reached between the EU and the US on prudential insurance and reinsurance measures. The agreement addresses three areas of prudential insurance oversight: reinsurance; group supervision; and the exchange of insurance information between supervisors. US and EU insurers operating in the other’s markets will […]

Bank of England expects 130 licence applications before Brexit

Comments made by Sam Woods, Chief Executive Officer of the Prudential Regulation Authority (PRA) were reported in an article published by Reuters, in which he stated that the Bank of England expects at least 130 financial firms from across Europe to apply for licences to continue operating in the UK after Brexit. He also commented that […]

FCA publishes IDD papers

FCA has published its policy statement on its first consultation on IDD implementation, including near final rules, and has also published its third consultation with further proposals. The IDD must be implemented by 23 February 2018. The near final rules cover changes to reflect: application of the IDD: FCA has clarified how the rules apply […]


A revised draft of the Business Contract Terms (Assignment of Receivables) Regulations 2017 has been laid before Parliament. The regulations provide that, save in respect of certain listed contracts, contractual terms prohibiting or restricting the assignment of a receivable or its enforcement by an assignee shall have no effect. The aim of the regulations is to remove barriers […]

FPC updates on stability

FPC has reviewed developments since its last meeting on 21 June and assess the outlook for UK financial stability. Its conclusion was that ‘overall risks to UK financial stability from the domestic environment are broadly unchanged at a standard level’, though risks of greater vulnerabilities may loom on the horizon. The headline statements were as follows: internationally, market […]