Following its ‘Dear CEO’ letter, published on 9 January 2019, the FCA has reminded firms involved in the approval of financial promotions for unauthorised persons of their obligations when doing so. The FCA...
Author - Angie Bamboulis
Angie Bamboulis
PSR ADOPTS SMR PRINCIPLES
As a wholly owned subsidiary of the FCA, the Payment Systems Regulator (PSR) has announced that it is adopting and applying the same core principles of the Senior Managers Regime as the FCA. A formal description of the...
FCA’s decision to fine broker for market abuse upheld
The Upper Tribunal has today published its decision in Linear Investments Ltd v FCA [2019] UKUT 0115 (TCC) (FS2018/054), in which it upheld the FCA’s decision to fine Linear for market abuse failings. In September...
Senior bankers sentenced for manipulating EURIBOR rate
The Senior Fraud Office (SFO) announced that 2 former senior bankers at Barclays, Carlo Palombo and Colin Bermingham, were sentenced to a total of 9 years imprisonment at Southwark Crown Court for manipulating the Euro...
PSR publishes Annual Plan and Budget for 2019/2020
The Payment Systems Regulator (PSR) published its annual plan and budget setting out its key objectives and activities for 2019/2020. The PSRs key initiatives include: to protect people from Authorised Push Payment...
What the Consumer Credit firms can expect from the FCA
The FCA has published a speech by Jonathan Davidson, Executive Director of Supervision – Retail and Authorisations, in which he sets out what the consumer credit sector can expect from the FCA in terms of regulation. Mr...
ESMA AND FCA STATEMENT ON SHARE TRADING OBLIGATIONS
ESMA has published a statement in which it outlines its approach, in the event of a no-deal Brexit, to the application of the trading obligations for shares (STOs) under article 23 of MiFIR in the absence of an...
FCA Update on Digital Regulatory Reporting
The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...
BCBS Statement on crypto-assets
The Basel Committee on Banking Supervision has published a statement on crypto-assets. The Committee acknowledges that while the crypto-asset market remains small relative to that of the global financial system, and...
APP Scam Steering Group announces voluntary code to combat fraud
The Authorised Push Payment (APP) Scams Steering Group announced that it has agreed a voluntary Code of good practice. The Code aims to better protect customers and reduce the occurrence of APP fraud. It sets out the...
UK CSD to be recognised by ESMA in the event of a no-deal Brexit
ESMA has announced that in the event of a no-deal Brexit, the Central Securities Depository (CSD) established in the UK, Euroclear UK and Ireland Ltd, will be recognised as a a third country CSD to provide its services...
FCA SETS OUT DETAILS ON POST BREXIT REGULATION OF CRAs
The FCA has updated its webpage on credit rating agencies (CRAs) in order to reflect the transitional provisions under the Credit Rating Agencies (Amendment etc) (EU Exit) Regulations 2019 (SI 2019/266) (CRA...
FCA ‘Dear CEO’ letter on misleading financial promotions
The FCA has published a ‘Dear CEO’ letter in which it provides clarity about the communication and approval of financial promotions by regulated and unregulated businesses. The FCA has published the letter...
FCA EVALUATION ON REDUCING BARRIERS TO ENTRY INTO THE UK BANKING SECTOR
The FCA has published an evaluation paper on reducing barriers to entry into the UK banking sector. In its paper, the FCA evaluates the impact that the 2013 reforms to the authorisations process and a shift in approach...
Policy Statement on final RTS secure customer authentication
In September 2018, the FCA consulted on new or amended rules, directions and guidance to implement the Regulatory Technical Standards for strong customer authentication and common and secure open standards of...
FCA final rules and guidance for CMCs
Following a consultation earlier this year, the FCA has published a policy statement setting out the new rules and fees that will apply to claims management companies (CMCs) from April 2019. From 1 April 2019, the FCA...
EC Review of the Distance Marketing Directive
The European Commission has launched a review of the Distance Marketing Directive (DMD) to assess whether it is relevant, effective, efficient, and in line with other EU legislation. The review follows an announcement...
CMA Consults on Annual Plan 2019/2020
The Competition and Markets Authority (CMA) is consulting on its proposed Annual Plan, which sets out its plans and priorities for 2019 to 2020. Subject to the outcome of the Brexit negotiations, the CMA plans to give...
Consultation on Pensions Dashboard
The Department of Work and Pensions (DWP) is consulting on proposals to create an industry-led system of multiple dashboards which will allow millions of people to access their pension facts and figures from most...
Working Group publishes pack on LIBOR transition
The Working Group on Sterling Risk-Free Reference Rates (Working Group) has published a communication pack entitled ‘Preparing for 2022: what you need to know about LIBOR transition’. The pack is designed to...
FSB announces appointment of new FSB Chair and Vice Chair
The Plenary of the Financial Stability Board (FSB) has announced the appointment of Randal K. Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of...
PSR Consultation on requiring confirmation of payee service
The Payment Systems Regulator (PSR) is consulting on its proposal to make general directions requiring payment service providers (PSPs) to implement a Confirmation of Payee (CoP) service. The consultation paper seeks...
FCA consults on proposed price cap on the rent-to-own market and confirms final rules on extended warranties
The FCA has published a consultation paper (CP18/35) setting out its proposals to introduce a price cap on rent-to-own (RTO) firms, summarising the feedback to the consultation carried out in May 2018 on high-cost...
FCA Speech on key issues identified by the Cryptoassets Taskforce
The FCA has published a speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered at the Regulation of Cryptocurrencies event on 20 November 2018. The speech highlights the key...
EBA 2019 WORK PROGRAMME
The European Banking Authority (EBA) has published its work programme, setting out its main objectives, priorities and deliverables for 2019. The EBA’s 5 strategic areas for 2019 include to: lead the Basel III...
FSB holds its plenary meeting
The Financial Stability Board (FSB) has published a press release following its plenary meeting in Ottawa, in which it reviewed the financial vulnerabilities and deliverables for the G20 Summit. Points of interest...
PSR SPECIFIC DIRECTION TO OPERATOR OF THE LINK ATM SYSTEM
The Payment Systems Regulator (PSR) has published a Specific Direction (Specific Direction 8) given to Link Scheme Holdings Ltd, the operator of the LINK ATM system. The direction relates to the adoption of appropriate...
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FCA Feedback Statement on Digital Regulatory Reporting
The FCA has published a feedback statement on digital regulatory reporting. This follows the FCA’s call for input on smarter regulatory reporting in February 2018. The FCA found that most respondents agreed that...
FCA WRITES TO FIRMS ON AFFORDABILITY OF HCSTC LOANS
The FCA has published a ‘Dear CEO’ letter setting out the issues surrounding the increase in complaints about unaffordable lending (including complaints about a ‘chain’ of loans over an extended...
FCA and SFC sign MoU on UK-Hong Kong Mutual Recognition of Funds
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...
FCA sets out its expectations on debt packager firms providing debt advice and counselling services
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...
FCA thematic review on credit broking remuneration models
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...
Dear CEO letter to firms on preparations for transition from LIBOR
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...
Ringleader sentenced in the FCA’s largest fraud prosecution
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...
European Parliament resolution on the relationships between the EU and third countries concerning financial services regulation and supervision
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...
ESAs publish autumn report on risks and vulnerabilities in the EU financial system
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...
FCA publishes final notices on client money
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...
Firms’ permissions cancelled for failure to be open and co-operative with the FCA
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...
FOS update on publication of complaints data
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...
ECB publishes the latest version of its Supervision Letter
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...
FCA complaints handling review findings
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...
FCA Dear CEO Letter on cross border arrangements
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...
EIOPA joins the Sustainable Insurance Forum
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...
ECB publishes draft regulation on money market statistics
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...
FCA consults on general standards and communication rules for payment services and e-money
The FCA has published a consultation paper on rules and guidance to improve conduct and communication in the payment services and e-money sectors. Currently, payment service providers and e-money issuers are subject to...
FCA confirms no action will be taken against RBS for treatment of SME customers
The FCA has published an update on its investigation into RBS’s treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). The FCA commissioned...
Mortgage Lenders agree on common standards to help longstanding borrowers
UK Finance has announced that together with the Building Societies Association and the Intermediary Mortgage Lenders Association, it has agreed common standards to help existing mortgage borrowers on a lender’s...
FCA’S FINAL RULES ON ASSESSING CREDITWORTHINESS IN CONSUMER CREDIT
The FCA has published a policy statement setting out its final rules and guidance on assessing creditworthiness in consumer credit. The policy statement summarises and responds to the feedback the FCA received to the...
FCA seeks feedback on price discrimination in the cash savings market
The FCA has published a discussion paper on price discrimination in the cash savings market. The FCA is concerned that longstanding customers receive lower interest rates on easy access cash savings accounts products...
PSR MARKET REVIEW INTO THE SUPPLY OF CARD-ACQUIRING SERVICES
The PSR has published its draft terms of reference setting out the proposed approach to the market review into the supply of card-acquiring services that it intends to carry out. The review follows concerns that the...
PRA consults on regulatory reporting
The PRA has published an occasional consultation paper on regulatory reporting. The consultation paper sets out proposed changes to the following reporting requirements: discontinuance of Prudent Valuation Return PV001;...
MOU ON THE REGULATION OF PAYMENT SYSTEMS
On 20 July 2018, the Bank Of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and Payment Systems Regulator (PSR) published their Memorandum of Understanding in relation to...
EBA GUIDELINES ON FRAUD REPORTING UNDER PSD2
The European Banking Authority (EBA) has published its final report on the fraud reporting guidelines under PSD2 (Guidelines). The Guidelines have been published following the consultation which took place in August...
The FCA’s discussion paper on the introduction of a duty of care
Alongside the Approach to Consumers document, which was published on 17 July 2018, the FCA has published a discussion paper (DP18/5) on the introduction of a duty of care for financial services firms. In response to the...
The FCA’s Approach to Consumers
Following its consultation in November 2017, the FCA has today published its Approach to Consumers document which aims to address the concerns raised in the feedback to the consultation. The consultation took place...
FSB statement on reforming interest rate benchmarks
The Financial Stability Board (FSB) has published a statement on reforms to interbank offered rates (IBORs) and the development of overnight risk-free rates (RFRs) and term rates. Points of interest include: to...
Andrew Bailey speaks on the transition from LIBOR
The FCA has published a speech by Andrew Bailey, Chief Executive of the FCA, on transitioning from LIBOR to alternative interest rate benchmarks. Although important steps have been taken towards transition, Andrew...
Banking (Cash Machine Charges and Financial Inclusion) Bill 2017-19
Parliament has announced that the second reading of the Banking (Cash Machine Charges and Financial Inclusion) Bill 2017-19 is scheduled to take place on Friday 23 November 2018. The Bill contains provisions which...
FCA publishes new version of its Approach Document on payment services and e-money
The FCA has published a revised version of its Approach Document on payment services and electronic money. The updated document includes new guidance on operational and security risks under PSD2; which can be found in...
Discussion Paper on building the financial sector’s operational resilience
The Bank of England, the PRA and FCA have published a joint discussion paper on its approach to improve operational resilience in the financial sector. The regulators envisage that boards and senior managers can achieve...
Evaluation of the Consumer Credit Directive
The European Commission has published a roadmap on the Consumer Credit Directive (Directive). The Commission is looking to assess: effectiveness: whether the original objectives of the Directive have been achieved;...
Mobile Contactless SEPA Card Payments Interoperability Implementation Guidelines
Following a consultation in October 2017, the European Payments Council has published a revised version of its mobile contactless Single Euro Payments Area (SEPA) card payments interoperability implementation guidelines...
PSR: The consolidation of UK retail payment systems is now complete
The Payment Systems Regulator (PSR) has issued a press release stating that the consolidation of the UK retail payment systems is now complete, following the introduction of the New Payment Systems Operator (NPSO). The...
Mansion House 2018: Speech by the Chancellor of the Exchequer
HM Treasury has published a speech by Philip Hammond, Chancellor of the Exchequer, which was delivered at the annual Mansion House dinner. In his speech, Mr Hammond focused on Brexit and financial services. He said that...
Mansion House 2018: BoE Governor gives speech – ‘New Economy, New Finance, New Bank’
Mark Carney, Governor of the BoE, delivered a speech at the annual Mansion House dinner on how the UK financial system can continue to serve the UK and the world, in the face of major structural changes. In his speech...
FCA statement on EBA’s draft PSD2 Guidelines and Opinion for banks and others involved in open banking
The FCA has published a statement on the European Banking Authority’s (EBA) draft PSD2 Guidelines and Opinion on the Regulatory Technical Standards (RTS) on Strong Customer Authentication and Common and Secure...
FCA Financial Lives Survey
The FCA have published a report on its Financial Lives Survey 2018. The survey is the FCA’s largest tracking survey of adults and their finances, covering 13,000 face-to-face and online interviews. Key findings...
Treasury’s response to call for evidence on breathing space scheme
HM Treasury has published a summary of the submissions received to the call for evidence on problem debt. The call for evidence was issued in October 2017 to gain further insight from the debt advice sector and...
EBA publishes Annual Report 2017
The European Banking Authority (EBA) has published its annual report 2017, in which it describes the work undertaken and its achievements in 2017. The report also includes the EBA’s key areas of focus for 2018...
PSR DISCUSSION PAPER ON DATA IN THE PAYMENT INDUSTRY
The Payment Services Regulator (PSR) has published a Discussion Paper (DP18/1) on the use of data in the payments industry. The aim of the discussion paper is to better understand the actions the PSR may need to take in...
BoE consults on the modernisation of UK payments
The Bank of England (BoE) has, together with the New Payments System Operator (NSPO) and the Payment System Regulator (PSR), launched a 6 week consultation on the adoption of a common global standard, known as...
BoE responds to the Treasury’s call for evidence on cash and digital payments
The Bank of England (BoE) has published its response to the Treasury’s Call for Evidence on cash and digital payments in the new economy. The BoE welcomes Treasury’s Call for Evidence. Key points include:...
New Chair of the Court of the Bank of England appointed
HM Treasury and the Bank of England have announced that Bradley Fried has been appointed as Chair of the Court of the Bank of England, with effect from 1 July 2018. He will replace Sir Anthony Habgood who has been Chair...
Treasury Committee’s digital currencies inquiry
The Treasury Committee has updated its webpage with the written evidence it has received to its digital currencies inquiry, which was launched in February 2018. The Committee received written evidence from a number of...
HM Treasury: Cryptoassets Taskforce meets for the first time
The first meeting of the UK’s new Cryptoassets Taskforce took place on 21 May 2018. The Taskforce was first announced in April by the Chancellor of the Exchequer as part of the Government’s Fintech Sector Strategy...
Memorandum of understanding between FCA and Insolvency Service
The FCA has published a memorandum of understanding (MoU) it has entered with the Insolvency Service (IS). The MoU sets out the agreement between the IS and the FCA that governs the exchange of information to better...
FCA bans director for misappropriation of client money
The FCA has today published a decision notice in which it has banned a director, Darren Newton, from working in any regulated activity in the financial services sector. The FCA found that Mr Newton had used...
Summary of responses to the ECB’s second public consultation on developing a euro unsecured overnight interest rate
The European Central Bank (ECB) has published a summary of the responses it received to its second consultation on developing a euro unsecured overnight interest rate. The consultation follows the ECB’s decision...
ASA Ruling on Intelligent Lending Ltd t/a Ocean Finance
The Advertising Standards Authority (ASA) upheld a complaint about a credit card advertisement broadcast by Intelligent Lending Limited t/a Ocean Finance. The complainant challenged whether the advertisement should have...
PRA consults on Solvency II
The PRA has today published two consultation papers relating to Solvency II. The first consultation paper “Solvency II: External audit of the public disclosure requirement” sets out the PRA’s proposals...
ECB consults on cyber resilience oversight expectations
The European Central Bank (ECB) has launched a consultation on cyber resilience oversight expectations. The consultation contains a draft document which defines the ECB’s expectations in terms of cyber resilience, based...
FCA SPEECH ON PSD2 AND OPEN BANKING
The FCA has published a speech, by Karina McTeague, Director of Retail Banking Supervision, on opportunities offered by the Payment Services Directive (PSD2) and open banking. Highlights of the speech include: the FCA...
FCA and PRA consult on 2018/2019 regulated fee and levy rate proposals
The FCA and PRA have, separately, published consultation papers on regulated fees and levies for 2018/19. In its consultation paper, the FCA sets out the proposed 2018/19 regulatory fees and levies for itself, the...
ECB PUBLISHES ANNUAL REPORT FOR 2017
The European Central Bank (ECB) has published its annual report for 2017. The annual report sets out the ECB’s activities in the economic and financial environment of 2017. Amongst other things, the report focuses...
ECON DRAFT REPORT ON FINANCIAL SERVICES REGULATION AND SUPERVISION RELATIONSHIP BETWEEN EU AND THIRD COUNTRIES
The European Parliament’s Committee on Economic and Monetary Affairs (ECON) published its draft report on the financial services regulation and supervision relationship between the EU and third countries. The...
CMA PUBLISHES SUMMARY OF ROUNDTABLE WITH ASSET MANAGERS
The Competition and Markets Authority (CMA) has published a summary of the roundtable that it held, on 12 February 2018, with asset managers. The roundtable was held as part of CMA’s work on the market...
FCA SPEECH ON BREXIT: TRANSITION AND FINANCIAL REGULATION
The FCA has published a speech by Andrew Bailey, Chief Executive of the FCA, on Brexit, following the agreement reached between the UK and EU on a transition period. Key issues highlighted by Mr Bailey include: the...
PRA and BoE’s approach to authorisation and supervision in preparation for Brexit
The Bank of England (BoE) has published a press release setting out its regulatory approach to preparations for Brexit, including its approach to the authorisation and supervision of international banks, insurers and...
EBA consults on extending complaints-handling guidelines
The European Banking Authority (EBA) has published a Consultation Paper on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising new institutions...
FCA PUBLISHES POLICY STATEMENT AND FINALISED GUIDANCE ON STAFF INCENTIVES, REMUNERATION AND PERFORMANCE MANAGEMENT IN CONSUMER CREDIT
The FCA has published a Policy Statement (PS18/7) and Finalised Guidance (FG18/2) on staff incentives, remuneration and performance management in consumer credit. The Policy Statement sets out final rules for staff...
FCA PUBLISHES GUIDANCE CONSULTATION ON FINANCIAL CRIME SYSTEMS AND CONTROLS
The FCA has published a Guidance Consultation on amending the FCA’s guidance on financial crime (GC18/1). The proposed changes include the addition of a chapter on insider dealing and market manipulation, and...
ECB Annual Report on supervisory activities
The European Central Bank (ECB) has published its Annual Report on its supervisory activities for 2017. The Annual Report sets out the ECB’s key achievements for 2017. In addition, the ECB published a speech on...
FCA publishes policy statement on pension transfers advice
The FCA has published a Policy Statement on pension transfers advice (PS18/6). This follows the FCA’s June 2017 consultation, which looked at improving the quality of pension transfer advice. The policy statement...
Joint call for input on regulating the pensions and retirement income sector published
The Pensions Regulator and FCA have published a Joint Call for Input on their strategic approach for regulating the pensions and retirement income sector. The strategic approach will set out how the FCA and Pensions...
Andrew Bailey speaks on transforming culture in financial services
The FCA has published a speech by Andrew Bailey, FCA Chief Executive, on transforming culture in financial services. Mr Bailey highlights the following issues: work on firm culture is an important priority for the FCA;...
High Court approves Barclays ring-fencing transfer application
On 9 March 2018, the High Court considered an application for the sanction of a ring-fencing transfer scheme (RFTS) made by Barclays Bank plc in the case of Re Barclays Bank plc and another [2018] EWHC 472 (Ch). As this...
Commission publishes Delegated Regulation on RTS on strong customer authentication and common and secure communication under PSD2
The Commission has published the Commission Delegated Regulation (EU) 2018/389, supplementing the revised Payment Services Directive with regard to regulatory technical standards (RTS) for strong customer authentication...
EU Commission communicates Action Plan for financing sustainable growth
The EU Commission has published a communication on its action plan for financing sustainable growth. The action plan aims to: reorient capital flows towards sustainable investment in order to achieve sustainable and...
FCA bans former Co-Operative Bank Chair, Paul Flowers from the financial services industry
The FCA has published a final notice, issued to Paul Flowers, the former Chair of the Co-Operative Bank between 15 April 2010 and 5 June 2013, banning him from the financial services industry. The FCA found that Mr...
BoE speech on the future of money
The Bank of England (BoE) has published a speech by Mark Carney, BoE Governor, in which he considers the future of money. In particular, Mark Carney looks at how the developments in money and payments technologies could...