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Author - Duncan Scott

FCA publishes blockchain research

FCA has published a research note entitled ‘Review of Maximal Extractable value (MEV) and Blockchain Oracles’ in collaboration with Futuresight Business Intelligence Ltd, the Financial Industry Regulatory...

FCA takes action on motor finance complaints

FCA is unhappy that motor finance firms are rejecting high numbers of consumer complaints about commission arrangements.  After FCA banned discretionary commission arrangements in 2021, many consumers complained and...

FCA updates on cash savings

FCA has provided an update on progress made in implementing its cash savings action plan. In its update FCA notes that it has seen progress in the speed and size of interest rate changes for savers and improvements in...

FCA proposes credit information changes

FCA has announced proposals which will: require FCA-regulated data contributors, such as lenders, to share credit information with credit reference agencies (CRAs); introduce a common data reporting format to enhance...

EU adopts new consumer credit directive

The EU has adopted the new Directive on Consumer Credits (CCD), repealing and replacing the 2008 Consumer Credit Directive in order to take account of the significant changes that have taken place in the consumer credit...

FCA speaks on AI risks and opportunities

Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, has spoken at the City and Financial Global AI Regulation Summit on the risks and opportunities presented by artificial intelligence (“AI“)...

HSBC breaches retail banking order

The Competition and Markets Authority (“CMA“) has written to HSBK UK Bank Plc concerning its breaches of Part 2 of the Retail Banking Market Investigation Order 2017 (the “Order“). Part 2 of the...

PRA speaks on implementation of Basel 3.1

Phil Evans of the PRA has given a speech at UK Finance entitled “Implementing Basel 3.1 in the UK” providing an overview of the approach in PRA’s consultation paper CP 16/22. In it he notes the momentousness...

PRA amends approach to identifying O-SIIs

PRA has published a policy statement setting out amendments it will be making to its approach to identifying other systemically important institutions (O-SIIs). The statement also contains PRA’s feedback to the...

FCA speaks on compliance and culture

Mark Steward, FCA’s Executive Director of Enforcement and Market Oversight, has delivered  a speech at NYU Law School entitled “Compliance, Culture and Evolving Regulatory Expectations“. In it, he...

FCA speaks to FLA on post-Covid regulation

FCA speaks to FLA on post-Covid regulation

Charles Randell, Chair of FCA and PSR has given a speech to the Finance & Leasing Association in which he outlined the ways in which the financial services sector has changed post-Covid and how FCA must adapt to...

CMA publishes annual concurrency report

CMA publishes annual concurrency report

CMA has published its 2020/21 annual concurrency report outlining how CMA has worked alongside other regulators, including FCA, to enforce competition law across a range of industry sectors. Highlights from the report...

FCA consults on 2021/22 fees and levies

FCA has opened a consultation on the following for the next financial year (2021/22): its periodic fees rates; further FCA fees policy proposals; the Financial Ombudsman Service general levy; the Money and Pensions...

FOS publishes 2021/22 plans and budget

FOS has published its plans and budget for 2021/22 which were consulted on between December 2019 and January 2020. FOS has forecast a reduced caseload in 2021/22 following the unprecedented increase during 2020...

CMA publishes annual plan for 2021/2022

Following consultation, the CMA has now published its annual plan for 2021-2022. The CMA has identified four key themes on which it intends to concentrate: protecting consumers and driving recovery during and after the...

FCA gives speech on diversity and inclusion

Georgina Philippou, Senior Adviser to FCA on the Public Sector Equality Duty gave a speech at the launch of a report by the Investment Associate and Eversheds entitled “Building Ethnic Diversity and Inclusion in...

FCA increases contactless payment thresholds

FCA has published a policy statement outlining the amendments to Article 11 of the  strong customer authentication RTS. The changes increase the single transaction threshold for contactless payments from £45 to £100 and...