Author Archives: Davinia Collins

Update from the Bank of England and The Payment Systems Regulator on new payment systems operator

In a joint press release issued today, the Bank of England (BoE) and The Payment Systems Regulator (PSR) announced that a New Payment Systems Operator (NPSO) had been created by the Payment System Operator Delivery Group (PSODG) who were charged with this task. The creation of the NPSO forms part of the PSR and BoE’s plan for consolidating […]

FCA launches PPI campaign with help from ‘Arnold Schwarzenegger’

The FCA has today launched its PPI campaign with a television advert in order to raise awareness of the two year deadline to make a complaint about payment protection insurance. The deadline, which has been introduced by the FCA in order to prompt people to check whether they had PPI and whether they want to make a complaint, ends […]

ESAs publish further Q&As on the Key Information Document for PRIIPs

Further guidance on the Key Information Document (KID) under PRIIPs was published by ESAs today in the form of questions and answers (Q&A). The Q&A includes additional questions and answers to those published on 4 July 2017 as well as diagrams to explain the risk and rewards calculations required to prepare the KID. The updated […]

FCA Regulation round – up for August

This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the authorisations of 207 firms; FCA’s agenda and priorities for consumer credit; contingency planning for firms that do not have their MIFID II permissions in place by 3 January […]

FCA sets out its supervisory approach to PPI

The FCA has today announced that it will soon be launching a campaign to inform people of the 29 August 2019 deadline for making a complaint about PPI.  The campaign will contribute to the regulatory and supervisory work the FCA has already done around PPI and will continue to do. The campaign, which will be […]

Rise in complaints for PPI

This week FOS published its regular newsletter in which it discussed: a rise in consumer credit complaints; statistics on complaints received in the first quarter of 2017/2018; and an update on PPI and the FCA’s new rules and guidance FOS’ Annual Review The annual review published earlier in the summer by FOS identified that complaints about […]

FCA updates guidance to firms on applications and notifications under MiFID II

The FCA has updated its user guide to provide the following notifications: Ancillary activity exemptions Under MiFID II, firms who trade in commodity derivatives may be able to make use of an exemption from authorisation.  Firm will need to notify the FCA if they intend to rely on the exemption by completing a notification form.  […]

FCA consults on FAMR: implementation Part II and insistent clients

The FCA has today published its consultation paper (CP17/28) on implementing two of the recommendations made in the final report of the Financial Advice Market Review (FAMR), which was published in March 2016. FAMR was launched in 2015 by the FCA and HM Treasury (HMT) as a result of concerns that the market for financial advice in the […]

ESAs advise the Commission on PRIIPs with environmental or social objectives

The European Supervisory Authorities (ESAs) have submitted their technical advice to the European Commission (the Commission) to set minimum requirements, which manufacturers of PRIIPs with environmental or social (EOS PRIIPs) objectives should comply with to ensure their products meet the retail investors’ needs. The ESAs addressed  four areas: (i) specific environmental or social objectives, (ii) disclosure of specific investment […]

PRA releases consultation on the minimum requirement for own funds and eligible liabilities (MREL) – buffers – CP15/17

The PRA has today published a CP on its proposed expectations regarding the relationship between MREL and buffer requirements, including the consequences of not meeting these. The CP is relevant to all PRA regulated banks, building societies and PRA designated investment firms. The consultation, which can be found here closes on 29 September 2017.