FIN.

Author - Emma Radmore

FCA worried about trading app design

FCA is concerned that certain stock trading apps include game-like elements which risk prompting consumers to take actions beyond their risk appetite and not in their interests.  It has highlighted practices which...

PRA speaks on growth and competitiveness

Sam Woods has spoken at Mansion House on how prudential regulation can contribute to the competitiveness of the UK as a financial centre, and to economic growth.  He confirmed PRA’s support for the FSM Bill...

Key Appointed Rep and TPR deadlines

FCA’s latest edition of “regulation round up” summarises recent publications and key deadlines, and also: says it will send the promised s165 request to all principal firms asking for information about...

Highlights of FSMB debates from 25 October

The 3rd and 4th sittings of the Public Bill Committee debate on the FSM Bill took place on 25 October.  After the evidence sessions from witnesses on 19 October, the line-by-line scrutiny of the Bill has now started...

FATF consults on BO guidance

FTAF is consulting on updates to its guidance on Recommendation 24, following the amendments to the Recommendation that it adopted in March. The draft guidance explains the purpose of gathering beneficial ownership...

Further amendments to FSM Bill up for debate

Further amendments to the FSM Bill have been published for debate in the Public Bills Committee. Among the suggested changes and additions are: a power for Treasury to direct a regulator to publish specified metrics, if...

FCA consults on anti-greenwashing rules

FCA is consulting on new rules to tackle greenwashing. Following its commitment in its ESG strategy and business plan, FCA is now addressing the concerns that the increasing exaggerated, misleading or unsubstantiated...

PRA Dear CEO letter on climate related risks

PRA has written to PRA regulated firms with a summary of capabilities PRA expects them to have to manage climate-related financial risks. The letter reminds firms that PRA expected them to have fully embedded their...

Further FSMB revisions released

Parliament has published the latest raft of proposed amendments to the FSM Bill. These include: a change to the very first sub-clause, replacing the revocation of the EU and EU-derived legislation in the schedule so...

Call for evidence on Economic Crime Bill

The Public Bill Committee has invited written evidence on the Economic Crime and Corporate Transparency Bill, which is due to start its scrutiny in the Public Bill Committee on 25 October, and to conclude by 24 November...

FCA publishes H1 complaints data

FCA has published the complaints data for H1 2022, which shows: a 1% increase in complaints from the previous period (1.88m complaints) the biggest increase was in the decumulation and pensions group (15%) with a 5%...

PRA fines MS Amlin for governance failings

PRA has fined MS Amlin Underwriting Limited nearly £10m for failings in its governance, controls and risk management. The failings lasted for over 5 years and related to the governance and oversight of underwriting...

Minutes of first FSMB Committee sitting

The Hansard report for the FSMB debate on 19 October has been published. The witnesses giving evidence were, first, Victoria Saporta from the PRA and Sheldon Mills and Sarah Pritchard from the FCA. Victoria Saporta...

First day of FSMB Committee hearing

As scheduled, the Public Bill Committee scrutinising the FSM Bill had its first day of scheduled evidence sessions on 19 October, and an updated amendment paper was published. The Committee heard in the morning from...

OFSI and OFCA announce enhanced partnership

OFSI and OFAC held a multi-day technical exchange designed to aid collaboration between the agencies in future. In practice, this means that OFAC and OFSI officials will more often exchange best practices and pool...

FCA updates on Consumer Investments Strategy

FCA has published an update on its Consumer Investments Strategy, tracking what has happened in the past year.  Highlights are that FCA has: prevented 1 in 5 applicants wanting to enter the consumer investments market...

FSMB Committee stage timetable published

Following the announcement that the Committee stage in the Commons will begin on 19 October, a timetable for the sessions has now been published. Key witnesses scheduled to appear on that day include BoE, PRA, FCA and...

Government responds on UK/EU FS dialogue

The Government has published its response to the House of Lords’ European Affairs Committee report on the UK-EU relationship in financial services. In the main, it is pleased with the Committee’s findings...

FCA fines Gatehouse Bank for AML failings

FCA has fined Gatehouse Bank £1.5m (after a 30% reduction for early settlement) for significant weaknesses in its AML controls which lasted for 3 years to July 2017. It found the bank generally failed to conduct...

FSMB Committee stage scheduled for 19 October

An update to the Parliament website shows the Committee stage for the Financial Services and Markets Bill will start on 19 October.  After the line by line debate is complete, the Bill will be republished for report...

Launch of our re:connect hub

We are excited to launch our new re:connect hub, housing resources to help our clients tackle the challenges of today and tomorrow by making the most of every opportunity by connecting data, finance and people to ensure...

FPC publishes policy summary

BoE has published the FPC’s financial policy summary and record. Key points to note are: the deterioration in the outlook for growth in the UK and globally since the July Financial Stability Report; the temporary...

FCA finalises branch closure guidance

FCA has published new, updated guidance for banks, setting additional expectations on them when they are considering closing branches or ATMs. FCA has seen some good practices develop since it originally published...

FCA updates on authorisations metrics

FCA has updated its operating metrics for authorisations. It notes the reasons why it was not meeting its metrics in 2021/22, which included that an increased scrutiny at gateway level meant that the number of firms it...

FCA portfolio letter to high-cost lenders

FCA has published its portfolio supervision letter in relation to high-cost lending products. The letter sets out the risks FCA believes high-cost firms pose to their customers and the markets in which they operate and...

FCA updates Whistleblowing data

FCA has published data on whistleblowing reports received between April and June 2022. It received 243 new reports containing 474 allegations, mainly through its online reporting form, but a sizeable number by email or...

FIN team thrilled with ranking and awards!

The FIN team are delighted to have both retained the Legal 500 rankings for the core team services and to have won two awards at the recent Compliance Register Platinum Awards – for Best Law Firm: Regulatory...

FCA revamps Digital Sandbox page

FCA has updated its support page on its website relating to the Digital Sandbox to explain more clearly what it offers and how to apply (although it is currently closed for applications)

FCA makes new rules

FCA has published Handbook Notice 102, confirming new rules: implementing the Consumer Duty (as decided in its July Board meeting) implementing the changes to appointment and supervision of Appointed Representatives...

PSR sets out APP scam protection proposals

PSR is consulting on how to increase consumer support for APP scams.  Following the initiatives it has taken to date, the new measures will: require reimbursement in all but exceptional cases; improve and make...

Ombudsman News and new FOS UCIS pages

The latest edition of Ombudsman News highlights the recent complaints data we’ve previously reported on, and gives guidance on complaints relating to UCIS. FOS is seeing increasing complaints about advice to...

OFSI fines for sanctions breach

OFSI has published details of a monetary penalty imposed on Hong Kong International Wine and Spirits Competition Ltd. The fine, of £30,000 related to 3 payments and 78 wine bottles the company had received from a...

FCA speaks on role of regulation in growth

Sarah Pritchard, Executive Director at FCA, has spoken on the regulator’s role in encouraging growth.  Key points in her wide-ranging speech included: FCA’s commitment to showing speed and agility, providing...

BoE publishes 2022 Stress Test scenario

The BoE has published the scenario it will be stress-testing banks against now it is returning to the pre-pandemic annual stress-test framework. The test will focus on deep simultaneous recessions in UK and global...

PRA consults on depositor protection

PRA is proposing a number of changes to its rules, supervisory statements and statements of policy to: delete the Dormant Account Scheme part of the PRA Rulebook; amend the Depositor Protection Part of the PRA Rulebook;...

FCA updates on insurance pricing

FCA has updated its website on general insurance pricing practices, to include information on application of PROD to products distributed through distributors based outside the UK and intended for non-UK customers. FCA...

FOS publishes H1 complaints data

FOS has published its regular half-yearly update on complaints data relating to individual businesses. 212 businesses feature, with an average uphold rate of 37% (the same as the previous period). FOS has also reported...

FCA consults on trading venue perimeter

FCA is consulting on clarifications to the regulatory perimeter for trading venues and related services. The consultation is part of the wholesale markets review and reflects concerns expressed as part of the feedback...

BIS calls for swift Basel III implementation

The Basel Committee has reiterated its expectation that all aspects of the Basel Framework should be implemented as consistently and fast as possible. More than 66% of jurisdictions plan to implement all or most of the...

FCA imposes conditions on CiC

On 12 September, FCA announced that it has imposed conditions on a proposed change in control. Dye & Durham is looking to take over the Link Group, which involves the acquisition of 7 FCA-authorised firms. One of...

FSM Bill progresses through Parliament

The Financial Services and Markets Bill had its second reading in Parliament on 7 September.  There appears to be broad support for the Bill, and many MPs focussed on the importance of access to cash.  On 8 September...

FCA speaks on “force multiplier effect”

Sarah Pritchard, Executive Director of Markets at the FCA has recently given a speech on how the “force multiplier effect” is key to fighting financial crime. She said the role of those in the first line of...

Government approach to crypto

The House of Commons library has released a research briefing setting out the Government’s regulatory approach to crypto-assets and currencies in advance of a Westminster Hall debate on 7 September. The report...

DRCF ToR published

The CMA has published the terms of reference for the Digital Regulation Cooperation Forum, which was established by the CMA, ICO and Ofcom in June 2020, with FCA joining in April 2021. The forum’s objectives...

FCA publishes quarterly consultation

FCA has published its regular quarterly consultation. It proposes changes to: the schemes regime under s272, and consequential changes to COLL, the Glossary, DEPP and EG. The changes specifically relate to what FCA...

FCA updates attestations stats

FCA has published details of the number of attestations it has received in the first quarter of 2022/3. It has received only 4, all in respect of retail business, and none from dedicated supervision firms.  Over the...

FCA updates skilled persons data

FCA has published the figures for its skilled persons reviews during Q1 2022/23. 9 reports were commissioned, of which 4 related to retail banking and payments. 2 reports related to governance and individual...

OFSI updates sanctions guidance

OFSI has published a blog on who needs to make reports to it in relation to financial sanctions issues and how, and also also updated its general guidance on financial sanctions to give greater guidance on reporting.

FCA sets up ESG advisory committee

FCA is setting up a new advisory committee to its board to help on ESG issues, and is looking for a small number of external experts to join it. It is looking for interested parties who have in depth knowledge of ESG...

FCA responds to Premier FX complaints

FCA has upheld or partially upheld 5 out of the 31 complaints it received from people who lost money when money remitter Premier FX collapsed. The issues relate to events which happened some time ago, and in relation to...

FCA to send AR requests in December

FCA has confirmed it will be sending principal firms that have appointed representatives a s165 information request in December. The request (which FCA had previously said it would issue later this year) will seek...

FCA warns again on misleading BNPL ads

FCA has written to BNPL providers and to the British Retail Consortium, warning them that even while some BNPL agreements remain currently unregulated, this does not mean that the financial promotion rules don’t...

UK Finance publishes UK payment market report

UK Finance has published a report on trends in UK payment markets in 2021 and forecasts up to 2031. Unsurprisingly, the report looks at the effects of the pandemic on payments that fell and then recovered, and at the...

CMA ranks banks’ customer treatment

CMA has carried out a survey of individuals and small businesses to look at how well banks are looking after customers during the cost of living crisis. CMA made participation in the survey mandatory for all relevant...

JMLSG updates Motor Finance guidance

JMLSG has published revisions to its sectoral guidance on Motor Finance. It has submitted the new guidance to Treasury for approval. The additions to the existing guidance comprise of an FLA industry standard annex...