FIN.

Author - Emma Radmore

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...

TheCityUK publishes manifesto for next PM

TheCityUK has set out 8 areas where the industry can work with the next Prime Minister, not least: delivering n the FSM Bill as soon as possible and reforming Solvency II creating tax incentives to accelerate financing...

GFANZ consults on net-zero portfolio guidance

The Glasgow Financial Alliance for Net Zero has published for consultation the GFANZ Portfolio Alignment Measurement Report to give additional guidance for financial institutions on implementing and selecting portfolio...

UK Finance supports “simpler-regime”

UK Finance has responded to PRA’s consultation paper on its proposed definition of a simpler-regime firm.  It supports the principle, but has suggested it would be appropriate to increase the ceiling below which...

PRA makes new rules

PRA has made changes to its rules, supervisory statements, statements of policy and technical standards following its Occasional consultation 3/22. The changes affect: Solvency II firms: in respect of the Statement of...

FCA publishes Q1 whistleblowing figures

FCA has published data on the number of whistleblower reports it received in Q1 of 2022.  It received 276 new reports containing 540 allegations, almost half through the online reporting form. The reports usually relate...

FCA confirms new AR rules

FCA has confirmed its new rules to make principal firms more responsible for their ARs.  The package of rules, which will take effect from 8 December, will: require principals to notify FCA of future AR appointments 30...

FCA updates on mortgage switching

FCA is pleased that the number of borrowers who could save money by switching mortgages is now around 370,000, down from 800,000 in 2016. However, it urges borrowers to consider their mortgages, given the rising costs...

FCA consults on transfer advice redress

FCA is consulting on updates to how it calculates redress for unsuitable DB pension transfer advice. The consultation: confirms that FCA has carried out a review that shows that the current methodology is appropriate...

FCA finalises high-risk fin prom rules

FCA has published its policy statement with final rules on firms that are publishing promotions of high-risk products. The new rules will require firms that are issuing and approving the materials to  have appropriate...

FCA publishes Carillion decision notices

FCA has published its decision notices in respect of Carillion plc and three of its former executive directors.  As the company is in liquidation, FCA has imposed a public censure, which has not been appealed.  However...

Law Commission consults on crypto

The Law Commission has published a paper setting out its proposals for reform of the laws relating to digital assets. It has identified many areas of law that need reform in order to recognise and protect the rights of...

UK-U.S. Working Group meets

UK and U.S. participants held the 6th meeting of the UK-U.S. Financial Regulatory Working Group online on the 21st of July 2022, with present officials including senior staff from HM Treasury and the U.S. Department of...

CMA orders bank to send transaction histories

The CMA has ordered Monzo to send transaction histories for 13,000 customers who closed their accounts with the bank but were not sent the history required by the Retail Banking Market Investigation Order.  The breaches...

FCA publishes fin proms data

FCA has published its quarterly data for the quarter ending June 2022 on its actions against firms that breach financial promotions restrictions and requirements. Key statistics include: review of 451 promotions...

PRA consults on O-SII approach

PRA is consulting on changes to its approach to identifying other systemically important institutions It currently carries out its assessments following the EBA methodology but feels Brexit gives an opportunity to...

MLR amendments made

The Money Laundering and Terrorist Financing (Amendment)(No 2) Regulations 2022 were made on 21 July. The changes implement Treasury’s conclusions following its consultation and will mainly take effect from 1...

ESMA updates fund marketing questions

ESMA has updated its FAQs on the AIFMD and UCITS Directive: on the AIFMD, the most interesting new question seeks clarification on who is responsible for compliance with the marketing provisions in the AIFMD when an AIF...

FCA publishes Annual Report

FCA has published its Annual Report and supporting papers. It highlighted: how nearly 600,000 people are paying less in interest and charges on credit card debt following rule changes; how further rule changes have...

FCA updates on change in control delays

FCA is still suffering significant delays in allocating case officers for CiC notifications. It has recruited more staff but there is still around 6 weeks between submission of an application and allocation to a case...

UK sanctions more Russian oligarchs

New sanctions under the Russian regime designate more individuals within Vladimir Putin’s inner circle, including Russia’s second richest man, and a relation to Putin’s who is president of a large...

Outcomes of FATF plenary

The latest FATF Plenary meeting took place from 14-17 June. At it, FATF agreed to severely limit the role of Russia and its influence in FATF; approved a report to help the real estate sector better detect and prevent...

Treasury confirms BNPL proposals

Treasury has published its consultation response to its plans for regulating the buy-now-pay-later credit market. It has confirmed that: lenders offering BNPL will need to be authorised by FCA; lenders will need to...

FCA to delay PEMC review

FCA was due to carry out its post-implementation review of its requirements to help customers with serious pre-existing medical conditions to get travel insurance and report by October.  It has decided to delay its...

FPC withdraws mortgage affordability test

FPC has confirmed that it will withdraw its Recommendation on mortgage affordability with effect from 1 August. The current test specifies a stress interest rate for lenders when assessing borrowers’ ability to...

NCA updates SAR Glossary codes

NCA has published updated guidance on SAR Glossary Codes and Reporting Routes. The booklet follows the familiar form, providing: a checklist aimed at establishing whether the circumstances require immediate attention...

Treasury feeds back on MLR changes

Treasury has published the feedback on its consultation from last summer on amendments to the MLRs. It has now analysed the responses to the consultation, made the legislative changes, and most of the changes will take...

EBA publishes MLRO role guidelines

EBA has published its final guidelines on the role and responsibilities of the officer in charge of compliance with AML and CTF and of the management body of credit and financial institutions. As ever, the Guidelines...

FATF publishes UK follow up report

FATF has carried out its latest assessment of the UK’s compliance with its Recommendations, following the 2018 report. FATF says the report from the UK on the actions taken since the last evaluation has enabled it...