FIN.

Author - Emma Radmore

Up next from FCA

The latest Policy Development Update from FCA heralds: a consultation on a new ESG sourcebook for enhancing climate-related disclosure requirements, coming in June; and a consultation on exit fees in investment...

EBA consults on AML/CTF database

EBA has published for consultation draft RTS on a central AML/CTF database. The idea is for the database to contain details of weaknesses in systems and controls within individual firms identified by their national...

Treasury updates on economic crime plan

Treasury has updated on the Government’s progress on its Economic Crime Plan. It is pleased to see an improved understanding of the threats to the economy and the moves that have been made to address...

FCA publishes H2 2020 complaints data

FCA’s most recent complaints data report shows: a significant drop in complaints over the H1 2020 figure; a large decrease in insurance and pure protection complaints – with the largest being in PPI...

FS Bill gets Royal Assent

The final stages of the FS Bill’s passage through Parliament have been completed, with the Lords agreeing on the Commons amendments to the duty of care provisions, and not insisting on following through with the...

Debate over FS Bill continues

The House of Commons has not agreed with some of the Lords amendments to the FS Bill. In particular: they reject the addition of the requirement on FCA to make rules on the duty of care to take effect by 6 April 2022...

HMRC updates on MLR non-compliance

HMRC has issued its periodical update on businesses that it has found to be non-compliant with the MLRs.  Its latest report covers the quarter from February 2020 – January 2021. The largest fines have been on MSBs...

OFSI blogs on licensing

OFSI has published a blog on licensing under the sanctions regime, prompted by the changes to the UK sanctions regime post-Brexit. The blog gives an overview of the licensing process, including OFSI’s top tips on...

LSB updates CRM Code

The LSB has published updates to the CRM Code following its review.  The new provisions include those on governance and oversight, and will take effect from 14 June 2021.

FCA delays Business Plan

FCA will publish its 2021/22 Business Plan in July rather than the usual April. The publication will come alongside its accounts and will include detail on its plans for transforming the organisation.

FCA issues second IFPR consultation

FCA has published its promised second consultation on the IFPR. The IFPR creates a new regime for solo-regulated MiFID investment firms. The consultation covers: aspects of own funds requirements not previously...

Nausicaa Delfas to join FOS

FOS has announced that Nausciaa Delfas will take up the post of Interim Chief Executive and Chief Ombudsman from mid-May. Meanwhile, Stephanie Cohen will take up the permanent role of FCA COO in June.

FCA stops Cypriot firm offering CFDs in UK

FCA has stopped a Cypriot firm that was operating in the UK under the TPR from conducting any regulated activities in the UK and to close all its trading positions and return money to customers. It found the firm, which...

FCA fines and bans unapproved adviser

FCA has banned a financial adviser and fined him £68,300.  Simon Varley was a director and held the (then) CF10 function at Dickinsons Financial Management Limited.  He was also a CF30 customer adviser until 2013, when...

Regulators warn on deposit aggregators

PRA and FCA have written a Dear CEO letter warning firms of the risks associated with the increasing volumes of deposits placed via deposit aggregators. The letter says the regulators do not want to stifle innovation or...

LSB looks at APP scam prevention

LSB has stressed the importance of preventing APP fraud in the first place, rather than just ensuring customers who suffer can be reimbursed – critical though that is. It notes that the increase in online and...

Up next from FCA

FCA’s most recent Policy Development Update promises, by the end of April, only the rates proposals for 2021/22. The other planned consultation, on exit fees in investment platforms, has no scheduled date and will...

FS Bill continues in Lords

The Financial Services Bill is scheduled to continue its Report stage in the House of Lords next week, with some further amendments being tabled.

FCA publishes fin prom data

FCA has published data showing the number of financial promotions that have been amended or withdrawn in the first quarter of 2021. The figures do not include any actions FCA took as a result of unapproved promotions...

FCA speaks on AML controls

Mark Steward has spoken on the importance of “purposeful” AML controls. He headlined: the current prosecution for failings in systems and controls to monitor and scrutinise significant cash deposits, and the...

OFSI updates guidance suite

OFSI has updated its suite of guidance on financial sanctions, including its guidance on monetary penalties, which incorporates some of the lessons OFSI has learned through its case work. The new guidance will apply for...

FCA concerned on Amigo scheme of arrangement

FCA has taken the relatively unusual step of publishing a letter of concerns it lodged in relation to Amigo Loans’ application to implement a Scheme of Arrangement. FCA does not support the scheme for a number of...

FCA confirms DB transfer guidance

FCA has confirmed its finalised guidance on DB transfers for advisers. The guidance does not show many changes from the version on which FCA consulted. It confirms FCA’s view that it is normally in the best...

UK/EU Technical Discussions on MoU concluded

Treasury has announced that the technical discussions on the text of the UK/EU financial services regulatory MoU have concluded. Now the formal steps needed to actually sign up to the MoU can hopefully happen quickly.

FCA responds to Treasury Committee on LCF

Andrew Bailey has responded to the Treasury Committee on aspects of its supervision in respect of the LCF investigation. Key elements of the response looked at: the need for the report to separate accountability with...

FCA feeds back on Open Finance

FCA has published a policy statement following its call for input on Open Finance. The statement looks at how Open Banking is paving the way for more innovation, and notes the large number of regulatory sandbox...

Treasury updates high risk jurisdictions list

Treasury has updated its AML advisory notice on high risk jurisdictions. The UK is introducing legislation that will define high risk third countries and will replicate the FATF list, in place of referencing the EU MLD4...

PSR publishes plan and budget

The PSR’s annual plan and budget for 2021/22 focuses on what it can do to improve outcomes by encouraging innovation and competition. It will look at scam prevention and access to cash, and will have a focus on...

EU consults on instant payments

The European Commission has launched a targeted consultation on instant payments.  Open until 2 June, the consultation seeks to get technical information from PSPs and providers of technical services, with a view to the...

EIOPA publishes IDD FAQs

EIOPA has updated its FAQs on the IDD.  The 8 new questions cover: the appropriateness assessment product oversight and governance; adaptation of existing product; protect testing and review for existing products;...

FMLC responds on cryptoasset regulation

FMLC has responded to Treasury’s call for evidence on the regulation of cryptoassets and stablecoins. Unsurprisingly, it notes many legal uncertainties, not least how to identify a “token”, and...

FS Bill amendments for Report stage

Among the amendments to the FS Bill to be discussed at report stage are clauses that: strengthen FCA’s consumer protection objective by requiring it to make rules imposing a duty of care owed by authorised persons...

EBA consults on AML guideline change

EBA is consulting on changes to its guidance on risk-based supervision for AML/CFT purposes.  It plans to include practical step-by-step approaches to help regulators understand some of the aspects of supervision they...

PRA confirms holding company fees

PRA has confirmed its position on holding company regulatory fees, and will impose a fee of £2,500 for an application for approval or exemption as a holding company under s192Q FSMA with effect from 19 March.

FCA updates BI list

FCA has updated its information pages on business interruption insurance by providing a list of insurers and policies, submitted by insurers, of the non-damage business  interruption insurance policies that are, in...

NCA updates SARs guidance for supervisors

NCA has published an updated version of its guidance to AML supervisors on submitting better quality SARs. It reiterates the importance of: the SAR being clear and concise, explicitly setting out the reason for...

Up next from FCA

FCA’s latest Policy Development update heralds the annual consultation on fees in April, and the proposed consultation on exit fees in investment platforms and comparable firms at some stage this year.

FOS head to step down

Caroline Wayman is to step down as Chief Ombudsman and Chief Executive at FOS. FOS will now start the search for her successor.

OFSI updates sanctions penalty guidance

OFSI has published an updated version of its guidance on monetary penalties for breach of financial sanctions, which will apply from 1 April and will apply for all cases where OFSI becomes aware of a potential breach...

FCA consults on minor handbook changes

FCA’s latest quarterly consultation paper proposes: changes to COMP to clarify the application of FSCS; and changes to TC to extend the scope of notification requirements, update the appropriate qualifications...

FATF publishes RBA guidance

FATF has published guidance for supervisors in applying a risk based approach to supervision of the AML supervised community. It aims to help those supervisors who have traditionally applied rules-based approaches to...

FCA fines and bans trader for market abuse

FCA has fined and banned a former market making trader for market abuse. Adrian Horn, formerly of Stifel Nicolaus Europe Limited executed trades with himself in a series of 129 wash trades in a particular security over...

FCA updates TPR pages

FCA has updated its website to help firms in the TPR understand what is coming next. Among other things, it has started to email firms about their landing slots.  It cautions that firms should not apply before their...

EBA publishes ML risk opinion

EBA has published its biennial opinion on the ML and TF risks affecting the EU financial sector. The risks cover those of the whole sector as well as parts of it, and cover risks previously identified as well as new...

FCA publishes details of STORs

FCA has published the number of STORs it received in 2020. There was a small dip at the beginning of the pandemic, but the amounts increased as the year went on, peaking at 421 in October, with a total of 3553 for the...

LSB sets roadmap for CRM Code review

LSB has published its planned activities for 2021 including updates on the wording of the CRM Bode and a call for input.  Separate to its original plans it is already working on a review of the provision on its approach...

FATF publishes plenary outcome

FATF has published the outcome of its February plenary meeting. it approved new guidance on risk-based supervision; it will update its guidance on virtual assets and VASPs; it has agreed new guidance on proliferation...

FCA finalises Breathing Space rule changes

FCA has published its final changes to CONC to clarify how its rules apply where the Breathing Space Regulations also apply. Its aim is to avoid any unnecessary duplication of requirements.  The Regulations allow ...

Treasury publishes Kalifa Fintech Review

Treasury has published the Kalifa Review of UK Fintech, which launched last summer. The report sets out proposals for the UK to build on its existing strengths in the sector.  The review looks at the development...

Treasury and FCA discuss perimeter report

Treasury and FCA have met to discuss the September 2020 report on the regulatory perimeter. Discussions focused on: high risk investments and the potential need to review the current exemptions that allow marketing to...

FSB writes to G20 on 2021 work programme

FSB has published its work programme for 2021, which focuses on: addressing vulnerabilities resulting from the pandemic; increasing the resilience of non-bank financial intermediation; improving efficiency and access in...

FCA appoints new executives

FCA has appointed four new members of its executive team to help drive its transformation: Stephanie Cohen as the COO Jessica Rusu as Chief Data, Information and Intelligence Officer Sarah Pritchard as Executive...

PRA corrects MRT definition

PRA has noted a mistake in the Rulebook definition of “higher paid material risk taker” in Rule 1.3 of the Remuneration Part.  The definition currently states that a person will be an HPMRT where: (a) their...

CMA publishes PPI breach letter

CMA has written to Cardif Pinnacle about two breaches of the PPI order. The breaches mean that nearly 5,000 customers have been receiving inaccurate Annual Reviews since 2012, an 4 customers received annual reviews that...

FCA recovers £3.4m for scam victims

FCA has obtained approval from the High Court to return over £3.4m which it has recovered from various accounts relating to two schemes that were unauthorised CIS and deposit-taking schemes, purporting to involve the...

BoE updates on data collection

The Bank of England has published its paper and the way forward for data collection. As more data than ever is created and captured, and expectations on regulators become greater, current systems of collection have been...

FCA finalises vulnerability guidance

FCA has finalised its guidance on its expectations of firms in respect of vulnerable customers. The guidance stresses that FCA expects firms to ensure consumers have the appropriate degree of protection, and that key to...

UK Finance publishes sanctions SI analysis

UK Finance has published a detailed study of the differences between the current UK statutory instruments relating to financial sanctions and their pre-Brexit equivalents. It has conducted a comparison to assess the...

Business Banking Resolution Service goes live

The BBRS, which 7 banking groups have so far signed up to, will work to resolve complaints from larger SMEs. The scheme involves: the contemporary scheme for businesses with turnover of up to £10m per year and a balance...

PRA reports on positive iNED meetings

PRA has written a letter to iNEDs, who participated in its pilot programme of virtual meetings. The meetings discussed current challenges, and PRA was pleased that, in principle: iNEDs thought firms had reacted well to...