FIN.

Author - Emma Radmore

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...

Court looks at meaning of “insurance”

A court has considered whether a law firm that offered an indemnity against adverse court orders when acting for claimants on a conditional fee basis was in fact carrying on insurance business. The defendant firm of...

ESMA speaks on retail funds

Verena Ross of ESMA has spoken on the priorities for EU retail fund investors. She focussed on: the PRIIPs review: she acknowledged that change is needed, particularly on the presentation of performance information, and...

FCA sets up BSPS information page

FCA has published a new page on its website in which it gives answers to requests for further clarification that it has received from respondents to its consultation on the British Steel Pension Scheme redress scheme...

FCA speeds up “use it or lose it” powers

FCA has confirmed new rules that will make it easier for it to cancel permissions that firms are not using. Following a change in the law in the FS Act 2021 that allows it to streamline and shorten the process, FCA will...

FCA asks for reports of sanctions evasions

A new page on the FCA website asks for reports of sanctions evasion by firms on any of FCA’s registered or by companies with UK listed securities. The new page gives details of how: individuals can report as...

PRA launches biennial insurance stress test

PRA has launched its biennial stress test for life and general insurers.  It has sent the test to the largest firms and has asked for submissions by 28 September, and is hosting a seminar on 11 May with a Q&A...

ESAs propose PRIIPs KID changes

The ESAs have published their technical advice to the European Commission on making the PRIIPs Key Information Document more user friendly, The advice recommends several changes and encourages the Commission to...

FCA uses emergency powers on BSPS advisers

FCA has made rules using its emergency powers to prevent firms taking steps to dispose of their assets to avoid paying compensation in relation to BSPS pension transfer advice. It says it is introducing the rules...

Post-Trade Task Force publishes report

The industry led Post-Trade Task Force has published its report on the future of post-trade. Its work will now be taken forward by the FICC Markets Standards Board (FMSB). The report looks at key challenges which it...

FCA to remove credit broker permissions

FCA has published its first supervisory notice against Semantic Business Services Ltd, a secondary credit broker.  It plans to remove the firm’s permissions because: the firm has links with a number of other firms...

FCA confirms non-opposition to Amigo scheme

FCA has written to Amigo Loans to confirm it will not be attending the hearings to oppose its proposals for its Scheme of Arrangement. FCA has previously said the new proposal is an improvement on the failed proposal of...

FCA sets out strategy to improve outcomes

FCA has published its Business Plan with its new 3 year strategy aimed at preventing serious harm, setting higher standards and promoting competition. Among the measures it is taking is the creation of 80 new roles to...