FCA has published its final rules setting out how the redress scheme for former members of the BSPS who were given unsuitable advice on transferring out will operate. There have been no significant changes following...
Author - Emma Radmore
Emma Radmore
HMRC updates MSB MLR guidance
HMRC has published updated guidance for MSBs on understanding risks and taking action. It confirms that MSBs are seen as attractive vehicles for criminals and gives examples of how MSBs have been used for money...
FCA publicly censures former Sonali Bank CEO
FCA has at last issued its final notice which publicly censures Mohammed Ataur Rahman Prodhan, former CEO of Sonali Bank UK. FCA had already taken regulatory action against both the bank and its MLRO in relation to AML...
FCA speaks on “rolling regulation forwards”
Nikhil Rathi spoke to UK Finance on three key developments which he said will drive regulation forwards: the Consumer Duty: he discussed FCA’s reasons for introducing the Duty, and how FCA would be looking to...
New FSMB Amendments published
The House of Commons has published an amendment paper for the FSM Bill, tabling two new additional clauses. The new clauses relate to stewardship reporting requirements for OPS and for large institutional investors...
Law Commission consults on DAOs
The Law Commission has published a call for evidence, seeking information about how decentralised autonomous organisations (DAOs) should be characterised and how the laws of England and Wales might accommodate them in...
FOS feeds back on future funding
FOS has published feedback following its discussion paper on its future funding. Following comments, it will not take forward some of the options on which it sought views, such as charging professional representatives...
Financial Services Culture Board reveals 2022 employee survey results
The FSCB survey shows that, over the seven years since it started, firms have shown steady improvement overall in scores related to leadership, taking responsibility and speaking up and being open to challenge. ...
FCA gets judgment against unauthorised mortgage broker
FCA has obtained a judgment against a company, its parent, their director and his father. It found they arranged high-interest, unaffordable bridging loans for vulnerable consumers who were about to be evicted from...
LSB and PSR sign MoU
The LSB and PSR have signed and published a memorandum of understanding. setting out how the bodies will co-operate and communicate. The accompanying press release note who LSB champions the CRM Code and wants to work...
FCA reacts to FTX failure
FCA has noted that UK customers of FTX may be alarmed following its provisional liquidation in the Bahamas and filing for bankruptcy in the US. It had previously warned customers that FTX is not regulated in the UK and...
Lords Committee disappointed with UK fraud response
The House of Lords Fraud Act 2006 and Digital Fraud Committee has published a report called “fighting fraud: breaking the chain”, which expresses its disappointment at how the UK is reacting to the...
Treasury updates AML advisory
Treasury has updated its money laundering advisory notice on high risk third countries. The following list has also been substituted for the current list in Schedule 3ZA of the MLRs: Albania Barbados Burkina Faso...
FCA bans director
FCA has banned Ashkan Zahedian, former sole director of an authorised consumer credit firm, following his conviction for serious, violent offences that took place while he was an approved person. FCA said the offences...
FCA updates ARs page
FCA has updated its website page on Appointed Representatives, to reflect the changes coming in on 8 December. Among other things, the page reminds firms of: the s165 information request that principals will receive...
CMA acts for further breaches of Retail Banking Order
CMA has published updates of its actions against Nationwide, Danske Bank and NatWest for breaches of the Retail Banking Order. It found that: Nationwide had published inaccurate information through its Open Data APIs on...
FCA places requirements on firm that gave misleading information
FCA has issued two supervisory notices against Samweb (UK) Limited, a claims management company, following concerns that its communications could mislead customers. FCA was concerned the firm had: breached various...
EU agrees plan to implement Basel III reforms
The Council has reached an agreed position on the implementation of the Basel III reforms designed to boost the resilience of banks operating within the EU and strengthen their supervision and risk management. The...
CMA writes to Barclays on PPI breaches
The CMA has written a public letter to Barclays because the bank failed to send reminders to up to 1,306 customers about their payment protection insurance (PPI) policies. This meant a breach of Article 4 of the Payment...
FCA updates on DB pension redress calculations
The FCA has received information that a number of firms are not calculating defined benefit pension redress correctly. The information which suggests that these firms are not considering ongoing fund costs and/or fully...
Principals to respond to AR requests by 28 February 2023
Following confirmation that it will be sending principal firms that have ARs a s165 information request in December, the FCA has updated its webpage to let firms know that they should expect to receive this via Connect...
Commission publishes amendments to Crowdfunding Regulation
The European Commission has published amendments and supplemental legislation to the Regulation on European crowdfunding service providers for business ((EU) 2020/1503) (Crowdfunding Regulation) in the Official Journal...
FCA updates on mortgage switching
Following its update earlier this year, the FCA has published a technical note on switching in the mortgage market which includes more in-depth analysis. Key findings include: since the mortgage market study (MMS) (H2...
TPT launches ‘gold standard’ for climate transition plans
The Transition Plan Taskforce (TPT) has published its Disclosure Framework and accompanying Implementation Guidance. The Framework makes recommendations for companies and financial institutions to develop gold-standard...
PRA consults on Solvency II reporting requirements
The PRA has published a consultation paper setting out its plans to streamline various Solvency II reporting and disclosure requirements for insurers. To achieve this, PRA intends to revoke retained EU Technical...
FSMB: Economic Secretary writes to Treasury on DAR
Andrew Griffith has written to Dame Angela Eagle to follow up on questions she raised regarding the delegated powers in the FSM Bill. In particular, Dame Angela raised the provisions in Clause 8 (the Designated...
Final day of FSMB debate published
In the morning and afternoon of the final day of the Public Bills Committee debate on the FSM Bill, the remaining tabled new clauses were discussed: that the Chair of the PSR should be a member of the FCA board: this...
FCA and BoE agree MoU with Bank of Greece
FCA has published a Memorandum of Understanding (MoU) between the Bank of Greece (BoG) and the BoE and FCA which aims to formalise supervisory cooperation and information sharing arrangements in the wake of Brexit...
FSM Bill completes Commons committee stage
The FSM Bill has completed the committee stage in the House of Commons and Parliament has published a revised version of the Bill. Of the amendments tabled in the committee stage, the following have been added to the...
FCA publishes financial promotions data
FCA has published data covering the period of 1 July to 30 September 2022 assessing its action against authorised firms for breaching financial promotion rules and referrals, as well as its investigations into...
Borrowers in financial difficulty post-pandemic
FCA’s Borrowers in Financial Difficulty (BiFD) project was launched in March 2021 to monitor how firms support borrowers and intervene where necessary, particularly in relation to the financial effects of the...
FSMB amendment paper published
The House of Commons has published an updated version of the FSM Bill amendment paper which lists all amendments tabled to the Bill together with any withdrawn amendments. The tabled amendments include: Government...
LSB reports on progress of CRM code in tackling APP scams
The LSB has published a review of the progress that has been made by signatories to the Contingent Reimbursement Model Code (CRM Code) in tackling APP scams. The LSB concluded that the firms which have signed up to the...
FSMB: Committee debates access to cash and more
On 1 November, the Public Bills Committee debated further clauses of the FSM Bill in the morning and afternoon sessions. They discussed: Clause 46 and Schedule 7 on the PSR: Andrew Griffith explained that these clauses...
CMA updates case timetable of FS sector investigation
CMA’s case timetable for its investigation into anti-competitive practices in the financial services sector now notes that the investigation will continue into Spring 2023, when there will be a further update.
FOS publishes latest complaints data
The latest quarterly complaints data from FOS reveals: 38,470 new complaints from July – September 2022 (Q2), an increase of 3,000 on Q1; nearly 6,000 complaints about current accounts (up by 500) nearly 3,400...
FCA asks consumer credit firms for credit data
FCA is asking several consumer credit firms to provide it with data on their credit activities, to enable it to monitor and assess the impact of the rising cost of living. It is not making a formal information request...
Public Interest Intervention Power FSMB amendment delayed
Andrew Griffith has written to Dame Angela Eagle saying that, despite his repeated statements that the Government planned to publish its proposed public interest intervention power amendment soon, it will now not be...
FOS blog looks at holiday insurance complaints
FOS has published a blog looking at complaints involving holiday cancellations because of positive or delayed Covid test results. It has suggested some tactics insurers might apply which may prevent complaints. These...
BBRS publishes reports on customer satisfaction and complaints
The Business Banking Resolution Service (BBRS) has published its Customer Satisfaction Report, reporting customer journey feedback for the 2 months to late August. 72% of customers said they were able to complete the...
Andrew Griffith letters on FSMB
The House of Commons has published a letter from Andrew Griffith on the FSM Bill dated 10 October to Tulip Siddiq and Abena Oppong-Asare. The letter followed the second reading of the Bill and addresses: the...
FCA publishes final rules on pensions dashboards
Following its consultation earlier in the year, the FCA has published its final rules and guidance (PS22/12) requiring pension providers to provide and enable information about personal and stakeholder pensions to...
FCA prosecutes individuals for investment fraud
Following FCA application, there will be a trial of 4 defendants in February 2023 for alleged investment fraud. FCA alleges the 4 individuals were involved with a London-based company called Bespoke Markets Group...
OFSI updates Russian sanctions guidance
The FCDO, OFSI and the ECJU have updated its guidance on the scope of the sanctions against Russia and when a licence might be available. The update caters for the most recent regulations (Amendment number 15), which...
Economic Crime and Corporate Transparency Bill continues Committee stage
The Economic Crime and Corporate Transparency Bill has had its 3rd, 4th and 5th sittings in the Public Bill Committee. It heard evidence from several regulators, industry organisations, financial institutions and...
FCA makes new rules
FCA’s latest Handbook Notice confirms changes to SUP 16 to reflect requirements on firms subject to IPRU(INV) 5. The changes take effect from 31 December and mainly amend form FSA035 for affected firms.
FSMB debate discusses crypto, net zero and regulatory independence
The debate on the FSM Bill resumed on 27 October. The Committee discussed, in the morning and afternoon sessions: Clause 21: the proposals for regulating stablecoins. The main question came from Tulip Siddiq who queried...
Wolfsberg Correspondent Banking Principles updated
The Wolfsberg Group has published its finalised updated financial crime principles for correspondent banking. The update from the 2014 version: looks at the differences between correspondent relationships and...
ASA Continues Focus on Debt Advice Service Ads
ASA has ruled against three Instagram stories for lead generation company Ashteck Media Ltd t/a Debt Slayers, seen in December 2020 and January 2021. The ruling, published on 2 June, covers 4 issues: The three...
ASA rules against Cryptocurrency Ad
ASA has ruled against Luno Money’s poster ad for its cryptocurrency exchange service for failing to contain any risk warning that the value of Bitcoin could go down as well as up, in breach of CAP Code 3.1, 3.3...
ASA publishes further ruling on delayed payment services
Continuing the flurry of rulings against delayed payment service ads, ASA published a further ruling on 26 May, this time against a claim appearing on the Laybuy UK website. Text on the website stated: “…...
ASA rules on more debt advice service ads
On 7 April, ASA published 2 more rulings on the advertising of debt advice services, this time by Flexible Digital Solutions Ltd (FDS) and TFLI Ltd t/a Wise Old Mary (TFLI). As with their previous rulings, both resulted...
EFMLG and FMLC Joint Letter: LIBOR transition
Together with the European Financial Markets Lawyers Group, on 19 March 2021 FMLC sent a letter to regulatory authorities in key jurisdictions urging cooperation in relation to the discontinuance of LIBOR. Given the...
FCA announcements on the end of LIBOR
FCA has confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and...
HM Treasury launches consultation on supporting the wind-down of critical benchmarks
HM Treasury has launched a consultation on the case for additional legal protections for parties affected by the wind-down of a critical benchmark. On 21 October 2020, the government introduced the Financial Services...
UK Finance publishes guide for banks and lenders on discontinuation of LIBOR
UK Finance has published a guide for banks and lenders on the discontinuation of LIBOR. This is intended as a toolkit for members to support their engagement for the move away from LIBOR and to sign post to the relevant...
Consultation on successor rate in legacy bonds referencing GBP LIBOR
The Working Group on Sterling Risk Free Rates has published a consultation paper seeking feedback on whether it would be helpful for the Working Group to make a recommendation on a successor rate to GBP LIBOR for bonds...
European Council adopts new rules addressing LIBOR cessation
The European Council today announced amendments to the Benchmark Regulation addressing the termination of financial benchmarks, specifically the anticipated phasing-out of LIBOR by the end of 2021. The aim of the new...
CAP guidance on delayed payment services
In December the Committee of Advertising Practice (CAP) published new guidance on marketing communications for delayed payment services. This specifically relates to those services not regulated by the FCA. The guidance...
FCA and Bank of England issue press release on completing sterling LIBOR transition by end-2021
FCA and the Bank of England have issued a press release titled “The final countdown: Completing sterling LIBOR transition by end-2021”. The document stresses that with the LIBOR administrator, ICE Benchmark...
Court of Appeal overturns Rothesay Part VII decision
The Court of Appeal has, for the first time, considered the approach courts should adopt to dealing with applications to sanction transfers of long term insurance business. In August 2019, a court had refused Prudential...
FCA response to IBA’s proposed consultation on intention to cease US$ LIBOR
FCA has responded to the ICE Benchmark Administration (IBA) announcement on 30 November 2020 that it will consult in early December on its intention to cease US$ LIBOR. IBA intends that, subject to confirmation...
FCA publishes BI appeal transcript
FCA has published the transcript from the last day of the appeal hearing on the business interruption insurance test case.
What next in BI appeal?
The hearing of the business interruption insurance test case appeal in the Supreme Court is now over. FCA has published the draft transcripts up to day 3, and the judges are aware of the importance of an early judgment...
FCA publishes BI appeal day 1 transcript
FCA has published the draft transcript of day 1 of the appeal hearing in its business interruption insurance case, and a link for those who wish to watch the recording of it.
FCA updates on Supreme Court BI appeal
FCA has updated its website to reflect the running order for the Supreme Court hearing in its test case on business interruption insurance. The hearing started on 16 November and is expected to close on Thursday. The...
FCA writes to CEOs of LLMI firms
FCA has written a portfolio strategy letter to Lloyd’s and London Market Intermediaries and Managing General agents. It sees the key risks these firms present in: financial resilience and orderly wind-down...
FCA confirms BI appeal date
FCA has confirmed the Supreme Court’s permission to appeal in the test case on business interruption insurance. The appeal will be heard from 16 November, probably for 4 days. RSA has confirmed it will not be...
Lending Standards Board and UK Finance publish LIBOR transition guidance
On 28 October 2020, the Lending Standards Board and UK Finance published best practice guidance for firms on the transition of SMEs to non-LIBOR linked products. The related press release notes that with less than 18...
Financial Markets Law Committee publishes report on LIBOR transition
The Financial Markets Law Committee (FMLC) has today published a report entitled “LIBOR Transition – Issues of Legal Uncertainty”. The paper is intended to survey the uncertainties in the context of...
Regulators update insurers and others on Brexit expectations
PRA and FCA have written a joint letter to CEOs of insurance firms on the importance of being prepared for the end of the transition period, and FCA has also more generally updated its website. The regulators stress the...
FSB publishes global transition roadmap for LIBOR
On 16 October 2020 the Financial Stability Board (FSB) published a global transition roadmap for LIBOR. The FSB coordinates at the international level the work of national financial authorities and international...
FCA publishes BI High Court declarations
FCA has published the High Court declarations made in the test case, which are the culmination of the test case judgment. The declarations set out how and to what extent the policies in the representative sample used in...
EIOPA calls on insurance industry to be ready for end of transition
EIOPA has reminded the insurance sector that as of 31 December 2020, Solvency II and the IDD will no longer apply to the UK, and that the industry must be prepared for the consequences of UK and Gibraltar firms becoming...
Leapfrog certificates granted in BI test case
FCA has confirmed the granting of “leapfrog” certificates to it, six of the insurers involved and the Hiscox Action Group for an appeal to the Supreme Court, and may now apply for permission to appeal. At...
FCA files skeleton arguments for leapfrog BI hearing
FCA and the insurers involved in the business interruption insurance test case did not reach the hoped-for agreement on the interpretation of some key points in the judgment. As a result they have filed skeleton...
FCA updates on BI appeal and lodges leapfrog application
FCA has updated its information page on the consequences from the judgment in the business interruption insurance test case. It noted that it held meetings with policyholders and their lawyers over 4 days in the week of...
FCA publishes insurance pricing report and consults on fundamental change
FCA has published its final report on its market study intro general insurance pricing practices and, alongside it, a consultation on changes to its Handbook, and rules on data publication. The key damning conclusions...
BI consequentials hearing set for 2 October
FCA says the Court has confirmed the consequentials hearing following judgment in the BI insurance test case will take place on 2 October, probably in the morning. FCA will live stream the hearing, at which the parties...
FCA writes to CEOs on BI judgment
FCA has written to the CEOs of insurers following publication of the High Court judgment on the BI test case. It expresses its gratitude to the insurers that were parties to the case and to all those who have co...
BI test case: Court largely supports policyholders
The High Court has handed down its judgment in the test case FCA brought to seek clarity on key issues on business interruption insurance policies and how they have reacted to COVID-19-related claims. Overall, it agreed...
BI insurance judgment due 15 September
FCA has announced that the court is due to hand down its judgment on the business interruption insurance test case at 10:30am on 15 September.
FCA updates on General Insurance value measures
FCA has published its 4th set of General Insurance value measures data – after delaying publication because of COVID-19. It says the data now shows concerns about the value of personal accident and key cover add...
FCA writes to insurance intermediaries on supervision
FCA has written a supervision strategy letter to the CEOs of personal and commercial lines intermediaries. The letter is intended for general insurance intermediaries with retail and/or commercial customers, loss...
Court approves insurance transfer
The High Court has approved a Part VII transfer of an insurance portfolio from Legal and General to Reassure. The portfolio includes around 900,000 insurance-based savings, pensions, life and with-profits business and...
FCA publishes final BI case transcripts
FCA has published the final transcripts from each day of the Business Interruption Insurance test case.
Rothesay/Prudential transfer to go to appeal
In the week that the Court published its agreement to one Part VII transfer involving it, Rothesay Life has announced the Court of Appeal hearing against the court decision to decline to sanction the Part VII transfer...
FCA finalises guidance for insurance and premium finance firms
The FCA has today published its finalised guidance setting out its expectations for insurance firms when considering the fair treatment of existing customers in financial difficulty, due to Covid-19. The guidance...
High Court gives reasons for Part VII approval
The High Court has handed down its judgment on the Part VII transfer application between Rothesay Life PLC and Monument Life Insurance DAC. On 31 July, the court approved the transfer of around 400 in-force life...
FCA adds more BI documents
FCA has now published the transcript of day 8 of its Business Interruption insurance test case and a number of supplementary notes.
FCA makes statement on non-damage BI settlements
Following the conclusion of the test case trial, FCA has noted increasing concerns about how insurers are calculating non-damage BI claim payments in situations where they have agreed liability. Specifically, they are...
FCA updates on BI test case
The test case FCA brought to get court clarity on the application of certain clauses in a number of business interruption insurance policies is now complete. FCA has now published the draft transcripts for days 1-7 of...
FCA publishes Day 2 BI test case transcript
FCA has published the draft transcript from Day 2 of the Business Interruption Test Case hearing. Counsel developed the arguments from the details discussed on the first day, with reference to specific policies, and to...
Lloyd’s updates on Part VII and Brexit
Lloyd’s has confirmed that, as of the end of the Transition Period on 31 December, Members’ policies will be transferred to Lloyd’s Insurance Company SA. The affected policies will be those where all...
Day 1 BI test case transcript published
FCA has published the draft transcript of Day 1 of the business interruption insurance test case. Much of the first day focused on how the pandemic developed, the actions of UK government and the effects on business...
FCA updates BI papers ahead of trial
FCA has updated its list of documents relating to the business interruption insurance test case in preparation for the trial starting on 20 July. The documents now published are: the agreed list of issues and common...
FCA publishes defendant BI case skeleton arguments
FCA has published the Defendants’ skeleton arguments in the business interruption insurance test case as well as the Defendants’ joint skeleton arguments on the principles of contractual construction and on...
FCA updates on BI test case
FCA has published its and the Intervenors’ skeleton arguments for the trial, which will commence on 20 July. Over the weekend, it published: its skeleton argument: this runs to over 300 pages and explains, among...
EIOPA clarifies product expectations during Covid-19
EIOPA has clarified its expectations on product governance during Covid-19. It has asked manufacturers of insurance products to: identify which products are affected as a result of Covid-19; assess possible unfair...
FCA serves BI insurance Reply
FCA has published its Reply and defence to Counterclaims to the Defences of the insurers in its Business Interruption Insurance test case, as well as its amended Particulars of Claim, the judgment from the first Case...
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