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FCA and SEC sign updated Brexit MoUs

FCA and SEC have signed two MoUs to ensure minimal disruption when the UK leaves the EU. Andrew Bailey, FCA CEO met Jay Clayton, SEC Chairman to sign the MoUs. The first MoU updates the comprehensive supervisory...

WBD boosts expertise with white collar partner

Womble Bond Dickinson is delighted to have expanded its offering in the financial services and insurance sectors with the hire of white collar crime partner, Audrey Koh. Audrey has substantial experience of advising...

FCA introduces rent-to-own price cap

FCA confirmed today that it would be introducing a price cap in the rent-to-own (RTO) market.  The regulator said that it wanted to “bring down prices on RTO agreements where the overall costs to consumers are...

Brexit and Immigration Law seminar series

One of the most fundamental ways in which Brexit is likely to affect many businesses, is the impact on immigration law.  This is particularly the case for the financial services and insurance sectors, which have long...

CMA announces reforms to loyalty penalty

After investigating a “super-complaint” raised by Citizens Advice that companies were penalising existing customers by charging them higher prices than new customers, the CMA has today published its 8...

FCA publishes new IDD webpage

The FCA has today published a new webpage on requirements in its Handbook that apply to firms distributing insurance. The FCA says that although it expects firms will have already adapted their processes to take account...

FCA delays Credit Information Market Study

FCA announced today that it will be delaying the launch of its Credit Information Market Study Terms of Reference until June 2019. The delay is a result of the FCA having to prioritise the market study on general...

DExEU publishes draft political declaration

On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...

LMA’s Brexit Bulletin

The LMA’s recent bulletin, which was published on 2 October 2018, provided the Lloyd’s community and its members with:  (i) new model clauses for EEA and non-EEA risks placed with Lloyd’s Brussels;...

FCA consults on applying SM&CR to CMCs

The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April...

Treasury publishes CRR Brexit regulations

The latest draft Regulations anticipating Brexit relate to capital resources requirements. The draft Capital Requirements (Amendment)(EU Exit) Regulations 2018 are intended to make sure the CRR can continue to operate...

FCA announces GFIN creation

FCA has announced the creation of the Global Financial Innovation Network (GFIN), in collaboration with 11 other regulators and organisations. This builds on FCA’s plans for a global regulatory sandbox and will...

PSR reports on contactless mobile payments

The Payment Systems Regulator has published a report on contactless mobile payments (CMPs). It sees this as a growth area as people become more comfortable with using it, more contactless pay-points are available and...

PRA consults on CRR definition of default

The PRA has today published its consultation paper (CP) 17/18 on the definition of default.  The CP follows the European Banking Authority’s (EBA) Opinion on the implementation of the regulatory review of internal...

FCA plans changes for loan-based crowdfunding

FCA is consulting on rule changes for loan-based crowdfunding platforms, following its post-implementation review. It has noted the market has developed, and models have become increasingly complex, since FCA’s...

PRA changes SII reporting format

On 26 July, the PRA published its policy statement (PS) 21/8 ‘Solvency II:  Changes to reporting format’.  The PS is a result of the PRA’s consultation paper (CP) 11/18, in which it proposed to change...

EIOPA publishes Q&As on application of IDD

The first set of Questions and Answers (Q&As) on the application of the Insurance Distribution Directive (IDD) were published today by the European Insurance and Occupational Pensions Authority (EIOPA).  Answers...

Insurance Europe’s SII conference

On 26 June, insurers, policymakers and regulators attended Insurance Europe’s Solvency II Conference.  The theme of the conference, which was held in Brussels, was ” Two years on and two reviews”...

PSR updates on fees

The Payment Services Regulator has published a policy statement following its review of the regulatory fees regime.  It has now set out its decisions, and published a standalone document on fees figures for 2018/19.

PRA writes to CEOs on crypto-risks

Sam Woods has written a “Dear CEO” letter to CEOs of all dual-authorised firms on exposures to crypto-assets. PRA understands firms may already have limited exposure to such assets, and is writing to clarify...

FCA consults on push payment fraud complaints

FCA is consulting on changes to complaints handling rules to help victims of authorised push payment fraud. Currently, victims cannot complain to the PSP that receives their payment when their own PSP is not at fault...

EBA urges Brexit “no deal” preparation

EBA has published an Opinion in which it asks national regulators to ensure financial institutions are taking practical steps to prepare for a “no deal” Brexit with no transition period. It does not think...

EP adopts “EMIR Refit” proposal

The European Parliament has voted in plenary session to adopt the so called “EMIR Refit” Regulation. The European Commission has proposed that small financial counterparties (SFCs) should not be subject to...

FCA consults on CMC regulation

FCA is consulting on draft rules for regulating claims management companies (CMCs) when it acquires regulatory responsibility for them on 1 April 2019. FCA is focussing on 3 key aspects: empowering customers to be...

FCA consults on consumer contract variations

FCA is consulting on guidance for firms setting out what factors under the Consumer Rights Act they should take into account when they are drafting and reviewing variation terms. The draft guidance sets out a list of...

Government responds on Brexit

The Government has published its response to the House of Lords EU Committee Report on financial regulation and supervision after Brexit. It offers assurances that: the UK will continue to lead global standards; the...

FCA publishes mortgage market interim report

FCA has published its interim report into the mortgage market. Although it is pleased with how competition is working to the benefit of many people, it has made some suggestions for improvement.  It found that there are...

Treasury responds on cheque imaging

Treasury has published its response to its consultation on cheque imaging. It received 15 responses, and engaged with 4 other institutions. All agreed that a copy of a cheque should be made available to customers on...

FCA publishes PAD linked services list

FCA has published the final list of the most representative services linked to a payment account and subject to a fee for the purposes of the Payment Accounts Regulations. Firms will have to use the terminology from 31...

Wyman report on debt advice funding published

Peter Wyman’s report on a review of debt advice funding has been published. The report makes several recommendations, including: face-to-face advice should still be widely available but there should be general and...

Non-bank PSP joins Faster Payments

The Bank of England has announced that TransferWise, an FCA-regulated non-bank PSP has joined Faster Payments as a direct participant. This is the first non-bank PSP to join a UK payment system settling in central bank...

FCA clarifies cryptocurrency regulatory status

FCA has clarified its views on the regulation of cryptocurrency derivatives. It has previously explained that cryptocurrencies are, of themselves, not regulated although they may be part of other regulated products or...

Blockchain: Game Changer or Game Over?

Please join us for our Fintech and Insurtech Forum in London on 10 May. An expert panel will discuss the latest blockchain trends and breakthroughs. Attendance is free and you can register via our website.

Court finds for lender on RMC argument

The Court of Appeal has recently upheld the judgements of lower courts in a case where a loan was entered into on the express representation from the borrower that the property would not be used as a residence. When the...

UK Finance looks at DLT and identity validation

A paper published by the Whitechapel Think Tank, supported by UK Finance, looks at how technology can help the safe validation of identity and verification. It examines how distributed ledger technology can provide a...

FCA updates on Capital Alternatives

FCA has reported that the defendants in its case against Capital Alternatives have been ordered to pay compensation and that it has obtained new undertakings from or injunctions against some of the defendants to protect...

Government heralds Brexit transition progress

The Department for Exiting the EU has published a draft Withdrawal Agreement following the conclusion of a key set of negotiations.  David Davis and Michel Barnier both welcomed the progress.  Mr Davis heralded the...

FPC updates financial stability outlook

In its latest meeting, the Financial Policy Committee focused on: the outlook for UK financial stability generally: it thought these were standard, excepting the Brexit risks, with risks from global vulnerability still...

FCA updates on motor finance

FCA has updated on its work reviewing the motor finance sector. So far, it has drawn several comforting conclusions, including around general default rates. But the 3% of customers who have the lowest credit ratings...

Treasury calls for evidence on digital payments

Treasury has published a call for evidence on the role of cash and digital payments in the new economy. It asks for views by 5 June to help it explore how it can support digital payments, support transition from cash...

PSR reports record payment services activity

The Payment Systems Regulator’s annual report says 2017 was a record-breaking year for new participants, and it expects many more PSPs to join in 2018. Its early projections suggest 11 PSPs could become direct...

FCA updates on product governance

FCA has provided an update on its work on product governance in small and medium sized retail banks.  Its recent review looked at 2 year fixed rate savings products and how firms’ product governance frameworks...

LMA publishes IDD guidance for UK coverholders

The Lloyd’s Market Association (LMA) has published guidance on the IDD for UK coverholders. The guidance covers some aspects of IDD, including: product oversight and governance; product information (including the...

Treasury launches digital currencies inquiry

Treasury has announced an inquiry into the role of digital currencies in the UK. It will look at DLT and its potential impact on financial institutions and the infrastructure, and will look at the regulatory response to...

BoE publishes annual report on FMI supervision

The Bank of England has published a report on its supervision of financial market infrastructures (FMI). The report measures performance against its 2017 annual report, as well as looking ahead. The report: Defines FMIs...

FCA writes to CEOs on prudential returns

FCA has published a “Dear CEO” letter setting out its comments on the quality of prudential returns. It is concerned that a significant number of firms are submitting returns that contain inaccurate or...

Illegal money lender imprisoned

An illegal money lender has been sentenced to imprisonment of 3.5 years for offences under FSMA and the CCA. In addition to bringing the successful prosecution against Dharam Gopee, FCA also successfully obtained a...

ESMA updates MiFID 2 FAQ

ESMA has updated its Q&As on transparency and market structure issues under MiFID 2. The latest additions cover pre-trade transparency waivers.

FCA updates on high-cost credit sector

Following a Feedback Statement in which FCA identified key areas of concern in the high-cost credit sector, it has published an update on the work undertaken since the July 2017 publication. This presents an emerging...

FCA sends “Dear CEO” letter on APP fraud

FCA has published a “Dear CEO” letter emphasising the work required to combat authorised push payment (APP) fraud. This follows the Which? super-complaint in September 2017, and the Payment Systems...

AFME publishes post trade DDQ

AFME has published a revised post-trade due diligence questionnaire to help global custodians. The new version harmonises and simplifies the DD process and now includes 20 additional questions to the original 2016...

PRA consults on MREL reporting

PRA is consulting on changes to its Supervisory Statement 9/13 to reflect its expectations for reporting in the minimum requirement for own funds and eligible liabilities. It seeks comments by 9 April.

FCA updates on persistent debt

FCA has updated its consultation paper on its proposals for rules to help customers in persistent credit card debt. The revised proposals follow feedback on its April consultation. Respondents were in favour of...