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EU reaches agreement on crypto measures

The EU has reached agreement on critical elements of crypto-asset regulation. The European Parliament and the European Council have reached a provisional deal new legislation aiming to ensure that crypto transfers can...

FCA hosts CryptoSprint events

The FCA hosted its first policy-focused CryptoSprint events in May and June 2022. The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime...

Ruling on costs in collective damages action

Following the latest judgment in the matter of Merricks v Mastercard, the CAT has now given a ruling on costs. The ruling concerns: The costs between 19 August 2021 and 9 March 2022 – Mastercard submitted that the...

FCA update on market abuse and manipulation

Tackling market abuse is one of the FCA’s strategic priorities. Given recent press reports about the FCA’s approach, the FCA outlined the work it does to tackle insider trading and manipulation and to warn...

Pensions consumer journey feedback statement

On 7 June 2022, the FCA and the Pensions Regulator published a feedback statement (FS) to their May 2021 joint call for input on the behaviour of consumers at key points in the pension saving journey. The aim was to...

ESMA provides guidance on sustainability risks

On 31 May 2021, ESMA published a supervisory briefing setting out guidance on the integration of sustainability risks in the area of asset management. The guidance is aimed at national competent authorities (NCAs) to...

BoE speech on building operational resilience

Duncan Mackinnon, BoE Executive Director for Supervisory Risk Specialists, has delivered a speech on operational resilience. Mr Mackinnon considered the PRA’s expectations of firms in their implementation of the...

HM Treasury speech on credit unions reform

On 24 May 2022, in a speech delivered at the Association of British Credit Unions annual conference, John Glen, Economic Secretary to HM Treasury, announced reforms to the legislative framework for credit unions. In the...

ESMA updates Q&As on crowdfunding

On 20th  May 2022, the European Securities and Markets Authority (ESMA) has updated the Questions and Answers on the European crowdfunding service providers for business Regulation. The changes specifically address...

FCA publishes issue 69 of Market Watch

On 17 May 2022, the FCA published Market Watch 69, its newsletter on market conduct and transaction reporting issues. The newsletter focuses on firms’ arrangements for market abuse surveillance, drawing on the...

FCA consults on expanding dormant assets scheme

On 13 May 2022, the FCA published a consultation paper on expanding the dormant assets scheme (the Scheme). The Scheme allows banks and building societies to pay dormant monies to an authorised reclaim fund which then...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

FCA delivers speech on learning from the past

Nikhil Rathi, CEO at the FCA, spoke on learning from the last 30 years to face the next 30 years at the Chartered Institute for Securities & Investment (CISI) 30th anniversary dinner. Highlights include: the world...

LSB publishes its 2022/23 Business Plan

On 3 May 2022, the Lending Standards Board (LSB) published its Business Plan and Budget for 2022/23. in the plan, the LSB sets out its strategic priorities and provides further information on the activities it intends...

FCA revised Complaints Scheme delayed

Following a joint consultation with the Bank of England and the PRA which ended on 12 October 2020, the FCA has advised they are still in the process of updating their Complaints Scheme which promises to be more user...

PRA publishes Business Plan 2022/23

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2022/23. The PRA’s strategy will be delivered through the following strategic goals: Retain and build on the strength of the banking and...

CMA publishes Annual Plan for 2022/23

The CMA has published its Annual Plan which explains how it will protect consumers, promote competition and help support the economy in the year ahead. It aims to encourage innovation, productivity, and sustainable...

New rules on cryptocurrencies in the EU

MEPs have agreed on draft rules on supervision, consumer protection and environmental sustainability of crypto-assets, including cryptocurrencies such as bitcoins. For those issuing and trading crypto-assets, the new...

PRA Occasional Consultation on minor changes

The PRA has issued a Consultation Paper setting out proposals to make minor amendments to UK Technical Standards (UKTS), PRA rules, supervisory statements, Legacy Supervisory Statements, and a Statement of Policy...

Insurance business transfer scheme permitted

An application under Part VII of FSMA 2000 was made for sanctioning an insurance business transfer scheme which involved the transfer of insurance policyholders from Assured Guaranty (Europe) PLC (in the UK) to Assured...

FCA portfolio letter for Credit Unions

The FCA has published a portfolio letter to Credit Union Boards setting out the usual key risks of harm that are present for Credit Unions, their members and the markets in which they operate. The letter asks firms to...

PSR issues new Specific Direction 12 to LINK

The PSR has given Specific Direction 12 (SD12) to Link Scheme Holdings Ltd (LINK) allowing them to maintain the broad geographic spread of the UK’s free-to-use (FTU) cash machine network. The new Direction follows...

UK and Singapore sign new digital trade deal

Following its agreement in principle, on 25 February 2022, the International Trade Secretary joined her counterpart in Singapore and signed the trade deal- the Digital Economy Agreement (DEA) – that will help...

Pay.UK develops new data model

Pay.UK has developed a new tool in collaboration with UK Finance to help prevent Authorised Push Payment (APP) fraud. The new ‘logical data model’ will be a useful foundation for categorising relevant customer data to...

Tribunal upholds FCA’s Decision Notice

HMCTS (Tribunal) has dismissed two applications made by an applicant against the Financial Conduct Authority (FCA). The FCA had given a Decision Notice to Przemyslaw Soszynski t/a Phenix Consultancy (Applicant) refusing...

IRSG criticises CRD6

The International Regulatory Strategy Group (IRSG) has published a narrative on the European Commission’s proposal for new rules for third country providers of banking services as part of the EU Capital...

PSR publishes card-acquiring services report

The PSR has published its final market review into the supply of card-acquiring services. The report concludes that the supply of card-acquiring services does not work well for SME merchants and large merchants with...

EU Banking Package 2021

The European Commission has today adopted a review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) to ensure that EU banks become more resilient to potential future economic...

PRA consults on trading activity wind-down

The Prudential Regulation Authority’s (PRA) has published the Consultation Paper CP20/21: “Trading activity wind-down“, which sets out the proposed expectations in respect of firms’ engagement in trading...

Update on AIFMD Delegation Rules

The EU has been saying for some time that it wishes to review the rules by which EU AIFMs may delegate investment management to entities outside of the EU. In its August 2020 letter regarding the review of the AIFMD...

Treasury calls for Input on UK funds regime

Treasury has published a Call for Input on the UK funds regime.  It views Brexit and the emergence from the pandemic as an opportunity to improve the funds regime to give a wider range of more efficient investments...

FCA reminds firms to be prepared for Brexit

With the end of the Brexit transition period in sight, the FCA has issued a press release reminding firms to be prepared. The FCA expects firms to have assessed the impact of the changes that will take effect, on both...

BoE Financial Stability Report

The Bank of England published the Financial Stability Report for December. The report sets out the Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or...

EPC Report on Payment Threats and Fraud Trends

The European Payments Council (EPC) has published its report on payment threats and fraud trend for 2020. The report attempts to create awareness amongst stakeholders involved in the payments domain to allow them to...

FCA and PSR Terms of Reference on Access to Cash

On 16 June, the PSR and FCA set out its plans to work with the industry and develop shared solutions to deliver appropriate and sustainable access to cash that meet consumers’ needs, including responding to changing...