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FCA Guidance on Vulnerable Customers

The FCA has set out new best practice guidance for firms to do more to protect vulnerable customers, and ensure they are receiving positive outcomes. The first phase of the FCA consultation in July 2019 found that some...

FCA Guide: Prepare Your Firm for Brexit

The Brexit transition period is currently operating until 31 December 2020. The FCA have produced a list of key considerations to help firms consider how they will be impacted by this and what action they may need to...

FCA Launches New Register to Protect Consumers

Today, the FCA has launched its updated Financial Services Register. The FCA claim the redesign of the Register aims to help consumers protect themselves from harm and will provide a better experience for the...

FCA and PSR publish update on access to cash

The FCA and PSR have today published more information on their joint work to map access to cash and how this will shape their future work in this area. This is a follow up to their joint statement which was published on...

FCA publish statement on Wirecard

On 29th June the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services on 29th June. The restriction on activities lifted today (30 June). This means that Wirecard can...

FCA updates mortgages Covid-19 page

FCA has updated its website on its finalised guidance for firms on mortgages and Covid-19. The updates are minor, making a few clarifications only, mainly to confirm that firms that could not provide personalised...

Pay.UK heralds COP launch

Pay.UK has heralded the introduction of Confirmation of Payee and has reminded users of the importance of using “first name surname” rather than a nickname on payment details. Its data shows that 34% of...

SCA E-Commerce deadline extended

The FCA have today extended the deadline for firms to implement their e-commerce Secure Customer Authentication (SCA) by 6 months from 14 March 2021 to 14 September 2021. This is to minimise potential disruption to...

FCA updates guidance for pensions firms

The FCA has published an update for financial services firms operating in the pensions market. This represents an attempt to allow both the FCA and those firms to reprioritise resources towards preventing and reducing...

Regulator Covid-19 update 31 March

Payment Services and SCA Today, the FCA has published an updated version of its webpage on strong customer authentication (SCA) under the Payment Services Regulations 2017 (PSRs 2017).  Protecting customers –...

Annual increase to FOS award limit confirmed

The FOS award limit is the maximum amount FOS can require a firm to pay when it upholds complaints. This limit is adjusted each year in line with inflation. From 1 April 2020, the new award limit will be: £355,000 for...

PSR update on card-acquiring market review

On 16 March, the Payment System Regulator (PSR) released an update on their publication of the interim report on card-acquiring services. It was originally thought that the report would be published in late 2019 but it...

EBA sets out 2020 priorities for digital finance

On 3 March 2020, the EBA published a speech by José Manuel Campa, EBA Chair, from the 4th Annual Conference on Fintech and Digital Innovation: Delivering the Future.    Various areas of digital finance including the...

New FCA webpage on PSPs

The FCA have today published a new page on their website on payment service providers (PSPs).  The page is aimed at consumers and explains the different kinds of PSPs, and the protections afforded to consumers when...

FCA writes to credit brokers

The FCA wrote to credit brokers on 13 February 2020 identifying the key drivers of harm within the credit broking portfolio. These include:- failure to understand regulatory requirements; poor oversight of staff and...

SFO publishes Airbus DPA

On Friday, Dame Victoria Sharp, President of the Queen’s Bench Division, approved a Deferred Prosecution Agreement between the Serious Fraud Office and Airbus SE. Under the terms of the DPA, Airbus SE agreed to...

FCA tells CMCs to raise advertising standards

The FCA has conducted a review of financial promotions issued by CMCs. CMCs are required to provide information to consumers that is fair, clear and not misleading under rules that were introduced in April. The rules...

SFO publishes “co-operation” guidance

The SFO has published guidance for corporates aimed at helping them to understand what it means by “co-operation” when it is considering its charging decisions.  The SFO says it is assistance that goes above...

Tribunal refuses suspension application

Sussex Independent Financial Advisers Limited had applied to the Tribunal for a suspension of the FCA’s decision to vary its permission to remove all its permitted activities on the basis that the firm did not...

Court backs bank on account closure

A payment institution has failed in its action against RBS, after the bank closed the institution’s accounts with it and ended the banking relationship. The payment institution (P) was an FX and payment services...

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...

Data Protection Bill receives Royal Assent

On 23 May, the Data Protection Act 2018 was finally passed into law. The new Act repeals the Data Protection Act 1998, and facilitates the implementation into UK law of the General Data Protection Regulation (EU)...

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...