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Treasury publishes MMF policy framework

HM Treasury has published its Policy Note (6 December 2023) incorporating a near-final version of the statutory instrument (SI) to replace the Money Market Funds Regulation and create a new framework for Money Market...

FCA publishes quarterly consultation

FCA has published its regular quarterly consultation (CP23/25: Quarterly Consultation Paper No. 42) on proposed miscellaneous amendments to its Handbook. FCA is proposing to consult on making: amendments to the TC...

MoU between FCA and OFSI

On 1 December 2023,FCA published a Memorandum of Understanding (MoU) (dated 21 November 2023) between it and OFSI. The MoU sets out the collaboration and information exchange between FCA and OFSI. It replaces the...

FCA updates perimeter report

The FCA has updated its perimeter report setting out the scope of what it does and does not regulate. The report describes specific issues the FCA perceives around its regulatory perimeter, and the action it is taking...

FCA launches website on reporting AR data

The FCA has published a new webpage containing information for principal firms on how to report Appointed Representatives data. The webpage, which will be kept up to date, contains information for firms on: why the FCA...

FCA publishes access to cash data

The FCA has published its data on geographical access to cash coverage in the UK for Q1 2022 and Q2 2022. The FCA and Payment Systems Regulator (PSR) gather and update data on access to cash on a quarterly basis. The...

PRA speaks on UK insurance sector risks

Shoib Khan, the PRA’s director for insurance supervision, has given a speech on the current risks facing the UK insurance sector. He highlighted that insurers should examine beyond the structure of their models...

FCA requires improvements on ESG benchmarks

The FCA has published its letter to administrators outlining where improvements are needed in ESG benchmarks. The FCA had previously highlighted the risk of poor disclosures for ESG benchmarks within its September 2022...

FCA calls for input on SME access to FOS

The FCA has launched a call for input to ascertain whether the thresholds for SMEs to be able to refer complaints to the FOS remain appropriate. The FCA’s policy objective is to provide access to the Ombudsman...

FCA priorities for payments firms

The FCA has published a portfolio letter setting out its priorities for payments firms. The FCA raised concerns that many payments firms do not have sufficiently robust controls, and it considers this an increased risk...

Pro-innovation Regulation of Technologies

HM Treasury has published the report presented by Sir Patrick Vallance, the Government Chief Scientific Adviser, on Pro-innovation Regulation of Technologies Review: Digital Technologies. The report highlights the...

BoE updates webpage on ISO 20022

The BoE has updated its webpage delivering information on ISO 20022: the new messaging standard for CHAPS and RTGS. It outlines its migration and policy approach timelines, and stakeholder requirements. On 19 June 2023...

FSM Bill Committee day 8

On 13 March 2023, the House of Lords Grand Committee continued its line by line examination of the FSM Bill, which took place during the eighth day of committee stage. The amendments that were discussed covered clauses...

FCA publishes its Perimeter Report 2023

The FCA has published its latest annual Perimeter Report. It highlights some of the challenges faced within the current financial services regulatory perimeter and signposts desired future action the FCA would like to...

FCA publishes FGF’s multi-firm review

The FCA has published its findings and expectations of FCA solo-regulated fast-growing firms to identify, assess and manage the risks arising from their activities. In particular, this multi-firm review of 25 FCA solo...

LMA updates on ESG Insights for Insurers

The Lloyd’s Market Association (LMA) has highlighted the importance of ESG data for insurers and the role it will play in underwriting approaches to sustainability strategy. Links to these insights and the report...

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...