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Author - Lucy Hadrill

EBA reports on industry readiness for SCA

The EBA has published a report on data provided by PSPs on their readiness to apply strong customer authentication (SCA) for e-commerce card-based payment transactions. Despite PSPs in some jurisdictions lagging behind...

PSR consults on new 5-year strategy

The Payment Systems Regulator (PSR) has announced plans for a new five-year strategy. The proposals set out an approach that aims to make sure payments and payment systems work well for everyone and that there is fair...

FSB consults on cross-border payments

The FSB is consulting on global targets for addressing the challenges of cross-border payments. The proposed targets set goals for improving cost, speed, transparency and access for cross-border payments in the coming...

FCA publishes updated information sheets

The FCA has issued updated consumer credit information sheets in accordance with the CCA 1974. The updates are to provide more targeted and useful help to customers, particularly those with mental wellbeing issues. The...

FCA responds to Amigo Scheme rejection

The High Court has refused to sanction Amigo’s proposed Scheme of Arrangement. The FCA, having previously objected to the Scheme, has now responded to the ruling. The FCA considers the decision is an important...

PRA publishes 2021/22 Business Plan

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2021/22. The PRA’s strategy will be delivered through the following strategic goals: Have in place robust prudential standards and...

FCA extends SCA deadline to March 2022

The FCA has extended the deadline for implementing Strong Customer Authentication for e-commerce transactions from 14 September 2021 to 14 March 2022. This further 6-month extension is in response to concerns about...

FCA launches consultation on CMC phoenixing

The FCA has announced proposals to stop the practice of ‘claims management phoenixing’ by banning claims management companies (CMCs) from managing FSCS claims where they have a relevant connection to the claim. Claims...

FCA consults on new Consumer Duty

The FCA has set out plans for a new Consumer Duty which will set clearer and higher expectations for firms’ standards of care towards consumers. It is hoped that the proposals will drive a shift in culture and behaviour...

Banking industry supports access to cash

UK Finance and the UK’s largest retail banks and building societies have announced their commitment to continue to preserve access to cash for consumers and businesses over the long term. The 8 financial...

FCA publishes new buildings insurance webpage

FCA has published a new webpage setting out its expectations of regulated firms when arranging and providing fair value buildings insurance for leasehold apartment buildings. The webpage is not an exhaustive description...

FCA consults on Pension Wise referrals

FCA has proposed new rules to require pension providers to ‘nudge’ consumers to Pension Wise in order to benefit from guidance before they access their pension. Currently, take up of Pension Wise guidance...

Breathing Space scheme takes effect

The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 took effect on 4 May 2021. The scheme aims to help millions of people in debt crisis get...

FCA delivers speech on black inclusion

Sheldon Mills – Executive Director, Consumers and Competition at the FCA – gave a speech at the Accelerating Black Inclusion research launch on why black inclusion matters to the FCA. Highlights include: There is a lack...

FCA delivers speech on innovation

Nikhil Rathi, CEO at the FCA, spoke at UK FinTech Week on innovation in the service of consumers and the market. Highlights include: success in financial innovation has been enabled by regulatory open-mindedness;...

Financial Services Bill passed by Lords

Following day three of its Report stage, the House of Lords has passed the Financial Services Bill with amendments. The final amendments to be agreed by the Lords include: an amendment that, in certain circumstances...

Financial Services Bill continues in Lords

The House of Lords has continued its scrutiny of the Financial Services Bill during the report stage. The proposals debated on 14 April include amendments to: remove the prohibition under the Market Abuse Regulation on...

FCA publishes Covid-19 BI claims data

On 22 January 2021, the FCA sent a Dear CEO letter to the insurers affected by the BI insurance test case. The letter set out the FCA’s intention to gather information from all affected insurers regulatory on the...

ESAs publish report on complaints-handling

The Joint Committee of three European Supervisory Authorities (EBA, EIOPA and ESMA) (ESAs) have published a report on the application of their guidelines on complaints-handling. The report assesses how the guidelines...

CMA writes to Danske Bank on bundling breach

Danske Bank required 305 of its SME customers to open a business current account in order to progress their application for a loan under the Bounce Back Loan Scheme. The CMA has now written to Danske Bank to explain...

Investment Association reports on diversity

The Investment Association has published a report which sets out steps to improve ethnic diversity and inclusion in investment management. The report found that: 75% of firms currently collect, or have begun work...

FCA updates on duty of care

In its Feedback Statement on duty of care and potential alternative approaches, the FCA committed to reviewing how it applies the regulatory framework and how new or revised Principles for Businesses could strengthen...

Budget 2021: Chancellor outlines BoE remit

Rishi Sunak has written to BoE Governor, Andrew Bailey, outlining the remit and recommendations for the Financial Policy Committee (FPC) for 2021. The FPC should: support the government in maintaining the resilience and...

UK applies to join CPTPP

The UK government has submitted a formal request to join one of the world’s largest free-trade areas, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). The move would deepen the UK’s...

EBA begins 2021 stress test

Following the postponement of the 2020 exercise due to the pandemic, this year’s EU-wide stress test will provide valuable input for assessing the resilience of the European banking sector. The results might also...

Regulators consult on FSCS levy

PRA and FCA are consulting on proposals for the FSCS Management Expenses Levy Limit for 2021/22. The consultation is supported by the FSCS’s proposed Plan and Budget for 2021/22. The proposed limit for 2021/22 is...

Insolvency Service Guidance: Breathing Space

The Insolvency Service has published its guidance on the Debt Respite Scheme (Breathing Space). The guidance is intended to support creditors in understanding the Breathing Space Regulations and sets out information on:...

FCA makes new executive appointments

Following the creation of the new post of Executive Director, Consumers and Competition, the FCA has announced that Sheldon Mills has been appointed to the role. Siobhán Sheridan has been appointed as Chief People...

EBA reports on Basel III implementation

The EBA has published a report on the impact of implementing the final Basel III reforms in the EU. The results do not reflect the economic impact of the Covid-19 pandemic as the reference date for this assessment is...

EC speaks on evolving payments market

In her speech, EU Commission Executive Vice-President Margrethe Vestager discussed the impact of the Interchange Fee Regulation and noted that: technology has resulted in a proliferation of payment methods available to...

FCA updates on MAR and Brexit

The FCA has updated its website to explain what will happen to the EU Market Abuse Regulation (EU MAR) after 31 December 2020. At the end of the transition period, EU MAR will be onshored into UK law by virtue of the...

FCA launches UK Benchmarks Register

In preparation for the end of the Brexit transition period, FCA has announced the launch of the new UK Benchmarks Register. The Register, which can be accessed from 11pm on 31 December 2020, will replace the ESMA...

HM Treasury extends consultation deadlines

Financial Services Future Regulatory Framework Review Phase II Consultation – further to the consultation document published on 19 October 2020, the consultation has been extended by one month to 19 February 2021...

FCA announces benefits of RegData

RegData is set to replace Gabriel as the FCA’s data collection platform and will offer an enhanced user experience. FCA says the benefits of RegData will include: Increased speed and faster navigation; Improved...

FCA consults on fees

FCA is consulting on proposed policy changes to the way it will raise FCA fees from 2021/22. The consultation applies to: any businesses considering applying for FCA authorisation or registration, and any existing fee...

FSB publishes 2020 Resolution Report

The Financial Stability Board (FSB) has published its 2020 Resolution Report which highlights the need for resolution preparedness. It also looks at lessons learnt from the Covid-19 pandemic, which stressed the...

FCA updates on BI insurance test case

The FCA has updated its webpage on business interruption insurance with details of the BI test case Supreme Court appeal. The Supreme Court will live-stream the appeal on: Monday 16 November: 11am-4pm; and Tuesday 17 –...

FSB consults on outsourcing

The Financial Stability Board (FSB) is consulting on “Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships” following a survey conducted among the FSB members. Whilst...

BoE consults on OCIR policy

The BoE is consulting on various proposals relating to operational continuity in resolution (OCIR) policy. The BoE proposes the following amendments: Changes to the OCIR section of the Approach to Assessing...

PRA consults on BRRD II

The PRA has launched a consultation on its Contractual Recognition of Bail-in (CROB) and Stay in Resolution (Stays) Rules. The proposals will support the UK’s transposition of the Bank Recovery and Resolution...

UK and Japan sign free trade agreement

The UK-Japan Comprehensive Economic Partnership Agreement (CEPA) was signed on 23 October marking the first agreement that the UK has secured as an independent trading nation. The deal is hoped to boost UK-Japan trade...

FCA: new webpages on whistleblowing

The FCA has launched two new webpages on whistleblowing. The first webpage sets out the process for reporting concerns of wrongdoing to the FCA in confidence and provides guidance on: Making the decision to speak to the...