FIN.

Author - Lucy Hadrill

FCA board discusses Consumer Duty

The FCA has published the minutes of a board meeting held on 26 May 2022 at which, amongst other items, the board discussed the new Consumer Duty. Highlights include: feedback from external stakeholders on the proposed...

FCA appoints 6 new directors

The FCA has appointed six new directors to a mixture of existing and newly created senior roles: Director of Consumer Finance – Roma Pearson will take up her position in July and will be responsible for the supervision...

PRA sets fees and levies for 2022/23

Following its consultation in the spring, the PRA has published a policy statement to confirm the final regulated fees and levies rates for 2022/23. The rates meet the PRA’s annual funding requirement for the...

PSR updates on card-acquiring market review

Following its initial consultation, the PSR has now published its provisional decision in relation to remedies for the card-acquiring market review. The PSR has launched a second consultation on proposals for three...

FCA seeks retrial in insider dealing case

Following the Court’s decision to discharge the jury after they were unable to reach a verdict following an 8-week trial, the FCA has announced that it will pursue a retrial of Stuart Bayes and Jonathan Swann for...

FCA publishes quarterly consultation

The FCA’s latest quarterly consultation covers: a minor amendment to DEPP to reflect changes to the FCA’s decision-making processes implemented on 26 November 2021; amendments to the Compensation rules relating to...

Solvency II review updates

The PRA has launched the 2022 data collection exercise for the Solvency II review, primarily in support of the matching adjustment (MA) and fundamental spread (FS) calibration reforms. The exercise will cover three main...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

FMSB is changing its name

FMSB has announced that it is changing its name from the FICC Markets Standards Board to the Financial Markets Standards Board. It will continue to use “FMSB”. FMSB says the change will help support...

FCA launches new IFPR webpage

The FCA has launched a new webpage which sets out how to submit MIFIDPRU applications and notifications. It also includes information for IFPR firms about MIF returns.

Treasury consults on reforms to Solvency II

HM Treasury has published its consultation on post-Brexit reforms to the Solvency II regime which it hopes will unlock investment, increase market access for new insurers and offer greater consumer choice. The reforms...

Funeral plans update: RAO amendments made

The FSMA (Regulated Activities) (Amendment) Order 2022 has been published, together with an explanatory memorandum. It makes several amendments to FSMA and secondary legislation, primarily the RAO, in preparation for...

PRA updates on Gibraltar passporting

The PRA has confirmed that the transitional passporting rules will continue for firms operating between the UK and Gibraltar until 31 December 2022. These transitional arrangements can be further extended until the...

MEPs vote on draft crypto legislation

MEPs from ECON and the Committee on Civil Liberties have voted to adopt their position on draft crypto legislation which forms part of the EU’s wider package of measures aimed at strengthening AML/CFT rules in the...

Ombudsman News looks at storm damage

The latest edition of Ombudsman News from FOS covers not only its plan and budget for 2022/23 (which FIN has covered separately) but also guidance for consumers about storm damage complaints. The guidance contains...

FOS outlines strategic plans for 2022/23

FOS has published its plans and budget for 2022/23. In the coming year, FOS: expects to receive 177,000 complaints and resolve 220,500 complaints; will continue to ensure it is equipped to respond to complexity and...

FCA confirms changes to PRIIPs regulation

Following its consultation in 2021, the FCA has confirmed it is making changes to the PRIIPs regulation to: clarify the scope of the PRIIPs regulation for corporate bonds, making it clearer that certain common features...

ASA cracks down on misleading crypto ads

ASA has issued an Enforcement Notice to over 50 firms which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated...

FOS award limits increased

FCA has confirmed the increase to the FOS award limits. From 1 April 2022, these will change to: £375,000 for complaints referred to FOS on or after 1 April 2022 about acts or omissions by firms on or after 1 April...

LSB sets its agenda for 2022

The latest LSBulletin outlines some of the LSB’s key areas of focus for 2022, including: Contingent Reimbursement Model Code (CRM Code) for APP scams – the LSB will be conducting follow up work from its previous...

FCA makes new rules

The FCA’s latest Handbook Notice confirms changes to: apply the rules set out in the Funeral Planning Conduct of Business (FPCOB) sourcebook to funeral plan providers selling their own plans directly to customers...

FCA responds to APPG letter before claim

The FCA has responded to a letter before claim under the pre-action protocol for judicial review from the All Party Parliamentary Group on Fair Business Banking (APPG). APPG’s letter before claim refers to the...

Article: a new arena for asset financing?

Following the administration of Arena Television in November 2021, our colleagues Graham Jeffries and Nicola Walker have written an article looking at the likely impact for lessees and borrowers who are seeking to...

FCA updates on funeral plans

The FCA has published a statement on assessing authorisation applications from funeral plan providers. The assessment process is to ensure that: firms sell products which offer fair value, meet consumer needs and are...

Final report: London Capital & Finance

The Complaints Commissioner has published its final report on the FCA’s oversight of London Capital & Finance plc (LCF). The report splits the complaints about FCA’s regulation of LCF into three...

ESMA Sustainable Finance Roadmap 2022-2024

ESMA has published a roadmap setting out three priorities for its sustainable finance work in 2022-24: Tackling greenwashing and promoting transparency; Building NCAs’ and ESMA’s capacities in the sustainable finance...

FCA orders firm to remove influencer ads

FCA has published a second supervisory notice to confirm that it is not rescinding the directions imposed on Freetrade Limited in its first supervisory notice dated 14 December 2021. Freetrade must therefore immediately...

Treasury launches search for new FCA Chair

Treasury has launched the recruitment campaign to appoint the next FCA Chair, replacing Charles Randell who is stepping down in spring 2022. Richard Lloyd, FCA’s Senior Independent Director, will be interim Chair...

CMA writes to Monzo on RBO breach

The CMA has written to Monzo about its breach of the Retail Banking Market Investigation Order 2017. Monzo breached the Order when it failed to disclose its Monthly Maximum Charge in its Fee Information document between...

FCA publishes new MIFIDPRU webpage

FCA has published a new webpage on how the MIFIDPRU Remuneration Code (SYSC 19G) applies to MIFIDPRU Investment firms. The webpage gives an overview of the Code and provides information on proportionality, performance...

PRA sets out supervisory priorities for 2022

The PRA has sent Dear CEO letters to PRA-regulated international banks, insurance firms and UK deposit-takers setting out its supervisory priorities for 2022. For banks, the PRA’s priorities relate to: Financial...

FCA outlines new authorisation fee structure

The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...

UK Finance responds on BNPL consultation

UK Finance has published its response to HM Treasury’s consultation on the regulation of BNPL products. The response shows that there is a consensus amongst UK Finance members: that BNPL products should be brought...

FCA updates TPR information for payment firms

The FCA has updated its webpage on cancelling temporary permissions to include information for payment services and e-money firms in the TPR or the supervised run-off (SRO) regime. FCA has also published new forms for...

FCA publishes IFPR newsletter

The FCA has published a newsletter on IFPR which, among other things, reminds firms that the obligation to collect certain data in connection with the firm’s SNI status and K-factor calculations has begun (see...

PRA updates on Solvency II reporting review

The PRA has published a policy statement (PS29/21) on phase 1 of its review of reporting requirements under Solvency II. In light of the feedback received on its proposals, the PRA has made a number of changes (set out...

PRA updates on designating investment firms

The PRA has published policy statement 27/21 which sets out: the PRA’s updated Statement of Policy – designation of investment firms for prudential supervision by the PRA (at Appendix 1); and the instrument making...

PRA updates on the 2022 cyber stress test

The PRA has announced that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test will focus on a severe data integrity incident as the disruption scenario and will test...

ECJ delivers ruling on interpretation of PSD2

In Vodafone Kabel Deutschland GmbH v Bundesverband der Verbraucherzentralen und Verbraucherverbände – Verbraucherzentrale Bundesverband e.V., the Oberlandesgericht München (Higher Regional Court – Munich) made a request...

FCA publishes final policy statement on IFPR

Following its first two policy statements, the FCA has published its third and final policy statement marking the completion of its rules to introduce the UK Investment Firm Prudential Regime (IFPR). The final rules...

UK Finance looks at operational resilience

In advance of the new operational resilience requirements taking effect on 31 March 2022, UK Finance has highlighted the following key themes of importance to both customers and the FCA: Simplicity – customers expect...

FCA updates on IFPR

The FCA has published the following additional MIFIDPRU applications forms under IFPR: Application under MIFIDPRU 2.3.1R to be exempt from disclosure requirements in MIFIDPRU 8 (disclosure by investment firms) for SNI...