FIN.

Author - Lucy Hadrill

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...

FCA writes to funeral plan providers

The FCA has published a Dear CEO letter on applying for authorisation as a pre-paid funeral plan provider or intermediary. The letter provides the following information to support firms’ preparations for...

FCA publishes IFPR amendments

FCA has set out several amendments it has made to the original text of the near-final IFPR Instrument, including changes to: The glossary definition of ‘UK parent investment firm’; MIFIDPRU 4.14.1R(2)(b) and...

FCA to issue compliance survey to GI firms

The FCA has added a new section to its webpage on general insurance pricing – attesting compliance. The rules in PS21/5 require senior managers of general insurance firms to provide annual confirmation that their firm...

FCA delivers speech on data-led regulation

The FCA’s chief data, information and intelligence officer, Jessica Rusu, has delivered a speech on the FCA’s role as a data-led regulator. The speech explores the FCA’s response to new technologies...

CMA writes to NewDay on PPI Order breaches

The CMA has written to NewDay Ltd about 5 breaches of the PPI Market Investigation Order 2011. The breaches, which have affected c.27,000 customers, relate to: NewDay’s failure to issue Annual Review statements to...

IOSCO updates outsourcing principles

The International Organisation of Securities Commissions (IOSCO) has published the final report on its updated outsourcing principles. The report covers the definition of outsourcing, the assessment of materiality and...

FCA publishes final IFPR rules

The FCA has converted the near-final rules from its first two policy statements on IFPR into final rules, which are set out in the legal instruments FCA 2021/38 and FCA 2021/39. The FCA will publish a third policy...

More of FS Act comes into force

The third Commencement Order under the Financial Services Act 2021 brings into force the provisions on dealing with maximum sentences for insider dealing and financial services offences (section 31 of the Act). This...

FCA publishes 2020/21 Perimeter Report

The FCA has published its latest Perimeter Report, in which it calls for greater consumer protection and legislative change to address concerns beyond its remit. Highlights include recommendations that: duties on...

FCA publishes financial promotions data

The FCA has published the number of financial promotions which have been amended or withdrawn due to non-compliance with FCA rules in Q3 2021. In the last quarter, the FCA reviewed 514 financial promotions by authorised...

FCA publishes final notice on fraud

The FCA has published a final notice banning Shaffarat Parvez from performing regulated activities. Whilst a director and an approved person at an authorised firm, Mr Parvez engaged in criminal activity and was...

FSSC launches Future Skills Framework

The Financial Services Skills Commission (FSSC) has launched its ‘Future Skills Framework‘. The online tool will provide organisations with a uniform set of 8 essential industry skills and behaviours...

EDPS welcomes EU’s plans for AML overhaul

The EDPS has published his opinion on the European Commission’s proposed package of AML changes. The EDPS welcomes the proposals but says further clarifications are needed to minimise intrusion into individuals’...

Up next from the regulators

Nikhil Rathi and Sam Woods, CEOs of the FCA and PRA respectively, have set out the regulators’ current areas of focus. Highlights from Mr Rathi’s speech include that the FCA: is collaborating with...

ECJ delivers judgment on EBA Guidelines

The ECJ has ruled that the EBA acted within its powers when it adopted guidelines on product governance and oversight arrangements for retail banking products in 2015. The guidelines set out requirements for...

FCA publishes insurer claims data

The FCA has published the latest data it has collected (as of 5 September 2021) from all affected insurers on the progress of their non-damage business interruption insurance claims. The data includes the number of: BI...

PSR panel publishes annual report

The PSR panel has published its annual report for 2020/21 which outlines how it has engaged with the PSR over the last year. Key themes that the panel highlighted over the last 12 months include the rapid acceleration...

FCA publishes consumer investment strategy

The FCA has published a new strategy to give consumers the confidence to invest and to tackle investment harm. By 2025, the FCA aims to: reduce by 20% the number of consumers who could benefit from investment earnings...

Government and FCA respond on LCF Report

The Treasury Committee has published responses from the Treasury and the FCA to its report on the FCA’s regulation of London Capital & Finance plc (LCF). Highlights from the government’s response...

Up next from FCA

The FCA’s latest Policy Development Update highlights: a policy statement on restricting CMC charges for financial products and services claims – expected to be published on 25 October 2021; and a policy statement...

CMA writes to LBG on PPI Order breach

The CMA has written to Lloyds Banking Group about its non-compliance with the Payment Protection Insurance (PPI) Market Investigation Order 2011. LBG breached the PPI Order by failing to include the monthly PPI benefit...

FCA mortgage guidance to expire in October

In October 2020, the FCA introduced temporary guidance on maturing interest-only and part-and-part mortgages. The guidance allowed borrowers with certain mortgages due to mature between 20 March 2020 and 31 October 2021...

Stick to the Basel III agreement, says EU

EU prudential supervisors and central banks have written to the EU Commission in support of a full, timely and consistent implementation of the Basel III agreement, saying that diluting the framework would not be in the...

Treasury consults on Banking Act amendment

Following the decision to remove FCA regulated 730k investment firms from the scope of the UK resolution regime, the government is now consulting on whether short-term liabilities owed to FCA investment firms should...

FCA launches 2021 Green FinTech Challenge

Following the success of the pilot challenge in 2018, the FCA has announced that the application window for the 2021 Green FinTech Challenge is now open. The Green FinTech Challenge is open to start-ups, incumbents and...

FCA Chair speaks on risks of token regulation

Charles Randell, Chair of the FCA and PSR has delivered a speech on the risks of regulating crypto tokens. Speech highlights include: whilst platforms’ efforts to crack down on fraudulent advertisements are welcome, a...

CLLS responds to Treasury consultation

The City of London Law Society (CLLS) has published its response to HM Treasury’s consultation paper “Amendments to the Insolvency Arrangements for Insurers” which was published on 20 May 2021. CLLS...

EIOPA report on peer review of key functions

EIOPA has published a follow-up report to the 2018 peer review on the supervisory practices for the application of the proportionality principle in government requirements regarding key functions. The follow-up report...

FCA announces new Digital Sandbox window

The FCA is opening the application window for the sustainability cohort on 6 September, with a view to opening the Digital Sandbox to successful applicants in November and access to the testing environment from January...

Banks back Confirmation of Payee extension

Following Pay.UK’s confirmation that the reach of the Confirmation of Payee Service (CoP) will be extended, a group of the UK’s major banks has written to the PSR to provide a public commitment to deliver...

Next steps for the Consumer Duty

The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second...

FCA, PRA and SEC enter derivatives MoU

The FCA, PRA and the US SEC have entered into a Memorandum of Understanding (MoU) in relation to consultation, cooperation and the exchange of information in the supervision and oversight of certain over-the-counter...

FCA launches third IFPR consultation

The FCA has published its third and final consultation on the IFPR. The IFPR creates a new regime for solo-regulated MiFID investment firms. The first consultation introduced the IFPR and focussed on the categorisation...

FSSC launches inclusion measurement guide

The Financial Services Skills Commission (FSSC) has launched an inclusion measurement guide to improve and develop inclusion data metrics and analysis across the UK financial services sector. The guide will enable firms...

Final report issued on FCA complaint

The Complaints Commissioner has issued its final report in respect of a complaint made to the FCA – the complainant received what they considered to be an aggressive and threatening email from the FCA’s...

PRA sets scope of 2022 insurance stress test

The PRA has written to the largest PRA-regulated life and general insurers to set out the high-level scope for the 2022 Insurance Stress Test (IST) exercise. For life insurers, the IST will focus primarily on economic...

FCA launches new whistleblowing webform

The FCA has launched a new online form for reporting concerns about wrongdoing by firms or individuals to the FCA. It has also published a new webpage to help whistleblowers decide where to make a report.

EBA publishes stress test results

The EBA has published the results of its 2021 EU-wide stress test which involved 50 banks from 15 EU and EEA countries. The results show that under a very severe scenario, the EU banking sector would stay above a CET1...

Regulatory sandbox now open year-round

The FCA’s regulatory sandbox is now open permanently, meaning firms can submit their applications throughout the year, rather than on a cohort basis. The FCA has also published guidance for firms applying to the...

Ombudsman News looks at BII complaints

The latest edition of Ombudsman News looks at complaints about business interruption insurance (BII) after the test case. In the case of most complaints, the insurer is now accepting that the policy provides cover...

FCA updates on MIFIDPRU applications

Following the publication of various MIFIDPRU application forms on 27 July, the FCA has made further application forms available on its website. The FCA intends to make the remaining application forms and all...

FCA consults on D&I on listed company boards

The FCA is consulting on proposals to improve transparency for investors on the diversity of listed company boards and their executive management teams. The proposals include changes to the FCA’s Listing Rules to...

Treasury consults on amendments to MLRs

The Treasury is consulting on amendments to the MLR 2017 Statutory Instrument 2022. These amendments will allow the government to make some time-sensitive updates to the MLRs, which are required to ensure that the UK...

FCA outlines mortgage prisoners review

The FCA has published the terms of reference setting out the steps it will take in its mortgage prisoners review. Data review: the FCA will review and update its data to consider the demographic and loan characteristics...

FCA updates on financial promotions

Following onshoring changes made to the FPO post-Brexit, the definition of “Relevant Market” inadvertently no longer includes relevant UK markets. This means the exemptions under Articles 37, 41 and 67-69...

EU Commission overhauls AML/CFT rules

The European Commission has unveiled an ambitious package of legislative proposals to strengthen the EU’s AML/CFT rules. The proposals include: a new EU AML/CFT Authority (AMLA) – the new AMLA will coordinate...

PRA writes to firms on Solvency II Review

The PRA has written to the CEOs of PRA-regulated Solvency II firms to introduce the Solvency II Review Quantitative Impact Study and to set out the PRA’s thinking on two key areas being assessed under it – the...