The FCA has announced a review into how firms are treating and responding to the needs of vulnerable customers. It will look at: firms’ understanding of consumer needs; skills and capability of staff; product and...
Lloyd’s has published a report on how the growth of generative AI could impact upon cyber risk. Whilst the report recognises the benefits generative AI can bring, it highlights that generative AI tools pose an...
Following its Sexism in the City inquiry into the barriers faced by women in financial services, the Treasury Committee has published a report of its findings. Key findings include: there have been some incremental...
Following the publication of the Future of Payments Review, Treasury has accepted the recommendation to publish a National Payments Vision. The Vision will constitute the government’s full response to the Future...
The FCA’s Smaller Business Practitioner Panel has responded to the consultation on proposals to require personal investment firms (PIFs) to set aside capital for potential redress liabilities. The Panel generally...
The National Audit Office has published a report looking at whether the BoE has efficient and effective systems and processes in place to manage non-compliance with legal, ethical and staff policy requirements. The...
The FCA has published its regular quarterly consultation on miscellaneous amendments to its Handbook. The proposed amendments include a new Statement of Policy setting out the FCA’s approach to using the...
The FCA has launched a new webpage which sets out when and how firms should prepare a wind-down plan. A typical wind-down plan should include: Scenarios – a firm should identify all the scenarios that could lead to it...
The FCA is consulting on draft guidance for reporting under the revised UK EMIR Article 9 reporting requirements. This follows the FCA/BoE joint policy statement which confirmed changes to the derivative reporting...
The latest FOS products complaints data (covering October – December 2023) shows that complaints about credit cards reached the highest level ever recorded in a 3-month period. 55% of these complaints were about...
Following its consultation in June 2023 (CP12/23), the PRA has published its policy statement on Solvency II reform (PS2/24). As a reminder, the main areas of reform proposed in the consultation were: simplifications...
The FCA is consulting on improving pace and transparency around enforcement cases. Key proposals in relation to investigations into firms are: publicly announcing that the FCA has opened an enforcement investigation...
The ABI has published a guide on the responsible use of AI which sets out how firms in the insurance sector can put the Government’s five principles of AI into practice. As a reminder, these are accountability...
The FCA has published the findings of its review of firms’ Consumer Duty implementation. The findings are split into six key areas and include examples of good practice and areas for improvement. Good practice –...
Following its response to the Government’s AI White Paper consultation, the Department for Science, Innovation and Technology has asked the FCA and BoE to publish information outlining their strategic approach to...
Following a 12-week trial brought by the FCA, Mr Mohammed Zina has been sentenced to 22 months’ imprisonment for insider dealing and fraud. Through his analyst role at Goldman Sachs International , Mr Zina came...
The FCA’s financial promotions gateway has come into force. From 7 February 2024, all authorised persons that want to approve fin proms for unauthorised persons will need FCA permission to do so (subject to...
The BoE is keen to receive a wide range of feedback in response to its discussion paper on regulating stablecoins. It has therefore extended the consultation period which will now close at 10am on 12 February 2024. As a...
HMRC has published details of the number of live corporate criminal offences (CCO) for the failure to prevent tax evasion under investigation as at 1 January 2024. HMRC has 35 potential cases underway, including: 11...
Following the publication of its policy statement in November 2023, the FCA has launched a new webpage on the sustainability disclosure and labelling regime. The webpage sets out the steps firms should take in...
The FCA has published summary data on the firms that entered the TPR and on those which have successfully secured full UK authorisation: 1,191 solo-regulated firms entered the TPR, spanning 29 jurisdictions and covering...
The PRA has fined the former CEO of Wyelands Bank Plc £118,808 for breaching three Conduct Rules between March 2016 and May 2020. Mr Hunter breached Individual Conduct Rule 2 and Senior Manager Conduct Rules 1 and 2 –...
The BoE, PRA and FCA have published their latest annual CBEST thematic report. The report, which has been published in full for the first time, contains cyber resilience good practice, lessons learned and insight...
The BoE and CMA have, for the first time, agreed a memorandum of understanding on how the two organisations will work together to help them achieve their statutory objectives. The MoU sets out agreed principles on...
Building on its 2022 discussion paper, the PRA is now consulting on its approach to policy. The paper sets out the PRA’s approach on: its primary and secondary objectives, including its new secondary...
As a continuation of its Consumer Investments Strategy (CIS), the FCA has set out the direction of travel for its consumer investments initiatives. It will focus on the following five core initiatives: accessible...
The FCA and Treasury have published a joint discussion paper (DP23/5) which outlines proposals to help people make more informed investment and pensions decisions. The proposals form part of the Advice Guidance Boundary...
In May, Treasury published a call for proposals on which metrics the FCA and PRA should publish in relation to the secondary growth and competitiveness objectives introduced under FSMA 2023. In its formal response to...
FOS is consulting on its proposed plans and budget for 2024/25. Questions include: what volume and trends should FOS be expecting in banking and consumer credit, insurance, investments and pensions, SME volumes, CMC...
HM Treasury has published a policy note and draft of the proposed statutory instrument which, if approved by Parliament, will allow the FOS to charge case fees to CMCs and other relevant professional representatives who...
The FCA has published a statement in response to concerns about costs and charges disclosure in the PRIIPs KID, UCITS KIID and MiFID II requirements. The concern was that the required costs and charges disclosure for...
Following its commitment to safeguard access to cash across the UK, the Government granted the BoE powers to ensure that the wholesale cash distribution infrastructure remains effective, resilient and sustainable as...
On 6 November, the application window for the FCA’s financial promotions gateway opened. Firms now have three months to apply for approver permission if they want to continue approving financial promotions for...
Nisha Arora (Director of Cross Cutting Policy and Strategy at the FCA) has delivered a speech on the Consumer Duty and the next steps for firms. The speech highlighted the following examples of good practice identified...
In March 2022, the All Party Parliamentary Group on Fair Business Banking (APPG) filed judicial review proceedings challenging the FCA’s decision not to act on the Swift report findings that the interest rate...
Jon Cunliffe (BoE Deputy Governor, Financial Stability) has given a speech on money and payments. Highlights include: G20 roadmap to improve cross-border payments Whilst improvements have been made since 2020, there is...
The PRA has written to credit unions following its annual assessment of the sector. Key messages for both large (those with total assets between £10m and £50m) and small (those with total assets up to £10m) credit...
FCA has published the findings from its review of terminal illness benefits within life insurance protection products. A terminal illness benefit provides an early lump sum pay-out of a life insurance policy where the...
The FCA has announced it will analyse the fair value assessments provided to it by 9 banks and building societies. This follows the introduction of the Consumer Duty and the 14-point action plan published by FCA in July...
Direct Line Group has agreed to carry out a review after it found it had charged some existing home and motor customers more for their renewal than would have been charged to new customers. The review will identify all...
OFSI has used its disclosure enforcement power for the first time to highlight a breach of the Russia (Sanctions) EU Exit Regulations 2019. This power allows OFSI to publish notices of breaches where it has decided not...
JMLSG has published its final revisions to Section 22 (Cryptoasset providers and custodian wallet providers) in Part II of its AML/CTF guidance. The update includes a new Annex 1 on crypto transfers which relates to the...
The FCA has published an update report on its wholesale data market study. As a reminder, the FCA launched its market study in March 2023 to investigate competition problems in the markets for benchmarks, credit ratings...
The FCA has published a new webpage which sets out information and guidance for firms on how to support vulnerable customers when providing pension transfer advice. Firms should be alert to potential indicators of...
The FCA has used its power to cancel consumer credit permissions which were not used for 2 years. Mr Roche was authorised by the FCA in January 2015 and held consumer credit permissions of: agreeing to carry on a...
The FCA has updated its website to remind dual regulated firms that, from 1 December 2023, they must check, amend (if required) and confirm their firm details at least annually via Connect. From this date, firms that...
The FCA has published updated terms of reference for the Wider Implications Framework. The framework provides a structure for its members to collaborate on issues that could have a wide-reaching effect across the...
The FCA has published an updated version of its statements of policy on the operation of the MiFID transparency regime. The updates are to reflect amendments made to UK MiFIR by FSMA 2023, including the deletion of...
The FCA has published a direction on the revocation of its transitional direction for the share trading obligation (STO) under UK MiFIR. The direction specifies that the STO was revoked on 29 August 2023 by the...
The latest edition of Ombudsman News highlights new guidance published by the FOS which explains its approach to complaints about financial difficulties in relation to mortgage debt. The guidance is outlined in two new...
Barclays Bank UK plc has been granted permission to appeal to the Supreme Court in the case of Philipp v Barclays Bank UK plc [2022] EWCA Civ 318. As a reminder, Mrs Philipp issued a claim against Barclays Bank seeking...
The FCA has announced it will be hosting a series of live and local events on the Consumer Duty across the UK between February and June 2023. The paid for events are aimed at retail investment and mortgage firms, and...
As scheduled, the FSM Bill had its report stage on 7 December and, eventually, at nearly 7pm, the Third Reading of the Bill took place and was agreed to. The Bill now moves to the Lords. While we still await the new...
The FCA’s reforms to the appointed representative regime have come into force and the FCA has published a new webpage setting out information on the s165 requests it will be sending to principal firms. As a...
The FCA is consulting on draft guidance explaining how firms can support their mortgage customers impacted by the cost-of-living crisis, including varying a contract for forbearance purposes. The draft guidance will...
The PSR has written to the Chair of the Treasury Select Committee to update her on the progress of CoP Phase 2 implementation. As a reminder, the aim of Phase 2 is to extend CoP to include PSPs who do not use the widely...
The FCA and The Pensions Regulator have provided an update on their 2018 joint regulatory strategy for the pensions and retirement income sector. The statement explains the regulators’ progress since 2018 and...
The FCA has published Decision Notices banning Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth from performing any functions in relation to regulated activity. The FCA considers that the traders placed large...
The FSB Plenary met in Basel to review vulnerabilities in the global financial system and to discuss policy work in several areas including crypto. The Plenary also agreed its work programme for 2023. Financial...
Following Treasury’s 2020 consultation, the FCA has launched its own consultation on the introduction of a gateway for firms who wish to approve financial promotions on behalf of unauthorised persons. The paper...
The FCA has published a portfolio letter which sets out its supervisory strategy for financial advisers and intermediaries. The letter confirms that financial advisers are a key priority for the FCA and outlines the...
Following its November 2021 consultation on plans to ban debt packagers from receiving referral fees from debt solution providers, the FCA has provided an update on its proposals. The FCA will set out its proposed next...
In advance of the FSM Bill starting its report stage on 7 December, the House of Commons has published an updated version of the amendment paper which lists all amendments tabled to the Bill together with any withdrawn...
Commission Delegated Regulation (EU) 2022/2360, which amends the regulatory technical standards (RTS) for strong customer authentication under PSD2, has been published in the OJEU. As a reminder, the amendments to the...
Following the publication of the FCA’s final BSPS redress scheme rules, FOS has published a press release and has updated its webpage on complaints relating to financial advice received in respect of transferring...
The FCA is consulting on proposals for changes to its policy on how it raises regulatory fees and levies. The consultation paper covers: the fees for principal firms of ARs; options for redefining fees calculations for...
The FCA has banned Carlo Palombo from performing any regulated activity. Mr Palombo was convicted of conspiracy to defraud in respect of fixing EURIBOR whilst an employee of Barclays and was sentenced to 4 years’...
The Association of British Insurers (ABI) has published an ambitious Blueprint which sets out a multi-year strategy to improve diversity, equality and inclusion (DEI) across the insurance industry. The Blueprint splits...
Sam Woods (PRA) and Nikhil Rathi (FCA) have written to Kevin Hollinrake MP on behalf of the APPG on Fair Business Banking. The regulators have responded to Mr Hollinrake’s questions following the closure of...
The FCA has published a discussion paper on the potential competition impacts that may arise from Big Tech firms’ entry and expansion into retail financial services sectors. It is seeking views on the emerging...
The FCA has published a new webpage containing information on the Consumer Duty. The webpage, which will be kept up to date, currently contains guidance for firms on: implementation plans and the FCA’s...
Sheldon Mills (Executive Director, Consumers and Competition at the FCA) has delivered a speech on what firms and customers can expect from the Consumer Duty. Mr Mills stressed that, whilst the Duty is not yet in force...
The FCA has published a new webpage on Consumer Duty, which outs out the timeline and key milestones for implementation and contains links to register for FCA webinars and email updates. You can also register to attend...
The PRA is consulting on proposed amendments to the regulatory regime for credit unions, including: changes to the Credit Union Part of the PRA Rulebook – these include extending the range of products available for...
The CMA has issued directions to NatWest following the bank’s breach of undertakings which prohibited it from requiring SME customers which held certain bank loans to also hold business current accounts (BCAs)...
UK Finance has outlined four key elements firms should be focussing on when building their Consumer Duty implementation plans. These are: definition of the target end state as an input to the gap assessment – to define...
The FCA has outlined proposals to market the Long Term Asset Fund (LTAF) to a wider group of retail investors and pension schemes, whilst also introducing enhanced investor protections. Highlights include plans to:...
Following two consultations on its proposals, the FCA has confirmed its plans for a new Consumer Duty which will require firms to put their customers’ needs first. The FCA has a parliamentary mandate, via the...
The PRA and FSCS have published an updated Memorandum of Understanding which replaces the existing version implemented in 2019. The MoU outlines the framework agreed by the PRA and FSCS on how they will work together in...
Following a pause during the Covid-19 pandemic, the FCA restarted its work on the Credit Information Market Study in July 2021. The FCA has now provided an update on the timeline for the publication of its interim...
Elizabeth McCaul, Member of the Supervisory Board of the ECB, has delivered a speech on how technology (particularly AI) can be used in the fight against financial crime. Ms McCaul discussed the relationship between...
The Treasury Committee has launched a new inquiry into cryptoassets. The inquiry will cover the opportunities and risks that cryptoassets may bring to consumers, businesses and the government. It will also examine the...
Sir Jon Cunliffe, BoE Deputy Governor – Financial Stability, has delivered a speech in which he set out what he thinks are the lessons from the recent instability and losses in crypto markets (also known as the...
The PRA is consulting on proposed changes to its approach to authorising and supervising insurance SPVs. The proposed changes include: changing the legal opinion expectation for non-English law governed contracts; and...
The FCA has set out the findings of its review on how retail banks treat SME customers who are in collections and recoveries. The FCA reviewed 11 retail banks which provide SME lending services, including BBLS, and...
The FSB has published a statement on international regulation and supervision of cryptoassets activities. Highlights include: the FSB will continue to facilitate cross-border and cross-sectoral cooperation amongst...
Following its call for evidence earlier this year, ESMA is consulting on draft guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure. The proposed draft...
EIOPA is consulting a draft supervisory statement (SS) on differential pricing practices in non-life insurance lines of business. Differential pricing practices are those pricing techniques where consumers with a...
The Upper Tribunal (Tax and Chancery Chamber) has published its decision in Vladimir Consulting Ltd (VCL) v Financial Conduct Authority, in which it has analysed whether VCL’s approach to business was compliant...
Sam Woods, Deputy Governor for Prudential Regulation and PRA CEO, has delivered a speech on the reforms to the regulation of insurance providers. Mr Woods considered the industry reaction to the PRA’s discussion...
Following its recruitment campaign, HM Treasury has announced the appointment of Ashley Alder as the new FCA Chair for a 5 year term. Mr Alder is currently Chief Executive Officer of the Securities and Futures...
Following its consultation last autumn, the PRA has published a policy statement which sets out its approach to interpreting and applying the definition of “insurance holding company” for the purposes of the...
Treasury has published a draft version of the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022, which make a variety of amendments to allow retained EU legislation to operate effectively after...
Following its consultation earlier this year, the FCA has published final rules and guidance to allow authorised fund managers to create side pockets for retail investment funds affected by the Russian invasion of...
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...
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...
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...
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...
FOS has published its annual complaints data for April 2021 – March 2022. Highlights include: FOS received 165,263 new complaints which is a decrease on the previous year (279,146). Of these, there were 5,369 PPI...
The FCA has published its final periodic regulatory fees and levies for 2022/23 including feedback on CP22/07. The FCA will invoice fee-payers from July 2022 onwards for their 2022/23 periodic fees and levies.