FIN.

Author - Lucy Hadrill

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...

FCA updates on travel insurance expectations

The FCA has updated the travel insurance section of its insurance and coronavirus webpage. The FCA says that, when buying travel insurance, customers cannot rely on their pre-pandemic knowledge and experience. It...

FCA writes to authorised fund managers on ESG

The FCA has written to the chairs of authorised fund managers setting out its expectations on the design, delivery and disclosure of environmental, social and governance (ESG) and sustainable investment funds. The FCA...

FCA updates on workstreams

The FCA has provided updates on the following 4 workstreams: Assessing Suitability Review (ASR 2) – ASR 2 was placed on hold in April 2020. The FCA has decided not to continue planned work on ASR 2 in 2021/22. This will...

MEPs give green light for DLT pilot

Economic and Monetary Affairs MEPs have voted in favour of a temporary common EU pilot regime for financial services based on distributed ledger technology (DLT). The project follows a ‘sandbox’ approach...

FPC meets to discuss financial stability

The BoE has published the record of the Financial Policy Committee’s (FPC) meeting held on 30 June 2021. Meeting highlights include: The UK financial system has provided support to households and businesses to...

PRA policy statement on Basel implementation

Following its consultation earlier this year, the PRA has published a policy statement (PS) on its proposed new CRR rule instrument to implement part of the Basel standards that still need to be implemented in the UK...

PRA consults on review of Solvency II

The PRA has published a consultation on its proposed changes to Solvency II reporting requirements and expectations. The proposals would result in changes to the following policy material: The onshored version of the...

PRA consults on designating investment firms

The PRA is proposing minor changes to its policy on designating investment firms. This includes a proposal to increase the base capital resources requirement for PRA-designated investment firms, thereby aligning it with...

FCA to make rules on pension schemes

New regulations made under the Financial Guidance and Claims Act 2018 (Act) mean that certain provisions of the Act relating to requirements to refer individuals to pensions guidance will come into force on 5 July 2021...

FCA publishes first policy statement on IFPR

Following its consultation in December 2020, the FCA has published the first of its policy statements (PS) on the introduction of the UK Investment Firms Prudential Regime (IFPR). In general, the FCA has implemented its...

FCA bans crypto exchange Binance

Binance Markets Limited is not permitted to carry on any regulated activity in the UK without the prior written consent of the FCA. The FCA has also issued a warning about Binance.com, advising consumers to be wary of...

FCA fines CMC for cold calling

The FCA has fined claims management company, Crosfill & Archer Claims Limited, £110,000 for unsolicited telemarketing calls to people who had registered not to receive this type of sales call. In such cases, the...

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...