On 17 May 2022, the FCA published Market Watch 69, its newsletter on market conduct and transaction reporting issues. The newsletter focuses on firms’ arrangements for market abuse surveillance, drawing on the...
On 13 May 2022, the FCA published a consultation paper on expanding the dormant assets scheme (the Scheme). The Scheme allows banks and building societies to pay dormant monies to an authorised reclaim fund which then...
Following its request for feedback last year, the European Commission has adopted reforms of the current EU rules concerning financial services contracts concluded at a distance. The proposal aims to simplify and...
The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...
Nikhil Rathi, CEO at the FCA, spoke on learning from the last 30 years to face the next 30 years at the Chartered Institute for Securities & Investment (CISI) 30th anniversary dinner. Highlights include: the world...
On 3 May 2022, the Lending Standards Board (LSB) published its Business Plan and Budget for 2022/23. in the plan, the LSB sets out its strategic priorities and provides further information on the activities it intends...
On 26 April 2022, the FCA published a speech given by Nikhil Rathi, FCA Chief Executive, on the FCA’s view of critical issues in financial regulation. Mr Rathi sets out the challenges and opportunities confronting...
On 21 April 2022, the Council of the EU has published a note to commence trilogues with a three-column table summarising and comparing the European Commission’s proposals, the European Parliament and Council’s...
Following a joint consultation with the Bank of England and the PRA which ended on 12 October 2020, the FCA has advised they are still in the process of updating their Complaints Scheme which promises to be more user...
The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2022/23. The PRA’s strategy will be delivered through the following strategic goals: Retain and build on the strength of the banking and...
The PRA has issued a Policy Statement (PS) including feedback to responses to Consultation Paper (CP) ‘Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23’. The PS is relevant to all...
The FCA has published some pointers that firms should consider regarding operational and cyber resilience following Russia’s invasion of Ukraine. Firms are advised to consider the following: the firm’s ability...
The CMA has published its Annual Plan which explains how it will protect consumers, promote competition and help support the economy in the year ahead. It aims to encourage innovation, productivity, and sustainable...
The Bank of England (the Bank) has thanked the House of Lords Economic Affairs Committee for its report on the Central Bank Digital Currency and in a letter addressed to the House of Lords, the Bank addresses the...
The European Supervisory Authorities (EBA, ESMA and EIOPA – the ESAs) warn consumers that many crypto-assets are “highly risky” and speculative. The ESAs advised that sufficient measures are needed to...
The Financial Markets Law Committee (FMLC) has issued a letter to Treasury following the Treasury’s response to its 2020 Consultation on cryptoasset promotions. The letter highlights that the FMLC has identified...
MEPs have agreed on draft rules on supervision, consumer protection and environmental sustainability of crypto-assets, including cryptocurrencies such as bitcoins. For those issuing and trading crypto-assets, the new...
The PRA has issued a Consultation Paper setting out proposals to make minor amendments to UK Technical Standards (UKTS), PRA rules, supervisory statements, Legacy Supervisory Statements, and a Statement of Policy...
On 11 March 2022, OFSI, the FCA and the Bank of England issued a joint statement on sanctions and the cryptoasset sector. The statement comes amid the conflict between Russia and Ukraine to ensure all firms are...
An application under Part VII of FSMA 2000 was made for sanctioning an insurance business transfer scheme which involved the transfer of insurance policyholders from Assured Guaranty (Europe) PLC (in the UK) to Assured...
The FCA has published a portfolio letter to Credit Union Boards setting out the usual key risks of harm that are present for Credit Unions, their members and the markets in which they operate. The letter asks firms to...
The PSR has given Specific Direction 12 (SD12) to Link Scheme Holdings Ltd (LINK) allowing them to maintain the broad geographic spread of the UK’s free-to-use (FTU) cash machine network. The new Direction follows...
Following the guilty verdict back in February of the two former finance chiefs at a London-listed IT firm found to be misleading investors after they falsified the company’s accounts, Tim Coleman has now been sentenced...
FCA has introduced restrictions on claims management companies (CMCs) to prevent excessive charging of fees to consumers owed compensation from financial services firms. The cap on charges is dependent on how much...
Following a consultation on the UK Prospectus Regime, the Government has today published the Prospectus Regime Review Outcome. The document sets out important reforms to the UK’s regime for the public issuance of...
On 28 February 2022, the Financial Policy Committee (FPC) published a consultation to seek the views of interested parties on the proposal to withdraw the affordability test. The consultation, in particular, asks the...
Following its agreement in principle, on 25 February 2022, the International Trade Secretary joined her counterpart in Singapore and signed the trade deal- the Digital Economy Agreement (DEA) – that will help...
Following the Financial Services Culture Board’s report on inclusion, the Financial Ombudsman Service (FOS) has recently published its diversity, inclusion and well being report 2021 which highlights...
One year on from the Kalifa review, the Innovate Finance membership community (FinTech CEOs and founders) have published an open letter expressing their contentment in seeing action taken to implement a majority of the...
Pay.UK has developed a new tool in collaboration with UK Finance to help prevent Authorised Push Payment (APP) fraud. The new ‘logical data model’ will be a useful foundation for categorising relevant customer data to...
As part of its inquiry into the Future of Financial Services post-Brexit, the Treasury Committee held a session on Monday 21st February with representatives from the PRA, FCA and the Bank of England. The aim of the...
HMCTS (Tribunal) has dismissed two applications made by an applicant against the Financial Conduct Authority (FCA). The FCA had given a Decision Notice to Przemyslaw Soszynski t/a Phenix Consultancy (Applicant) refusing...
Advertising and marketing associated with cryptoassets is subject to the UK advertising rules policed by the Advertising Standards Authority. New guidance has been issued to assist businesses with complying with these...
The International Regulatory Strategy Group (IRSG) has published a narrative on the European Commission’s proposal for new rules for third country providers of banking services as part of the EU Capital...
Two former finance chiefs at a London-listed IT firm have been found guilty of misleading investors after they falsified the company’s accounts. Timothy Coleman, the former chief financial officer of Redcentric, used...
As promised, the Bank of England (Bank) has today launched the second round of the Biennial Exploratory Scenario (BES) exercise on financial risks from climate change. The exercise aims to explore what financial risks...
The House of Lords International Agreements Committee (IAC) launched an inquiry into the UK-India trade negotiations. The IAC is considering all aspects of the negotiations, but is particularly interested to hear how an...
On 1 February 2022, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a draft opinion on the European Commission’s legislative proposal for a Directive on consumer credits to...
The CMA has written to Tesco Bank acknowledging the steps it has taken to end the breach of the Private Motor Insurance Market Investigation Order 2015 (the Order). Article 3 of the Order requires that any additional...
PSR has fined five companies – Mastercard, Allpay, Advanced Payment Solutions, Prepaid Financial Services and Sulion – a total of £33 million after finding them to be in breach of Chapter 1 of the...
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