On 12 February, Mark Steward, Executive Director of Enforcement and Market Oversight made a speech at an event on Investigations and Enforcement: A Guide to Managing Regulatory Action. Key takeaways from the speech...
Author - Natasha Brownlee
Natasha Brownlee
PSR makes policy statement on Confirmation of Payee and Specific Direction 10
On 20 January 2020, the PSR consulted on varying specific direction 10 (SD10) on confirmation of payee. SD10 was given to the six largest banks in August 2019, requiring them to implement confirmation of payee from 31...
FCA writes to credit brokers
The FCA wrote to credit brokers on 13 February 2020 identifying the key drivers of harm within the credit broking portfolio. These include:- failure to understand regulatory requirements; poor oversight of staff and...
FCA recognises Standards of Lending Practice for business customers
The FCA has published a feedback statement (FS20/1) on the recognition of the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers and updated its webpage on recognised industry codes...
FCA tells CMCs to raise advertising standards
The FCA has conducted a review of financial promotions issued by CMCs. CMCs are required to provide information to consumers that is fair, clear and not misleading under rules that were introduced in April. The rules...
FCA provides more time to implement Secure Customer Authentication
The FCA has set out an agreed plan that it will not take any action against firms that are not ready for the strong customer authentication (“SCA”) EU rules by 14 September this year. In the plan, the FCA...
FCA announce delay of publication of rules for CFD
Further to our article in December, the FCA have published a statement announcing that it is delaying publication of final rules for CFD products and CFD-like options. The FCA consulted on permanent rules to restrict...
Andrew Bailey looks at the future of financial conduct regulation
On 23rd April, Andrew Bailey, Chief Executive of the FCA, released a statement on the future of financial conduct regulation. He used a four lens approach when looking at conduct regulation. These can be summarised as:...