FIN.

Category - Brexit

FCA speaks to EU on global cooperation

Ashley Alder, FCA Chair, has spoken at the UK Mission to the EU on the importance of regulatory cooperation and open markets, and the relationship the UK now hopes to build with the EU under the 2023 MoU. He said that...

FCA publishes TPR data

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...

BoE responds on PRC remit

BoE Governor Andrew Bailey has written  to the Chancellor, updating last year’s response to the letter setting out the Chancellor’s recommendations to the Prudential Regulation Committee (PRC). The letter...

FCA updates on retained EU laws

FCA has updated its website with details of the current state of play in relation to the repeal and replacement of retained EU laws in the financial services sector. Coming up in 2024 will be many changes and papers...

Government revokes more retained EU laws

The fourth Commencement Order of FSMA 2023 brings into force various provisions of the Act, and revokes a long list of retained EU legislation from 1 January 2024. Other provisions that come into force on that date...

FCA makes new rules

FCA has published new rules including amendments to: introduce the requirements on Sustainability Labelling and Disclosure (from 28 November 2023) update SYSC from 8 December in respect of changes to the proportionality...

FCA finalises new rules to replace IDD

FCA has published its policy statement and final rules which will replace the IDD Delegated Regulations with rules and guidance in the FCA Handbook. The Regulations included: the standardised IPID format; product...

PRA consults on step-in risk assessments

PRA is consulting on proposed changes to rules and policy that will require CRR firms and consolidation entities that are not classified as small domestic deposit takers to regularly assess their step-in risk –...

Lords recommends new Regulation Committee

The House of Lords Liaison Committee has recommended that a new financial services regulatory committee be created whose remit will be to look at financial regulation generally and particularly to scrutinise financial...

Treasury publishes draft Brexit amendment SI

Treasury has published a draft statutory instrument, intended to take effect from 1 January 2024 which will use powers under FSMA 2023 to make various changes to primary and secondary legislation to remove or amend...

PRA consults on insurance branch supervision

PRA has published a consultation paper, setting out its proposals to consolidate and formalise existing PRA policy on overseas insurers that write business in the UK through the establishment of a third-country branch...

PRA speaks on Solvency UK

Gareth Truran of PRA has spoken on the “Solvency UK” initiative which will replace Solvency II. He said PRA is maintaining the momentum it needs to implement the reforms in 2024. He said the proposals PRA...

FCA consults on the future of the IDD

FCA is consulting on a proposal to transfer parts of the IDD that are currently in legislation into its rules, as part of the Future Regulatory Framework following Brexit. Treasury has announced its plan to repeal the...

FCA updates on UK MiFIR obligations

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...

FSM Bill gets Royal Assent

As expected, the Financial Services and Markets Act 2023 got Royal Assent on 29 June.  Heralding it, Treasury described its key features as: bringing the ability to tailor financial services regulation to fit UK markets...

FSM Bill completes Parliamentary process

The FSM Bill returned to the Lords for consideration of the few amendments the Commons had made.  These were agreed, and so the Bill has completed its Parliamentary passage and now awaits Royal Assent. It is expected to...

UK and EU sign MoU

Jeremy Hunt has made his first visit to Brussels as Chancellor to sign the EU/UK financial services MoU. The MoU sets out arrangements for information sharing, exchanges of views and enhanced co-operation on financial...

UK and EU publish draft MoU on FS cooperation

The UK and EU Commission have published their draft MoU on regulatory cooperation in financial services. The draft is still subject to the internal processes of the EU, but both parties intend to sign it shortly. The...

House of Lords updates on FSM Bill

Ahead of the seventh day of debate on the FSM Bill in the Grand Committee, the House of Lords has published: a new list of amendments; a letter promised by Baroness Penn to all members on matters raised at the second...

Round up of FSMB in Lords’ Grand Committee

The FSMB has now completed 3 of its scheduled 6 sessions in the Lords’ Grand Committee. Many Lords have spoken on amendments, including several from Baroness Bowles, but so far none have been voted through. The...

FSMB Lords Committee third day

The Lords Grand Committee had its third day of discussion on the FSM Bill on 1 February. The session covered: a group of amendments designed to test how the regulators apply their competitiveness and growth objectives...

First session of Grand Committee on FSMB

In the first session of the Grand Committee sitting on the FSM Bill, Clause 1-23 of the Bill were approved (some with amendments), and a number of Government amendments were also agreed. There was lengthy discussion on...

FSM Bill Grand Committee stage starts

The first day of the Lords Grand Committee hearing on the FSM Bill took place on 25 January.  There are now 6 dates scheduled in total, with sittings taking place now on 30 January, then 1, 6, 8 and 20 February.  195...

FSMB completes second reading in Lords

The FSMB had its second reading in the Lords on 10 January.  Baroness Penn, leading for the Government, summarised the importance of the Bill and its overarching aims, which she described as: implementing the outcomes...

FCA makes new rules

FCA’s latest Handbook Update confirms the following new rules: the Non-Workplace Pensions Instrument, which takes effect from 1 December 2023 and puts in place changes designed to help non-workplace pension savers...

FCA seeks views on retail disclosures

Following on from the Treasury consultation on PRIIPs information requirements, FCA is now seeking views on when and in what format information should be delivered to consumers in a way that ensures what is provided is...

Treasury publishes FS law Brexit strategy

Treasury has published a Policy Paper setting out how it intends to deal with retained EU law in the financial regulatory sector. The Policy Paper says that the FSMA model, with the operationally dependent regulators...

PRA speaks on implementation of Basel 3.1

Phil Evans of the PRA has given a speech at UK Finance entitled “Implementing Basel 3.1 in the UK” providing an overview of the approach in PRA’s consultation paper CP 16/22. In it he notes the momentousness...

PRA amends approach to identifying O-SIIs

PRA has published a policy statement setting out amendments it will be making to its approach to identifying other systemically important institutions (O-SIIs). The statement also contains PRA’s feedback to the...

FCA and BoE agree MoU with Bank of Greece

FCA has published a Memorandum of Understanding (MoU) between the Bank of Greece (BoG) and the BoE and FCA which aims to formalise supervisory cooperation and information sharing arrangements in the wake of Brexit...

Andrew Griffith letters on FSMB

The House of Commons has published a letter from Andrew Griffith on the FSM Bill dated 10 October to Tulip Siddiq and Abena Oppong-Asare. The letter followed the second reading of the Bill and addresses: the...

Key Appointed Rep and TPR deadlines

FCA’s latest edition of “regulation round up” summarises recent publications and key deadlines, and also: says it will send the promised s165 request to all principal firms asking for information about...

Highlights of FSMB debates from 25 October

The 3rd and 4th sittings of the Public Bill Committee debate on the FSM Bill took place on 25 October.  After the evidence sessions from witnesses on 19 October, the line-by-line scrutiny of the Bill has now started...

Government responds on UK/EU FS dialogue

The Government has published its response to the House of Lords’ European Affairs Committee report on the UK-EU relationship in financial services. In the main, it is pleased with the Committee’s findings...

FCA speaks on role of regulation in growth

Sarah Pritchard, Executive Director at FCA, has spoken on the regulator’s role in encouraging growth.  Key points in her wide-ranging speech included: FCA’s commitment to showing speed and agility, providing...

PRA’s future approach to policy

On 8 September 2022, PRA published its intended future approach to policy in a new discussion paper (the ‘paper’) which is summarised on the Bank of England’s website. The paper is based on the FSM...

FSM Bill progresses through Parliament

The Financial Services and Markets Bill had its second reading in Parliament on 7 September.  There appears to be broad support for the Bill, and many MPs focussed on the importance of access to cash.  On 8 September...

FCA publishes quarterly consultation

FCA has published its regular quarterly consultation. It proposes changes to: the schemes regime under s272, and consequential changes to COLL, the Glossary, DEPP and EG. The changes specifically relate to what FCA...

PRA consults on O-SII approach

PRA is consulting on changes to its approach to identifying other systemically important institutions It currently carries out its assessments following the EBA methodology but feels Brexit gives an opportunity to...

FCA publishes Annual Report

FCA has published its Annual Report and supporting papers. It highlighted: how nearly 600,000 people are paying less in interest and charges on credit card debt following rule changes; how further rule changes have...

Queen’s Speech 2022 – FS elements

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...

Insurance business transfer scheme permitted

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...

FCA makes new rules

The FCA’s latest Handbook Notice confirms changes to: apply the rules set out in the Funeral Planning Conduct of Business (FPCOB) sourcebook to funeral plan providers selling their own plans directly to customers...

EPC issues SEPA reminder

The European Payments Council (EPC) has published a press release reminding Single European Payments Area (SEPA) payment scheme participants to comply with the EU Revised Wire Transfer Regulation (2015/847)...

UK and Australia sign historic trade deal

The UK and Australia have signed a trade deal which sets new global standards in digital services and creates new work and travel opportunities for residents of both nations. The deal, which was agreed in principle in...

CLLS considers Fin Prom onshoring

The City of London Law Society has published a letter written to the Treasury in July expressing concerns about how the “onshoring” of the Financial Promotion Order post-Brexit has affected the exemptions...

FCA publishes quarterly consultation paper

The FCA has published its 34th quarterly consultation paper. The proposed changes to the FCA handbook include: Amending the Enforcement Guide to reflect the EU Exit Passport Regulations by providing information about...

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...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

FCA speaks on tough regulation and the future

Nikhil Rathi has spoken on building a regulatory environment for the future. He focused on the opportunities Brexit has given for the UK to tailor its rules. Much of his speech addressed ESG issues, but he noted also...