Category Enforcement

FCA to regulate claims management companies

It was also confirmed in the background notes to  the Queen’s Speech that the Financial Guidance and Claims Bill  will be brought forward to progress plans previously announced for: FCA to take over the regulation of claims management services. Among other things it will have power to cap fees CMCs charge. FOS will have responsibility for […]

FCA speaks on approach to investigations

Jamie Symington, Director of Investigations at FCA has spoken on its approach to investigations. He explained that historically firms have feared investigations which often resulted in an adversarial and quasi-litigious relationship with investigators from the outset . This often prevented both the firm and the investigator doing their jobs properly. In 2014 Treasury recommended that FCA […]

FCA publishes pensions lifestyle strategy review

FCA has published the findings from its review of life insurers’ pension lifestyle investment strategies. It had asked 13 insurers what their approach was to these strategies in the light of the 2015 pension reforms and how consumer behaviour had changed as a result. FCA found that firms use different names for the books they operate, […]

BoE speaks on operational resilience

Charlotte Gerken has spoken of the BoE’s approach to operational resilience. She focussed on how it is developing its approach in co-operation with firms and other regulators. BoE’s aim is to improve the ability of the financial services sector to absorb the impact of an unexpected event while continuing to perform its key activities.  Part […]

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes changes to: TC to update the list of appropriate qualifications; SUP to clarify how the requirement to have a client assets report applies to loan-based crowdfunding platforms – primarily to clarify FCA’s expectation that these firms appoint an auditor to prepare and submit a client assets report; and also to […]

FCA consults on MLD4

FCA is consulting on changes to its Handbook and Guidance to ensure it is in line with MLD4 and the Fund Transfer Regulation.  The draft MLRs that will replace the 2007 version give FCA greater supervisory powers over both regulated firms subject to the MLR and “Annex 1 financial institutions”.  The changes affect only DEPP […]

ESMA sets out principles for regulating migrating UK firms

ESMA has published a set of principles that the regulators in the “EU27” should follow when assessing applications from UK institutions seeking an EU authorisation post-Brexit.  Key principles include: that no authorisation will be automatically “grandfathered”; that no institutions should be able to operate as a “letter-box” – so all outsourcing and delegation must be […]

ASA says fx ad breaches Code

The ASA has found a TV advertisement for online CFD trading breached the BCAP Code in respect of social responsibility. The advert showed a young adult waking up and looking at his tablet which showed a falling exchange rate and a voice-over stating the young man was a risk seeker. It then showed him checking […]

Up next from FCA

FCA’s latest Policy Development Newsletter promises only a policy statement on enhancing COB rules for firms providing CFDs to retail clients following before the end of June. Many other papers are due later in the year, or with a publication date to be confirmed.  Strangely (in the version published on 5 May), there is no […]

ASA holds against Santander card ad

The ASA has ordered Santander not to show a credit card advertisement again in its current form. The TV advert, aired last November, showed various scenarios including people looking at holiday photos, choosing games and discussing finances. A voiceover stated benefits the All in One card would give, including cashback on all purchases, no fee […]