FIN.

FCA updates SMCR resources

FCA has updated its checklists for firms preparing for the SMCR.  It has added some text about the submission of Form K. It has also added a section for sole traders to its guidance on conversion from the Approved...

PRA consults on update to PIN process

The PRA is proposing amendments to its Pre-Issuance Notification regime for capital instruments within the scope of CRR.  The proposed amendments reflect changes arising from CRR II, and also the PRA’s experience...

FATF updates compliance table

FATF has published further reports on Iceland, Hong Kong, China and Greece’s AML/CFT measures and as a result updated its consolidated table of assessment ratings.

FCA prosecutes for document destruction

FCA has brought its first prosecution for a destruction of documents offence under FSMA.  It has prosecuted Konstantin Vishnyak, who it was investigating for suspected insider dealing, for destroying documents which he...

FCA updates on consultations and feedback

The latest Policy Development Update highlights a number of papers due before the end of 2019: feedback on the investment platforms market study remedies; policy proposals on regulatory fees and levies; permitted links...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October,  and also other miscellaneous amendments including: minor...

PSR update on LINK interchange fees

On 9 September 2019, the PSR published a document setting out (1) the responses it had received to its call for views on the structure of LINK interchange fees and (2) a summary of the roundtable event which discussed...

FCA publishes Directory entry form

FCA has published forms and guidance for firms that need to submit data for the new Directory of certain individuals working for financial services firms. The guidance explains what FCA considers to be “customer...

OFSI publishes frozen asset review guidance

OFSI has published guidance on the annual frozen asset review reporting form.  The guidance explains the requirement for all persons who hold or control funds or economic resources that belong to or are controlled by a...

Government answers AML questions

In response to questions posed in Parliament, the Secretary of State for the Home Department confirmed that the UK has not opted in to the Directive on criminal sanctions for money laundering our legislation is already...

EBA speaks on AML

Jose Manuel Campa, EBA Chair, spoke to ECON on the importance of consistent application of AML legislation. He explained the ESAs’ current powers, and the guidelines already published. He said EBA is working on...

FCA speaks on skimmers and scammers

Charles Randell has spoken on FCA’s commitment to the Economic Crime Plan and the importance of embedding fraud prevention in the development of new savings and investment policies. He encompassed within...

PRA writes to banks on AML risks

PRA has written a Dear CEO letter bringing banks’ attention to EBA’s opinion on the ML/TF risks in prudential supervision, and confirm it will continue to consider these concerns as part of its prudential...

No strong case to merge Ombudsmen

“There is not a strong case to merge TPO and FOS at the present time” is the conclusion of a tailored review of the Pensions Ombudsman (TPO) published by the DWP.   A merger between the two Ombudsmen...

HMRC cracks down on ML breaches

HMRC has updated its list of actions against businesses that are not complying with the MLR and published details of a £7.8m fine levied on a money transmitter.  It imposed the fine on Touma Foreign Exchange Ltd after...

FCA publishes SCA webpage

As the official deadline approaches for SCA implementation, albeit mitigated by the conditional extension agreed with UK Finance, the FCA has published an overview page setting out the state of play for industry...

Tabernula defendant imprisoned

As a result of a conviction for money laundering following the “operation Tabernula” investigations, Richard Baldwin has been sentenced to 5 years and 8 months imprisonment.  This follows convictions of...

Big Data Analytics consultation by IAIS

The IAIS has published a draft issues paper on the use of Big Data Analytics in Insurance. The draft issues paper focuses on potential benefits and risks to consumers of the use of personal and other data by insurers...

FCA updates on Remuneration Code expectations

FCA has written its annual letter to RemCo chairs of Level 1 firms. The letter sets out what FCA has found on accountability, ex-post risk adjustments and diversity and inclusion.  The letter: notes the responsibilities...

Pay.UK call for information

Pay.UK has today published a call for information following a change request which was requested by UK Finance on behalf of seven of their members.  This change would introduce a new requirement to the Faster Payments...

CMA takes action over PPI reminder failures

CMA has ordered RBS and Santander to take remedial action after they did not send, or sent inaccurate annual PPI reminders to customers. The banks must now appoint independent bodies to audit their PPI processes and put...

ESAs respond on crypto assets

EBA and ESMA have published a joint response to the Commissions’ paper on crypto-assets.  The response explains the work the ESAs are undertaking, including an imminent national stock-taking exercise on the...

CMA revokes Lloyds Directions

CMA has revoked the Directions it gave to Lloyds Banking Group on 1 April as part of the Retail Banking Market Investigation. The Directions had required Lloyds (among others) to take various actions to deliver App-to...

ASA takes action on misleading crypto ad

ASA has told HDR Global Trading to take down an ad and ensure in future that financial information was set out so as to be readily understood by the audience it was aimed at and that the risks of the relevant...

SFO publishes “co-operation” guidance

The SFO has published guidance for corporates aimed at helping them to understand what it means by “co-operation” when it is considering its charging decisions.  The SFO says it is assistance that goes above...

Regulators launch new ScamSmart campaign

The FCA and the Pensions Regulator are running another media campaign over the summer to warn the public about pension scams. With new research suggesting that 42% of pension savers are potentially at risk (which would...

Reserve your place: FUNDamental Series

Join us for the first in our series of Funds seminars in Edinburgh on 3 September.   If you work with funds, are looking to set one up or even invest in one you’ll benefit from attending this seminar which is...

NCA gets UWO against Northern Irish woman

NCA served an unexplained wealth order , its 4th in total, on a Northern Irish woman living in London with suspected links to organised crime, in respect of her financing of 6 properties worth over £3m.

Transparency International Annual Plan

TI has published its annual plan for 2019-20. Key points include: the growth of TI to over 50 staff in the past 10 years should now lead to a period of stabilisation; the key successes of last year included the...

FCA updates skilled persons statistics

FCA has released the figures for skilled persons reports it commissioned in Q1 2019/20. It commissioned 9 reports in total – of which 3 related to each of retail lending and wholesale financial markets, 2 to...

FCA explains UCITS liquidity problem

Andrew Bailey has written to Lord Myners explaining why FCA has not taken, and does not think it appropriate to take, action to establish its own requirements for liquidity standards for UCITS. The letter explains that...

FCA publishes SMCR stocktake report

FCA has published the findings of its review on how the SMCR has been embedded in the banking sector. It hopes banks and solo-regulated firms will find the conclusions of use and interest, although it notes the review...

Up next from FCA

The latest version of FCA’s Policy Development Update highlights: expected feedback on Investment Platforms Market Study Remedies by the end of the year; potential policy statement on general insurance value...

FATF updates compliance ratings

FATF has published an updated table of assessment ratings. The ratings show how each member has fared in the assessments of compliance with each FATF standard. It has also updated its procedures for its fourth round of...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

Tribunal refuses suspension application

Sussex Independent Financial Advisers Limited had applied to the Tribunal for a suspension of the FCA’s decision to vary its permission to remove all its permitted activities on the basis that the firm did not...

BSB publishes Consumer Framework

BSB has published its Consumer Framework designed to show what good banking outcomes look like to consumers.  Following consultation feedback, the BSB has made some adjustments to its draft principles and examples of...

Regulators tweak exit arrangement rules

FCA has announced an extension to the directions made under its temporary transitional power which it introduced in February.  The direction will now give firms until 31 December 2020 to make the necessary adjustments...

Commission calls for better AML measures

The European Commission is not happy with the levels of domestic implementation of various AML/CTF measures in Member States. It has carried out research and issued a Communication and several reports.  Key conclusions...

Commission adopts unfair terms guidance

The European Commission has adopted a guidance note on the Unfair Contract Terms Directive.  The note covers: the objectives and scope of the directive; key terminology such as “supplier” and...

FCA consults on vulnerable customer guidance

FCA has published a guidance consultation on what it considers the Principles require of firms in terms of fair treatment of vulnerable customers. It thinks firms have made big improvements generally, but now wants to...

Updated FCA and PRA MoU published

The FCA and the PRA have updated the MoU setting out the relationship between the two regulators and the way in which they respectively operate, particularly in common areas. The MoU was first published at the time of...

EBA FinTech report published

The EBA has analysed the regulatory landscape for FinTech firms, both in terms of activities around the regulatory perimeter and within authorisation.  The report sets out the findings of this analysis, including...

JMLSG updates on Guidance

JMLSG has thanked all those who responded to its proposed changes on the chapters in Part II of its guidance addressing credit unions and brokerage services to funds. It has now put the finalised chapters to Treasury...

SFO confirms DPA with metals tech firm

The SFO has announced that in 2016 it entered into a DPA with Sarclad Ltd, a technology provider for the metals industry. The DPA related to charges of corruption and failure to prevent bribery between June 2004 and...