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FCA worried about trading app design

FCA is concerned that certain stock trading apps include game-like elements which risk prompting consumers to take actions beyond their risk appetite and not in their interests.  It has highlighted practices which...

New FSMB Amendments published

The House of Commons has published an amendment paper for the FSM Bill, tabling two new additional clauses. The new clauses relate to stewardship reporting requirements for OPS and for large institutional investors...

Law Commission consults on DAOs

The Law Commission has published a call for evidence, seeking information about how decentralised autonomous organisations (DAOs) should be characterised and how the laws of England and Wales might accommodate them in...

FOS feeds back on future funding

FOS has published feedback following its discussion paper on its future funding. Following comments, it will not take forward some of the options on which it sought views, such as charging professional representatives...

LSB and PSR sign MoU

The LSB and PSR have signed and published a memorandum of understanding. setting out how the bodies will co-operate and communicate. The accompanying press release note who LSB champions the CRM Code and wants to work...

FCA reacts to FTX failure

FCA has noted that UK customers of FTX may be alarmed following its provisional liquidation in the Bahamas and filing for bankruptcy in the US. It had previously warned customers that FTX is not regulated in the UK and...

FCA bans director

FCA has banned Ashkan Zahedian, former sole director of an authorised consumer credit firm, following his conviction for serious, violent offences that took place while he was an approved person. FCA said the offences...

FCA updates ARs page

FCA has updated its website page on Appointed Representatives, to reflect the changes coming in on 8 December.  Among other things, the page reminds firms of: the s165 information request that principals will receive...

CMA writes to Barclays on PPI breaches

The CMA has written a public letter to Barclays because the bank failed to send reminders to up to 1,306 customers about their payment protection insurance (PPI) policies. This meant a breach of Article 4 of the Payment...

FCA updates on mortgage switching

Following its update earlier this year, the FCA has published a technical note on switching in the mortgage market which includes more in-depth analysis. Key findings include: since the mortgage market study (MMS) (H2...

Final day of FSMB debate published

In the morning and afternoon of the final day of the Public Bills Committee debate on the FSM Bill, the remaining tabled new clauses were discussed: that the Chair of the PSR should be a member of the FCA board:  this...

FOS publishes latest complaints data

The latest quarterly complaints data from FOS reveals: 38,470 new complaints from July – September 2022 (Q2), an increase of 3,000 on Q1; nearly 6,000 complaints about current accounts (up by 500) nearly 3,400...

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...

OFSI updates Russian sanctions guidance

The FCDO, OFSI and the ECJU have updated its guidance on the scope of the sanctions against Russia and when a licence might be available.  The update caters for the most recent regulations (Amendment number 15), which...

FCA makes new rules

FCA’s latest Handbook Notice confirms changes to SUP 16 to reflect requirements on firms subject to IPRU(INV) 5. The changes take effect from 31 December and mainly amend form FSA035 for affected firms.

PRA speaks on growth and competitiveness

Sam Woods has spoken at Mansion House on how prudential regulation can contribute to the competitiveness of the UK as a financial centre, and to economic growth.  He confirmed PRA’s support for the FSM Bill...

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...

FATF consults on BO guidance

FTAF is consulting on updates to its guidance on Recommendation 24, following the amendments to the Recommendation that it adopted in March. The draft guidance explains the purpose of gathering beneficial ownership...

FCA consults on anti-greenwashing rules

FCA is consulting on new rules to tackle greenwashing. Following its commitment in its ESG strategy and business plan, FCA is now addressing the concerns that the increasing exaggerated, misleading or unsubstantiated...

Further FSMB revisions released

Parliament has published the latest raft of proposed amendments to the FSM Bill. These include: a change to the very first sub-clause, replacing the revocation of the EU and EU-derived legislation in the schedule so...

Call for evidence on Economic Crime Bill

The Public Bill Committee has invited written evidence on the Economic Crime and Corporate Transparency Bill, which is due to start its scrutiny in the Public Bill Committee on 25 October, and to conclude by 24 November...

FCA publishes H1 complaints data

FCA has published the complaints data for H1 2022, which shows: a 1% increase in complaints from the previous period (1.88m complaints) the biggest increase was in the decumulation and pensions group (15%) with a 5%...

PRA fines MS Amlin for governance failings

PRA has fined MS Amlin Underwriting Limited nearly £10m for failings in its governance, controls and risk management. The failings lasted for over 5 years and related to the governance and oversight of underwriting...

First day of FSMB Committee hearing

As scheduled, the Public Bill Committee scrutinising the FSM Bill had its first day of scheduled evidence sessions on 19 October, and an updated amendment paper was published. The Committee heard in the morning from...

OFSI and OFCA announce enhanced partnership

OFSI and OFAC held a multi-day technical exchange designed to aid collaboration between the agencies in future. In practice, this means that OFAC and OFSI officials will more often exchange best practices and pool...

FCA updates on Consumer Investments Strategy

FCA has published an update on its Consumer Investments Strategy, tracking what has happened in the past year.  Highlights are that FCA has: prevented 1 in 5 applicants wanting to enter the consumer investments market...

FSMB Committee stage timetable published

Following the announcement that the Committee stage in the Commons will begin on 19 October, a timetable for the sessions has now been published. Key witnesses scheduled to appear on that day include BoE, PRA, FCA and...

FCA fines Gatehouse Bank for AML failings

FCA has fined Gatehouse Bank £1.5m (after a 30% reduction for early settlement) for significant weaknesses in its AML controls which lasted for 3 years to July 2017. It found the bank generally failed to conduct...

FSMB Committee stage scheduled for 19 October

An update to the Parliament website shows the Committee stage for the Financial Services and Markets Bill will start on 19 October.  After the line by line debate is complete, the Bill will be republished for report...

FCA finalises branch closure guidance

FCA has published new, updated guidance for banks, setting additional expectations on them when they are considering closing branches or ATMs. FCA has seen some good practices develop since it originally published...

BoE consults on AI discussion paper

The BoE is consulting on its discussion paper about how artificial intelligence (AI) may affect financial regulation. The discussion paper looks at how the current regulatory framework applies to AI; it considers how...

FCA portfolio letter to high-cost lenders

FCA has published its portfolio supervision letter in relation to high-cost lending products. The letter sets out the risks FCA believes high-cost firms pose to their customers and the markets in which they operate and...

FCA updates Whistleblowing data

FCA has published data on whistleblowing reports received between April and June 2022. It received 243 new reports containing 474 allegations, mainly through its online reporting form, but a sizeable number by email or...

FCA launches new webpage on Consumer Duty

The FCA has published a new webpage containing information on the Consumer Duty. The webpage, which will be kept up to date, currently contains guidance for firms on: implementation plans and the FCA’s...

FCA revamps Digital Sandbox page

FCA has updated its support page on its website relating to the Digital Sandbox to explain more clearly what it offers and how to apply (although it is currently closed for applications)

FCA speech: Consumer Duty

Sheldon Mills (Executive Director, Consumers and Competition at the FCA) has delivered a speech on what firms and customers can expect from the Consumer Duty. Mr Mills stressed that, whilst the Duty is not yet in force...

PSR sets out APP scam protection proposals

PSR is consulting on how to increase consumer support for APP scams.  Following the initiatives it has taken to date, the new measures will: require reimbursement in all but exceptional cases; improve and make...

Ombudsman News and new FOS UCIS pages

The latest edition of Ombudsman News highlights the recent complaints data we’ve previously reported on, and gives guidance on complaints relating to UCIS. FOS is seeing increasing complaints about advice to...

OFSI fines for sanctions breach

OFSI has published details of a monetary penalty imposed on Hong Kong International Wine and Spirits Competition Ltd. The fine, of £30,000 related to 3 payments and 78 wine bottles the company had received from a...

Consumer Duty: FCA update and events

The FCA has published a new webpage on Consumer Duty, which outs out the timeline and key milestones for implementation and contains links to register for FCA webinars and email updates. You can also register to attend...

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...

FCA updates on insurance pricing

FCA has updated its website on general insurance pricing practices, to include information on application of PROD to products distributed through distributors based outside the UK and intended for non-UK customers. FCA...

FOS publishes H1 complaints data

FOS has published its regular half-yearly update on complaints data relating to individual businesses. 212 businesses feature, with an average uphold rate of 37% (the same as the previous period). FOS has also reported...