Lucy HadrillFCA has published a review of how insurers have been handling claims under business interruption insurance policies. It has welcomed insurers making quick interim payments and proactively communicating with...
Category - Topics
Emma Radmore
FCA consults on creating baseline financial resilience return
FCA is consulting on a proposed replacement for the Financial Resilience Survey. It plans to create a new return for solo-regulated firms, which it hopes will both reduce the burden of ad hoc surveys and increase the...
Harshil PatelNew Russian sanctions in place from 30 September
In response to the illegal annexation of 4 Ukrainian regions, the Government has imposed sweeping new sanctions the effect of which is to deny Russia access to key services including IT consultancy, architectural...
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 confirms cessation of 1 and 6 month synthetic sterling LIBOR at end-March 2023
FCA required IBA to continue its publication of 1-, 3- and 6-month sterling and yen LIBOR settings for an additional year after end-2021. Following FCA’s consultation earlier this year, the majority of respondents...
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...
FCA warns insurers about cover during cost of living crisis
FCA has written to the CEOs of insurers and brokers following concerns that customers may look to cut back on the insurance they hold as the cost of living crisis continues. FCA wants to be sure that customers are...
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...
BoE speaks on technical innovation from crypto to real
Sir Jon Cunliffe has spoken on innovation, and specifically the risks and opportunities of crypto-assets, in post trade services. He noted the importance of bringing crypto-assets and activities within regulation...
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...
Court dismisses JR application on FOS decision
The High Court has refused a renewed application by Charles Street Securities Europe LLP for permission to apply for judicial review of a FOS decision made in February 2021. The dispute focused on whether Mr R, a client...
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...
FCA publishes insurance broker wind-down plan study
FCA has published the results of its review of how well general insurance brokers assess the adequacy of their liquidity for orderly wind-down. During early 2022, it conducted a review of 10 insurance brokers, mainly...
FCA confirms SMCR Covid guidance no longer current
FCA has updated its website in relation to the SMCR to confirm that its Covid-related guidance on workplace arrangements and work-related travel and its expectations on firms is no longer current.
Economic Crime and Corporate Transparency Bill heralds Companies House reform
The Economic Crime and Corporate Transparency Bill has started its parliamentary passage. The Bill aims to crack down on money laundering and other crimes, primarily through: the long-promised Companies House reforms...
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...
FCA consults on trading venue perimeter
FCA is consulting on clarifications to the regulatory perimeter for trading venues and related services. The consultation is part of the wholesale markets review and reflects concerns expressed as part of the feedback...
FCA suggests changes to multi-occupancy building insurance market
Following a request from the then Secretary of State for Levelling-up, Housing and Communities in January, FCA (working with the CMA) has published its recommendations and potential remedies to give leaseholders better...
FCA updates on Link Fund Solutions investigation
FCA has confirmed it has now issued Link Fund Solutions Ltd with a draft Warning Notice following its investigation into the circumstances leading up to the suspension of the Woodford Equity income Fund. The firm has 14...
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...
Nicola RadfordBIS calls for swift Basel III implementation
The Basel Committee has reiterated its expectation that all aspects of the Basel Framework should be implemented as consistently and fast as possible. More than 66% of jurisdictions plan to implement all or most of the...
FCA imposes conditions on CiC
On 12 September, FCA announced that it has imposed conditions on a proposed change in control. Dye & Durham is looking to take over the Link Group, which involves the acquisition of 7 FCA-authorised firms. One of...
FOS publishes latest complaints data
FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...
FCA speaks on “force multiplier effect”
Sarah Pritchard, Executive Director of Markets at the FCA has recently given a speech on how the “force multiplier effect” is key to fighting financial crime. She said the role of those in the first line of...
Government approach to crypto
The House of Commons library has released a research briefing setting out the Government’s regulatory approach to crypto-assets and currencies in advance of a Westminster Hall debate on 7 September. The report...
OFSI publishes annual frozen asset request form
OFSI has published the annual frozen assets reporting notice, template and accompanying guidance notes. All persons who hold or control funds or economic resources belonging to a designated person should complete the...
Innovate Finance publishes FSM Bill briefing
Innovate Finance has called out the aspects of the FSM Bill that are of particular relevance to the UK FinTech sector. It calls out the Bill’s proposals on: stablecoin regulation and the FMI sandbox(es) –...
PRA writes to Treasury Committee on “strong and simple”
Sam Woods has written to Mel Stride answering the Treasury Committee’s follow up questions about the Strong and Simple framework. The letter explains that PRA received 19 responses to its consultation and says: in...
DRCF ToR published
The CMA has published the terms of reference for the Digital Regulation Cooperation Forum, which was established by the CMA, ICO and Ofcom in June 2020, with FCA joining in April 2021. The forum’s objectives...
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...
FCA updates attestations stats
FCA has published details of the number of attestations it has received in the first quarter of 2022/3. It has received only 4, all in respect of retail business, and none from dedicated supervision firms. Over the...
PSR to regulate Sterling Fnality Payment System
HM Treasury has designated Sterling Fnality Payment System as a regulated payment system from 31 August 2022. Accordingly, PSR has confirmed that Sterling Fnality Payment System will be subject to PSR regulation from 31...
CMA issues directions to NatWest for bundling breaches
The CMA has issued directions to NatWest following the bank’s breach of undertakings which prohibited it from requiring SME customers which held certain bank loans to also hold business current accounts (BCAs)...
The future of Open Banking and the Joint Regulatory Oversight Committee
FCA, PSR, CMA and HM Treasury have published a joint statement on the future of open banking, announcing the creation of a joint regulatory oversight committee. The committee, co-chaired by the FCA’s Executive Director...
OFSI updates sanctions guidance
OFSI has published a blog on who needs to make reports to it in relation to financial sanctions issues and how, and also also updated its general guidance on financial sanctions to give greater guidance on reporting.
Consumer Duty: building an implementation plan
UK Finance has outlined four key elements firms should be focussing on when building their Consumer Duty implementation plans. These are: definition of the target end state as an input to the gap assessment – to define...
FCA publishes robo-advice repayment decision paper
FCA has published an occasional paper that looks at the results from a robo-advice experiment which asked customers to make borrower repayment decisions. It drew several interesting conclusions, including that: the...
No further action against HBOS senior managers
PRA and FCA have finished their investigations into certain former senior managers at HBOS in relation to its 2008 failure. The regulators started the investigations in 2016 following the Green report on the scope of...
Wolfsberg Group publishes transaction monitoring RFI guidance
The Wolfsberg Group has published a guidance paper looking at requests for information as used in AML transaction monitoring. RFIs are used when correspondents or other PSPs are looking to understand transactions that...
FCA responds to Premier FX complaints
FCA has upheld or partially upheld 5 out of the 31 complaints it received from people who lost money when money remitter Premier FX collapsed. The issues relate to events which happened some time ago, and in relation to...
FCA to send AR requests in December
FCA has confirmed it will be sending principal firms that have appointed representatives a s165 information request in December. The request (which FCA had previously said it would issue later this year) will seek...
FCA fines for failure to have trade surveillance requirements
FCA has imposed a fine of over £12.5m on Citigroup Global Markets Limited, for failing to comply with MAR trade surveillance requirements. MAR introduced a requirement from 2016 to monitor orders and trades to detect...
FCA warns again on misleading BNPL ads
FCA has written to BNPL providers and to the British Retail Consortium, warning them that even while some BNPL agreements remain currently unregulated, this does not mean that the financial promotion rules don’t...
UK Finance publishes UK payment market report
UK Finance has published a report on trends in UK payment markets in 2021 and forecasts up to 2031. Unsurprisingly, the report looks at the effects of the pandemic on payments that fell and then recovered, and at the...
FCA to consult on SMCR enhanced scope coverage
FCA is to consult shortly on changes to clarify the scope of firms that fall within the scope of Enhanced Scope SMCR firms. When it renamed and moved the definition of “Significant IFPRU firm” as part of...
Clarity for lenders dealing with borrowers in distress
The Supreme Court has refused the Appellant’s application for permission to appeal against the Court of Appeal’s decision in Morley (t/a Morley Estates) (Appellant) v The Royal Bank of Scotland Plc...
Court refuses permission to appeal on CCA default notice
The Supreme Court has refused the Appellant debtor’s application for permission to appeal the Court of Appeal’s decision in Goodinson (Appellant) v PRA Group (UK) Ltd (Respondent) [2021] EWCA Civ 957...
CMA ranks banks’ customer treatment
CMA has carried out a survey of individuals and small businesses to look at how well banks are looking after customers during the cost of living crisis. CMA made participation in the survey mandatory for all relevant...
FCA urges further transition of LIBOR-linked bonds
FCA is continuing to encourage issuers and bondholders of outstanding LIBOR-linked bonds to take whatever action is necessary to transition them to fair alternative rates. Wherever consent solicitation is practicable...
PRA removes deposit taking permission from Sonali Bank
PRA has varied Sonali Bank’s permission so that it no longer has permission to accept deposits. The decision, published in a second supervisory notice, states that the firm is failing to meet the threshold...
JMLSG updates Motor Finance guidance
JMLSG has published revisions to its sectoral guidance on Motor Finance. It has submitted the new guidance to Treasury for approval. The additions to the existing guidance comprise of an FLA industry standard annex...
Companies House writes to overseas entities on register entries
Companies House has written to overseas entities who already own or leave property or land in the UK and who must register information with Companies House by the end of January 2023. Any entity that does not comply can...
FCA updates CiC requirements for crypto controllers
FCA has updated its change in control pages on its website to reflect new forms for controllers of registered cryptoasset firms. From today (11 August), any person deciding to acquire 25% of more control of a registered...
TheCityUK publishes manifesto for next PM
TheCityUK has set out 8 areas where the industry can work with the next Prime Minister, not least: delivering n the FSM Bill as soon as possible and reforming Solvency II creating tax incentives to accelerate financing...
FMLC reports on RAO “similar contracts of guarantee”
The Financial Markets Law Committee has published a report looking at the wording in the RAO which extends the meaning of the term “contracts of insurance” also to include arrangements which the FMLC says...
UK Finance supports “simpler-regime”
UK Finance has responded to PRA’s consultation paper on its proposed definition of a simpler-regime firm. It supports the principle, but has suggested it would be appropriate to increase the ceiling below which...
UKJT consults on legal statement for digital securities
The UK Jurisdiction Task force is looking at the way in which English law can support the issue and transfer of equity or debt securities on blockchain and DLT systems. The statement will follow its work over recent...
FCA publishes “alternatives” supervisory letter
FCA has published its supervisory strategy letter for “alternatives” – that is firms that are predominantly active in the alternative investment sector. Although the letter, as usual, is addressed to...
PRA makes new rules
PRA has made changes to its rules, supervisory statements, statements of policy and technical standards following its Occasional consultation 3/22. The changes affect: Solvency II firms: in respect of the Statement of...
NCA and OFSI issue Russian sanction enablers alert
NCA and OFSI have issued a “red alert” sharing information on some of the common techniques that Designated Persons under Russian sanctions and their UK enablers are suspected to be using to evade sanctions...
FCA fines former NED for inside information disclosure
FCA has fined Sir Christopher Gent, former NED of ConvaTec Group, £80,000 for disclosing inside information to individuals in senior positions in two of the company’s major shareholders in advance of its...
Read our article on the new Consumer Duty
Following up on our headline post, we have written an article giving more detail on the Consumer Duty and highlighting some of the key changes since the FCA’s second consultation paper. The implementation deadline...
FCA confirms new AR rules
FCA has confirmed its new rules to make principal firms more responsible for their ARs. The package of rules, which will take effect from 8 December, will: require principals to notify FCA of future AR appointments 30...
FCA publishes 2022 “Dear Remco Chair” letter
FCA has updated its materials on SYSC 19D to include its “Dear Remuneration Chair” letter for 2022, which sets out its expectations as the Remuneration Committees determine the year’s remuneration...
FCA updates on mortgage switching
FCA is pleased that the number of borrowers who could save money by switching mortgages is now around 370,000, down from 800,000 in 2016. However, it urges borrowers to consider their mortgages, given the rising costs...
EIOPA consults on governance arrangements in third countries
EIOPA has launched a public consultation relating to a draft supervisory statement on the use of governance arrangements in third countries. EIOPA’s aim with the supervisory statement is to enhance the supervision and...
FCA consults on transfer advice redress
FCA is consulting on updates to how it calculates redress for unsuitable DB pension transfer advice. The consultation: confirms that FCA has carried out a review that shows that the current methodology is appropriate...
FCA consults on widening access to the LTAF
The FCA has outlined proposals to market the Long Term Asset Fund (LTAF) to a wider group of retail investors and pension schemes, whilst also introducing enhanced investor protections. Highlights include plans to:...
FCA finalises high-risk fin prom rules
FCA has published its policy statement with final rules on firms that are publishing promotions of high-risk products. The new rules will require firms that are issuing and approving the materials to have appropriate...
Climate-related disclosures improve but could still be better
FRC and FCA have published two reports which found that premium listed companies have made significant steps forward in the quality of climate-related information provided in their financial reports, but further...
Court refuses judicial review on FOS mortgage rate decision
The High Court has found in favour of FOS in an application by a mortgage lender for judicial review of FOS’ decision on a complaint about mortgage interest rates. Mrs D had taken out a 10 year interest only...
FCA says applicants must prove ability to comply with Consumer Duty
FCA has updated its website in relation to applications for authorisation in light of its publication of the final rules on the Consumer Duty. It now says that it expects all applicants for authorisation or VOPs to be...
FCA publishes Carillion decision notices
FCA has published its decision notices in respect of Carillion plc and three of its former executive directors. As the company is in liquidation, FCA has imposed a public censure, which has not been appealed. However...
Law Commission consults on crypto
The Law Commission has published a paper setting out its proposals for reform of the laws relating to digital assets. It has identified many areas of law that need reform in order to recognise and protect the rights of...
Ombudsman News highlights gambling complaints
The latest edition of Ombudsman News from FOS highlights: the recent appointment of a new Deputy Chief Ombudsman and COO, both of whom will take up their roles by October; and FOS’ new guidance on the treatment of...
PSR publishes response to Digital Payments Initiative report
The Payment Services Regulator (PSR) has published its response to the PSR Panel’s Digital Payments Initiative report. In response to last year’s Access to Cash Working Group’s recommendations, Dr Ruth Wandhöfer...
Duncan ScottEmployee fairly dismissed for failing to disclose that he had been made bankrupt
We have commented on the recent Employment Appeal Tribunal (EAT) decision in Pubbi v Your-Move.co.uk [2022] EAT 96 in which an employee was dismissed for failing to disclose that he had been made redundant, following up...
Ben DuxburyNeed more detail on the Financial Services and Markets Bill?
We’ve produced a detailed summary of the key aspects of the Financial Services and Markets Bill, following up on our headline post. While the Bill won’t be having its second reading until September, keep an...
FCA publishes final rules on Consumer Duty
Following two consultations on its proposals, the FCA has confirmed its plans for a new Consumer Duty which will require firms to put their customers’ needs first. The FCA has a parliamentary mandate, via the...
CMA orders bank to send transaction histories
The CMA has ordered Monzo to send transaction histories for 13,000 customers who closed their accounts with the bank but were not sent the history required by the Retail Banking Market Investigation Order. The breaches...
Overseas Entities Registration Regulations made
The Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 were made on 25 July. They specifically: cater for electronic delivery of documents required; list circumstances in which the...
Court confirms no statutory trust for unsafeguarded EMR/PSR assets
The Insolvency and Companies Court has given directions at the request of the liquidators of Allied Wallets Limited, a failed payment services firm, which was subject to the PSRs in respect of electronic payment...
FCA publishes fin proms data
FCA has published its quarterly data for the quarter ending June 2022 on its actions against firms that breach financial promotions restrictions and requirements. Key statistics include: review of 451 promotions...
CMA finds that six high street banks broke CMA banking rules
Six high street banks have broken rules imposed by the CMA under the Retail Banking Market Investigation Order 2017. Banks and building societies are required to follow strict rules when it comes to informing customers...
BoE and FCA accept transformation programme recommendations
BoE and FCA are leading a joint transformation programme with industry to transform data collection from the UK financial sector. They have published an initial set of recommendations from the programme and the response...
UK Government publishes proposals for a new AI rulebook
The UK Government has published its plans to regulate the use of AI which aim to to develop consistent rules that promote innovation. The approach is based on six core principles that regulators must apply, with...
MLR amendments made
The Money Laundering and Terrorist Financing (Amendment)(No 2) Regulations 2022 were made on 21 July. The changes implement Treasury’s conclusions following its consultation and will mainly take effect from 1...
FATF looks at DP, technology and private sector information sharing
FATF has published a report looking at how collaborative analysis and ways of bringing data together can help financial institutions to build a clearer picture of the large and complex puzzle of transactions of which...
Treasury consults on payments systems regulation
Treasury is consulting on payments regulation and the systemic perimeter. The paper looks at how BoE currently applies the regulatory perimeter over payment systems and how it should approach reform. It also looks at:...
New Financial Services and Markets Bill in Parliament
The Government has introduced the Financial Services and Markets Bill into Parliament. The Bill was introduced on 20 July and had its first reading, but no date was set for the second reading. In his first Mansion House...
ESMA updates fund marketing questions
ESMA has updated its FAQs on the AIFMD and UCITS Directive: on the AIFMD, the most interesting new question seeks clarification on who is responsible for compliance with the marketing provisions in the AIFMD when an AIF...
Tribunal decides dismissal for bankruptcy is fair
A recent Employment Appeal Tribunal decision considered whether Your-Move (YM), an Estate Agent, had unfairly dismissed a consultant (Mr Pubbi – the Claimant) for failing to disclose that he had been made bankrupt. The...
PSR annual report focuses on “protecting people”
On the 19th July the PSR released its annual report for 2021/2022, and outlined how it has helped the public in the past year. During the year, the PSR: imposed its biggest ever fine (for cartel behaviour in the prepaid...
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...
Complaints Commissioner publishes Annual Report
In this year’s report by the Complaints Commissioner dealing with complaints against the Financial Services Regulators, Amerdeep Somal outlines what her office dealt with, and how it compared to last year. 935...
FCA updates on Credit Information Market Study
Following a pause during the Covid-19 pandemic, the FCA restarted its work on the Credit Information Market Study in July 2021. The FCA has now provided an update on the timeline for the publication of its interim...
FCA fines failed firm for financial crime failings
FCA has fined the TJM Partnership, which is now in liquidation, £2,038,700 for financial crime compliance failings in cum-ex trading business. This is the third fine in this area, and the largest. FCA found the firm...
FCA’s CEO speaks on how the UK will regulate for the future
Nikhil Rathi, Chief Executive of the FCA, gave a speech on how it intends to regulate financial services for the future. A different regulator? He stressed that the FCA was: redesigning its operational platform to...
FSB reports on climate change roadmap
FSB has published its first annual progress report in the roadmap for addressing financial risks from climate change. FSB reported that good progress had been made against all four blocks of the roadmap: Firm-level...
PRA finds evidence that banks are reluctant to use their capital buffers
Victoria Saporta, Executive Director of Prudential Policy, gave a speech discussing banks’ reluctance to use their capital buffers. PRA requires UK banks to hold capital ‘buffers’, but the PRA has found evidence...
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