FIN.

Government responds on financial exclusion

The Government has published its response to the Lords Liaison Committee report on tackling financial exclusion. Key elements of the response consider: access to cash: the response notes that the FS Act 2021 will allow...

Taskforce reports on regulatory reform

The Taskforce on Innovation, Growth and Regulatory Reform has provided its report on reshaping regulation in the UK to the Prime Minister. The report calls for: a common law approach proportionality in application...

ECB consults on “fit and proper”

ECB has issued a consultation draft of its requirements when assessing members of management boards and those holding key functions within regulated institutions as “fit and proper”. It asks for comment by ...

EBA reports on industry readiness for SCA

The EBA has published a report on data provided by PSPs on their readiness to apply strong customer authentication (SCA) for e-commerce card-based payment transactions. Despite PSPs in some jurisdictions lagging behind...

FCA takes 13 firms into new sandbox cohort

FCA has accepted 13 firms into cohort 7 of the regulatory sandbox. It received 58 applications, mainly from firms in the retail investment and retail lending sectors. FCA was interested in proposals that saw more...

PSR consults on new 5-year strategy

The Payment Systems Regulator (PSR) has announced plans for a new five-year strategy. The proposals set out an approach that aims to make sure payments and payment systems work well for everyone and that there is fair...

FS Act 2021 starts to come into force

The first commencement order for the FS Act 2021 bring into force: on 9 June, sections 3-5 and Schedule 3 on prudential regulation of credit institutions by PRA on 26 June, section 7 and part of Schedule 4 on amendments...

EBA and ESMA update on IFR permitted funds

EBA and ESMA have published a provisional list of additional instruments and funds that some of the smallest investment firms may use as own funds under the IFR. The list is designed to help firms in advance of the IFR...

FSB consults on cross-border payments

The FSB is consulting on global targets for addressing the challenges of cross-border payments. The proposed targets set goals for improving cost, speed, transparency and access for cross-border payments in the coming...

Market Watch looks at use of orderbook data

The latest edition of Market Watch explains how FCA uses orderbook data to help conduct surveillance to identify suspected market manipulation.  It uses its own data combined the STORs and other notifications it...

Pensions Dashboard call for input

The Pensions Dashboards Programme has called for input on plans for the staged compulsory connection of pension providers to the new ecosystem. The DWP, FCA and TPR have been involved in developing the proposals, which...

ESMA finalises marketing guidelines

ESMA has clarified its guidelines on standards for fund marketing. Following its consultation, the guidelines detail how all marketing communications should: be identifiable as such; describe the risks and rewards of...

ASA rules against Cryptocurrency Ad

ASA has ruled against Luno Money’s poster ad for its cryptocurrency exchange service for failing to contain any risk warning that the value of Bitcoin could go down as well as up, in breach of CAP Code 3.1, 3.3...

ESMA calls for evidence on digital finance

ESMA has launched a call for evidence which aims to gather information on various issues relating to digital finance. It is particularly seeking to understand: more fragmented or non-integrated value chains, which arise...

FCA intervenes on high risk CFDs

FCA has stopped ICC Intercertus, a Cypriot firm operating under the TPR, from conducting any regulated or marketing activities in the UK. The firm’s wider group traded as “EverFX” and used the...

FCA confirms role in RLS

FCA has confirmed its approach to regulating firms in relation to the Government Recovery Loan Scheme that was launched by the British Business Bank on 6 April to replace the BBLs and CBILS which are now closed to new...

PRA speaks on Cyber Risk

Lyndon Nelson has spoken about the steps PRA takes to counter cyber risk. He described how PRA has looked at operational resilience in the context of cyber risk by testing, capabilities and coordination. It has carried...

PRA updates on MRTs

PRA has published an update on the requirements applicable to material risk takers.  The EU did not adopt an updated version of the MRT Regulation before the transposition date of CRD V, and so PRA is currently using...

FCA publishes updated information sheets

The FCA has issued updated consumer credit information sheets in accordance with the CCA 1974. The updates are to provide more targeted and useful help to customers, particularly those with mental wellbeing issues. The...

FCA responds to Amigo Scheme rejection

The High Court has refused to sanction Amigo’s proposed Scheme of Arrangement. The FCA, having previously objected to the Scheme, has now responded to the ruling. The FCA considers the decision is an important...

FCA orders firm to terminate AR agreements

FCA has published a first supervisory notice to Marshall Sterling Investment Management Limited, requiring it to terminate its relationships with 2 appointed representative firms within 14 days of the notice, and with a...

PRA publishes 2021/22 Business Plan

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2021/22. The PRA’s strategy will be delivered through the following strategic goals: Have in place robust prudential standards and...

No timescale on BNPL

In answer to a question in Parliament, the Government confirmed its intention is still to bring forward secondary legislation to bring forward currently unregulated BNPL products “when Parliamentary time...

PSR consults on CoP for all

The PSR has issued a call for views on whether it should direct additional banks, building societies and financial institutions to offer Confirmation of Payee.  Currently only the 6 biggest banking groups offer it.  The...

Update on AIFMD Delegation Rules

The EU has been saying for some time that it wishes to review the rules by which EU AIFMs may delegate investment management to entities outside of the EU. In its August 2020 letter regarding the review of the AIFMD...

FCA extends SCA deadline to March 2022

The FCA has extended the deadline for implementing Strong Customer Authentication for e-commerce transactions from 14 September 2021 to 14 March 2022. This further 6-month extension is in response to concerns about...

Rebranded BSB updates website

The former Banking Standards Board has been rebranded as the Financial Services Culture Board from May 2021. It is now open to all financial services firms operating in the UK

FCA Call for Input: Pensions Consumer Journey

The FCA has launched a call for input, to better understand consumer behaviour at key points in the pension saving journey. The FCA acknowledged that the pensions and retirement income markets have evolved significantly...

FCA writes to CEOs of EMIs on client money

FCA has written a Dear CEO letter asking e-money firms to write to their customers to explain how their money is protected. It is worried that these firms’ promotions to customers give the impression that their...

IAIS consults on AML guidance

IAIS is consulting on changes to its “application paper” on AML and CFT in the insurance industry. The paper was originally published in 2013, and IAIS has revised it in light of various FATF updates and...

FCA launches consultation on CMC phoenixing

The FCA has announced proposals to stop the practice of ‘claims management phoenixing’ by banning claims management companies (CMCs) from managing FSCS claims where they have a relevant connection to the claim. Claims...

FCA consults on new Consumer Duty

The FCA has set out plans for a new Consumer Duty which will set clearer and higher expectations for firms’ standards of care towards consumers. It is hoped that the proposals will drive a shift in culture and behaviour...

SFO publishes business plan

SFO’s business plan for 2021/22 includes nothing of great surprise. Its main priorities remain: investigating and prosecuting the most complex cases of fraud, bribery and corruption; delivering justice, upholding...

Dormant Assets Bill introduced in Lords

The Dormant Assets Bill has been introduced into the House of Lords and has had its first reading.  The Bill proposes expansions to the current scheme to include not only bank and building society assets, but also long...

FSCS confirms 2021/22 levy forecast

FSCS has confirmed its levy forecast for 2021/22 at £833m.  This is slightly lower than the indicative levy announced in January, partly because extensions of government support are likely to mean some firms will...

FCA and PSR make statement on access to cash

A joint statement from FCA and PSR stresses that although there has been an overall decline in use of cash, withdrawals have started again as restrictions ease, and there must remain access to cash and banking services...

Banking industry supports access to cash

UK Finance and the UK’s largest retail banks and building societies have announced their commitment to continue to preserve access to cash for consumers and businesses over the long term. The 8 financial...

Up next from FCA

The latest Policy Development Update from FCA heralds: a consultation on a new ESG sourcebook for enhancing climate-related disclosure requirements, coming in June; and a consultation on exit fees in investment...

EBA consults on AML/CTF database

EBA has published for consultation draft RTS on a central AML/CTF database. The idea is for the database to contain details of weaknesses in systems and controls within individual firms identified by their national...

Treasury updates on economic crime plan

Treasury has updated on the Government’s progress on its Economic Crime Plan. It is pleased to see an improved understanding of the threats to the economy and the moves that have been made to address...

FCA publishes new buildings insurance webpage

FCA has published a new webpage setting out its expectations of regulated firms when arranging and providing fair value buildings insurance for leasehold apartment buildings. The webpage is not an exhaustive description...

FCA consults on Pension Wise referrals

FCA has proposed new rules to require pension providers to ‘nudge’ consumers to Pension Wise in order to benefit from guidance before they access their pension. Currently, take up of Pension Wise guidance...

Breathing Space scheme takes effect

The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 took effect on 4 May 2021. The scheme aims to help millions of people in debt crisis get...

FCA publishes H2 2020 complaints data

FCA’s most recent complaints data report shows: a significant drop in complaints over the H1 2020 figure; a large decrease in insurance and pure protection complaints – with the largest being in PPI...

FCA speaks on compliance and culture

Mark Steward, FCA’s Executive Director of Enforcement and Market Oversight, has delivered  a speech at NYU Law School entitled “Compliance, Culture and Evolving Regulatory Expectations“. In it, he...

FCA speaks to FLA on post-Covid regulation

Charles Randell, Chair of FCA and PSR has given a speech to the Finance & Leasing Association in which he outlined the ways in which the financial services sector has changed post-Covid and how FCA must adapt to...