FIN.

EU reaches deal on DORA

The EU Commission, EU Council and EU Parliament have reached agreement on the Commission’s proposal for a Digital Operational Resilience Act (DORA). The new rules aim to harmonise and strengthen digital...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

ESAs call for improvements to PRIIPs KID

The ESAs have issued a joint supervisory statement regarding the ‘What is this product?’ section of the KID for PRIIPs. It aims to improve the quality of descriptions provided by PRIIPs manufacturers and thereby...

FMSB is changing its name

FMSB has announced that it is changing its name from the FICC Markets Standards Board to the Financial Markets Standards Board. It will continue to use “FMSB”. FMSB says the change will help support...

FCA launches new IFPR webpage

The FCA has launched a new webpage which sets out how to submit MIFIDPRU applications and notifications. It also includes information for IFPR firms about MIF returns.

LSB publishes its 2022/23 Business Plan

On 3 May 2022, the Lending Standards Board (LSB) published its Business Plan and Budget for 2022/23. in the plan, the LSB sets out its strategic priorities and provides further information on the activities it intends...

PRA launches biennial insurance stress test

PRA has launched its biennial stress test for life and general insurers.  It has sent the test to the largest firms and has asked for submissions by 28 September, and is hosting a seminar on 11 May with a Q&A...

ESAs propose PRIIPs KID changes

The ESAs have published their technical advice to the European Commission on making the PRIIPs Key Information Document more user friendly, The advice recommends several changes and encourages the Commission to...

FCA publishes H1 2022 complaints data

FCA has published its H1 2022 complaints data. In 2021 H2, financial services firms received 1.84m complaints, 10% lower than in 2021 H1 (2.04m). This is the lowest level recorded since 2016 H2. The insurance and pure...

Treasury consults on reforms to Solvency II

HM Treasury has published its consultation on post-Brexit reforms to the Solvency II regime which it hopes will unlock investment, increase market access for new insurers and offer greater consumer choice. The reforms...

FCA uses emergency powers on BSPS advisers

FCA has made rules using its emergency powers to prevent firms taking steps to dispose of their assets to avoid paying compensation in relation to BSPS pension transfer advice. It says it is introducing the rules...

Funeral plans update: RAO amendments made

The FSMA (Regulated Activities) (Amendment) Order 2022 has been published, together with an explanatory memorandum. It makes several amendments to FSMA and secondary legislation, primarily the RAO, in preparation for...

Post-Trade Task Force publishes report

The industry led Post-Trade Task Force has published its report on the future of post-trade. Its work will now be taken forward by the FICC Markets Standards Board (FMSB). The report looks at key challenges which it...

PRA consults on fees and levies for 2022/23

PRA has issued a consultation paper setting out proposals for its fees for 2022/23. The proposals include: the fee rates to meet the PRA’s 2022/23 AFR; fees applicable to firms in the temporary regimes; changes to the...

PRA publishes Business Plan 2022/23

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2022/23. The PRA’s strategy will be delivered through the following strategic goals: Retain and build on the strength of the banking and...

FCA to remove credit broker permissions

FCA has published its first supervisory notice against Semantic Business Services Ltd, a secondary credit broker.  It plans to remove the firm’s permissions because: the firm has links with a number of other firms...

FCA confirms non-opposition to Amigo scheme

FCA has written to Amigo Loans to confirm it will not be attending the hearings to oppose its proposals for its Scheme of Arrangement. FCA has previously said the new proposal is an improvement on the failed proposal of...

FCA talks of a “digital regulator”

Jessica Rusu, FCA’s Chief Data, Information and Intelligence Officer, has spoken on how FCA is building its digital regulatory future. Its work will focus on fostering innovation, being intelligence led and...

Government to regulate stablecoins

Following its consultation last year, Treasury has decided it will regulate stablecoins. It plans to bring activities that issue or facilitate the use of stablecoins that are used as a means of payment within the UK...

MEPs vote on draft crypto legislation

MEPs from ECON and the Committee on Civil Liberties have voted to adopt their position on draft crypto legislation which forms part of the EU’s wider package of measures aimed at strengthening AML/CFT rules in the...

Ombudsman News looks at storm damage

The latest edition of Ombudsman News from FOS covers not only its plan and budget for 2022/23 (which FIN has covered separately) but also guidance for consumers about storm damage complaints. The guidance contains...

CMA issues SME banking directions to HSBC

CMA has issued directions to HSBC under the SME banking undertakings 2002. The directions stem from breaches notified over the past 18 months in respect of 221 loans impacting 204 customers since 2002. They primarily...

FOS outlines strategic plans for 2022/23

FOS has published its plans and budget for 2022/23. In the coming year, FOS: expects to receive 177,000 complaints and resolve 220,500 complaints; will continue to ensure it is equipped to respond to complexity and...

FCA confirms changes to PRIIPs regulation

Following its consultation in 2021, the FCA has confirmed it is making changes to the PRIIPs regulation to: clarify the scope of the PRIIPs regulation for corporate bonds, making it clearer that certain common features...

CMA publishes Annual Plan for 2022/23

The CMA has published its Annual Plan which explains how it will protect consumers, promote competition and help support the economy in the year ahead. It aims to encourage innovation, productivity, and sustainable...

Regulators remind firms of crypto risks

PRA and FCA have written to firms reminding them of their obligations when interacting with or exposed to crypto-assets and related services. FCA reminds firms that crypto can offer benefits but also increased risk to...

Update on Overseas Entities Register

Read our updated article on the creation of the Overseas Entities Register under the Economic Crime (Transparency and Enforcement) Act 2022.  The article highlights that the grace period given to overseas entities to...

CMA updates on OBIE roadmap

CMA has replied to the OBIE roadmap status highlighting areas that need updating and has written to the OBIE asking it to continue to update it on progress and saying the CMA will review progress in the summer.

EP reports on crypto Regulation proposal

The European Parliament has published its report on the proposal for a Regulation of crypto asset service providers.  A key change is to specify that any person providing any relevant services to EU citizens must both...

ASA cracks down on misleading crypto ads

ASA has issued an Enforcement Notice to over 50 firms which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated...

FCA portfolio strategy letter on custody

FCA’s latest letter on its portfolio supervision strategy relates to custody and fund services. It sees 4 areas of potential harm: disruption to consumers and market participants, or the loss, compromise, or lack...

BoE to consult on Basel 3.1 at end of 2022

BoE has confirmed that it is continuing to develop proposals to implement Basel 3.1, following the two PRA policy statements of 2021. It notes that the timing of implementation was dependent on a number of factors, not...

IOSCO consults on retail market conduct

IOSCO has published a consultation report from the Retail Market Conduct Task Force. The report looks at recent retail investor trends and the development of a regulatory toolkit to help regulators consider emerging...

NAO reports on BSPS

The National Audit Office has published its report on its investigation into the British Steel Pension Scheme.  When BSPS was restructured in 2017 44,000 of its members had the opportunity to transfer out of the scheme...

Treasury updates AML advisory

The latest AML advisory to update the list of high risk third countries has been updated to reflect FATF’s latest list. The list now comprises Albania, Barbados, Burkina Faso, Cambodia, Cayman Islands, DPRK...

Lloyd’s responds to market misconduct

Lloyd’s has issued a notice of censure to Atrium, a managing agent in the Lloyd’s market. The firm admitted three charges of misconduct, and Lloyd’s Enforcement Board levied its largest ever fine of...

HM Treasury publishes ringfencing Review

In 2020, the Treasury appointed an independent panel to: review the operation of the legislation related to ring-fencing; and review banks’ proprietary trading activities following a statutory report from the PRA...