FIN.

FCA publishes quarterly consultation paper

The FCA has published its 34th quarterly consultation paper. The proposed changes to the FCA handbook include: Amending the Enforcement Guide to reflect the EU Exit Passport Regulations by providing information about...

PSR consults on CoP: ending dual running

The PSR is consulting on the wider implementation of Confirmation of Payee, following its adoption by the UK’s largest banking groups.  It has published a draft direction to ensure migration to the Phase 2...

FOS publishes plan for change

FOS has published an action plan to deliver a better service to customers. The plan aims, among other things: to bring more effective and efficient resolution of cases – part of this involves teams which are...

EU fines banks for FX spot cartel

The European Commission has fined UBS, Barclays, RBS, HSBC and Credit Suisse a total of €344m for their participation in a foreign exchange spot cartel.  The first 4 banks settled (with UBS receiving full immunity for...

BoE speaks on Solvency II reform

Andrew Bailey, Governor of the Bank of England, today gave a speech on the opportunity to reform Solvency II post-Brexit. He focused on what he identified to be the key foundations of public policy in prudential...

FCA publishes consumer warning on firm

FCA has published a consumer warning on Grosvenor Associates Limited.  It says it has removed the firm’s permissions, so it is no longer authorised to carry out any regulated activities and investments with it may...

FCA finalises UK MiFID changes

FCA has finalised its proposals on changes to the research rules and removal of the best execution reporting in RTS 27 and 28 in relation to UK MiFID. FCA remains of the view that the changes were necessary to ensure...

FCA publishes mortgage prisoner review

FCA has laid its mortgage prisoner review before Parliament. The review sets out data that will help the Government consider whether any practical and proportionate solutions could help these borrowers. FCA’s data...

FCA publishes final policy statement on IFPR

Following its first two policy statements, the FCA has published its third and final policy statement marking the completion of its rules to introduce the UK Investment Firm Prudential Regime (IFPR). The final rules...

UK Finance looks at operational resilience

In advance of the new operational resilience requirements taking effect on 31 March 2022, UK Finance has highlighted the following key themes of importance to both customers and the FCA: Simplicity – customers expect...

ESMA reports on MAR sanctions

ESMA has published a report on the sanctions imposed by various member states under MAR during 2020.  Over the year, €17.5m in fines were imposed for over 500 breaches. The number of administrative actions was...

UK Finance makes Open Banking recommendations

UK Finance has published a report setting out its recommendations for the future strategy of open banking. Open banking payments have increased exponentially over the past 3 years and there are now over 2.5m each month...

Government publishes AML supervision report

The Government has published its AML and CTF supervision report for 2019-2020. The report notes the system has been strengthened significantly over recent years. The FATF report on the UK in 2018 had noted significant...

FCA publishes GI pricing attestation forms

FCA has published examples of the forms it will require from general insurance firms making their first, and then their subsequent attestations on compliance with the pricing rules. The first attestation can be sent in...

FCA updates on IFPR

The FCA has published the following additional MIFIDPRU applications forms under IFPR: Application under MIFIDPRU 2.3.1R to be exempt from disclosure requirements in MIFIDPRU 8 (disclosure by investment firms) for SNI...

PSR announces next steps to stop APP fraud

The PSR has set out its latest plans to force the financial sector and others involved in the digital ecosystem to prevent APP fraud. It is consulting on plans to: require the UK’s largest banking groups to...

Dormant Assets Bill under inspection

The Dormant Assets Bill is making its way through the House of Lords, where members have voted on two changes to the Bill at report stage. It will now has its third reading on the Lords before moving to the Commons. The...

FCA confirms more LIBOR rules

FCA has confirmed its new rules for: legacy use of synthetic LIBOR rates; and no new use of USD LIBOR. It will allow temporary use of synthetic sterling and yen LIBOR rates in all legacy LIBOR contracts other than...

FCA writes to funeral plan providers

The FCA has published a Dear CEO letter on applying for authorisation as a pre-paid funeral plan provider or intermediary. The letter provides the following information to support firms’ preparations for...

FCA publishes IFPR amendments

FCA has set out several amendments it has made to the original text of the near-final IFPR Instrument, including changes to: The glossary definition of ‘UK parent investment firm’; MIFIDPRU 4.14.1R(2)(b) and...

FOS publishes Ombudsman News

The latest edition of Ombudsman News focuses on the recently published annual report and the feedback statement on outcomes reporting already covered in FIN.

FCA refuses SMF29 application

FCA has published its final notice refusing the application of an individual to perform the SMF 29 function for Servicesport Finance Limited. The individual in question was a solicitor who had failed to disclose SRA...

FCA to issue compliance survey to GI firms

The FCA has added a new section to its webpage on general insurance pricing – attesting compliance. The rules in PS21/5 require senior managers of general insurance firms to provide annual confirmation that their firm...

PSR publishes card-acquiring services report

The PSR has published its final market review into the supply of card-acquiring services. The report concludes that the supply of card-acquiring services does not work well for SME merchants and large merchants with...

FCA delivers speech on data-led regulation

The FCA’s chief data, information and intelligence officer, Jessica Rusu, has delivered a speech on the FCA’s role as a data-led regulator. The speech explores the FCA’s response to new technologies...

Complaints Commissioner publishes final report

The Financial Regulators Complaints Commissioner has published its final report on FCA00865. The relevant complaint against the FCA (and FOS) constituted five separate elements, including the FCA’s delay in...

CMA writes to NewDay on PPI Order breaches

The CMA has written to NewDay Ltd about 5 breaches of the PPI Market Investigation Order 2011. The breaches, which have affected c.27,000 customers, relate to: NewDay’s failure to issue Annual Review statements to...

Treasury updates AML advisory

Treasury has updated its AML advisory on high risk jurisdictions for money laundering and terrorist financing, following the FATF meeting last week The list continues to require firms to apply counter measures and EDD...

FATF updates virtual asset guidance

FATF has updated its 2019 guidance on a risk based approach for virtual assets and virtual asset service providers. The updates focus on: definitions of key terms; clarification of application of FATF standards to...

FCA publishes updated complaints data

FCA has published its six-monthly set of data on complaints that firms receive.  Its latest findings include: a 7% decrease in complaints from H2 2016, with the 2.04m complaints being the lowest level since late 2016;...

Treasury updates on Economic Crime levy

Treasury has published a policy paper on the introduction of the economic crime levy, which will be introduced in the 1 April 2022 – 31 March 2023 levy year and payable in the following financial year. It had...

EU Banking Package 2021

The European Commission has today adopted a review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) to ensure that EU banks become more resilient to potential future economic...

FCA responds on NatWest

FCA has responded to the enquiry from the Treasury Committee on its actions in relation to its prosecution of NatWest for money laundering. The response says it would be inappropriate to respond in detail while...

FCA finalises LTAF rules

FCA has published its final rules for Long Term Asset Funds. An LTAF will be an open-ended authorised fund intended for investment by sophisticated investors and pension funds – in particular DC schemes whose...

FATF holds fifth plenary

The FATF held its fifth plenary between 19 and 21 October 2021. Those present for the meetings included delegates representing the 206 members of the Global Network and observer organisations. The FATF finalised a...

FCA adds new question to GI pricing FAQs

FCA has added an additional question to its Q&As on its general insurance pricing practices rules.  The new question relates to whether certain benefits such as events tickets, rare products or products of benefit...

Fraud taskforce adds new charters

The Government website hosting all information about the Joint Fraud Taskforce has added the charters for accountancy, retail banking and telecommunications.  The retail banking charter quantifies the key risks (APP...

PSR responds on COP call for views

PSR issued its call for views on the wider implementation of Confirmation of Payee in May 2021.  It has now set out the findings from its call for views and its plans and expectation on industry for the next step. It...

NAO updates on BSPS

The National Audit Office has set a timescale for reporting in Spring 2022 on its investigation into the activities FCA has undertaken to regulate financial advice in relation to the restructure of the British Steel...

FCA publishes final IFPR rules

The FCA has converted the near-final rules from its first two policy statements on IFPR into final rules, which are set out in the legal instruments FCA 2021/38 and FCA 2021/39. The FCA will publish a third policy...

More of FS Act comes into force

The third Commencement Order under the Financial Services Act 2021 brings into force the provisions on dealing with maximum sentences for insider dealing and financial services offences (section 31 of the Act). This...

Treasury consults on BNPL

Treasury has published the long-awaited consultation on buy-now pay-later regulation, following the announcement on 2 February that the Government would implement the Woolard Review recommendation to bring interest free...

FCA publishes 2020/21 Perimeter Report

The FCA has published its latest Perimeter Report, in which it calls for greater consumer protection and legislative change to address concerns beyond its remit. Highlights include recommendations that: duties on...

ICAEW responds on AML consultations

ICAEW has published its response to the Treasury’s call for evidence on the UK AML/CFT supervisory regime and on targeted amendments to the MLRs. In its response on the MLR amendments, key observations include:...