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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...

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...

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...

BIS 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...

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...

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 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 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...

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...

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...

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...

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...

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...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...