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Treasury updates on economic crime levy

The Treasury consultation on the imposition of an economic crime levy concluded last October and Treasury has published a summary of the responses it received. The Government is now consulting until 15 October on the...

Court finds FSCS entitled to reject claim

The High Court has ruled on an application for judicial review of a decision by FSCS to refuse to compensate investors after an investment firm failed. The investors had bought wind bonds, initially before the firm in...

OPBAS publishes progress report

OPBAS has published its latest report on its work to bring compliance with AML requirements in the professional services supervisory  sector up to the levels in other sectors.  Its report shows there are still...

ECJ delivers judgment on EBA Guidelines

The ECJ has ruled that the EBA acted within its powers when it adopted guidelines on product governance and oversight arrangements for retail banking products in 2015. The guidelines set out requirements for...

FCA publishes insurer claims data

The FCA has published the latest data it has collected (as of 5 September 2021) from all affected insurers on the progress of their non-damage business interruption insurance claims. The data includes the number of: BI...

PSR panel publishes annual report

The PSR panel has published its annual report for 2020/21 which outlines how it has engaged with the PSR over the last year. Key themes that the panel highlighted over the last 12 months include the rapid acceleration...

FCA publishes consumer investment strategy

The FCA has published a new strategy to give consumers the confidence to invest and to tackle investment harm. By 2025, the FCA aims to: reduce by 20% the number of consumers who could benefit from investment earnings...

Government and FCA respond on LCF Report

The Treasury Committee has published responses from the Treasury and the FCA to its report on the FCA’s regulation of London Capital & Finance plc (LCF). Highlights from the government’s response...

CMA writes to LBG on PPI Order breach

The CMA has written to Lloyds Banking Group about its non-compliance with the Payment Protection Insurance (PPI) Market Investigation Order 2011. LBG breached the PPI Order by failing to include the monthly PPI benefit...

FCA mortgage guidance to expire in October

In October 2020, the FCA introduced temporary guidance on maturing interest-only and part-and-part mortgages. The guidance allowed borrowers with certain mortgages due to mature between 20 March 2020 and 31 October 2021...

UK Finance looks at retail CBDC

UK Finance has published a report looking at the threats and opportunities of a central bank digital currency.  The BoE says the around 95% of funds people hold to make payments are held as bank deposits rather than...

Commission updates PRIIPs KID standards

The European Commission has adopted new technical standards for the PRIIPs KID, which will apply from 1 July 2022 (so long as approved by the Council and Parliament), and will finally apply to all retail products. The...

Stick to the Basel III agreement, says EU

EU prudential supervisors and central banks have written to the EU Commission in support of a full, timely and consistent implementation of the Basel III agreement, saying that diluting the framework would not be in the...

Treasury consults on Banking Act amendment

Following the decision to remove FCA regulated 730k investment firms from the scope of the UK resolution regime, the government is now consulting on whether short-term liabilities owed to FCA investment firms should...

IOSCO publishes AI usage guidance

IOSCO has published guidance for supervisors of intermediaries and asset management firms when they use AI and machine learning.  It notes both the benefits and the risks of usage, and says that as use is growing...

OFSI calls for frozen asset reports

OFSI has called for any firm holding assets of designated persons to submit the annual frozen assets report by 15 October, reporting on the value of all assets as of close of business on 30 September. As usual, the...

FCA launches 2021 Green FinTech Challenge

Following the success of the pilot challenge in 2018, the FCA has announced that the application window for the 2021 Green FinTech Challenge is now open. The Green FinTech Challenge is open to start-ups, incumbents and...

FCA Chair speaks on risks of token regulation

Charles Randell, Chair of the FCA and PSR has delivered a speech on the risks of regulating crypto tokens. Speech highlights include: whilst platforms’ efforts to crack down on fraudulent advertisements are welcome, a...

TI responds on corporate criminal liability

Transparency International has responded to the Law Commission consultations on reform of corporate criminal liability. The response notes: that reform is long overdue, given the difficulties in establishing corporate...

FCA publishes requirements on SIPP operator

FCA has published the second supervisory notice it made in relation to DAC Pensions Limited, a small SIPP operator. The firm had accepted significant business from two EU-based introducers, operating in the UK under...

FCA updates on GI pricing

FCA has made some minor changes to the rules on general insurance pricing which were published in May. Among other things, the changes: clarify how the rules apply to firms that offer discounts or incentives to...

CLLS responds to Treasury consultation

The City of London Law Society (CLLS) has published its response to HM Treasury’s consultation paper “Amendments to the Insolvency Arrangements for Insurers” which was published on 20 May 2021. CLLS...

HMRC updates on MLR fines

HMRC has updated its list of businesses that have not complied with the MLRs. Among the actions: a fine of £1,000 on an accountancy service provider that failed to provide documents when requested; a fine of £6,300 on...

EIOPA report on peer review of key functions

EIOPA has published a follow-up report to the 2018 peer review on the supervisory practices for the application of the proportionality principle in government requirements regarding key functions. The follow-up report...

FCA announces new Digital Sandbox window

The FCA is opening the application window for the sustainability cohort on 6 September, with a view to opening the Digital Sandbox to successful applicants in November and access to the testing environment from January...

Banks back Confirmation of Payee extension

Following Pay.UK’s confirmation that the reach of the Confirmation of Payee Service (CoP) will be extended, a group of the UK’s major banks has written to the PSR to provide a public commitment to deliver...

Next steps for the Consumer Duty

The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second...

FCA, PRA and SEC enter derivatives MoU

The FCA, PRA and the US SEC have entered into a Memorandum of Understanding (MoU) in relation to consultation, cooperation and the exchange of information in the supervision and oversight of certain over-the-counter...

Commission asks for views on UCITS KID

The Commission is asking for views on its proposal for a Directive on UCITS. The proposals relate to the use of KIDs by UCITS managers. The current exemption from the use of a PRIIPs KID for UCITS expires at the end of...

FCA launches third IFPR consultation

The FCA has published its third and final consultation on the IFPR. The IFPR creates a new regime for solo-regulated MiFID investment firms. The first consultation introduced the IFPR and focussed on the categorisation...

LSB looks at next steps for CRM Code

LSB says the responses it received to its call for input on the CRM Code suggest the risk of APP scams is not evenly distributed among payment providers, and some respondents thought it did not cater for certain...

OFSI fines fintech for sanctions breach

OFSI has fined TransferGo Limited (an authorised payment institution) £50,000 for making funds available to a person designated under the Ukraine sanctions regime. The fine relates to 16 transactions where TransferGo...

Final report issued on FCA complaint

The Complaints Commissioner has issued its final report in respect of a complaint made to the FCA – the complainant received what they considered to be an aggressive and threatening email from the FCA’s...

PRA sets scope of 2022 insurance stress test

The PRA has written to the largest PRA-regulated life and general insurers to set out the high-level scope for the 2022 Insurance Stress Test (IST) exercise. For life insurers, the IST will focus primarily on economic...

Court sanctions Provident scheme

The Court has sanctioned the Provident Personal Credit Limited scheme, which includes a proposal to wind down the business. FCA has not supported the scheme for reasons including that consumers are being offered...

FCA writes to RemCo chairs

FCA has written to the Chairs of Remuneration Committees within firms to set out its approach to remuneration this year and to highlight the areas RemCo chairs should be considering. Broadly, the Chair must remain...

FCA launches new whistleblowing webform

The FCA has launched a new online form for reporting concerns about wrongdoing by firms or individuals to the FCA. It has also published a new webpage to help whistleblowers decide where to make a report.

EBA consults on AML compliance officers

EBA is consulting on new guidelines on the role, tasks and responsibilities of AML/CFT compliance officers within supervised entities. The guidelines also consider the wider governance set up, including at group level...

EBA publishes stress test results

The EBA has published the results of its 2021 EU-wide stress test which involved 50 banks from 15 EU and EEA countries. The results show that under a very severe scenario, the EU banking sector would stay above a CET1...

Regulatory sandbox now open year-round

The FCA’s regulatory sandbox is now open permanently, meaning firms can submit their applications throughout the year, rather than on a cohort basis. The FCA has also published guidance for firms applying to the...

Ombudsman News looks at BII complaints

The latest edition of Ombudsman News looks at complaints about business interruption insurance (BII) after the test case. In the case of most complaints, the insurer is now accepting that the policy provides cover...

FCA updates on MIFIDPRU applications

Following the publication of various MIFIDPRU application forms on 27 July, the FCA has made further application forms available on its website. The FCA intends to make the remaining application forms and all...

FCA consults on D&I on listed company boards

The FCA is consulting on proposals to improve transparency for investors on the diversity of listed company boards and their executive management teams. The proposals include changes to the FCA’s Listing Rules to...

FCA publishes individual ban notice

FCA has published a decision notice noting its decision to ban Markos Markou, director and CEO of a mortgage broker, and to fine him £25,000.  FCA considers Mr Markou not fit and proper to perform his senior management...

FCA updates on IFPR

FCA has updated a number of pages on its website to reflect the forthcoming IFPR. Among other things, it has updated its pages on: authorisation applications for wholesale investment firms capital requirements...

PRA updates on accountability

PRA has updated its web resources on strengthening accountability in banks and insurers. It has highlighted its paper on working together to drive change in diversity and inclusion and on its updates for remuneration...

FCA publishes second set of IFPR rules

FCA has published its second “near final” rules on elements of the new IFPR.  These rules cover : own funds requirements firms acting as clearing members and indirect clearing firms basic liquid assets...

FOS commissions independent review

The FOS Board has commissioned an independent review of its service, aimed at ensuring it can continue to meet its customers’ needs.  The first part of the review will look at the current operational effectiveness...

FCA confirms new rules

FCA has confirmed various rule changes in its latest Handbook Notice: to the technical standards under EMIR, to give firms clarity and to align the UK in implementing various Basel Committee and IOSCO recommendations...

PRA updates MRT waiver

PRA has updated its list of modifications by consent to include an application to allow CRR firms to exclude from idenfication as MRTs employees who meet the pay-based criteria for the definition but are deemed not to...

Treasury consults on amendments to MLRs

The Treasury is consulting on amendments to the MLR 2017 Statutory Instrument 2022. These amendments will allow the government to make some time-sensitive updates to the MLRs, which are required to ensure that the UK...