FIN.

Category - Conduct

FCA to act to prevent CMC phoenixing

New rules being introduced by the FCA will prohibit CMCs from carrying out regulated claims management activity in certain circumstances on claims or potential claims to the FSCS, where the CMCs have relevant...

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...

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...

FCA consults on miscellaneous rule changes

FCA’s latest quarterly consultation covers: proposed changes to PERG in respect of the MiFID 2 ancillary activities test; making collective investment portfolio managers subject to the same research and inducement...

Tribunal upholds FCA’s Decision Notice

HMCTS (Tribunal) has dismissed two applications made by an applicant against the Financial Conduct Authority (FCA). The FCA had given a Decision Notice to Przemyslaw Soszynski t/a Phenix Consultancy (Applicant) refusing...

Regulators publish Wider Implications Framework

FOS, FCA, FSCS, TPR and MaPS (the Members) have jointly published a formal agreement for collaboration on matters of common interest: the Wider Implications Framework. The Framework establishes a structure to enable...

FCA publishes new MIFIDPRU webpage

FCA has published a new webpage on how the MIFIDPRU Remuneration Code (SYSC 19G) applies to MIFIDPRU Investment firms. The webpage gives an overview of the Code and provides information on proportionality, performance...

FCA updates on skilled persons reviews

FCA has published the figures for the skilled persons reviews commissioned in October – December 2021. There were 12 in total, of which 4 were on retail banking and payments firms and 3 on investment management...

FCA to redo financial resilience survey

Firms should look out for a new version of the FCA Covid financial resilience survey.  It has already run the survey 5 times and will now start a 6th review.  Completion of the survey is mandatory, and FCA will be...

FCA updates on rule changes

FCA’s latest Handbook Notice confirms, among other things: changes to SUP to clarify what FCA expects to see reported on form FIN-A changes to LIBOR rules (previously reported in FIN) and changes to the value...

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...

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 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...

FCA publishes final notice on fraud

The FCA has published a final notice banning Shaffarat Parvez from performing regulated activities. Whilst a director and an approved person at an authorised firm, Mr Parvez engaged in criminal activity and was...

FCA delivers speech on diversity and inclusion

FCA Executive Director Sheldon Mills delivered a speech highlighting the importance of culture and the FCA’s intention to prioritise D&I. Mr Mills also spoke about the need for meaningful progress in relation...

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...

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...

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...

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...

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.

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...

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...

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...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

LSB stresses importance of good governance

LSB has stressed the importance of governance as underpinning everything a firm does, and has started a series of publications to help firms.  Its latest guidance looks at how to achieve best practice.  The guide...

FCA finds “host” fund manager weaknesses

FCA has carried out a review of authorised fund managers that provide hosting services to third party investment managers outside of their corporate group. It concluded that some firms were operating well but others did...

IAIS publishes application papers

IAIS has published application papers on: resolution powers and planning; the paper looks at the objectives and concepts of resolution of insurers, entry into resolution, resolution powers and plans, resolvability...

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...

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...

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...

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 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...

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...