FIN.

Category - Conduct

Further FSMB revisions released

Parliament has published the latest raft of proposed amendments to the FSM Bill. These include: a change to the very first sub-clause, replacing the revocation of the EU and EU-derived legislation in the schedule so...

FCA publishes H1 complaints data

FCA has published the complaints data for H1 2022, which shows: a 1% increase in complaints from the previous period (1.88m complaints) the biggest increase was in the decumulation and pensions group (15%) with a 5%...

PRA fines MS Amlin for governance failings

PRA has fined MS Amlin Underwriting Limited nearly £10m for failings in its governance, controls and risk management. The failings lasted for over 5 years and related to the governance and oversight of underwriting...

First day of FSMB Committee hearing

As scheduled, the Public Bill Committee scrutinising the FSM Bill had its first day of scheduled evidence sessions on 19 October, and an updated amendment paper was published. The Committee heard in the morning from...

FSMB Committee stage timetable published

Following the announcement that the Committee stage in the Commons will begin on 19 October, a timetable for the sessions has now been published. Key witnesses scheduled to appear on that day include BoE, PRA, FCA and...

FSMB Committee stage scheduled for 19 October

An update to the Parliament website shows the Committee stage for the Financial Services and Markets Bill will start on 19 October.  After the line by line debate is complete, the Bill will be republished for report...

FCA finalises branch closure guidance

FCA has published new, updated guidance for banks, setting additional expectations on them when they are considering closing branches or ATMs. FCA has seen some good practices develop since it originally published...

BoE consults on AI discussion paper

The BoE is consulting on its discussion paper about how artificial intelligence (AI) may affect financial regulation. The discussion paper looks at how the current regulatory framework applies to AI; it considers how...

FCA launches new webpage on Consumer Duty

The FCA has published a new webpage containing information on the Consumer Duty. The webpage, which will be kept up to date, currently contains guidance for firms on: implementation plans and the FCA’s...

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...

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...

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...

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...

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 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...

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 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...

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...

FCA board discusses Consumer Duty

The FCA has published the minutes of a board meeting held on 26 May 2022 at which, amongst other items, the board discussed the new Consumer Duty. Highlights include: feedback from external stakeholders on the proposed...

FCA update on market abuse and manipulation

Tackling market abuse is one of the FCA’s strategic priorities. Given recent press reports about the FCA’s approach, the FCA outlined the work it does to tackle insider trading and manipulation and to warn...

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...