FIN.

Category - Conduct

FCA posts video for SMCR help

FCA has arranged for a video to be made by firms that have already implemented the SMCR, sharing their experiences of adopting it.  Contributors share the stories from Virgin Monday, HSBC, State Street and JP Morgan.

ESMA briefs on non-EU branches

ESMA has published a supervisory briefing aimed at helping supervisors dealing with non-EU branches of EU firms. It highlights how the supervisors should ensure that the non-EU branch can comply with the requirements of...

ESMA creates Brexit page

ESMA has created a new web-page on Brexit, setting out how it is preparing for it.  Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository.  It aims to recognise all UK CCPs...

SMCR optimisation consultation

As the FCA prepares for the extension of SMCR to most solo-regulated firms next December, it is consulting on a few areas regarding the existing regime for banks and large insurers previously  identified as wanting...

Brexit and Immigration Law seminar series

One of the most fundamental ways in which Brexit is likely to affect many businesses, is the impact on immigration law.  This is particularly the case for the financial services and insurance sectors, which have long...

FCA updates on diversity

In a speech by Christopher Woolard, FCA has called on firms to increase their efforts to integrate diversity and inclusion principles in their business frameworks.  While things are moving in the right direction, Mr...

FCA updates on preparing for Brexit

FCA has added a page to its website updating firms on what they could and should be doing to prepare for Brexit. The page is for use by UK and EEA firms and takes them through each various practicality they should...

FCA consults further on Brexit approach

FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on: more changes to the Temporary Permissions regime; reflecting the new Credit Rating Agency and Trade Repository...

FCA reviews whistleblowing arrangements

FCA has published its review of how firms implement FCA whistleblowing rules. Its review covered a range of wholesale and retail banks. It found several areas of both good and poor practice to comment on, and now urges...

PRA updates approach documents

PRA has updated its “approach” documents in relation to banking and insurance supervision.  Key changes to the previous versions include: an update on the changes to supervisory approach following...

FCA makes new rules

FCA has made three new rules instruments at its September board meetings: the Individual Accountability (Dual-Regulated Firms) Instrument 2018: this instrument makes significant changes to SYSC as well as to COCON...

Treasury makes SMCR extension Regulations

Treasury has made the Regulations extending the SMCR to insurers. The Regulations bring into force certain provisions of the Bank of England and Financial Services Act 2016 from 13 September to enable the making of the...

FCA publishes Annual Report

FCA has published its Annual Report and Accounts for 2017/18. The report includes details of: FCA’s work preparing for Brexit; key regulatory changes such as MiFID 2 and PSD 2; work on SMCR extension; thematic...

FCA feeds back on SMCR extension

FCA has published a suite of papers feeding back on the SMCR extension, and has proposed the creation of a new directory of individuals working in financial services to enable their status and history to be checked. The...

Book now: SMCR seminar

We are delighted to speak at and host a half day seminar on 2 October with the Compliance Register on the extension to the SMCR.  For details and to book, please contact the Compliance Register.

FCA and PRA publish business plans

The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an...

FCA speaks on affordability

Jonathan Davidson has spoken on getting affordability right in consumer credit. He said that as the UK consumer credit sector is growing, so are concerns about excessive debt. FCA does not consider the sector has yet...

BSB publishes annual review

The Banking Standards Board has published its annual review.  Its key point is that, last year, it carried out the largest ever survey of behaviours, competence and culture in UK banking. It noted that the scores to its...

FCA outlines approach to authorisation

Sarah Rapson has spoken of FCA’s approach to authorising firms. She focused on FCA’s use of authorisation as a way to prevent harm, and its focus on using it proportionately. As a result, the information it...

FCA looks back on past 5 years

John Griffith-Jones has reflected on FCA’s first 5 years of operation, since it took over from the FSA.  He outlined: highlights – specifying FCA’s engagement with pension exit charges, general...

FCA updates on product governance

FCA has provided an update on its work on product governance in small and medium sized retail banks.  Its recent review looked at 2 year fixed rate savings products and how firms’ product governance frameworks...

BSB publishes fit and proper guidance

The Banking Standards Board has published some supporting guidance to its principles on fitness and propriety assessments.  It focuses on helping firms identify and deal with the risks and issues that may arise when...

FCA updates on service standards

FCA’s new-look update on its service standards shows that it met most of its targets for various regulatory tasks, including authorisations, passport notifications, dealing with queries and customer satisfaction...

FCA sends “Dear CEO” letter on APP fraud

FCA has published a “Dear CEO” letter emphasising the work required to combat authorised push payment (APP) fraud. This follows the Which? super-complaint in September 2017, and the Payment Systems...

Regulators update on SMCR

FCA is consulting on how firms and individuals will manage the transition to the extended SMCR. Its key proposal is to grandfather persons from the existing approved persons regime, so that firms can focus on embedding...

FCA feeds back on FAMR

FCA has published a policy statement on its consultation on FAMR and insistent clients.  Respondents were generally supportive of FCA’s proposed PERG guidance and also asked for more guidance in some areas. FCA...

FCA makes new rules

At FCA’s Board meeting on & December, it made several new rule instruments, covering (among other things), several changes to take effect from 3 January 2018: minor changes relating to MiFID 2 implementation...

FCA consults on market conduct codes

FCA has published a consultation paper setting out its approach to supervising and enforcing the SMCR, and a wider discussion on extending Principle 5 (standards of market conduct) to the unregulated activities of...

PRA comments on “Geofinance”

Sam Woods, speaking at Mansion House,  commented on what he predicts to be an increasingly prevailing dynamic in financial institutions and financial regulation. Geofinance is the impact of geography on how banks...

PRA updates SMR forms

PRA has updated its forms firms must submit under the SMR. From 12 November, firms must use the following new forms:

Long and Short Form As
Form E
Statement of Responsibilities
Third Country Statement of Responsibilities

FCA speaks on asset management regulation

Meghan Butler has spoken on how FCA is clarifying its supervisory approach to asset managers. She looked at FCA’s mission and its recognition of the importance of the asset management industry. She spoke of the...

FCA speaks on SMR extension

Jonathan Davidson has spoken on culture and conduct in the context of FCA’s proposals to extend the SMR. Key points of his speech included: that business models often create commercial incentives for behaviours...

FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR...

FCA publishes annual report

FCA’s Annual Report and accounts for 2016/17 sets out its highlights from the past year, and includes specific sectoral reports for competition, enforcement, AML and diversity. FCA regards the year’s...

Treasury makes MiFID 2 Regulations

Treasury has made the FSMA (Markets in Financial Instruments) Regulations 2017 which make changes to FSMA and other primary and secondary legislation to make the legislative amendments necessary to implement MiFID 2...

PRA consults on SMR/SIMR changes

PRA has published a consultation paper proposing changes to both the SMR and SIMR, but focuses predominantly on the SIMR, introducing what PRA describes as “optimisations”. The proposed changes will apply to...

BoE speaks on operational resilience

Charlotte Gerken has spoken of the BoE’s approach to operational resilience. She focussed on how it is developing its approach in co-operation with firms and other regulators. BoE’s aim is to improve the...

ABI speaks on UK insurance industry

The ABI has spoken on the opportunities regulation can offer for the industry, which are getting wider – for example, willingness of the industry to see the competition regulator becoming involved in their markets...

Up next from FCA

FCA’s latest Policy Development Newsletter promises only a policy statement on enhancing COB rules for firms providing CFDs to retail clients following before the end of June. Many other papers are due later in...

FCA updates on duty of responsibility

FCA has published guidance in DEPP on how it will enforce the duty of responsibility.  The guidance is already in force, applying from 3 May. It applies to UK banks, building societies, credit unions, PRA-designated...

FCA makes CRD IV remuneration guidance

FCA has made its final rules and guidance on remuneration in CRD IV firms, which it has aligned to EBA guidelines. The changes take effect immediately, since the EBA guidelines came into force at the beginning of 2017...

FCA makes conduct rules for NEDs

FCA has made its new rules applying individual conduct rules to NEDs in the banking and insurance sectors. The new rules, which take effect on 3 July, apply the provisions of COCON to “standard” NEDs in the...

PRA makes branch whistleblowing rules

PRA has made policy statements and rules requiring UK branches of non-EEA banks and insurers to tell their staff about the PRA and FCA’s whistleblowing services. Any non-EEA bank that has both a branch and a...

FCA updates on conduct risk priorities

FCA has published a series of new webpages following its annual conduct meetings with the largest firms in the regulated community. It asks the largest wholesale banks the following 5 conduct questions: What proactive...

HMT issues regulatory innovation plan

The government’s vision is for UK financial services to be the most competitive and innovative in the world, supplementing existing services with greater choice and value for consumers. The innovation plan covers how...

pra publishes march regulatory digest

The March Regulatory Digest has been published by the PRA. Top news covered this month: insurance supervision at the PRA – speech by Sam Woods and report by the Independent Evaluation Office (IEO) consultation on its...

BoE speaks on ethics and culture in banking

Mark Carney has spoken on the work to improve the culture of the banking industry. He commented that the banking industry has suffered twin crises of solvency and legitimacy. The solvency problems are being addressed by...

FCA speaks on culture

Andrew Bailey has given a speech at the Hong Kong Monetary Authority (HKMA) Annual Conference for Independent Non-Executive Directors in Hong Kong. He spoke about the culture in financial institutions, setting out what...

BSB report shows areas for improvement

The Banking Standards Board’s first annual review has found some good practices across the banking industry, but also several areas that need improvement. Firms generally still need to work on responsiveness...

FCA heralds SMR 1 year on

FCA has noted the anniversary of the SMR taking effect, as the rules on regulatory references now come into force. Firms also had to have issued certificates for all staff who fall within the certification regime, and...

BSB publishes certification guidance

The Banking Standards Board (BSB) has published good practice guidance for banks and building societies putting in place procedures to assess the fitness and propriety of staff under the Certification Regime. This takes...