Emma RadmoreFCA has published forms and guidance for firms that need to submit data for the new Directory of certain individuals working for financial services firms. The guidance explains what FCA considers to be “customer...
Category - SMCR & Governance
BSB publishes regulatory references good practice guide
The Banking Standards Board has published its guidance on good practice for regulatory references. The guidance is based on the three key principles of proportionality, fairness and consistency. While the guidance was...
Michelle ChanceNew FCA webpages on SMCR extension to FCA solo-regulated firms
The FCA has published two webpages with information for regarding the extension of the SMCR to solo-regulated firms. The first page published on 26 July includes a guide for firms, details of how the SMCR applies, a...
FCA publishes SMCR final rules
FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...
FCA updates on SMCR final rules
FCA has still not made its final rules on the SMCR. It cannot do so until Treasury has published the necessary commencement order. FCA says it has been working with Treasury on this, and has agreed with it a later...
FCA updates SMCR page
FCA has reminded solo-regulated firms that if they want to opt up to the Enhanced firm category, they must submit their Form K (which all Core and Enhanced firms must submit anyway) together with their Form O, by 24...
FCA consults on Gibraltar and SMCR Handbook changes
FCA’s latest quarterly consultation: proposes changes that will essentially apply the current rules for Gibraltar firms past October in the event of a hard Brexit. The status quo on rule application and fees will...
PRA and FCA impose £1.89m fine for outsourcing failures
The PRA and FCA have imposed a joint fine on Raphaels Bank following an investigation in to the cause and consequence of an IT incident in December 2015. The incident occurred by a failure of services provided by a sub...
Roseyna JahangirBoE speaks on “stylish regulation”
Sam Woods has spoken on how UK financial regulation might look post-Brexit. He looked at the 6 principles of an effective regulatory framework and how the SMCR model of legislation can deliver them. robust prudential...
Wholesale brokers ignore Dear CEO letter at their peril
FCA has written a Dear CEO letter to wholesale brokers setting out its thoughts on the key harms the sector poses. The letter explains that MiFID 2 and MAR have significantly raised expectations on market participants...
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...
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...
FIN. Team