FIN.

Category - SMCR & Governance

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 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...

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...

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 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...

FCA issues second IFPR consultation

FCA has published its promised second consultation on the IFPR. The IFPR creates a new regime for solo-regulated MiFID investment firms. The consultation covers: aspects of own funds requirements not previously...

FCA gives speech on diversity and inclusion

Georgina Philippou, Senior Adviser to FCA on the Public Sector Equality Duty gave a speech at the launch of a report by the Investment Associate and Eversheds entitled “Building Ethnic Diversity and Inclusion in...

Investment Association reports on diversity

The Investment Association has published a report which sets out steps to improve ethnic diversity and inclusion in investment management. The report found that: 75% of firms currently collect, or have begun work...

PRA updates SMCR forms

PRA has updated its SMCR forms, to reflect: FCA’s relatively recent move and new logo; minor corrections; and a reinstatement of question 3.05 on form L, in respect of notifications of disciplinary actions. The...

FCA publishes whistleblowing VREQ

FCA has published the outcome of an application by Tokio Marine Kiln Insurance Limited and Tokio Marine Kiln Syndicates Limited to put in place a Voluntary Requirement in respect of whistleblowing policies and...

PRA evaluates SMCR

PRA has published a report that evaluates the SMCR and whether it has met its aims.  In principle, it concludes that it has – it has helped ensure that senior individuals in firms take greater responsibility for...

FCA makes new rules

At FCA’s latest board meeting, it made a number of Brexit-related instruments, including: general amendments, including amendments to BTS to check they operate effectively in UK law; SMCR and approved person...

PRA confirms CRDV statement date

PRA has issued a statement explaining to firms when they can expect further information on the implementation of CRD V.  PRA issued two separate consultations, the later of which closed on 17 November.  It plans to...

FCA writes supervision letter to PCWs

FCA has written a portfolio supervision letter to CEOs of price comparison websites.  The letter notes the key priority that customers buying products through PCWs should buy products consistent with their demands and...

EBA urges consumers first in POG supervision

EBA has published a report encouraging firms to put consumers’ interests first when they are applying product oversight and governance arrangements. It has found this focus is lacking in many firms. This report...

FCA confirms SMCR extension dates

FCA has confirmed it has extended the date by which all solo-regulated firms must have fully implemented the Certification Regime and Conduct Rules, to 31 March 2021.  This follows Treasury making the statutory...

FCA updates on new COVID-19 issues

FCA has updated firms following the most recent Government announcement on COVID-19 restrictions.  It says firms should continue to follow Government advice to work from home, and has updated its statements on...

PRA finalises minor rule changes

PRA has published its policy statement on proposals in one of its Occasional Consultations. The changes confirmed will cover: minor updates on liquidity reporting; LIBOR updates for non-Solvency II insurers; other minor...

FCA confirms delay to first F&P assessment

FCA has confirmed that solo-regulated firms will now have until 31 March 2021 to complete their first fitness and propriety assessments on Certified Persons.  Treasury has made a statutory instrument to confirm the...

FCA updates on SMCR and reporting

FCA has reminded solo-regulated firms of the new annual reporting requirement that will oblige them to tell FCA whether they have taken disciplinary action against individuals who are not senior managers for Conduct...

PRA consults on CRD V

PRA is consulting on changes to its rules, supervisory statements and statements of policy needed to implement parts of CRD V.  This consultation is the first part of PRA’s preparation for implementation, and it...

FCA consults on more time for SMCR

FCA is consulting on extending the implementation deadlines for parts of the SMCR for solo regulated firms.  It plans that the 9 December 2020 deadline should be extended to 31 March 2021 for: the Conduct Rules taking...

PRA consults on updating SM&CR Forms

The Prudential Regulatory Authority (“PRA“) has issued a consultation paper (“CP“) setting out its proposals to make minor amendments to the PRA Rulebook, the Notifications Form and the Senior...

FCA updates on SMCR and approved persons

FCA has updated on SMCR implementation periods in the times of Covid-19. It has extended the deadline for solo-regulated firms to have undertaking the first assessment of fitness and propriety of Certified Persons to 31...

FCA makes new rules

FCA has published a Handbook Notice covering the rules it made at its May and June Board meetings. changes to COBs in relation to pension transfers, introducing a ban on contingent charging in respect of most advice on...

PRA agrees time-limited SMF approval

PRA has agreed that an individual currently approved to the Chair role at four insurance entities within the Bank of Scotland/Lloyds Bank group (and an approved NED of the two banks pre-SMCR) may take on the SMF10 role...

Dear CEO Letter: SME Lending

The FCA published a Dear CEO Letter today setting out its expectations of Banks who lend to SMEs. Whilst SME lending sits mostly outside the FCA’s scope, the FCA has called out that any activity undertaken by a...

FCA updates on SMCR Covid-19 expectations

FCA has published further guidance for solo-regulated firms on its expectations in relation to the SMCR and Covid-19.  The guidance mirrors the guidance issued by PRA and FCA for dual-regulated firms but additionally...

Regulator Covid-19 Update 6 April

On 6 April, the regulators further update their Covid-19 measures: FCA updated its expectations on solo-regulated firms in respect of the SMCR; FCA published a summary of queries it has received on client assets...

Regulator Covid-19 update 30 March

The regulators were quite quiet on 30 March with the key update being FCA’s statement on work-related travel and the responsibilities of senior managers – in relation to which it has stressed its support for...

FCA delays Directory publication

FCA had been due to publish the initial directory of certified and assessed persons on its Register at the end of March, but is now delaying it for at least a month. Dual-regulated firms had had to submit their data for...

FCA drives forward culture changes

FCA has published a Discussion Paper on how to drive purposeful cultures. The paper comprises a number of essays looking at how a good purposeful culture should lead to better outcomes for consumers, markets and...

PRA writes to chairs on board diversity

PRA has written to the chairs of dual regulated firms reinforcing the importance it places on diversity within boards for improving decision making and providing effective challenge. It reminds firms it expects them to...

PRA to use s166 for regulatory returns

PRA has written a Dear CEO letter to banks on the reliability of regulatory returns.  The letter highlights the recommendations of the review into the Co-Op bank – specifically that PRA should consider introducing...

FCA makes new rules

FCA has published its latest Handbook Notice with new rules. Most of the changes are minor, and update terminology and cross-references.  FCA is also making changes to: SYSC and SUP, including adding a new Annex to SUP...

FCA updates SMCR resources

FCA has updated its checklists for firms preparing for the SMCR.  It has added some text about the submission of Form K. It has also added a section for sole traders to its guidance on conversion from the Approved...

FCA publishes Directory entry form

FCA 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...

PRA writes to banks on AML risks

PRA has written a Dear CEO letter bringing banks’ attention to EBA’s opinion on the ML/TF risks in prudential supervision, and confirm it will continue to consider these concerns as part of its prudential...

FCA publishes SMCR stocktake report

FCA has published the findings of its review on how the SMCR has been embedded in the banking sector. It hopes banks and solo-regulated firms will find the conclusions of use and interest, although it notes the review...

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...

BoE 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...

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...