FIN.

Category - Investments

New FSMB Amendments published

The House of Commons has published an amendment paper for the FSM Bill, tabling two new additional clauses. The new clauses relate to stewardship reporting requirements for OPS and for large institutional investors...

Highlights of FSMB debates from 25 October

The 3rd and 4th sittings of the Public Bill Committee debate on the FSM Bill took place on 25 October.  After the evidence sessions from witnesses on 19 October, the line-by-line scrutiny of the Bill has now started...

FCA consults on anti-greenwashing rules

FCA is consulting on new rules to tackle greenwashing. Following its commitment in its ESG strategy and business plan, FCA is now addressing the concerns that the increasing exaggerated, misleading or unsubstantiated...

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 updates on Consumer Investments Strategy

FCA has published an update on its Consumer Investments Strategy, tracking what has happened in the past year.  Highlights are that FCA has: prevented 1 in 5 applicants wanting to enter the consumer investments market...

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...

Ombudsman News and new FOS UCIS pages

The latest edition of Ombudsman News highlights the recent complaints data we’ve previously reported on, and gives guidance on complaints relating to UCIS. FOS is seeing increasing complaints about advice to...

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...

FOS publishes H1 complaints data

FOS has published its regular half-yearly update on complaints data relating to individual businesses. 212 businesses feature, with an average uphold rate of 37% (the same as the previous period). FOS has also reported...

FCA consults on trading venue perimeter

FCA is consulting on clarifications to the regulatory perimeter for trading venues and related services. The consultation is part of the wholesale markets review and reflects concerns expressed as part of the feedback...

FCA imposes conditions on CiC

On 12 September, FCA announced that it has imposed conditions on a proposed change in control. Dye & Durham is looking to take over the Link Group, which involves the acquisition of 7 FCA-authorised firms. One of...

FOS publishes latest complaints data

FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...

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...

PRA makes new rules

PRA has made changes to its rules, supervisory statements, statements of policy and technical standards following its Occasional consultation 3/22. The changes affect: Solvency II firms: in respect of the Statement of...

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 consults on widening access to the LTAF

The FCA has outlined proposals to market the Long Term Asset Fund (LTAF) to a wider group of retail investors and pension schemes, whilst also introducing enhanced investor protections. Highlights include plans to:...

FCA finalises high-risk fin prom rules

FCA has published its policy statement with final rules on firms that are publishing promotions of high-risk products. The new rules will require firms that are issuing and approving the materials to  have appropriate...

FCA publishes Carillion decision notices

FCA has published its decision notices in respect of Carillion plc and three of its former executive directors.  As the company is in liquidation, FCA has imposed a public censure, which has not been appealed.  However...

FCA publishes fin proms data

FCA has published its quarterly data for the quarter ending June 2022 on its actions against firms that breach financial promotions restrictions and requirements. Key statistics include: review of 451 promotions...

ESMA consults on the DLT Pilot Regime

Following its call for evidence earlier this year, ESMA is consulting on draft guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure. The proposed draft...

FCA publishes quarterly consultation

The FCA’s latest quarterly consultation covers: a minor amendment to DEPP to reflect changes to the FCA’s decision-making processes implemented on 26 November 2021; amendments to the Compensation rules relating to...

ESMA provides guidance on sustainability risks

On 31 May 2021, ESMA published a supervisory briefing setting out guidance on the integration of sustainability risks in the area of asset management. The guidance is aimed at national competent authorities (NCAs) to...

HM Treasury speech on credit unions reform

On 24 May 2022, in a speech delivered at the Association of British Credit Unions annual conference, John Glen, Economic Secretary to HM Treasury, announced reforms to the legislative framework for credit unions. In the...

ESMA updates Q&As on crowdfunding

On 20th  May 2022, the European Securities and Markets Authority (ESMA) has updated the Questions and Answers on the European crowdfunding service providers for business Regulation. The changes specifically address...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

FCA publishes issue 69 of Market Watch

On 17 May 2022, the FCA published Market Watch 69, its newsletter on market conduct and transaction reporting issues. The newsletter focuses on firms’ arrangements for market abuse surveillance, drawing on the...

FCA consults on expanding dormant assets scheme

On 13 May 2022, the FCA published a consultation paper on expanding the dormant assets scheme (the Scheme). The Scheme allows banks and building societies to pay dormant monies to an authorised reclaim fund which then...

EU reaches deal on DORA

The EU Commission, EU Council and EU Parliament have reached agreement on the Commission’s proposal for a Digital Operational Resilience Act (DORA). The new rules aim to harmonise and strengthen digital...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

ESAs call for improvements to PRIIPs KID

The ESAs have issued a joint supervisory statement regarding the ‘What is this product?’ section of the KID for PRIIPs. It aims to improve the quality of descriptions provided by PRIIPs manufacturers and thereby...

FMSB is changing its name

FMSB has announced that it is changing its name from the FICC Markets Standards Board to the Financial Markets Standards Board. It will continue to use “FMSB”. FMSB says the change will help support...

FCA launches new IFPR webpage

The FCA has launched a new webpage which sets out how to submit MIFIDPRU applications and notifications. It also includes information for IFPR firms about MIF returns.

ESAs propose PRIIPs KID changes

The ESAs have published their technical advice to the European Commission on making the PRIIPs Key Information Document more user friendly, The advice recommends several changes and encourages the Commission to...

Post-Trade Task Force publishes report

The industry led Post-Trade Task Force has published its report on the future of post-trade. Its work will now be taken forward by the FICC Markets Standards Board (FMSB). The report looks at key challenges which it...

FCA confirms changes to PRIIPs regulation

Following its consultation in 2021, the FCA has confirmed it is making changes to the PRIIPs regulation to: clarify the scope of the PRIIPs regulation for corporate bonds, making it clearer that certain common features...

FCA portfolio strategy letter on custody

FCA’s latest letter on its portfolio supervision strategy relates to custody and fund services. It sees 4 areas of potential harm: disruption to consumers and market participants, or the loss, compromise, or lack...

IOSCO consults on retail market conduct

IOSCO has published a consultation report from the Retail Market Conduct Task Force. The report looks at recent retail investor trends and the development of a regulatory toolkit to help regulators consider emerging...

FCA responds on LCF Complaints

FCA has set out its response to the Complaints Commissioner’s report on its handling of the failure of LCF in respect of assessing complaints against it.  It says it is sorry for the mistakes it made. It has...

FCA portfolio letter for Credit Unions

The FCA has published a portfolio letter to Credit Union Boards setting out the usual key risks of harm that are present for Credit Unions, their members and the markets in which they operate. The letter asks firms 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...

FCA publishes Consumer investments data review

The FCA has published its third Consumer investments data review. The review provides an overview of FCA’s work to protect consumers from investment harm between April and September 2021. This follows FCA’s...

Treasury responds on mini-bonds

Treasury has published its response to the consultation on the regulation of mini-bonds (or NTDS – non-transferable debt securities). Most respondents agreed the instruments should be brought into regulation, but...

FCA makes new rules

The FCA’s latest Handbook Notice confirms changes to: apply the rules set out in the Funeral Planning Conduct of Business (FPCOB) sourcebook to funeral plan providers selling their own plans directly to customers...

Dormant Assets Act gets Royal Assent

The Dormant Assets Act got Royal Assent on 24 February,  The Act expands the scope of “dormant assets” that has encompassed cash in bank and building society accounts since 2008 to include a greater range of...