FIN.

Up next from FCA

FCA’s latest Policy Development Update gives very little indication of any imminent papers, promising only the consultation on exit fees in investment platforms and comparable firms, feedback on the SEAR and a...

ESAs agree PRIIPs KID changes

The ESAs have suggested to the European Commission a package of changes to the PRIIPs KID. The main proposals for change are: new methodologies to calculate appropriate performance scenarios and a revised presentation...

ESMA publishes fund distribution ITS

ESMA has published a report with implementing standards under the Regulation on cross-border fund distribution. The ITS focus on: publication on national regulatory websites of national requirements for marketing of...

ESMA goes on product governance drive

ESMA is launching a “common supervisory action” with national regulators to assess progress manufacturers and distributors of financial products have made in applying key product governance requirements...

EBA begins 2021 stress test

Following the postponement of the 2020 exercise due to the pandemic, this year’s EU-wide stress test will provide valuable input for assessing the resilience of the European banking sector. The results might also...

FCA updates on BI issues

FCA has updated its information page on business interruption insurance, and has created new pages containing a policy checker tool and FAQs for policyholders.

CPI 2020 shows mixed results

Transparency International has published the 2020 CPI, which shows that most countries have made little to no progress in tacking corruption over the past 10 years, but also that more than two-thirds score below 50 on...

LSB publishes CRM Code review

The LSB has published its review into the CRM Code for APP scams. The review of the voluntary code looked to see how effective it has been in providing greater consumer protection, and to see whether it has had an...

CAP guidance on delayed payment services

In December the Committee of Advertising Practice (CAP) published new guidance on marketing communications for delayed payment services. This specifically relates to those services not regulated by the FCA. The guidance...

Treasury makes funeral plan RAO changes

Treasury has made changes to the RAO and related secondary legislation to remove the exclusion that previously meant no provider of pre-paid funeral plans was in fact conducting any regulated activity in relation to...

NCA publishes SARs reporter booklet

NCA has published a booklet summarising feedback from law enforcement agencies on their use of SARs, which it hopes will be informative in sharing perspectives on the use of SARs and sharing and encouraging best...

FCA updates on PEMC signposting

FCA has updated its webpage on how insurance firms should be helping consumers with serious pre-existing medical conditions to get travel insurance.  It now highlights the newly publishes BIBA travel insurance...

FCA publish latest coronavirus updates

The FCA has today published an update on mortgages, consumer credit, banking and payments during coronavirus. The main points can be summarised as follows: repossessions under mortgages cannot be undertaken without...

FCA publishes BBLS PAYG guidance

FCA has published its finalised guidance for firms that provide Pay as You Grow options under the BBLS. The guidance: notes that CONC 7 generally applies to set out the rules for fair treatment of customers in arrears...

TAFA report shows little action

Treasury has published the quarterly report on activity under the Terrorist Asset Freezing etc Act 2010.  The report covers the quarter to end of September 2020, and shows only £108,000 frozen in 47 accounts, and two...

FCA updates on BI judgment effects

FCA has updated its website following the Supreme Court’s judgment in the business interruption insurance test case.  It has: published a Dear CEO letter on its expectations on insurers.  The key message is that...

Regulators consult on FSCS levy

PRA and FCA are consulting on proposals for the FSCS Management Expenses Levy Limit for 2021/22. The consultation is supported by the FSCS’s proposed Plan and Budget for 2021/22. The proposed limit for 2021/22 is...

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 updates on DB transfer business

FCA has published data collected from firms on the DB pension advice market.  The data is already nearly a year old, covering an 18 month period to March 2020.  FCA stresses its continued belief that it is not in the...

FCA reports on protecting consumers from harm

FCA has published a report looking at how it looks to protect consumers from investment harm. It includes details of applications that have been stopped, and notes that FCA opened nearly 350 supervisory cases involving...

Supreme Court backs FCA on BI judgment

The Supreme Court has released its judgment on the business interruption insurance test case. Commenting, on the judgment, FCA noted that the Court has substantially allowed FCA’s appeal on behalf of policyholders...

JMLSG signposts Brexit effects

JMLSG has noted the parts of its guidance affected by Brexit. In particular: EEA countries are now third countries; the same level of information is to be provided by UK PSPs regardless of whether funds are being...

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...

FS Bill finishes Commons stages

The Financial Services Bill has now completed its journey through the House of Commons and now moves to the House of Lords. Among the key changes now being debated are extensions to penalties for financial crime-related...

FCA publishes FAQ on insurance pricing plans

FCA has published a set of FAQs on its draft rules to remedy its concerns on general insurance pricing practices. It hopes the document will help firms understand the intention behind the proposals, but stresses that...

UK makes Swiss MiFIR equivalence rules

The Markets in Financial Instruments (Swiss Equivalence) Regulations 2021 take effect on 3 February, and designate BX Swiss AG and SIX Swiss Exchange AG as “equivalent” for the purposes of trading under...

HMRC updates on MLR non-compliance

HMRC has updated its published data on businesses that do not comply with the MLRs. Between February and September 2020 it issued 4 substantial fines for failure to comply with obligations, including a fine of nearly...

FCA Covid financial crime guidance to expire

FCA has updated its pages giving guidance to firms on how to act during the pandemic.  As part of this, it has noted that its statement on how firms should apply financial crime systems and controls will no longer apply...

Insolvency Service Guidance: Breathing Space

The Insolvency Service has published its guidance on the Debt Respite Scheme (Breathing Space). The guidance is intended to support creditors in understanding the Breathing Space Regulations and sets out information on:...

Reminder: changes to MLRs

Various amendments to the MLRs were made in the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations. Some are already in force, with others yet to take effect some of the changes were minor...

PRA finalises BRRD II rules

PRA has published its policy statement and final guidance on BRRD II. it has also published its final policy in relation to the amended Contractual Recognition of Bail in and amended Stay in Resolution parts of its...

ESMA publishes cloud outsourcing guidelines

ESMA has published its final report on outsourcing to cloud service providers. The guidelines cover: risk assessment and due diligence on providers; governance, organisational and control frameworks for monitoring CSP...

TAFA report shows little movement

Treasury has published its quarterly report on the functioning of TAFA, covering April to June 2020.  The report shows that: total funds of £9,000 were frozen with 6 accounts or payments being frozen, but no new...

UK publishes 2020 NRA

Treasury and the Home Office have published the 2020 National Risk Assessment under the MLRs and presented it to Parliament. The report: looks at what has been done in recent years, including in terms of bringing new...

FCA makes Remuneration Code changes

FCA has published its final rules on updating the dual-regulated firms’ Remuneration Code to reflect CRD V.  It has finalised its guidance on proportionality for the dual-regulated firms code,  and published a set...

FOS consults on 2021/2 plan and budget

FOS is consulting on its plan and budget for next year. Key elements of the plan set out: its expectation to receive 160,000 complaints and resolve 210,000 whether the individual case fee will be £650 or £750 that the...

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 sets up temporary regime for crypto firms

FCA has set up a temporary registration regime for cryptoasset businesses who have applied for registration with FCA under the MLRs but whose applications FCA is still considering. It is taking FCA longer than hoped to...

EBA pleased at AML college cooperation

EBA has published a report analysing how well AML/CFT supervisory colleges are working.  It is pleased that regulators are putting significant effort into setting up colleges, and has reported on good and poor practice...

FCA updates on complaints data

FCA has published its latest firm-specific and aggregate complaints data from firms for H1 2020.  It specifically notes: the lowest levels of recorded complaints since H2 2016 – firms received 2.96m; the largest...

Treasury makes Brexit financial crime laws

Treasury has made: the Sanctions Regulations (EU Exit) (Commencement) Regulations 2020: these bring into force the sanctions regulations made under SAMLA to set up thematic or country based regimes; and the second...

BoE Financial Stability Report

The Bank of England published the Financial Stability Report for December. The report sets out the Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or...

UK and Singapore announce FTA

The UK and Singapore have announced the signing of a UK-Singapore Free Trade Agreement and negotiations on a UK-Singapore Digital Economy Agreement. For financial services, this means opportunities for UK Qualifying...

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...

FCA consults on proving presence of Covid

FCA is consulting on guidance to help policyholders, insurers and intermediaries to judge how to prove the presence of Covid-19 in a particular area. FCA wants to be able to issue the final guidance as soon as the...

EBA reports on Basel III implementation

The EBA has published a report on the impact of implementing the final Basel III reforms in the EU. The results do not reflect the economic impact of the Covid-19 pandemic as the reference date for this assessment is...

FCA confirms mini-bond marketing ban

FCA has confirmed that it will permanently ban marketing of speculative illiquid securities, including mini-bonds, to retail investors, from 1 January 2021. The permanent rules will also include a ban on listed bonds...

PRA makes CRD V changes

PRA has published a policy statement on further implementation of CRD V .  It has also published its near-final rules which will not be changed, but PRA cannot make the rules until 28 December.  The rules will make...