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FCA and PSR publish annual reports

FCA has published its annual report and accounts for 2019/20. The report notes FCa’s key achievements for the year.  Apart from the obvious measures to address the problems caused by Covid-19, it highlights:...

MEPs call for action on FinTech

MEPs are pleased that the Commission has committed to an early finalisation of its Action Plan on Fintech, but stress the measures must get the balance right between innovation and consumer protection. They want a...

Up next from FCA

The latest Policy Development Update notes a reinvigoration of FCA in publishing consultation and discussion papers before the end of the calendar year.  It plans: consultation on amendments to accommodate the Breathing...

BoE updates on LIBOR transition

The Bank of England has updated its website on the transition from LIBOR, and what it is doing to catalyse using SONIA as the primary interest rate benchmark in sterling markets. The Working Group on Sterling Risk-Free...

FCA to update mandatory resilience survey

FCA is to repeat the survey it carried out with a sample of firms in June, to assess the changes in firms’ financial positions as a result of the pandemic.  It will be contacting firms between 16-22 September with...

EBA calls for single AML rulebook

EBA has published its response to the European Commission’s call for advice on how to strengthen the AML/CFT legal framework. It feels the only way to tackle vulnerabilities that come from divergent practices...

In Conversation on Debt

On 10 September we hosted the latest Retail Banking Mixer in our In Conversation series.  This session focussed on debt in the retail banking sector and we were joined by Mayoor Patel, Head of Legal (Retail &...

Breathing Space: Updated Regulations

A new version of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 has been published today.  This version of the Regulations have been laid...

Bundling warning from the CMA

The CMA has published a letter which highlights an issue related to implementation of the Bounce Back Loan Scheme at pace. In 2002, a number of banks entered into undertakings with the CMA which confirmed that they...

FMSB reviews trade execution challenges

The FICC Markets Standards Board (FMSB)’s latest Spotlight Review explores the challenges faced in measuring quality of trade execution and how this varies across market participants and segments. FMSB says that...

FCA censures individual for market abuse

FCA has publicly censured the former CEO of Worldspreads and banned him from any roles linked to regulated activity, as as result of market abuse.  It originally fined Conor Foley around £650,000 but imposed a public...

SFO updates on enforcement activities

Lisa Osofsky has spoken on SFO’s most recent enforcement activity and its priorities for the future. She spoke about how SFO has worked on its priorities of better cooperation, use of technology, intelligence...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation mainly covers: onshoring changes to the Handbook or technical changes FCA will need to make as a result of onshoring. It asks for comment on the bulk of the changes by 4...

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...

EVENT: In Conversation on Debt

Join us on Thursday 10 September 2020 at 10am for our next Retail Banking Mixer – In Conversation. This webinar will focus on debt in the retail banking sector (including breathing space) and you will have the...

UK Finance backs FCA mortgage plans

UK Finance is supportive of FCA’s plans for additional guidance to firms on mortgages and COVID-19. It says the industry has always said it is better fora  customer who can afford payments to continue to make...

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 digital sandbox

FCA has updated on the results of its 3 week “DataSprint” which created datasets that the firms now in the digital sandbox can use for testing and developing proofs of concept around 3 use cases related to...

FCA updates on complaints data return dates

FCA has notified firms it will allow them to apply a 2 month deadline to the complaints data summary due on 31 August, so that the data for complaints covering reporting periods ending between 1 January and 30 June 2020...

FMLC responds on AML action plan

FMLC has responded to the Commission’s consultation on its AML action plan.  The response focuses on: the scope of EU AML legislation on virtual currencies, and how it might be helpful to broaden the definition;...

FCA looks at transaction reporting and Brexit

In the latest edition of Market Watch, FCA looks at how MiFID firms should be preparing for the end of the transition period. It: explains the temporary transitional power, noting why it is not appropriate to use it for...

COVID 19: Mortgage Consultation

The FCA has published its supplementary guidance note which sets out its expectations of firms dealing with mortgage customers who: are unable to resume payments after 2 payment deferrals; have benefitted from an...

FCA launches open-ended funds survey

FCA has published a survey to kick-start the joint review it and the BoE are carrying out of liquidity mismatch in open ended funds. The survey was originally due to launch in March. It has asked asset managers to...

FOS focuses on Covid-19 complaints

The latest edition of Ombudsman News focuses on complaints arising from Covid-19 and its impact on consumers and SMEs. FOS notes that some of the issues are new, but others are common issues made worse by the pandemic...

Court approves insurance transfer

The High Court has approved a Part VII transfer of an insurance portfolio from Legal and General to Reassure. The portfolio includes around 900,000 insurance-based savings, pensions, life and with-profits business and...

London and Capital report delayed

Dame Elizabeth Gloster has explained to FCA that she will need until late November to complete and report on her investigation into FCA’s regulation of London and Capital Finance. FCA is happy to work with her...

HMRC publishes list of MLR miscreants

HMRC has published its list of businesses who, over the past tax year, have not complied with their obligations under the MLRs. Over the period, there were 15 “major” penalties, including a fine of nearly...

FCA to reopen TPR window

FCA has updated its website pages on the Temporary Permissions Regime. It plans to reopen the TPR notification window on 30 September to allow for further new notifications, and to allow fund managers to update...

EIOPA finalises Pan-European Pension Product

EIOPA has provided the Commission with a set of draft RTS and ITS and its advice on delegated acts needed to implement the Pan-European Personal Pension Product framework.  It has already developed the PEPP KID and PEPP...

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...

Wolfsberg updates on effective AML programmes

The Wolfsberg Group has published a statement on steps financial institutions can take to evolve their AML./CTF regimes to meet the key elements of the Wolfsberg effective programme. It outlines the key steps as: assess...

FMLC responds on departure from EU case law

FMLC has offered its views to the Ministry of Justice on whether courts and tribunals other than the Supreme Court and High Court of Judiciary should have the ability to depart from retained EU lase law after the end of...

EBA seeks views on Regtech

EBA has published a RegTech industry survey to seek views on how RegTech solutions are being, and could be, used. It wants to understand current activity, raise awareness of it, and have information to inform future...

Wolfsberg Group publishes SOW and SOF FAQs

The Wolfsberg Group has published FAQs on how Financial Institutions can identify, mitigate and manage money laundering risks by undertaking Source of Wealth and Source of Funds checks on relevant customers, when...

BoE updates webpage on ISO 20022

The Bank of England (“BoE”) has updated its webpage on ISO 20022, the emerging global standard for payments messaging.  The update confirms that BoE will go-live with ISO 20022 in April 2022 as currently...

Up next from FCA

FCA’s latest Policy Development Update heralds: consultation on financial crime reporting during Q3; PS on debt advice levy rates in Q4; CP on exit fees in investment platforms and comparable firms during 2021; PS...

CMA revokes HSBC directions

The CMA has on 6 August revoked the Directions given to HSBC under the Retail Banking Market Investigation, as the Implementation Trustee confirmed HSBC’s compliance with the Order on App-to-App Redirection...

PSR focuses on APP scams

The PSR has stressed the importance of the CRM Code in reimbursing victims of APP scams.  It notes the Covid-19 pandemic has changed the way many people make payments, and left many of them vulnerable to fraud. The Code...

FCA publishes high cost credit review

FCA has published the findings of a review into relending by firms that offer high cost credit. It carried out the review before the current pandemic. The results highlight concerns about poor practices by some firms...

FCA recognises LSB update

FCA has confirmed it is maintaining its formal recognition for the LSB’s Standards of Lending Practice for business customers, and that the recognition now covers the recent updates to take account of CBILS and...

FCA consults on debt advice levy rates

FCA is consulting on additional funding by way of debt levy advice rates.  The DWP has told it that an additional £14.2m for MaPS to provide debt advice in England in 2020/21.  Treasury has also asked for a further £2...

FCA consults on Remuneration Code

FCA is consulting on proposals to update its Dual-Regulated firms Remuneration Code and guidance as part of CRD V implementation. The consultation largely follows PRA’s and proposes: changes to SYSC 19D in respect...

FCA updates on BI test case

The test case FCA brought to get court clarity on the application of certain clauses in a number of business interruption insurance policies is now complete. FCA has now published the draft transcripts for days 1-7 of...

FCA consults on consumer refund guidance

FCA has published a guidance consultation on how firms should be helping customers with rights and routes to refunds.  The guidance builds on FCA’s previous statements on consumers’ rights when their trips...

Treasury amends PRIIPs requirements

Treasury has published a policy statement on how it proposes to amend the PRIIPs Regulation as it onshores it. It plans early changes to address the most pressing concerns and to ensure the regime provides more...

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...

EBA agrees tentative 2021 stress test

EBA has agreed on a tentative timeline and sample of the 2021 EU-wide stress test, which it expects to launch a the end of January 2021 and the results be published at the end of July 2021. The test will be carried out...

EVENT: Open Banking Webinar

Our next retail banking mixer by webinar will focus on open banking. Our session will include a brief introduction to the topics followed by a discussion that you’d be welcome to join in with: Open banking from a...

FCA Guidance on Vulnerable Customers

The FCA has set out new best practice guidance for firms to do more to protect vulnerable customers, and ensure they are receiving positive outcomes. The first phase of the FCA consultation in July 2019 found that some...