FIN.

ESMA speaks on challenges for fund managers

Verena Ross has spoken on the challenges for fund managers.  She spoke briefly of how the sector has responded to the pandemic so far, but focussed on Brexit. She said that firms have now had 4 years to prepare for the...

What next in BI appeal?

The hearing of the business interruption insurance test case appeal in the Supreme Court is now over. FCA has published the draft transcripts up to day 3, and the judges are aware of the importance of an early judgment...

Ombudsman News looks at trends and stats

The latest edition of Ombudsman News looks at its recently published complaints data (previously featured in  detail in FIN), which saw a rise in complaints from people who borrowed money and then felt the debt was...

NCA gets record SARs

NCA’s 2020 SARs report shows a 20% increase on the previous period and a  total of 573,000 SARs. Of these, nearly 62,500 were DSARs – an increase of 81% on the previous period. NCA also reports £172m as the...

MFN strikes again

The CMA has published an infringement decision against Compare The Market for imposing wide most favoured nation clauses on home insurance providers using its price comparison platform.  The fine, in the sum of £17.9...

Memo of Understanding: FSCS and SFO

A memorandum of understanding between the Serious Fraud Office and the FSCS has been published. The MoU sets out the parties’ intentions to work together in the public interest to achieve appropriate outcomes in...

FOS approach to CCA complaints

The FOS has published a website setting out its general approach to complaints about consumer credit products. The website sets out details of the types of complaints the FOS will consider, their approach to reviewing...

FCA consults on use of FSB Benchmark powers

FCA is consulting on how it proposes to use its new powers under the FS Bill to ensure an orderly wind-down of LIBOR, following the announcement by ICE Benchmark Administrations that it plans to cease its euro...

ABI calls for advice charging overhaul

ABI says that nearly 75% of consumers say they will not pay for financial advice. It says the regulatory environment needs to adapt so that customers can get the advice they want and that is fit for purpose. It carried...

FSB publishes 2020 Resolution Report

The Financial Stability Board (FSB) has published its 2020 Resolution Report which highlights the need for resolution preparedness. It also looks at lessons learnt from the Covid-19 pandemic, which stressed the...

Covid-19 support update: mortgages

The FCA yesterday announced updated guidance for  mortgage customer facing financial difficulties as a result of Covid-19.  Under the extension, eligible customers will have until 31 March 2021 to apply for an initial...

FCA updates on Supreme Court BI appeal

FCA has updated its website to reflect the running order for the Supreme Court hearing in its test case on business interruption insurance. The hearing started on 16 November and is expected to close on Thursday. The...

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...

Regulators update on FS Bill reforms

Treasury, PRA and FCA have updated the industry on the planned timelines for the introduction of the UK Investment Firms Prudential Regime and implementation of remaining Basel 3 reforms.  The targeted implementation...

FCA updates on BI insurance test case

The FCA has updated its webpage on business interruption insurance with details of the BI test case Supreme Court appeal. The Supreme Court will live-stream the appeal on: Monday 16 November: 11am-4pm; and Tuesday 17 –...

FOS publishes Q2 information

FOS has published complaints figures for July – September 2020 (Q2 2020). It: received 69,000 complaints in total received over 5,900 Covid-related complaints referred over 9,000 complaints to an Ombudsman upheld...

EBA reminds firms to finalise Brexit plans

EBA has reminded firms that, from the end of the transition period, UK firms can no longer provide services to EU customers on a passporting basis. It notes that: UK financial institutions offering services to EU...

Up next from FCA

Before the end of the year, FCA expects to publish:

consultation on amendments to take account of Breathing Space Regulations;
consultation on fees policy; and
feedback on the debt advice levy rate.

FCA updates on EEA regulator Brexit guidance

FCA has put together an information page sharing links to the websites of EEA regulators on which they have published guidance about the effects of Brexit on UK firms operating in their jurisdictions.  Some of the pages...

EC report on CCD

The European Commission published a report yesterday to the European Parliament and Council of the EU on the implementation of CCD. The key outcomes of the evaluation fall into the following headings: Effectiveness...

Pay.UK: Consumer Protection Landscape

Pay.UK published a paper yesterday providing an overview of the UK consumer protection landscape relating to disputed payment transactions. The paper sets out the payments landscape, the consumer protection landscape...

Covid-19 measures weekly summary

It’s been a while since we needed to do a digest of these.  In the light of the new English lockdown and the expiry of various measures, the last week has seen: FCA consultation on updated guidance for consumer...

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...

Feedback to CP20/18 on eIDAS published

The FCA today published PS20/13: Amendments to the open banking identification requirements (eIDAS) certificate).  This policy statement sets out the feedback to CP20/18 and sets out the near final rules amending...

FCA writes to CEOs of LLMI firms

FCA has written a portfolio strategy letter to Lloyd’s and London Market Intermediaries and Managing General agents. It sees the key risks these firms present in: financial resilience and orderly wind-down...

FCA confirms BI appeal date

FCA has confirmed the Supreme Court’s permission to appeal in the test case on business interruption insurance. The appeal will be heard from 16 November, probably for 4 days. RSA has confirmed it will not be...

SFO publishes Airline Services DPA

SFO has entered into a DPA with Airline Services Limited, following an investigation into failure to prevent bribery. SFO reports that, under the terms of the DPA, the company accepts responsibility for three counts of...

FCA to join global product testing forum

FCA has joined an initiative organised by the Global Financial Innovation Network, as one of 23 regulators taking part in a cross-border testing initiative of innovative products, services, business models or reg tech. ...

FOS focuses on SMEs

The latest edition of Ombusdman News focuses on the impact of Covid-19 on SMEs and how FOS can help small businesses.  It summarises which businesses it can help and gives examples of how it has helped without actually...

FATF updates statements

FATF held a plenary meeting on 21-23 October.  Many initiatives are on hold while FATF warns firms about the financial crime risks the pandemic has created, but it has continued to work with countries under increased...

FATF updates recommendations

FATF has updated its recommendations in respect of: Recommendation 1 and its interpretative note, to broaden the existing requirement specifically to require relevant entities to identify and assess the risks of...

BoE consults on OCIR policy

The BoE is consulting on various proposals relating to operational continuity in resolution (OCIR) policy. The BoE proposes the following amendments: Changes to the OCIR section of the Approach to Assessing...

PRA consults on BRRD II

The PRA has launched a consultation on its Contractual Recognition of Bail-in (CROB) and Stay in Resolution (Stays) Rules. The proposals will support the UK’s transposition of the Bank Recovery and Resolution...

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 Directory dates

FCA has updated its information page on the Directory of certified and assessed persons.  It confirms that dual regulated firms must submit their data by 13 November, and it will start to be published from 23 November...

SFO publishes DPA guidance

The SFO has published a chapter from its handbook that gives guidance on how it approaches DPAs and engages with companies when it is considering a DPA. The guidance, which is internal guidance for SFO staff and...

FCA confirms new rules

FCA has issued a Handbook Notice summarising rule changes finalised over recent months.  Key among them are: the new section on COBS (22.6) to ban derivatives and ETNs that reference certain cryptoassets to be marketed...

Commission consults on AIFMD review

The European Commission has launched a consultation on its review of the AIFMD.  The consultation is open until 29 January 2021. The Commission wants to gather views from AIFMs, distributors, industry representatives...

Breathing Space Consultation Launched

The FCA has published its consultation on the handbook changes required as a result of implementation of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales)...

MLR Bank Account Portal not yet ready

FCA has confirmed that the Bank Account Portal, which is being set up under the MLRs to enable credit institutions and providers of safe custody services to respond to requests for information from a law enforcement...

FCA publishes BI High Court declarations

FCA has published the High Court declarations made in the test case, which are the culmination of the test case judgment. The declarations set out how and to what extent the policies in the representative sample used in...

FCA: new webpages on whistleblowing

The FCA has launched two new webpages on whistleblowing. The first webpage sets out the process for reporting concerns of wrongdoing to the FCA in confidence and provides guidance on: Making the decision to speak to the...

PRA consults on CRD V

PRA is consulting on further proposed changes to its rules, supervisory statements and statements of policy to implement elements of CRD V, and also to make changes to the UK framework to take account of parts of CRR II...

Crowdfunding Regulation in OJEU

The EU Regulation on Crowdfunding and the accompanying amendments to MiFID 2 have been published in the Official Journal.  It will apply from 10 November 2021. Please ask us if you’d like to see the articles...

Commission publishes EU work programme 2021

The European Commission has announced its focus for 2021.  As well as continuing to work on managing the effects of the pandemic, its priorities will include: a “Fit for 55” packages to reduce emissions by...

FSB issues final report on CIRR toolkit

The Financial Stability Board (FSB) has published its final report on a toolkit of effective practices for financial institutions’ cyber incident response and recovery (CIRR). The toolkit aims to assist financial...

Lords responds to HMT on equivalence

Baroness Donaghy, chair of the House of Lords EU Services Sub-Committee, has responded to HMT’s letter of 21 September which set out the Government’s responses to previous queries of the Sub-Committee on UK...

HMRC publishes MLR risk assessment guidance

HMRC has published risk assessment information to help businesses carry out the money laundering and terrorist financing risk assessment required under the MLRs.  There are separate documents for each of: money services...

EBA consults on PSD2 major incident reporting

EBA is consulting on a proposed revision of its guidelines on major incident reporting under PSD2. It wants to make the process better, simpler and more streamlined, and reduce the number of operational incidents that...

Current accounts for expats post-Brexit

The Treasury Committee recently wrote to the FCA seeking clarification on the notice period that should be given to current account customers who are being told their accounts will be closed once the transition period...

FCA fines for short selling disclosure breach

FCA has issued its first fine for breach of the Short Selling Regulation. It fined Asia Research and Capital Management Limited, an asset management firm based in Hong Kong, nearly £875,000 for failing to notify FCA and...

FSB reports on global stablecoins

The Financial Stability Board (FSB) has published its finalised high-level recommendations for the regulation, supervision and oversight of “global stablecoin” (GSC) arrangements. The report says that GSC...