FIN.

Lloyd’s responds to market misconduct

Lloyd’s has issued a notice of censure to Atrium, a managing agent in the Lloyd’s market. The firm admitted three charges of misconduct, and Lloyd’s Enforcement Board levied its largest ever fine of...

HM Treasury publishes ringfencing Review

In 2020, the Treasury appointed an independent panel to: review the operation of the legislation related to ring-fencing; and review banks’ proprietary trading activities following a statutory report from the PRA...

New rules on cryptocurrencies in the EU

MEPs have agreed on draft rules on supervision, consumer protection and environmental sustainability of crypto-assets, including cryptocurrencies such as bitcoins. For those issuing and trading crypto-assets, the new...

PRA Occasional Consultation on minor changes

The PRA has issued a Consultation Paper setting out proposals to make minor amendments to UK Technical Standards (UKTS), PRA rules, supervisory statements, Legacy Supervisory Statements, and a Statement of Policy...

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...

Economic Crime Act gets Royal Assent

The Economic Crime (Transparency and Enforcement) Act 2022 got Royal Assent on 15 March only 14 days after its introduction into Parliament. As noted in previous posts and articles, the main focus of the Act is: the...

Treasury and FCA on investing in Russia

The Chancellor has called on all UK firms to think very carefully about any investments that might support the Putin regime, and has welcomed commitments to divest away from Russian assets. The Government recognises...

CAT determines the ‘domicile date’

CAT has published its Judgment giving further guidance on the ‘domicile date’, which is the date specified in a CPO. The domicile date operates to determine the persons who fall within the class definition...

FCA warns on illegal crypto ATMs

FCA has warned operators of crypto ATMs that they must shut down their machines. Any firm operating a crypto ATM in the UK must be registered under the MLRs, but no firm that does operate one has yet been approved by...

FCA creates Ukraine-focussed webpage

FCA has created a new webpage to bring together its various resources and publications relating to the Russian invasion of Ukraine. It includes FCA’s notices about the effect of the invasion on financial markets...

AML Levy Regulations made

The Economic Crime (Anti-Money Laundering) Levy Regulations have been made and will take effect on 1 April. The Regulations: specify the FCA, Gambling Commission or HMRC as appropriate as the collection agencies; and...

Insurance business transfer scheme permitted

An application under Part VII of FSMA 2000 was made for sanctioning an insurance business transfer scheme which involved the transfer of insurance policyholders from Assured Guaranty (Europe) PLC (in the UK) to Assured...

FCA publishes lender portfolio letters

FCA has published its most recent porfolio strategy letters for: retail mortgage lenders; non-bank lenders; and building societies. Common themes in the letters are: that the response to the pandemic has shown FCA and...

Sanctions and Economic Crime update 11 March

Over the last couple of days: OFSI has published a blog on the evolving Russian sanctions, including calling out the intent of the Economic Crime bill to introduce a strict civil liability test, and confirming that it...

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...

OFSI updates sanctions guidance for Russia

OFSI has published an update to its financial sanctions guidance, specifically addressing the range of sanctions now introduced against Russia. The guidance explains the scope of the sanctions and available licensing...

FATF updates recommendation 24

At FATF’s latest meeting, it adopted amendments to Recommendation 24 and its interpretive note.  The recommendation now requires a multi-pronged approach to the collection of beneficial ownership information...

FCA comments on Amigo Scheme proposal

FCA has published a letter that it wrote to Amigo Loans confirming that it does not plan to attend the hearing to oppose the proposed Scheme of Arrangement. It thinks the new proposals are preferable to the ones in the...

Sanctions and economic crime update 4 March

Late on 3 March and on 4 March: FCDO and OFSI confirmed the extension of sanctions to Russian oligarchs Alisher Usmanov and Igor Shuvalov; and BEIS published an updated factsheet on the register of overseas entities;...

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...

PSR issues new Specific Direction 12 to LINK

The PSR has given Specific Direction 12 (SD12) to Link Scheme Holdings Ltd (LINK) allowing them to maintain the broad geographic spread of the UK’s free-to-use (FTU) cash machine network. The new Direction follows...

FCA updates on Green FinTech Challenge 2021

FCA has accepted 10 firms into its Green FinTech Challenge 2021 which aims to enable the FCA to take a more active role in driving innovation in products and services that will aid the transition to a net-zero economy...

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...

LSB sets its agenda for 2022

The latest LSBulletin outlines some of the LSB’s key areas of focus for 2022, including: Contingent Reimbursement Model Code (CRM Code) for APP scams – the LSB will be conducting follow up work from its previous...

Finance Act 2022 gets Royal Assent

The Finance Act 2022 has achieved Royal Assent, and includes the economic crime levy.  It sets out: the powers of FCA, HMRC and the Gambling Commission to collect it; how to assess whether a person is subject to the...

ASA successfully challenges crypto ads

The ASA challenged an ad for Floki Inu, a cryptocurrency, which was made via a poster displayed on the Tube in November 2021.  The poster had a cartoon dog in a Viking helmet with text saying “Missed Doge. Get...

FCA updates on SCA expectations

FCA has updated its webpage on SCA to explain the changes to the SCA-RTS in respect of the new exemption that means customers will not need to reauthenticate when accessing account information through a TPP, if ASPSPs...

Sanctions updates from 2 March

On 2 March, various UK government agencies and regulators released a number of statements and extra measures brought in on 1 March: the PSR announced  that is was working with all relevant agencies to help make sure the...

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...

OFSI updates asset freeze lists

OFSI has updated its list of all asset freeze targets and has also published separately an updated list of persons named in relation to financial and investment restrictions related to Russia, together with guidance on...

BBRS publishes Post-Implementation Review

The Business Banking Resolution Service (BBRS) has published the first part of its Post-Implementation Review (PIR). The aim of this review was to assess how well the BBRS has delivered the recommendations contained in...

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...

OFSI updates Russian sanctions

Unsurprisingly, OFSI is constantly updating the sanctions lists in respect of Russia.  On 24 and 25 February it  updated the list of designated persons, which as at 25 February ran to 190 individuals and 59...

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...

FOS publishes latest quarterly complaints data

The Financial Ombudsman Service (FOS) has published its latest quarterly data on complaints in relation to financial products. This data covers the period October to December 2021, and is available in full as a...

Pay.UK develops new data model

Pay.UK has developed a new tool in collaboration with UK Finance to help prevent Authorised Push Payment (APP) fraud. The new ‘logical data model’ will be a useful foundation for categorising relevant customer data to...

FCA reinforces sanctions expectations

In the light of the tranche of sanctions imposed on Russia, FCA has reminded firms it expects them to have established systems and controls to counter the risk they they might be used to further financial crime, and...

FCA responds to APPG letter before claim

The FCA has responded to a letter before claim under the pre-action protocol for judicial review from the All Party Parliamentary Group on Fair Business Banking (APPG). APPG’s letter before claim refers to the...

New courses for compliance professionals

We are excited to have agreed with the Compliance Register to present at several key courses over the coming months. We will be presenting on: financial crime prevention SMCR the regulatory regime financial promotions...

OFSI updates sanctions

OFSI has published a new set of financial sanctions relating to Russia, effective from 22 February, together with updated guidance. It amended existing entries in relation to 2 entities and added 5 more entities and 3...

FCA comments on crypto-provider controllers

FCA has commented on recent statements made by Bitpanda announcing its acquisition of Trustology Limited. It comments that the acquisition has made Bitpanda (an EU digital assets service provider) the new beneficial...

Parliament publishes UWO briefing

The House of Commons Library has published a briefing paper on unexplained wealth orders. The paper looks at the background to the introduction of UWOs in the Criminal Finances Act 2017, and says that only 9 orders have...

Tribunal upholds FCA’s Decision Notice

HMCTS (Tribunal) has dismissed two applications made by an applicant against the Financial Conduct Authority (FCA). The FCA had given a Decision Notice to Przemyslaw Soszynski t/a Phenix Consultancy (Applicant) refusing...

OFSI updates penalties table

OFSI has updated its table of penalties imposed for breach of financial sanctions restrictions and requirements to include a fine imposed over a year ago, but just publicised, The payment services provider in question...

Amended MLD4 high risk list published in OJEU

The new list of High Risk third countries for the purposes of EU AML legislation has been published in the Official Journal. Burkina Faso, the Cayman Islands, Haiti, Jordan, Mali, Morocco, the Philippines, Senegal and...

JMLSG confirms syndicated lending update

JMLSG has published the finalised revisions to the syndicated lending chapter in Part II of its guidance, following its December 2021 consultation. The new content confirmed that in a low risk scenario, each lender will...

EU Council opines on AML measures

The Council of the EU has published opinions on the proposals for an AML Authority and the proposals for AMLR1 and AMLD6. The ECB has welcomed the package, and is ready to cooperate with the AMLA. It notes the criteria...