Roseyna JahangirIn a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...
Category - Retail Banking
The Government responds to the Treasury Committee Report on Consumers’ Access to Financial Services
The Government’s response to the Treasury Committee report was published on 11th July. The document sets out the Government’s response to each of the report’s conclusions and recommendations. The key...
Caroline Stevenson
Consumer FinanceConsumer InsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
ESA evaluates cross-border supervision of retail financial services
A report published by the Joint Committee of European Supervisory Authorities, ie the EBA, ESMA and EIOPA, has reviewed the current landscape of cross-border supervision, in particular in the light of the regulatory...
BEIS review of Consumer Contracts (Information, Cancellation and Additional Charges) Regulations
The Department of Business, Energy and Industrial Strategy has completed its 5 year review of the Consumer Contracts Regulations. While these regulations broadly exclude financial services, they may be engaged where...
FCA publishes annual report
FCA’s Annual Report and Accounts for 2018/19 lists its highlights from the past year, and appends several reports from specific business focuses. FCA notes that alongside deciding over 4,000 applications for...
Emma RadmoreUK Finance publishes payment account service guide
On 1 July, UK Finance published a voluntary good practice guide to help credit institutions providing access to payment account services and those seeking to access such accounts. The guide recommends that: all relevant...
Consumer FinanceFintech & InnovationInsuranceInvestmentsPayment Services & Electronic MoneyRetail Banking
CMA launches digital advertising market study
The CMA has launched a study into online platforms and digital advertising. The study will focus on harm caused by consumers in connection with three areas of digital advertising: the extent online platforms (such as...
Roseyna Jahangir
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
UK financial regulators publish climate change Joint Declaration
The FCA, PRA, TPR and FRC have jointly issued a declaration reiterating their commitment to work on the enhancement of climate-related disclosures. The Joint Declaration also welcomes the UK’s Green Finance...
UK government launch Green Finance Strategy
HM Treasury and BEIS have launched a Green Finance Strategy to meet the government’s target of reducing emissions to net zero by 2050, to boost sustainable investment, and to help make the UK a ‘green...
CMA Reviews Part 6 of Retail Banking Market Investigation Order 2017
The CMA has announced that it will conduct a review of Part 6 of the Retail Banking Market Investigation Order 2017 (the Order). The Order, which came into force in February 2018, requires qualifying banks to...
Angie BamboulisFCA summarises new rules
FCA’s latest Handbook Notice confirms the following rule changes: the changes to, mainly MIPRU, MCOB and SUP that took effect on 4 June in relation to crowdfunding platforms that offer home finance products, where...
BoE Governor outlines plans for a ‘new economy’
In his recent speech at Mansion House, Mr Carney addressed what he saw as an emerging ‘new economy’, that would be driven by a ‘new finance’. He outlined measures taken by the Bank of England to...
“Not all about Brexit” says Philip Hammond
Philip Hammond, speaking at the Mansion House dinner, highlighted the many ways in which a no-deal Brexit would be damaging for the financial services industry and the UK as a whole. He noted also the political...
Consumer FinanceConsumer InsuranceEnforcement & LitigationPayment Services & Electronic MoneyRetail Banking
CMA may be given enhanced powers to impose fines for consumer law breaches
The government has announced that it will consult on whether the CMA should be given the power to fine businesses directly if they have breached consumer law, for example through the ‘loyalty penalty’ and...
CMA updates on loyalty penalty work
CMA has updated on its work on the loyalty penalty. It says key decisions are due shortly and that two enforcement cases are underway. It says it expects regulators to take strong action where they find problems and...
PRA feeds back on fees and levies
PRA has published its policy statement on proposed rates for 2019/2020. It will be implementing the proposals unchanged, and its updated rules and supervisory statement will take effect on 1 July.
Approach banks should take when exiting a customer
UK Finance has published a set of principles setting out the approach that banks should take when communicating a decision to a customer that it cannot offer, or continue with, the provision of its service. In each...
Up next from FCA
FCA’s latest Policy Development Update heralds a few interesting papers on the near horizon, including: a consultation in June on alternatives to high cost credit; perhaps, a policy statement on general insurance...
CRR II and CRD V published in OJEU
CRR II and CRD V appeared in the OJEU on 7 June, together with BRRD II and the SRM II Regulation. The measures, adopted in May, are all part of the banking reform package proposed by the European Commission in late...
PRA proposes minor form changes
PRA’s latest Occasional Consultation Paper proposes minor changes to miscellaneous Rulebook Parts, Supervisory Statements and templates and LOG files in respect of: Solvency II: The quality of capital instruments...
FCA publishes overdraft cost reform rules
FCA has confirmed its final reforms to fix what it describes as a “dysfunctional” overdraft market. Andrew Bailey said he expects the reforms to mean the typical cost of borrowing £100 on an unarranged...
FCA and PRA Joint Statement on LIBOR preparations
The FCA and PRA have published a joint statement on firms’ preparation for the transition from LIBOR to overnight risk-free rates (RFRs). The joint statement sets out key themes, good practice and next steps for...
Commercial BankingConsumer FinanceFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsRetail Banking
FCA and Dutch Authority agree on closer partnership
The FCA and the Dutch Authority for the Financial Markets have agreed to work more closely together in order to protect and enhance the integrity of their financial systems. The regulators will share information to...
PRA and FCA impose £1.89m fine for outsourcing failures
The PRA and FCA have imposed a joint fine on Raphaels Bank following an investigation in to the cause and consequence of an IT incident in December 2015. The incident occurred by a failure of services provided by a sub...
FSB continues work to address decline in correspondent banking
The FSB has published an update on its ongoing work to address the decline in correspondent banking that has emerged in recent years. The latest report notes that the number of active correspondent banks reduced by 3.4%...
EBA reports on 2018 work
The EBA has published its Annual Report for 2018. The Report records the key areas of focus for the EBA in 2018, in particular the development and maintenance of the single rulebook, and the work on payments and the...
APP scam victims provided greater protect under new Code
The APP Scams Steering Group has published the new voluntary Code which gives customers greater protection against APP scams and provides victims, who meet certain requirements, with full refunds. To help protect...
CMA writes to Santander on overdraft charge breach
CMA has written to Santander UK setting out its views on a breach by the bank of hte Retail Banking Market Investigation Order. It says the bank imposed unarranged overdraft charges on around 20,000 PCA customers...
EU Council adopts legislative framework to reduce risks in banking system
The EU Council has adopted reforms to CRD IV and the BRRD, as approved by the European Parliament in April. The package includes: a leverage ratio requirement for all institutions and a leverage ratio buffer for all...
Inside FCA Podcast: Andrew Bailey on the Business Plan and future of regulation
On 14th May 2019, the FCA published a podcast interview with Andrew Bailey on the FCA’s Business Plan and future of regulation. Key topics can be summarised as follows:- Brexit – Brexit has affected the...
Treasury committee report on access to financial services
On 13 May 2019, the Treasury Committee published its 29th report on consumers’ access to financial services. The report urges financial services providers, the Government, and financial regulators to ensure...
PSR publishes second Confirmation of Payee consultation paper
On 9th May 2019, the PSR published a consultation paper (CP19/4) setting out its response to the first Confirmation of Payee consultation and setting out it’s draft specific direction for further consultation...
Treasury publishes digital economy responses
Treasury had published a summary of the responses it received to its consultation on cash and digital payments in the new economy, which closed last year. It received 218 responses. Key themes are: the government...
EBA supervisory colleges 2018 Report published
The EBA’s report sets out its findings on the monitoring of supervisory colleges in 2018. It noted in particular that AML and counter terrorism financing is increasingly on the agendas of the supervisory...
Mastercard and Visa to lower interchange fees for payments in Europe
The European Commission has announced that Mastercard and Visa have made binding commitments to reduce interchange fees charged for payments in Europe to customers with consumer debit and credit cards issued outside the...
FCA publishes research agenda
One of the documents that accompanied FCA’s Business Plan is its Research Agenda. This sets out its intentions in respect of the themes that underpin the Business Plan. The document explains how FCA welcomes...
Complaint levels fall
FCA’s data for complaints against regulated firms for H2 2018 show that complaints decreased by 5%, with PPI complaints falling by 8% – although PPI still accounted for 40% of all complaints. In part this...
Policy and Supervisory Statements on climate change financial risks published
The PRA has published PS11/19 and SS3/19 on ‘Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change’. These statements are intended to steer firms towards...
Treasury presses on with MLD5 implementation
HMT has opened a consultation on the implementation of MLD5. Treasury proposes a number of changes to UK law, and seeks views on its proposals in several areas. Aspects of MLD5 addressed in the consultation include:...
CRD V, BRRD and SRMR packages approved by European Parliament
The European Parliament has approved the above series of legislative measures designed to enhance the resilience of banks and reduce risks in the banking system. The measures will next go to the European Council for...
PRA published 2019/20 Business Plan
On 15th April, the PRA published it’s 2019/20 business plan. The plan includes a foreword by the Chief executive, Sam Woods, who highlights that the “PRA is moving out of the one phase and into...
CMA issues Directions to 5 banks
The CMA has issued directions to 5 banks (Bank of Ireland, Santander, LBG, HSBC and Danske) who have not delivered all aspects of their App-to-App functionality. The directions explain what the banks are to do...
Treasury asks permission to back EU risks reduction package
HM Treasury has written to the House of Lords European Committee and the House of Commons European Scrutiny Committee to request clearance to vote in favour of amendments to the BRRD, CRD and CRR. The reform package is...
Commercial BankingConductConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA publishes final no-deal Brexit rules
Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...
The Current Account Switch Service publishes annual report
CASS has published its 2018 Annual Report on 28th March 2019. The report confirms that CASS has delivered against its regulatory objectives. Highlights include:- strong performance against KPIs 5 million users of the...
HM TREASURY PUBLISHES FINDINGS ON FSA SUPERVISION OF CO-OP BANK PLC
HM Treasury has published the findings of an independent review into the prudential supervision of the Co-Operative Bank between 2008 – 2013. The findings of the report were balanced, but did identify possible...
FOS letter to Treasury Committee on reasonable adjustments under the Equality Act
On 26th March 2019, the House of Commons Treasury Committee published a letter from Caroline Wayman (FOS Chief Ombudsman and Chief Executive) to Nicky Morgan (Committee Chair) setting out the requirements to make...
FCA extends temporary permissions window
In light of the current short extension to Brexit, FCA has decided to extend the notification window for EEA firms to apply for temporary permissions. The window was due to close on 28 March, but will now close on 11...
Commercial BankingConductConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA looks at life beyond Brexit
In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019. Firms that...
Commercial BankingConductEnforcement & LitigationFinancial Crime PreventionFundsInsuranceInvestmentsPensionsRegulated MortgagesRetail Banking
Europe reaches political agreement on reforms to EU supervision
The European Parliament and Member States have reached agreement on core elements of the reform of European supervision of financial markets, including strengthening the supervisory framework in the area of anti-money...
CMA’s Loyalty Penalty Working Group terms of reference published
Following work by both the FCA and the CMA, and the ‘loyalty penalty’ super-complaint, the CMA has published the terms of reference of its recently convened Loyalty Penalty Working Group (LPWG). The LPWG...
BIS reports on central bank digital currencies
The BIS Committee on Payments and Market Infrastructures and the Markets Committee have published a joint report central bank digital currencies (CBDC). The report sets out the findings of research conducted by the...
FCA Update on Digital Regulatory Reporting
The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
What the Spring Statement brings for regulation
In the Chancellor’s Spring Statement, the Chancellor referred to the need to ensure financial regulation can adapt to a no-deal Brexit and then, longer term, to the UK’s new constitutional position.
FCA confirms FOS increase
FCA has issued a policy statement confirming the increase in the FOS award limit. From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about...
FCA makes Directory rules
FCA has made its final rules on its “Directory“. The new public register will enable searches on all directors and senior managers, certification staff and other individuals who require qualifications to...
Access to Cash Review published
The Final Report of the Access to Cash Review (Report) has been published. The objective of this review was to consider consumer requirements for cash over the next five to fifteen years, to ensure there those...
Consumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
EU agrees draft directive to enhance consumer protection
The EU has agreed the terms of a draft directive that, if passed, will amend a number of consumer protection directives, including the consumer rights directive (2011/83/EU), to introduce measures such as: harmonised...
Up next from FCA
FCA is running behind schedule on some expected publications. Its latest Policy Development Update highlights the following: consultation and discussion on the Investment Platforms Market Study remedies due in March...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
BoE and FCA update on Brexit approach
BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...
Commercial BankingFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA renews call for firms to prepare for Brexit
The FCA has published sector-specific information to help regulated firms ensure they are prepared for the consequences of Brexit, including a no-deal Brexit. The guidance covers banking and payments, life insurance...
US and UK authorities agree measures to secure derivatives trading and clearing activities post-Brexit
The Bank of England, FCA and the US Commodity Futures Trading Commission (CFTC) have confirmed that they will ensure that firms will be able to continue engage in derivatives trading and clearing activities through the...
Revised Guidelines on outsourcing published by EBA
The EBA has published a revision to the Committee of European Banking Supervisors’ 2006 Guidelines on outsourcing arrangements. The revised guidelines take into account and are consistent with CRD IV, MiFID II...
Commercial BankingConsumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Court rules that Brexit is not frustrating event for a lease
The High Court has ruled that a European agency cannot terminate the lease of their premises at Canary Wharf on the basis of Brexit being a ‘frustrating event’. Our article provides more detail on this case...
FIN. TeamESMA confirms three UK CCPs can be recognised to provide services to the EU
ESMA has announced that, in the event of a no-deal Brexit, LCH Limited, ICE Clear Europe Limited and LME Clear Limited will be recognised as equivalent. The confirmation of equivalence for the purposes of EMIR follows...
FCA publishes bank comparable data on customer treatment
FCA has published data relating to personal and business customers of banks, showing how long it takes each firm to open a current account for new customers and how long it takes to replace debit cards. The information...
Bank of England publishes Financial Markets Infrastructures Annual Report and supporting video
In its capacity as supervisor of financial market infrastructure (FMI) firms, the Bank of England has published its Annual Report, providing an overview this sector in 2018 and future developments and priorities for...
PRA updates fees position
PRA has issued its feedback statement, new rules and a new supervisory statement on certain aspects of its periodic and transaction fees. Its update covers: a revised approach to periodic fees for Designated Investment...
Financial Stability Board 2019 work programme published
The Financial Stability Board has published its work programme for the forthcoming year. The areas upon which it intends to focus are: addressing emerging vulnerabilities in the financial system; working with standard...
Commercial BankingConductInsurancePayment Services & Electronic MoneyRetail BankingSMCR & Governance
ESMA briefs on non-EU branches
ESMA has published a supervisory briefing aimed at helping supervisors dealing with non-EU branches of EU firms. It highlights how the supervisors should ensure that the non-EU branch can comply with the requirements of...
ConductConsumer FinanceEnforcement & LitigationFintech & InnovationFundsInsurancePayment Services & Electronic MoneyPensionsRetail Banking
ESMA creates Brexit page
ESMA has created a new web-page on Brexit, setting out how it is preparing for it. Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository. It aims to recognise all UK CCPs...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury lays Brexit FS SI before Parliament
Treasury has laid before Parliament the Financial Services (Miscellaneous)(Amendment)(EU Exit) Regulations 2019. The wide-ranging instrument amends several pieces of UK and retained EU law relating to financial...
ESMA issues statement on derivatives reporting upon ‘no deal’ Brexit
ESMA has published information on how derivatives data that must be reported under EMIR should be handled in the event of a ‘no deal’ Brexit. ESMA’s statement sets out expectations in relation to:...
FCA publishes call to action for firms to prepare for no-deal Brexit
Under draft legislation published by the Treasury, the FCA and the PRA are to be given temporary powers to make transitional provisions, in order to ensure that most firms and other regulated entities’ day to day...
Commercial BankingConsumer CreditEnforcement & LitigationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA agrees Brexit MoUs with European securities regulators
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating...
BoE and ESMA agree MoU
As part of the Brexit preparations, the BoE and ESMA have published an MoU setting out cooperation and information-sharing arrangements in relation to CCPs and CSDs. This agreement, and the adoption by the EC of...
Regulators consult on FSCS MELL
FCA and PRA are consulting on the management expenses levy limit (MELL) for FSCS for the 2019/2020 year. They propose an increase of 2.4% over the current year with a levy for FSCS management expenses of £74.6m and an...
Consumer CreditEnforcement & LitigationFinancial Crime PreventionPayment Services & Electronic MoneyRetail Banking
FCA makes new rules
FCA’s latest Handbook Update lists rules made in December and January. The key changes: amend the rules on PCAs and Overdrafts from 18 December 2019: these changes amend BCOBS and CONC to tackle low levels of...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury Committee launches post-Brexit FS inquiry
The Treasury Committee has started a new inquiry looking at financial services in the UK after Brexit. Its focus is to look at: what the UK’s financial services priorities should be when negotiating the UK’s...
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Treasury writes to Treasury Committee on no-deal planning law
The Treasury has written to the Treasury Committee enclosing a draft of secondary legislation that would give temporary transitional powers to the UK financial regulators in the event of a no-deal Brexit that would...
ISDA updates Brexit FAQs
ISDA has published an updated webpage with FAQs on the impact of Brexit on ISDA documentation.
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
FCA to look at product governance and research unbundling
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Financial Services head at Womble Bond Dickinson
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK.
More information on Jonny and his appointment can be found here.
New FCA portal for mutual societies
The FCA has launched a new portal to enable mutual societies complete tasks and submit information to the FCA that was previously done online or by post, such as the submission of annual rules and accounts and...
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes sector views
FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...
FCA ‘Dear CEO’ letter on misleading financial promotions
The FCA has published a ‘Dear CEO’ letter in which it provides clarity about the communication and approval of financial promotions by regulated and unregulated businesses. The FCA has published the letter...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA consults on Brexit contractual continuity provision
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this...
FCA opens temporary permissions notification window
FCA has opened the notification window for passporting-in firms. Firms will need to have notified FCA of their intention to seek full UK authorisation to carry on services in the UK before exit day in the event of a...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Up next from FCA
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers;...
FCA opens window for CMCs to register for temporary permission
In December 2018, the FCA confirmed that as part of its take over of the regulation of CMCs from April 2019, it would require CMCs to register for temporary permission in order to continue to operate from April, and...
FCA EVALUATION ON REDUCING BARRIERS TO ENTRY INTO THE UK BANKING SECTOR
The FCA has published an evaluation paper on reducing barriers to entry into the UK banking sector. In its paper, the FCA evaluates the impact that the 2013 reforms to the authorisations process and a shift in approach...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
PRA consults on Brexit measures
As part of its preparation for onshoring EU legislation, the PRA has published CP32/18. This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...
Consumer FinanceConsumer InsuranceFintech & InnovationInvestmentsPayment Services & Electronic MoneyRetail Banking
FCA publishes finalised guidance on fairness of variation terms in FS contracts
The FCA has today published finalised guidance (FG18/7) setting out what it believes firms should consider under the Consumer Rights Act 2015 when varying a term in their consumer contracts. The guidance includes a list...
CMA announces reforms to loyalty penalty
After investigating a “super-complaint” raised by Citizens Advice that companies were penalising existing customers by charging them higher prices than new customers, the CMA has today published its 8...
Bank of England and PRA consult on resolvability measures
The BoE and the PRA have published consultation papers on resolvability and resolution assessments for certain firms. PRA CP31/18 sets out proposed rules that would require relevant firms to report to the PRA on their...
EBA and ESMA urge firms to communicate with customers regarding Brexit
The EBA has issued a press release that urges firms with customers that may be affected by Brexit to be more proactive in communicating with their customers about how they may be affected. In particular customers...
FCA publishes Retail Banking Final Report
As an early Christmas present, the FCA has published its Final Report into retail banking models. The review into this sector was launched in April 2017, and the FCA published an interim Progress Report in June 2018...
FCA consults on tacking bank overdraft charges
As part of its ongoing work to tackle high cost credit, the FCA has announced proposals to restrict the charges banks are able to impose for overdrafts. The FCA is proposing a package of measures that include stopping...
FCA final rules and guidance for CMCs
Following a consultation earlier this year, the FCA has published a policy statement setting out the new rules and fees that will apply to claims management companies (CMCs) from April 2019. From 1 April 2019, the FCA...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes final rules on expansion of FOS jurisdiction to SMEs
The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers. The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints...
Consumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FOS consults on plans for 2019/20
The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...
Commercial BankingConductConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Corporate Governance Principles published
The Financial Reporting Council has published the final version of new Corporate Governance Principles for large private companies.
We have published an article that summarises and discusses these Principles.
Suzanne GadoPRA updates on skilled persons reports
PRA has published the Q3 2018 figures for skilled persons reports commissioned. There have been 3 on controls and risk management frameworks and one in the prudential insurance lot.