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FCA speech: Consumer Duty

Sheldon Mills (Executive Director, Consumers and Competition at the FCA) has delivered a speech on what firms and customers can expect from the Consumer Duty. Mr Mills stressed that, whilst the Duty is not yet in force...

FOS publishes H1 complaints data

FOS has published its regular half-yearly update on complaints data relating to individual businesses. 212 businesses feature, with an average uphold rate of 37% (the same as the previous period). FOS has also reported...

FOS publishes latest complaints data

FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...

Consumer Duty: building an implementation plan

UK Finance has outlined four key elements firms should be focussing on when building their Consumer Duty implementation plans. These are: definition of the target end state as an input to the gap assessment – to define...

CMA ranks banks’ customer treatment

CMA has carried out a survey of individuals and small businesses to look at how well banks are looking after customers during the cost of living crisis. CMA made participation in the survey mandatory for all relevant...

UK Finance supports “simpler-regime”

UK Finance has responded to PRA’s consultation paper on its proposed definition of a simpler-regime firm.  It supports the principle, but has suggested it would be appropriate to increase the ceiling below which...

Read our article on the new Consumer Duty

Following up on our headline post, we have written an article giving more detail on the Consumer Duty and highlighting some of the key changes since the FCA’s second consultation paper. The implementation deadline...

FCA publishes final rules on Consumer Duty

Following two consultations on its proposals, the FCA has confirmed its plans for a new Consumer Duty which will require firms to put their customers’ needs first. The FCA has a parliamentary mandate, via the...

CMA orders bank to send transaction histories

The CMA has ordered Monzo to send transaction histories for 13,000 customers who closed their accounts with the bank but were not sent the history required by the Retail Banking Market Investigation Order.  The breaches...

FCA board discusses Consumer Duty

The FCA has published the minutes of a board meeting held on 26 May 2022 at which, amongst other items, the board discussed the new Consumer Duty. Highlights include: feedback from external stakeholders on the proposed...

PRA sets fees and levies for 2022/23

Following its consultation in the spring, the PRA has published a policy statement to confirm the final regulated fees and levies rates for 2022/23. The rates meet the PRA’s annual funding requirement for the...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

FCA consults on expanding dormant assets scheme

On 13 May 2022, the FCA published a consultation paper on expanding the dormant assets scheme (the Scheme). The Scheme allows banks and building societies to pay dormant monies to an authorised reclaim fund which then...

EU reaches deal on DORA

The EU Commission, EU Council and EU Parliament have reached agreement on the Commission’s proposal for a Digital Operational Resilience Act (DORA). The new rules aim to harmonise and strengthen digital...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

LSB publishes its 2022/23 Business Plan

On 3 May 2022, the Lending Standards Board (LSB) published its Business Plan and Budget for 2022/23. in the plan, the LSB sets out its strategic priorities and provides further information on the activities it intends...

PRA publishes Business Plan 2022/23

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2022/23. The PRA’s strategy will be delivered through the following strategic goals: Retain and build on the strength of the banking and...

CMA updates on OBIE roadmap

CMA has replied to the OBIE roadmap status highlighting areas that need updating and has written to the OBIE asking it to continue to update it on progress and saying the CMA will review progress in the summer.

BoE to consult on Basel 3.1 at end of 2022

BoE has confirmed that it is continuing to develop proposals to implement Basel 3.1, following the two PRA policy statements of 2021. It notes that the timing of implementation was dependent on a number of factors, not...

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...

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...

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...

PRA consults on definition of capital

The PRA has published a Consultation Paper which proposes updates to PRA SS 7/13 ‘Definition of capital (CRR firms). The proposed rules are set out in full in Appendix 3. This suggestion is part of the broader...

FCA publishes 2021 fin proms data

FCA has published its analysis of its data from 2021 relating to action it took against authorised firms breaching financial promotion rules. Key conclusions included: an increase in amendment and withdrawal of...

CMA writes to Monzo on RBO breach

The CMA has written to Monzo about its breach of the Retail Banking Market Investigation Order 2017. Monzo breached the Order when it failed to disclose its Monthly Maximum Charge in its Fee Information document between...

Quincecare Duty – Supreme Court Appeal

The Court of Appeal decision in Stanford International Bank Ltd (in liquidation) v HSBC plc [2021] EWCA Civ 535  comes before the Supreme Court this week as SIB appeal the decision to strike out the loss claim it...

PRA sets out supervisory priorities for 2022

The PRA has sent Dear CEO letters to PRA-regulated international banks, insurance firms and UK deposit-takers setting out its supervisory priorities for 2022. For banks, the PRA’s priorities relate to: Financial...

FCA updates on skilled persons reviews

FCA has published the figures for the skilled persons reviews commissioned in October – December 2021. There were 12 in total, of which 4 were on retail banking and payments firms and 3 on investment management...

FCA outlines new authorisation fee structure

The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...

PRA updates on the 2022 cyber stress test

The PRA has announced that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test will focus on a severe data integrity incident as the disruption scenario and will test...

UK Finance makes Open Banking recommendations

UK Finance has published a report setting out its recommendations for the future strategy of open banking. Open banking payments have increased exponentially over the past 3 years and there are now over 2.5m each month...

EU Banking Package 2021

The European Commission has today adopted a review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) to ensure that EU banks become more resilient to potential future economic...

Fraud taskforce adds new charters

The Government website hosting all information about the Joint Fraud Taskforce has added the charters for accountancy, retail banking and telecommunications.  The retail banking charter quantifies the key risks (APP...

PRA consults on trading activity wind-down

The Prudential Regulation Authority’s (PRA) has published the Consultation Paper CP20/21: “Trading activity wind-down“, which sets out the proposed expectations in respect of firms’ engagement in trading...

CMA revokes Santander directions

The CMA has revoked the Directions under the Retail Banking Market Investigation Order originally given to Santander in December 2018 in respect of delivery of Release 1 of Open Banking by Cater Allen, after receiving...

Up next from the regulators

Nikhil Rathi and Sam Woods, CEOs of the FCA and PRA respectively, have set out the regulators’ current areas of focus. Highlights from Mr Rathi’s speech include that the FCA: is collaborating with...

ECJ delivers judgment on EBA Guidelines

The ECJ has ruled that the EBA acted within its powers when it adopted guidelines on product governance and oversight arrangements for retail banking products in 2015. The guidelines set out requirements for...

FCA mortgage guidance to expire in October

In October 2020, the FCA introduced temporary guidance on maturing interest-only and part-and-part mortgages. The guidance allowed borrowers with certain mortgages due to mature between 20 March 2020 and 31 October 2021...