FIN.

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...

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...

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;...

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...

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...

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...

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...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes rules that: amend SUP 16 to address FCA’s concern that it does not always hold accurate “firm details” by requiring an annual accuracy check and...

CMA Consults on Annual Plan 2019/2020

The Competition and Markets Authority (CMA) is consulting on its proposed Annual Plan, which sets out its plans and priorities for 2019 to 2020. Subject to the outcome of the Brexit negotiations, the CMA plans to give...

FCA publishes new IDD webpage

The FCA has today published a new webpage on requirements in its Handbook that apply to firms distributing insurance. The FCA says that although it expects firms will have already adapted their processes to take account...

FCA delays Credit Information Market Study

FCA announced today that it will be delaying the launch of its Credit Information Market Study Terms of Reference until June 2019. The delay is a result of the FCA having to prioritise the market study on general...

DExEU publishes draft political declaration

On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...

FCA consults further on Brexit approach

FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on: more changes to the Temporary Permissions regime; reflecting the new Credit Rating Agency and Trade Repository...

FCA consults on fees and levies

FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...

FCA makes new rules on RND and PPI complaints

At its latest Board meeting, FCA has made changes to DISP and its guidance, effective from 8 November,  to confirm that firms must not reject relevant regular premium PPI complaints without considering whether recurring...

DexEU announces Brexit progress

The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...

ESMA briefs on suitability

ESMA has updated its supervisory briefing for regulators on the suitability requirements under MiFID 2. The briefing covers: when a suitability assessment is needed; information to clients on the assessment; getting...

ESAs consult on PRIIPs KID changes

The ESAs are consulting on proposed amendments to the PRIIPs KID.  The consultation follows the ESAs’ letter to the Commission on developing guidance on information on investment funds. It also noted the need to...

Treasury Committee starts access inquiry

The Treasury Committee in the Commons has launched a new inquiry into consumers’ access to financial services, with a focus on vulnerable customers.  Nicky Morgan said the committee will look at FCA’s...

Up next from FCA

FCA’s latest Policy Development Update lists a number of publications due before the end of the year: policy statement on regulating CMCs policy statement on RTS and guidelines under PSD2 rates proposals for...

PRA updates approach documents

PRA has updated its “approach” documents in relation to banking and insurance supervision.  Key changes to the previous versions include: an update on the changes to supervisory approach following...

FCA announces market study in insurance

On 31 October 2018, the FCA published the results of a thematic review on the pricing practices of household insurance firms. The review uncovered a number of issues on pricing practices. As a consequence, the FCA...

FSB holds its plenary meeting

The Financial Stability Board (FSB) has published a press release following its plenary meeting in Ottawa, in which it reviewed the financial vulnerabilities and deliverables for the G20 Summit. Points of interest...

Treasury updates Brexit SIs

Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on :...

Treasury plans transitional regulatory tool

Treasury has set out its plans for a temporary transitional tool for the UK regulators to use that will enable them to phase in the requirements for UK firms that will change under the raft of onshoring legislation...

Up next from FCA

FCA’s latest policy development update promises various publications before the end of this year, including: policy statement on the approach to the final RTS and EBA guidelines under PSD 2, in December; policy...

AFME publishes guidance on COBS

AFME has published guidance on financial analysts’ interaction with representatives of private companies and their financial advisers under the revised rules in COBS 12.2.21 which took effect in July. The change...

LMA’s Brexit Bulletin

The LMA’s recent bulletin, which was published on 2 October 2018, provided the Lloyd’s community and its members with:  (i) new model clauses for EEA and non-EEA risks placed with Lloyd’s Brussels;...

FCA speaks on crises

Charles Randell, speaking at AFME’s conference, highlighted the damage that a cycle of deregulation, crisis and regulation can do. He discussed in particular the risks of deregulation, or the choice not to apply...

FCA makes new rules

FCA has made three new rules instruments at its September board meetings: the Individual Accountability (Dual-Regulated Firms) Instrument 2018: this instrument makes significant changes to SYSC as well as to COCON...

FCA consults on applying SM&CR to CMCs

The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April...

Treasury makes SMCR extension Regulations

Treasury has made the Regulations extending the SMCR to insurers. The Regulations bring into force certain provisions of the Bank of England and Financial Services Act 2016 from 13 September to enable the making of the...

Up next from FCA

FCA’s latest Policy Development Update promises a number of papers before the end of the year. policy statement on fees for CMCs proposals for regulatory fees and levies for 2019/20 and on recovering the costs of...

PRA Regulatory Update – August 2018

The August edition of the PRA’s Regulatory Digest includes: news about a New Insurer Start-up Unit.  This is a joint initiative with the FCA.  The dedicated page on the Bank of England’s website includes a...

FCA publishes final notices on client money

The FCA has published final notices in respect of One Call Insurance Services Limited and its majority shareholder John Radford for breaches in relation to client money and assets in the general insurance and protection...

Treasury publishes “no-deal” guidance

Treasury has published guidance for the banking, insurance and other financial services sectors on the impact of what it still describes as an “unlikely” no-deal Brexit scenario. It stresses that increased...

FSB launches peer review of LEIs

The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders...

ESMA response to EIOPA on AIFMD

ESMA has responded to some queries EIOPA raised with it on the definition of AIF and leverage in the AIFMD.  EIOPA had asked: whether AIFs that use certain borrowing arrangements and derivative instruments under the...

PRA changes SII reporting format

On 26 July, the PRA published its policy statement (PS) 21/8 ‘Solvency II:  Changes to reporting format’.  The PS is a result of the PRA’s consultation paper (CP) 11/18, in which it proposed to change...

FCA seeks views on PRIIPs experience

FCA has opened a Call for Input to get firms’ and consumers’ initial experiences of the PRIIPs requirements.  It welcomes comments generally, but particularly in respect of: determining whether a product is...