Category Investments

Treasury responds on pension scams

Treasury has confirmed its plans to ban cold calling, emails and texts in respect of private pensions as part of its measures to address pension scams.  It will also tighten rules to ensure that only active companies which produce up-to-date accounts can register pension schemes and introduce measures to help prevent money being transferred from […]

ESAs publish further Q&As on the Key Information Document for PRIIPs

Further guidance on the Key Information Document (KID) under PRIIPs was published by ESAs today in the form of questions and answers (Q&A). The Q&A includes additional questions and answers to those published on 4 July 2017 as well as diagrams to explain the risk and rewards calculations required to prepare the KID. The updated […]

FCA Regulation round – up for August

This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the authorisations of 207 firms; FCA’s agenda and priorities for consumer credit; contingency planning for firms that do not have their MIFID II permissions in place by 3 January […]

Minor amendment to PRIIPS RTS published in the Official Journal

Background A corrigendum to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards (RTS) with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling […]

Treasury Committee and PRA exchange Brexit letters

Nicky Morgan, new Chair of the Treasury Committee, and Sam Woods of PRA have exchanged letters on Brexit planning. The PRA response explained PRA’s work in assessing the scenarios that might have the biggest impact on its objectives – such as a hard Brexit with no ongoing cross-border market access. PRA has received over 400 […]

Tribunal upholds IFA ban

The Upper Tribunal has upheld FCA’s decision to ban a former CEO of an adviser network. FCA has banned Charles Palmer and fined him over £86,000 for failing to act with due skill, care and diligence.  The network had nearly 400 Appointed Representatives and over 500 registered individuals who, between them, provided advice to around […]

FCA updates guidance to firms on applications and notifications under MiFID II

The FCA has updated its user guide to provide the following notifications: Ancillary activity exemptions Under MiFID II, firms who trade in commodity derivatives may be able to make use of an exemption from authorisation.  Firm will need to notify the FCA if they intend to rely on the exemption by completing a notification form.  […]

PRA consults on fees and levies for insurers and designated investment firms

PRA has published a consultation paper on model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms. The consultation paper is relevant to  insurers and designated investment firms, as well as firms which have, or intend to apply in the future for, Solvency 2 or CRR models. The consultation paper sets […]

eba publishes fintech discussion paper

The European Banking Authority has published a Discussion Paper on its approach to financial technology (FinTech). The EBA sets out in the Discussion Paper the results of the first EU-wide FinTech mapping exercise and its proposals for future work on FinTech. To gain a better understanding of current FinTech activity in the EU, in spring 2017, […]

Up next from FCA

FCA’s latest policy development update promises several papers before the end of September: consultation on market infrastructure provider fee rates consultation on insurers’ tariff data finalised guidance on FAMR implementation part 1 and policy statement on the first IDD consultation and publication of the third consultation The long-planned consultation on new rules for firms running […]