The Bank of England and Pay.UK are inviting expressions of interest from senior stakeholders who could represent the payments industry on a newly created Standards Advisory Panel. The new Panel will focus on the implementation of ISO20022, but also cover also payments standards for the UK. The deadline for applications is Monday 10 December 2018.
The latest edition of Ombudsman News looks at complaints and trends around pensions. Complaints about pensions make up a very small proportion of all complaints, but as a pension is so important to consumers, FOS has focussed on assessing what it sees as the key rights, and included case studies on complaints involving defined benefit to […]
FCA’s latest Handbook Notice heralds just one set of rule changes. The changes are to COBS, PERG and examination standards in respect of pension advisers providing suitable advice to consumers about whether to transfer from safeguarded benefits to flexible benefits.
FCA has written a “Dear CEO” letter on the duties of SIPP operators in respect of due diligence. The letter refers to the judgement in the Berkeley Burke case and several other pending civil claims, and asks firms to consider the potential implications of these cases for them and their customers. The Berkeley Burke case, […]
The FCA and the Pensions Regulator have published a joint strategy outlining how they will work together to address changes in the pensions and retirement income sector. The joint strategy sets out four areas of focus: access and participation, funding and investments, governance and administration, and consumer understanding and decision-making. The Regulators have prioritised the […]
The FCA has published a consultation on proposed guidance to help solo-regulated firms draft their Statements of Responsibilities (SoR) and (for enhanced firms) Responsibilities Maps, in preparation for the SMCR extension in December 2019. Although targeted at solo-regulated firms, the FCA notes that the guidance may also be useful for dual-regulated firms preparing or updating […]
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes to the FCA’s Handbook and to those EU Binding Technical Standards, which, it is proposed, would be incorporated directly […]
FCA has published feedback and final rules and guidance following its consultation on improving the quality of pension transfer advice. Since the introduction of “pension freedoms” in 2015 members have had more options available to them in terms of accessing their defined contribution (DC) pension savings. This has resulted in a substantial increase in the number of […]
The CMA has announced that it is bringing forward the date for publishing its final report on its investigation into the supply and acquisition of investment consultancy and fiduciary management services in the UK. Having considered the responses to its Provisional Decision Report, the CMA has announced that it will aim to publish its final […]
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 2019. The consultation also sets out when SM&CR may apply to CMCs, and what action they will need to take. The […]
The FCA and the Pensions Regulator have launched a joint advertising campaign to raise awareness of pension scams, following research they have conducted which shows that pension scam victims each lost an average of £91,000 in 2017. The campaign, ScamSmart, is aimed at individuals aged 45-65 who are the group most at risk of pension […]
In December 2017 the Law Commission confirmed that one of the projects it would be working on was addressing the absence of explicit case law and legislation that has given rise to uncertainty as to the validity of electronic signatures in some cases. Consequently, the Law Commission has now published early conclusions from its review […]
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 on issues such as: awareness and adoption of the LEI in various jurisdictions; types of private sector uses of the LEI; […]
The FCA has updated FG 16/5, ‘Guidance for firms outsourcing to the ‘cloud’ and other third party IT services’. This update takes account of the publication of the European Banking Authority’s recommendations, and changes to relevant legislation.
We have written an article on the new corporate governance reporting requirements for certain large private companies. The requirements will come into force on 1 January 2019 applying to financial years beginning on or after 1 January 2019, with reporting effectively commencing in 2020 for the previous year. We also cover the consultation launched on […]
On a new page on its website, ‘Measuring our impact before we intervene‘, the FCA has published a group of documents that aim to provide an indication of how the FCA assesses the likely impact of its policies. These documents consist of: a paper setting out the FCA’s approach to conducting cost benefit analyses for […]
Treasury is consulting on a proposed ban on cold calling in relation to pensions. The consultation is a technical consultation on the wording of the legislation necessary to implement the ban, as the policy decision has already been taken following earlier consultation. The consultation period lasts only until 17 August, and Treasury hopes to lay […]
CMA has published a report proposing several reforms to allay its concerns over competition in the investment consultancy and fiduciary management sectors. CMA was concerned that: many pension schemes (around half) choose the same provider for fiduciary management that they use for investment consultancy. CMA is concerned the investment consultant can encourage this and it means […]
The FCA has launched a consultation on a package of measures designed to protect consumers, improve engagement and promote competition in the retirement income market. Alongside the consultation, the FCA has published the final report of its Retirement Outcomes Review, an investigation into how the pensions and retirement income sector has been working since the […]
FCA confirms that pension schemes will not need to start clearing OTC derivatives when EMIR exemption expires on 16 August 2018
On 3 July 2018, the European Securities and Markets Authority (ESMA) published a statement on the clearing obligations for pension scheme arrangements under the European Market Infrastructure Regulation (EMIR). EMIR introduced a temporary exemption for certain pension schemes from the obligation to clear their OTC derivative contracts to allow time for a suitable technical solution […]
Charles Randell, the recently appointed Chair of the FCA and the PSR, has delivered a speech, in which he discussed the increasing dominance of algorithms in our day to day lives, and noted some of the consequent issues that will need to be grappled with, as the rise of Big Data, AI and machine learning […]
The Bank of England, the PRA and FCA have published a joint discussion paper on its approach to improve operational resilience in the financial sector. The regulators envisage that boards and senior managers can achieve better standards of operational resilience through increased focus on setting, monitoring and testing specific impact tolerances for key business services. […]
The Government has released a consultation document as part of its programme of change for defined benefit pension schemes. Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator contains proposals to give the Pensions Regulator (tPR) increased ability to monitor corporate transactions and sets out “a robust framework for punitive measures to deter and […]
The Treasury, the Bank of England and the FCA have published information about how financial services legislation will be on-shored under the EU (Withdrawal) Act, in particular to ensure the (hopefully unlikely) ‘hard Brexit’ scenario is addressed, if the negotiated implementation period is not able to take effect from March 2019. The Treasury intends to lay […]
The Law Commission and the Scottish Law Commission have published an updated bill that proposes an expansion to the concept of insurable interest for life-related insurance. By using the term ‘life-related insurance’, the bill intends to create a wider category of insurance than just traditional life insurance, thereby also covering other forms of insurance which […]
ESMA has issued a statement confirming that the six month grace period granted to those required by MiFIR to have a Legal Entity Identifier (LEI), will end on 2 July 2017. ESMA will now work with national competent authorities to develop a supervision action plan which focuses on compliance with LEI reporting requirements.
The Chief Executive of the Pensions Regulator (TPR), Lesley Titcomb, is stepping down at the end of her four year term in February 2019. Since she became Chief Executive in 2015, TPR has focused on becoming a more visible and proactively engaged regulator with the aim of ensuring that pension scheme members receive the benefits […]
Carillion’s rise and spectacular fall was a story of “recklessness, hubris and greed”. Last week, the Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee published the final report of their joint inquiry into the collapse of Carillion – a “giant and unsustainable corporate time bomb”. If, as the report states, Carillion […]
The Upper Tribunal has decided that it is reasonable for the Pensions Regulator to require companies from the corporate group of ITV to provide support for the Box Clever Group Pension Scheme. The scheme has 2,800 members and a funding deficit of around £115 million. Box Clever was formed in 2000 as a joint venture […]
Royal Bank of Scotland (RBS) has agreed to pay contributions of up to £3.5 billion to its pension scheme in readiness for UK ring-fencing legislation taking effect from 1 January 2026. RBS has agreed a Memorandum of Understanding with the trustee of the Main Scheme of the RBS Group Pension Fund under which it will […]