FIN.

Category - Supervision

FCA publishes financial promotions data

The FCA has published the number of financial promotions which have been amended or withdrawn due to non-compliance with FCA rules in Q3 2021. In the last quarter, the FCA reviewed 514 financial promotions by authorised...

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...

FCA publishes final notice on fraud

The FCA has published a final notice banning Shaffarat Parvez from performing regulated activities. Whilst a director and an approved person at an authorised firm, Mr Parvez engaged in criminal activity and was...

FSSC launches Future Skills Framework

The Financial Services Skills Commission (FSSC) has launched its ‘Future Skills Framework‘. The online tool will provide organisations with a uniform set of 8 essential industry skills and behaviours...

PRA writes to CFOs on auditor reporting

PRA has provided CFOs with thematic feedback  from the 2020/21 round of written auditor reporting. The letter combines, anonymously, key observations submitted by auditors in respect of specific firms. It focuses on...

Regulators write to firms on cyber findings

BoE, PRA and FCA have written to firms on their 2021 CBEST thematic findings.  The comments are addressed to the individual SMF holder with responsibility for cyber, noting that the individual is responsible for:...

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...

FCA consults on decisions on use of LIBOR

FCA is consulting on its proposed decisions to use its powers under the amended Benchmarks Regulation for certain LIBOR settings. It seeks views on whether and how to permit legacy use of 1 month, 3 month and 6 month...

ESMA publishes 2022 work programme

ESMA has published its Work programme for the next year.  It plans to focus on: its supervisory powers over benchmarks, DRSPs and CCPs; the CMU; sustainable finance and innovation; convergence of supervisory and...

FCA delivers speech on diversity and inclusion

FCA Executive Director Sheldon Mills delivered a speech highlighting the importance of culture and the FCA’s intention to prioritise D&I. Mr Mills also spoke about the need for meaningful progress in relation...

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...

FCA publishes consumer investment strategy

The FCA has published a new strategy to give consumers the confidence to invest and to tackle investment harm. By 2025, the FCA aims to: reduce by 20% the number of consumers who could benefit from investment earnings...

Government and FCA respond on LCF Report

The Treasury Committee has published responses from the Treasury and the FCA to its report on the FCA’s regulation of London Capital & Finance plc (LCF). Highlights from the government’s response...

Up next from FCA

The FCA’s latest Policy Development Update highlights: a policy statement on restricting CMC charges for financial products and services claims – expected to be published on 25 October 2021; and a policy statement...

Treasury consults on Banking Act amendment

Following the decision to remove FCA regulated 730k investment firms from the scope of the UK resolution regime, the government is now consulting on whether short-term liabilities owed to FCA investment firms should...

Industry works on FS strategy plan

TheCityUK has produced a new international strategy aimed at returning the UK to its status as the world’s leading international financial centre within 5 years. If focuses on how to bolster competitiveness and...

FCA publishes requirements on SIPP operator

FCA has published the second supervisory notice it made in relation to DAC Pensions Limited, a small SIPP operator. The firm had accepted significant business from two EU-based introducers, operating in the UK under...

FCA sending further resilence survey updates

FCA has started to email its fifth update to the Covid-19 resilience survey.  Firms in Tranche 2 are receiving it between 23-25 August, and firms in the TPR and supervisory run off regime will receive it from 26 August...

Next steps for the Consumer Duty

The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second...

FCA, PRA and SEC enter derivatives MoU

The FCA, PRA and the US SEC have entered into a Memorandum of Understanding (MoU) in relation to consultation, cooperation and the exchange of information in the supervision and oversight of certain over-the-counter...

FCA launches third IFPR consultation

The FCA has published its third and final consultation on the IFPR. The IFPR creates a new regime for solo-regulated MiFID investment firms. The first consultation introduced the IFPR and focussed on the categorisation...

FSSC launches inclusion measurement guide

The Financial Services Skills Commission (FSSC) has launched an inclusion measurement guide to improve and develop inclusion data metrics and analysis across the UK financial services sector. The guide will enable firms...

FCA writes to RemCo chairs

FCA has written to the Chairs of Remuneration Committees within firms to set out its approach to remuneration this year and to highlight the areas RemCo chairs should be considering. Broadly, the Chair must remain...

FCA launches new whistleblowing webform

The FCA has launched a new online form for reporting concerns about wrongdoing by firms or individuals to the FCA. It has also published a new webpage to help whistleblowers decide where to make a report.

Regulatory sandbox now open year-round

The FCA’s regulatory sandbox is now open permanently, meaning firms can submit their applications throughout the year, rather than on a cohort basis. The FCA has also published guidance for firms applying to the...

FCA updates on MIFIDPRU applications

Following the publication of various MIFIDPRU application forms on 27 July, the FCA has made further application forms available on its website. The FCA intends to make the remaining application forms and all...

FCA publishes individual ban notice

FCA has published a decision notice noting its decision to ban Markos Markou, director and CEO of a mortgage broker, and to fine him £25,000.  FCA considers Mr Markou not fit and proper to perform his senior management...

FCA updates on IFPR

FCA has updated a number of pages on its website to reflect the forthcoming IFPR. Among other things, it has updated its pages on: authorisation applications for wholesale investment firms capital requirements...

FCA updates on platforms portfolio strategy

FCA has published an update to its strategy for its platforms portfolio of firms. It first set out its major concerns in February 2020, and has written to firms to update them on its focus going forwards. Its key...

FCA publishes second set of IFPR rules

FCA has published its second “near final” rules on elements of the new IFPR.  These rules cover : own funds requirements firms acting as clearing members and indirect clearing firms basic liquid assets...

FCA confirms new rules

FCA has confirmed various rule changes in its latest Handbook Notice: to the technical standards under EMIR, to give firms clarity and to align the UK in implementing various Basel Committee and IOSCO recommendations...

PRA updates MRT waiver

PRA has updated its list of modifications by consent to include an application to allow CRR firms to exclude from idenfication as MRTs employees who meet the pay-based criteria for the definition but are deemed not to...

FCA outlines mortgage prisoners review

The FCA has published the terms of reference setting out the steps it will take in its mortgage prisoners review. Data review: the FCA will review and update its data to consider the demographic and loan characteristics...

FCA updates on financial promotions

Following onshoring changes made to the FPO post-Brexit, the definition of “Relevant Market” inadvertently no longer includes relevant UK markets. This means the exemptions under Articles 37, 41 and 67-69...

PRA writes to firms on Solvency II Review

The PRA has written to the CEOs of PRA-regulated Solvency II firms to introduce the Solvency II Review Quantitative Impact Study and to set out the PRA’s thinking on two key areas being assessed under it – the...

FCA writes to authorised fund managers on ESG

The FCA has written to the chairs of authorised fund managers setting out its expectations on the design, delivery and disclosure of environmental, social and governance (ESG) and sustainable investment funds. The FCA...

FCA updates on workstreams

The FCA has provided updates on the following 4 workstreams: Assessing Suitability Review (ASR 2) – ASR 2 was placed on hold in April 2020. The FCA has decided not to continue planned work on ASR 2 in 2021/22. This will...

FCA publishes annual report and accounts

FCA has published its annual report and accounts for 2020/21, accompanied by the usual specific report.  Interesting figures include: enforcement data: 134 final notices were issued of which only 15 were against...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

CLLS responds on fin proms

The City of London Law Society has responded to FCA’s discussion paper on changes to the financial promotion rules for high risk investments and for firms approving financial promotions. It: is concerned the...

PRA policy statement on Basel implementation

Following its consultation earlier this year, the PRA has published a policy statement (PS) on its proposed new CRR rule instrument to implement part of the Basel standards that still need to be implemented in the UK...

PRA consults on review of Solvency II

The PRA has published a consultation on its proposed changes to Solvency II reporting requirements and expectations. The proposals would result in changes to the following policy material: The onshored version of the...