Tag Archives: FCA
FCA has written a “Dear CEO” letter on the financial crime risks of crypto-assets. The letter notes the scope for cryptoassets to be used for both criminal purposes and non-criminal purposes that nonetheless present the risk for abuse. The letter sets out what FCA regards as good practice for how banks handle these risks. The letter suggests: that […]
Nicky Morgan and Andrew Bailey have exchanged letters of the problems customers faced following TSB’s IT migration. The Treasury Committee had asked about the work FCA had done in advance of the planned migration, its assessment of the problems and its views on TSB’s evidence to the Committee and its communications with customers as well […]
FCA has fined Canara Bank £896,100 for failings in its AML systems, and has restricted it from accepting deposits from new customers for 147 days. FCA found that, for a period of over 3 years, the banks failed to maintain adequate systems and did not take sufficient steps to remedy weaknesses that it had been […]
FCA is consulting on draft rules for regulating claims management companies (CMCs) when it acquires regulatory responsibility for them on 1 April 2019. FCA is focussing on 3 key aspects: empowering customers to be confident they have chosen a value-for-money service that is appropriate for their needs; ensuring CMCs get redress for their customers in […]
FCA’s latest quarterly consultation proposes the usual minor miscellaneous changes to its Handbook, including; changes to the appointed representatives appointment firm: the changes are spurred on by IDD changes but generally require firms to make a statement that they have complied with their regulatory obligations as principal; the COBS rules for insurance distribution to ensure […]
FCA’s latest Policy Development Update heralds a policy statement on fees and levies rates in July. Otherwise its timetable is quiet, with a policy statement on the MMF Regulation due at some point together with feedback on an increasing number of proposals from quarterly consultations going back 2 years.
The FCA has concluded its review into high-cost credit, and based on issues it found has published two consultations: CP18/12 on rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit, and CP18/13 on arranged and unarranged overdrafts. In the rent-to-own category, which covers hire-purchase and condition sale agreements, it found that […]
The FCA has published FG18/4: The FCA’s approach to the review of Part VII insurance business transfers, which sets out the FCA’s key considerations and general expectations when reviewing a Part VII transfer application. The areas covered by the guidance include: factors and information requirements firms should consider before contacting the FCA documents that firms […]
The FCA has published an event summary describing output from a conference it held in March on Transforming Culture. Following the conference, and the publication of its Discussion Paper on Transforming Culture in Financial Services, the FCA has identified four key thematic lines of enquiry around which to focus ongoing engagement with the financial services […]
The FCA’s Director of Supervision, Jonathan Davidson, has delivered a talk on Building Societies and the Future of Retail Banking at the Building Societies annual conference. In his speech, Jonathan raised the issue of whether the historically low repossession rates was actually a concerning indication: whether forbearance should be offered in cases where the borrower […]
Megan Butler has spoken at the AML TechSprint event. She focused on how data and technology can help to detect and disrupt criminal activity and how financial institutions staff can help in the fight against financial crime. She spoke of the insights into criminal behaviour FCA has gained since it introduced the financial crime return. It […]
FCA is consulting on guidance for firms setting out what factors under the Consumer Rights Act they should take into account when they are drafting and reviewing variation terms. The draft guidance sets out a list of things FCA says firms should take into account, which would include: how valid the reason for variation is […]
FCA has confirmed that it will “retire” with immediate effect FG12/15: RDR: independent and restricted advice, and FG14/1: Supervising retail investment advice: inducements and conflicts of interest. It consulted last December on the proposal to do so, as it considers their content has been largely superseded by rule changes, including those implementing MiFID 2.
FCA’s latest Policy Development Update promises over the next couple of months the overdue feedback on fees and levies policy proposals with consultation on rates proposals. No dates are set for any other key papers.
FCA has published its interim report into the mortgage market. Although it is pleased with how competition is working to the benefit of many people, it has made some suggestions for improvement. It found that there are generally high levels of choice for consumers and that consumers engage with their options, with evidence of switching […]
The FCA has published its second annual report setting out responses from wholesale banking firms to the FCA’s conduct question set. The FCA notes that the second report indicates progress has been made from the time when 5 Conduct Questions were first introduced, in 2015. The FCA indicates that they intend to extend the 5 […]
Following its consultation in 2017, the FCA has now published its final rules on reformed FSCS funding. These rules will take effect from April 2019. Additionally the FCA has opened a consultation on draft rules relating to Professional Indemnity Insurance requirements for Personal Investment Firms, CP 18/11. The proposed rules will require that policies do […]
FCA has published the final list of the most representative services linked to a payment account and subject to a fee for the purposes of the Payment Accounts Regulations. Firms will have to use the terminology from 31 October. There are 15 defined services: maintaining the account arranged overdraft unarranged overdraft refusing a payment due […]
FCA (in one case together with FOS) has made several instruments amending the Handbook. Changes include: changes to FEES (from 1 April) to ensure better mapping of tariff data and that Directive and non-Directive insurers are treated consistently. Further change creates a new fee-block for consumer credit lending as a mechanism for collecting the levy for […]
Andrew Bailey has given a regulatory perspective on asset management. His speech considered: market-wide risks: he looked at the growth in the asset management sector and particularly the increase in proportionate growth of the asset management sector over others. open-ended funds: he considered the risks of funds offering daily redemption in illiquid assets which also […]
The FCA has published a speech by its Chief Executive, Andrew Bailey, in which he spoke about open markets through the prism of Brexit, including the prospects and reasons for a transition period and what the steady-state future could look like. Bailey highlighted the paramount need for financial stability and argued that this would be […]
Peter Wyman’s report on a review of debt advice funding has been published. The report makes several recommendations, including: face-to-face advice should still be widely available but there should be general and phased shifts by free-to-client providers from face-to-face to phone and then to webchat; free-to-client providers should commit to 20% efficiency savings over the next 2 financial years, […]
Barclays has confirmed that FCA and PRA have issued draft warning notices in respect of their investigations into the the bank and its group CEO Jes Staley in respect of an attempt by Mr Staley to identify the author of an anonymous letter. The regulators propose a fine for breach of Individual Conduct Rule 2 […]
FCA has created a new page on its website explaining the basic advice regime under MiFID 2 and the IDD. It explains it needed to update its guidance to firms to explain the impact of these pieces of legislation. In particular, it addresses how it needed to apply some MiFID 2 requirements (or “at least […]
The latest complaints data from FCA shows 3.76m complaints were received by firms in the second half of 2017. This is a significant increase on the previous half year, with 1.55 million complaints relating to PPI – 40% more than the previous half year and the highest level for over 4 years. Similarly, firms paid […]
FCA has written a “Dear CEO” letter on irredeemable preference shares and similar instruments. FCA is looking to ensure investors have all the information they need to assess the risks and rewards of certain fixed income shares and is particularly concerned about those described or implied in some way to be permanent. It therefore wants […]
FCA has published an insight article looking at the ongoing problems for victims of APP scams. The article looks at initiatives to minimise the risks of falling victim to these scams and, in particular, how the advent of Faster Payments brings both advantages and bigger risks to consumers. The article considers the potential safety feature […]
We have written an article on FCA’s proposals for updating the Financial Crime Guide.
The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an area of concern for the forthcoming year, as well as ongoing programmes such as Brexit, and firms’ culture and governance (including […]
FCA’s latest policy development update does not promise anything particularly new. Key deadlines for the next quarter include: policy statement on regulatory fees and levies, with consulation on rates – during April; changes to rules and guidance in SUP under the PSR – now overdue; and possibly a policy statement on the FSCS funding review.
FCA has clarified its views on the regulation of cryptocurrency derivatives. It has previously explained that cryptocurrencies are, of themselves, not regulated although they may be part of other regulated products or services. Cryprocurrency derivatives, though, may be financial instruments for the purpose of MiFID 2. FCA says those who deal, arrange deals in, advise […]
FCA has warned firms it is prepared to take action against those who have failed to implement rules that have now been in force for a year designed to clearly show customers who are due to renew their general insurance the premium they paid the previous year. RAC has just agreed to contact customers after […]
The Treasury has published its first Fintech Sector Strategy, setting out the government’s proposals to secure the UK’s place as a preferred location to start and grow a fintech business. The paper announces a number of measures, including: a Cryptoassets Task Force will be established by HM Treasury, the Bank of England and the FCA, […]
In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]
FCA has published a draft of its approach to enforcement and supervision. The documents follow its publication of its Mission, in which it committed to publishing a series of documents setting out how it carries out its main activities. The approach to supervision explains FCA’s commitment to being forward-looking and pre-emptive, focusing on firms’ cultures […]
Jonathan Davidson has spoken on getting affordability right in consumer credit. He said that as the UK consumer credit sector is growing, so are concerns about excessive debt. FCA does not consider the sector has yet reached levels of debt that are likely to be harmful to lenders. His focus was on harm to borrowers, […]
FCA has updated on its work reviewing the motor finance sector. So far, it has drawn several comforting conclusions, including around general default rates. But the 3% of customers who have the lowest credit ratings have higher arrears and default rates. It also notes that commission arrangements could lead to dealers arranging more expensive than […]
John Griffith-Jones has reflected on FCA’s first 5 years of operation, since it took over from the FSA. He outlined: highlights – specifying FCA’s engagement with pension exit charges, general insurance renewals, interest-only mortgage work, FX and LIBOR issues and reform, MiFID 2 implementation, the Innovation Hub, market abuse enforcement, fixing PPI, the asset management […]
The ABI has written to Andrew Bailey highlighting the issues its members are facing in meeting their duty to treat customers fairly, in the context of communications with customers over Brexit. The letter welcomes the December communications on authorisation of EEA branches of insurers, and says members will assume this will happen, even though it […]
As part of its ongoing work on culture and governance, the FCA has published a discussion paper, comprising a series of essays from academics and industry thought leaders covering: what a ‘good’ culture might look like; the role of regulation and regulators; how firms might go beyond incentives; and how to change behaviour for the […]
FCA has fined Guillaume Adolph, a former short-term interest rate derivatives trader with Deutsche Bank, £180,000 and banned him. It had originally issued its warning notice in early 2014 but proceedings were stayed because of SFO investigations. FCA found Mr Adolph had improperly influenced several of the bank’s LIBOR submissions over a period of nearly […]
FCA has provided an update on its work on product governance in small and medium sized retail banks. Its recent review looked at 2 year fixed rate savings products and how firms’ product governance frameworks help them to identify and manage the ongoing conduct risks of their products. It specifically wanted to assess how firms […]
The Lloyd’s Market Association (LMA) has published guidance on the IDD for UK coverholders. The guidance covers some aspects of IDD, including: product oversight and governance; product information (including the IPID); identifying client needs and advising; and information requirements. While certain part of the guidance are specific to the Lloyd’s market, the LMA has discussed […]
Following on from the general insurance add-ons market study, FCA piloted the publication of value measures data, which includes claims frequencies, claims acceptance rates and average claims pay-outs by an insurer in respect of certain general insurance products. The pilot was designed for FCA to develop and assess the impact of the value measures data. […]
FCA has written a Dear CEO letter to firms that enter into regulated second charge mortgage contracts, asking them to review their lending processes and confirm to FCA that the firm is acting responsibly when lending and has systems, processes and controls to ensure this. FCA is worried, following a review it carried out to […]
Andrew Bailey has spoken to the FLA on the current consumer credit landscape. He noted the constant fall in the real cost of debt which has supported the rise in household borrowing, and the growth in consumer credit particularly among the young. FCA has carried out several pieces of research to determine who is driving the growth […]
FCA’s latest Handbook Notice confirms changes to: FEES to ensure the life and pensions intermediation class can still benefit from support from the retail pool SUP to align the Financial Crime Annual Return to the MLRs and PEP guidance. The changes seek to make the terminology in the various measures consistent and guard against firms […]
FCA has published a policy statement setting out its feedback on what is a “personal recommendation” in relation to retail investments, as part of its work on the FAMR. The new guidance, which will be in PERG, is aimed in part at reassuring firms that there is information they can give clients, and can even […]
FCA has published a “Dear CEO” letter setting out its comments on the quality of prudential returns. It is concerned that a significant number of firms are submitting returns that contain inaccurate or incomplete data and, as a result, feels it needs to ask CEOs of IFPRU and BIPRU firms to review their firms’ regulatory […]
FCA and the US CFTC have signed a memorandum of understanding to collaborate on FinTech initiatives powered through FCA’s Innovate and CFTC’s LabCFTC processes.
FCA has launched a call for input on using technology to make regulatory reporting easier. It refers to its 2017 “TechSprint” in which it brought together firms and technology companies to look at challenges and solutions. The meeting came up with a proof of concept to make regulatory reporting requirements machine-readable and executable. The Call […]
The Treasury Committee has published the final, unredacted skilled persons’ report into the RBS treatment of SME customers in its Global Restructuring Group. It had given FCA until 16 February to publish this, but FCA did not do so and therefore the Treasury Committee has now done it.
FCA has published a letter from Megan Butler reminding firms of FCA’s expectations when they are advising on pension transfers. The letter contains details of key publications from FCA on the topic.
FCA’s new-look update on its service standards shows that it met most of its targets for various regulatory tasks, including authorisations, passport notifications, dealing with queries and customer satisfaction. However, it did fall slightly short on some applications, particularly consumer-credit related ones, and some of its work on passports.
FCA’s regulatory sandbox has supported 60 firms with innovative ideas since its launch in 2016. To date, it has allowed firms to conduct tests in the UK only, but FCA is now planning to expand it and is seeking views on the creation of a global sandbox. This would allow firms to conduct tests in […]
An illegal money lender has been sentenced to imprisonment of 3.5 years for offences under FSMA and the CCA. In addition to bringing the successful prosecution against Dharam Gopee, FCA also successfully obtained a Serious Crime Prevention Order against him. Mr Gopee was refused a consumer credit licence by the OFT and did not get […]
An update from FCA and the ICO confirms FCA’s view that firms can comply with both the GDPR and its rules. The update notes that GDPR is a board level responsibility, and firms must produce evidence to show what they have done to comply with it. FCA also notes that, although the ICO will regulate […]
Andrew Bailey has written to the Treasury Select Committee setting out a summary of the powers “FCA does not have”. It has been asked many questions in the context of the RBS GRG investigation. The letter sets out: FCA’s basic remit over regulated activities and its role as the UKLA as well as its powers […]
In the latest sentence to be handed down following FCA’s successful prosecutions of individuals involved in the Symbiosis Healthcare scheme, Samrat Bhandari has been imprisoned for 3.5 years and disqualified from being a director for 12 years. He was found to be the controlling mind behind a scheme that cold-called, used pressure sales and produced […]
Following a Feedback Statement in which FCA identified key areas of concern in the high-cost credit sector, it has published an update on the work undertaken since the July 2017 publication. This presents an emerging picture for intervention in some markets, but equally a limitation on what can be achieved through traditional regulatory intervention. The […]
FCA has published a “Dear CEO” letter emphasising the work required to combat authorised push payment (APP) fraud. This follows the Which? super-complaint in September 2017, and the Payment Systems Regulator’s response in November. FCA explains combating APP fraud and financial crime in general is a priority articulated in its 2017/2018 Business Plan. FCA hopes […]
FCA has published decision notices in respect of One Call Insurance Services Limited and its majority shareholder John Radford. FCA plans to fine the firm £684,000 and restrict it from charging renewal fees to customers for 121 days (which would cost it around £4.6 million). FCA took action for perceived breaches of client money requirements […]
FCA has published a statement following concerns raised about the performance scenarios in the PRIIPs KID. Some firms have noted that occasionally this information may appear to optimistic and risk misleading consumers. FCA says that where a manufacturer is worried the scenarios in their KID are too optimistic, it may provide explanatory materials to put […]
FCA has opened a consultation on plans to provide more small businesses with access to FOS. The changes proposed would allow FOS complaints redress to approximately 16,000 SMEs, charities and trusts, by changing the eligibility criteria to access FOS. Under the proposals, eligible businesses would be those that satisfy the following criteria: Under 50 employees; […]
FCA has published a policy statement in response to feedback received from a consultation on depositing client money in unbreakable deposits. The consultation responded to difficulties faced by investment firms in depositing client money at banks. This was deemed to be partly due to the combined effects of the liquidity rules applicable to banks and […]
FCA has published its third policy statement on IDD implementation, responding to feedback received on various consultations and providing near-final rules. In relation to life insurance distribution business, it covers requirements relating to: Inducements; Suitability and appropriateness; and Information and product disclosure. In relation to all insurance distribution business, it covers requirements relating to: Conflicts […]
FCA’s latest Policy Development Update promises, among other things: policy statement on regulatory fees and levies by the end of March; the delayed policy statement on further implementation of the FAMR; consultation on the Money Market Funds Regulation in January; the final policy statement and near final IDD rules, also in January; and consultation in […]
Following its review of the contracts for difference (CFD) market, the FCA has written to the CEOs of providers and distributors of CFDs to highlight specific concerns. The letter warns that there are areas of serious concern regarding the following areas: target market identification, and alignment to the characteristics of the product; communication, oversight and […]
The FCA has published a legislative instrument that amends its Enforcement Guide to reflect the implementation of the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation). The changes to the Enforcement Guide outline the FCA’s approach to enforcement of the PRIIPs Regulation, and came into force on 4 January 2018.
Charles Randell CBE has been appointed the new chair of FCA and the PSR with effect from 1 April.
MiFID 2 implementation date has finally arrived. We have written an article to remind firms of the key changes and action points. FCA has also published a series of updates covering: transitional arrangements for trading venues, which confirms FCA has agreed a transitional arrangement for ICE Futures Europe and LME, such that the open access […]
Following the announcement earlier this year of the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which will operate within the FCA to oversee the 22 accountancy and legal professional body AML supervisors in the UK, the Treasury has confirmed that the necessary OPBAS regulations have been laid in Parliament and will take effect […]
Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit
Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]
FCA has published updated guidance on reporting Annex IV transparency information under the Alternative Investment Fund Managers Directive (AIFMD). The document details: Transparency reporting requirements (pursuant to both the AIFMD and the FCA Handbook); How this information is submitted to the FCA (via the Gabriel system); The form of report (AIF001 Manager Report and AIF002 Fund Transparency Report); and […]
In advance of the implementation date for MiFID II on 3 January 2018, ESMA has issued a public statement that provides a form of 6 month transitional period for certain trading venues and certain legal persons, to support the introduction of Legal Entity Identifier (LEI) requirements. This includes provision that trading venues whose non-EEA issuer […]
As the implementation date for the Insurance Distribution Directive (IDD) approaches, the FCA has published the second of its three policy statements on the implementation of IDD, PS17/27. This policy statement contains near-final amendments to the FCA’s rules to enable firms to be able to prepare based on the substance of what the final versions […]
Following the publication of its discussion paper regarding the risks and opportunities, and characteristics of distributed ledger technology (DLT) in April 2017, the FCA’s feedback statement FS17/4 sets out responses received and the FCA’s next steps. The responses related to the following issues: operational risk, including outsourcing and network security; digital currency, including digital currency […]
FCA has updated its consultation paper on its proposals for rules to help customers in persistent credit card debt. The revised proposals follow feedback on its April consultation. Respondents were in favour of FCA’s proposals in principle and it has now done a new analysis of the costs to business of its remedies – the […]
FCA has written a Dear CEO letter, expressing its concerns on the continued practice of “payment for order flow”. Despite FCA having criticised the practice in the past, it is aware that many brokers are still doing it, and are devising strategies to get round the even stricter MiFID 2 restrictions. FCA warns firms that […]
FCA is consulting on how firms and individuals will manage the transition to the extended SMCR. Its key proposal is to grandfather persons from the existing approved persons regime, so that firms can focus on embedding the cultural changes required rather than filling in forms. FCA also seeks views on whether to extend the duty […]
The latest edition of Market Watch looks at: a reminder that an investment firm’s transaction report must reflect the transaction from its own perspective, reporting its immediate counterparty or client (whether or not subject to MiFIR). Whether to report at block or allocation level depends on what the immediate counterparty confirms as “executions” a reminder […]
FCA has published its final rules to require personal and business current account providers to publish information that will help comparison of services from different providers. The rules, which will create a new chapter in BCOBS, require providers to publish details of: services, helplines and their availability contact details for help, including 24 hour helplines time needed to […]
The Complaints Commissioner has rejected a complaint against FCA from complainants who suffered loss when a firm that had passported into the UK sold products that were outside its permission. The firm was a Cypriot insurance mediation firm, and the Financial Services Register showed its passport was under the IMD. However, the firm sold investments […]
FCA has published a policy statement on its consultation on FAMR and insistent clients. Respondents were generally supportive of FCA’s proposed PERG guidance and also asked for more guidance in some areas. FCA will publish the new guidance in early 2018 and directs firms wanting to make use of the amendment to the RAO definition […]
At FCA’s Board meeting on & December, it made several new rule instruments, covering (among other things), several changes to take effect from 3 January 2018: minor changes relating to MiFID 2 implementation, including a new definition of “high frequency algorithmic trading technique”, amending various definitions relating to derivatives to ensure they reflect changes to […]
The government has published the Risk Transformation Regulations 2017 (Regulations), which come into force on 8 December 2017, following publication of the draft text by HM Treasury in July. The Regulations enable the creation of a new form of body corporate: a “protected cell company,” which can act as a special purpose vehicle in Insurance […]
The UK government has published the answer to a written question asked of HM Treasury that reveals that they are in the process of negotiating amendments to the 4th Anti-Money Laundering Directive to bring virtual currency exchange platforms and custodian wallet providers into the AML regulatory framework, thereby bringing them within the scope of relevant […]
FCA has fined Bluefin Insurance Services Limited £4,023,800. It found the firm had inadequate systems and controls, as it held itself out to be truly independent but did not properly manage the conflicts that arose by virtue of its status as wholly owned subsidiary of AXA UK plc. As a result it used a policy […]
FCA has investigated the operations of Park First Limited in relation to airport parking investment schemes. It believed the firm, which is not authorised, was operating a CIS. The firm has agreed to offer investors the choice of getting their investments back or moving into a new scheme which is not a CIS. In the […]
Megan Butler has spoken on assessing the value of financial advice. She spoke of the growing importance of financial advice as increasing numbers of people need help making “sense” of their choices. Recent FCA studies have shown that, in 2015, 93.1% of advice on investments, pension accumulation and retirement outcomes was suitable. This figure was […]
Two individuals have been found guilty of various offences relating to carrying on regulated activities without authorisation, false and misleading impressions and being a company director contrary to the Theft Act, in relation to an investment scheme which mis-sold shares to often vulnerable investors. Samrat Bhandari and Muhammed Mirza’s convictions follow the guilty pleas of […]
FCA’s latest quarterly consultation proposes minor changes to: DEPP due to a change in FCA’s governance structure LR, in the meaning of Premium Listing Principle 6 and, to DTR, on where diversity reporting may be located under corporate governance reporting requirements DISP relating to access to FOS for PEPs, and referrals to TPO the Glossary definition […]
FCA’s latest Policy Development Update promises the following publications before the end of 2017: Policy Statement on formalisation of the debt concession for smaller credit unions Policy Statement on market infrastructure providers’ fee rates Policy Statement on the second consultation on FAMR implementation Policy Statement on the second IDD implementation consultation (with a PS on […]
FCA has announced the start of civil proceedings against Avacade Limited, which traded as Avacade Investment Options, and Alexandra Associates (U.K.) Limited, trading as Avacade Future Solutions, and against Craig Lummis, Lee Lummis and Raymond Fox. FCA says the firms provided a “pension report service” which, among other things, promoted SIPPs and alternative investments such […]
FCA has issued a statement of objections to 4 asset managers who it believes may have acted in breach of competition law. The statement (which has not been published) is the first time FCA has brought a case using its competition enforcement powers. It says that Artemis Investment Management LLP, Hargreave Hale Ltd, Newton Investment […]
We’ve written a briefing on recent regulatory warnings about ICOs, and how they may fall within the UK’s regulatory perimeter.
At the Westminster Business Forum on retail banking and payments, Karina McTeague, Director of Retail Banking Supervision, delivered a speech on the regulatory priorities in the retail banking sector. She explained FCA’s priorities as articulated in its business plan, and said all have application to retail banking. FCA is looking closely at how retail banks […]