Tag Archives: FCA
FCA publishes bank comparable data on customer treatment
FCA has published data relating to personal and business customers of banks, showing how long it takes each firm to open a current account for new customers and how long it takes to replace debit cards. The information for each institution comprises both the compulsory information and voluntary information on additional services.
FCA posts video for SMCR help
FCA has arranged for a video to be made by firms that have already implemented the SMCR, sharing their experiences of adopting it. Contributors share the stories from Virgin Monday, HSBC, State Street and JP Morgan.
FCA publishes rules and guidance for payment services and e-money sectors
Following its consultation on general standards and communication rules for payment services and e-money sectors, the FCA has now published final rules and guidance on, among other matters, the extension of the Principles for Business and rules on communication in BCOBS to certain payment service providers and e-money issuers. The new rules and guidance will […]
‘Global sandbox’ pilot invites applications
A group of 29 international regulators and bodies, including the FCA, has opened a cross-border pilot sandbox. Applicants that want to test innovative products and services across international markets are invited to submit applications to the UK part of the Global Financial Innovation Network (GFIN). The deadline for applications is 28 February 2019.
FCA publishes call to action for firms to prepare for no-deal Brexit
Under draft legislation published by the Treasury, the FCA and the PRA are to be given temporary powers to make transitional provisions, in order to ensure that most firms and other regulated entities’ day to day UK regulatory obligations will be as unaffected by Brexit as possible. However, the FCA has published a statement setting […]
FCA agrees Brexit MoUs with European securities regulators
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating agencies and trade repositories.
FCA updates MiFID expectations
FCA has set out how it proposes to use its temporary powers under the draft legislation Treasury has put forward. It plans in principle to make transitional measures that will ensure that firms do not need to prepare now to make Brexit-related changes to their business. Wherever possible, these transitional arrangements would apply. But in […]
FCA and FRC focus on encouraging effective stewardship
The FCA is working with the the FRC to set out proposals and a discussion paper encouraging asset managers and others managing investments to take a closer interest in the operation of the businesses in which they invest. The FCA consultation is on measures implementing the second Shareholders Rights Directive which mainly affects FCA regulated […]
FCA consults on reporting requirements for General Insurance firms
The FCA is inviting views on proposals to require firms to report certain value measures data on a wide range of GI products. This consultation follows the identification of issues of poor value in the GI market, and a pilot trialed in 2016 involving reporting requirements and publication of the resultant data sets. Under the […]
FCA gives NPPR guidance
FCA has provided some further guidance to help firms filling in the NPPR forms.
FCA consults on retirement outcome improvements
FCA is consulting on measures to improve retirement outcomes for consumers. Its concern is that consumers are using the pensions freedoms to move into drawdown and hold funds in investments that will not meet their needs. It feels consumers focus only on taking their tax-free cash and take the easiest method available to drawdown. To […]
Tribunal rules on Burns costs
The Upper Tribunal has ruled on whether any part of costs claimed by Alistair Burns (on his unsuccessful application) should be awarded. The Tribunal has discretion over the award of costs, but can only make the award if it considered that FCA had acted unreasonably in bringing, defending or conducting the proceedings, or that the […]
FCA makes new rules
FCA’s latest Handbook Update lists rules made in December and January. The key changes: amend the rules on PCAs and Overdrafts from 18 December 2019: these changes amend BCOBS and CONC to tackle low levels of consumer awareness of and engagement with overdrafts; amend DISP to require lenders and sellers to write to certain Plevin complainants […]
FCA Cryptoassets consultation published
The FCA is consulting on draft guidance on activities that the FCA regulates in this area. Noting that this is an area in which investor activity is on the increase, and where there is still uncertainty about where the regulatory perimeter falls, the guidance will provider greater clarity, and also assist consumers in knowing what […]
FCA to look at product governance and research unbundling
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on changing it from an absolute test to a relative test; it will be carrying out perimeter work on SME lending […]
FCA confirms Keydata individual fines
FCA has published its final notices banning Stewart Ford and Mark Owen from performing any function in relation to any regulated activity and fining them £76 million and £3,240,787 respectively. Mr Ford held the CF1, 3 and for some time 8 positions in respect of Keydata Investment Services Limited Mr Owen held the CF1, CF16 […]
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 applications for rule amendments. Mutuals societies can start to register as users of this portal; the FCA will […]
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 retail investments investment management and wholesale financial markets It produces this review to inform its overall approach and ultimately its business plan. The studies identify where […]
Treasury Committee welcomes new move for mortgage prisoners
The Treasury Committee has welcomed FCA’s new commitment to consulting on rule changes which will allow the estimated 120,000 “mortgage prisoners” who are with unregulated firms and 20,000 with firms that are inactive, to switch to active lenders. FCA has already acted to help the lesser number of mortgage prisoners who were with active firms. The […]
FCA ‘Dear CEO’ letter on misleading financial promotions
The FCA has published a ‘Dear CEO’ letter in which it provides clarity about the communication and approval of financial promotions by regulated and unregulated businesses. The FCA has published the letter after it has recently become aware that firms have been issuing financial promotions which suggest or imply that all the activities they undertake are […]
FCA updates on diversity
In a speech by Christopher Woolard, FCA has called on firms to increase their efforts to integrate diversity and inclusion principles in their business frameworks. While things are moving in the right direction, Mr Woolard said much work is still to be done. He particularly noted that the percentage of woman in senior management below […]
FCA consults on SCA post-Brexit
FCA is consulting on how it proposes to make technical standards which are substantially the same as the PSD2 SCA RTS to ensure strong customer authentication and common and secure open standards of communication post-Brexit. FCA comments that some of the SCA-RTS take effect from 14 March 2019 and others not until 14 September. In […]
FCA fines for bank bereavement process failings
FCA has fined Santander £32,817,000 for failing effectively to process the accounts and investments of deceased customers. FCA found the bank did not transfer funds totally over £183m to customers when it should have done and did not disclose problems in its probate and bereavement process to FCA once it became aware of them. The […]
FCA publishes finalised guidance on fairness of variation terms in FS contracts
The FCA has today published finalised guidance (FG18/7) setting out what it believes firms should consider under the Consumer Rights Act 2015 when varying a term in their consumer contracts. The guidance includes a list of non-exhaustive factors for determining whether or not a variation term is fair. For example: Has the firm included the […]
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 recommendations to help resolve this issue in 5 markets. “Loyalty penalty” refers to longstanding customers paying a lot more than new customers for the same services. […]
FCA publishes guidance for social landlords
The FCA has published final guidance for social landlords to help them understand when they may be acting as a credit broker in the course of assisting tenants find lower cost credit providers. FG18/6 will assist such social landlords in identifying whether they are likely to need authorisation and if so how to go about […]
FCA publishes feedback and further consultation regarding catalogue and store credit
Earlier this year, the FCA published CP18/12, which proposed measures to reduce consumer harm and strengthen protections for customers of home-collected credit, catalogue credit and store cards. Following this, the FCA has published CP18/43, which: responds to feedback received to this earlier consultation paper and sets out final rules and guidance; includes finalised guidance for registered […]
FCA publishes Retail Banking Final Report
As an early Christmas present, the FCA has published its Final Report into retail banking models. The review into this sector was launched in April 2017, and the FCA published an interim Progress Report in June 2018. The FCA’s next steps following the review will involve an on-going monitoring of retail banking business models, and […]
FCA consults on tacking bank overdraft charges
As part of its ongoing work to tackle high cost credit, the FCA has announced proposals to restrict the charges banks are able to impose for overdrafts. The FCA is proposing a package of measures that include stopping firms from charging higher fees for unannounced overdrafts, controlling overdraft charges, and requiring firms to work more […]
FCA updates on MAR compliance
The latest edition of Market Watch outlines FCA’s views on industry implementation of MAR. FCA stresses the importance of industry participants properly calibrating their risk assessments to the markets and asset classes they operate in and showing it is responsive to changes. It notes the importance of strong judgment in market abuse compliance and emphasises […]
FCA bans Angela Burns
FCA has finally issued its final notice banning Angela Burns from acting as a NED and has fined her £20,000. Ms Burns acted as NED for two mutual societies and was chair of their investment committees. She provided advice on appointing Vanguard Asset Management Limited as investment manager, and the societies believed this advice was […]
FCA updates on preparing for Brexit
FCA has added a page to its website updating firms on what they could and should be doing to prepare for Brexit. The page is for use by UK and EEA firms and takes them through each various practicality they should consider.
FCA finalises new financial crime guidance
FCA has now finalised its guidance on insider dealing and market manipulation within the Financial Crime Guide. It received 8 responses to its consultation, generally positive. However, some respondents raised concerns about: mandating a duty to prevent these crimes; the risk of firms tipping off by taking some of the actions the guidance proposed; where […]
PRA and FCA consult on mortgage reporting
PRA and FCA are consulting on new reporting requirements for mortgage lenders and home finance administrators. Both regulators think there are areas in which they need data from firms additional to that which is currently being reported. The changes will affect the MLAR and PSD returns. Key proposals include that: mortgage administrators should submit PSD […]
FCA updates on PPI campaign
FCA has published the latest figures on engagement of consumers with its PPI helpline.
FCA consults on patient capital and permitted links
Following the Patient Capital Review on regulatory barriers to investment in illiquid “patient capital” assets FCA is consulting on: changes to the COBS 21.3 permitted links rules to enable retail investors to invest in patient capital through unit-linked funds and more generally on how UK authorised funds can be used to invest in patient capital. […]
CMA announces reforms to the investment consultancy and fiduciary management sector
The CMA has announced a range of reforms to the investment consultancy and fiduciary management sector after finding competition problems. This follows an extensive market investigation into the sector which started last year, at the request of the Financial Conduct Authority (FCA). The CMA’s final report sets out a number of changes to deal with its […]
FCA updates SMCR forms
FCA has updated its website to show the forms that now apply to insurers, who have become subject to the SMCR from 10 December.
FCA reports on cyber review findings
FCA has published the results of its study of cyber-resilience and security in 20 asset management and wholesale banking firms. Its review comprised firms of varying size, scale, operating models and geography. The review comes with many caveats, but the key messages include: Boards and Management Committees still have limited familiarity with the specific cyber-risks […]
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 removing the option some firms currently benefit from to update details other than using Connect; and add the Association of Accounting Technicians to the list of bodies […]
FCA plans permanent CFD intervention measures
FCA is consulting on permanent rules to restrict the marketing, distribution and sale of CFDs and CFD-like options to retail consumers. The proposals are similar to the ESMA temporary measures, but FCA wants also to cover closely substitutable products and are proposing some different leverage limits. FCA feels the action is necessary because of constant […]
Publication of FCA’s findings on long-term mortgage arrears
The FCA has published the outcome of its thematic review into the treatment of customers with long-term mortgage arrears. While in general it found that firms treated such customers appropriately, it did note areas for improvement and inconsistencies in management practices. The FCA recommends that firms that offer or administer mortgages should read the review, […]
FCA decides to fine former Sonali CEO
FCA has published a decision notice setting out its proposal to find Mohammad Prodhan, the former CEO of Sonali Bank (UK) Ltd £76,400 in relation to the bank’s AML systems and controls. Mr Prodhan was responsible for the establishment and maintenance of effective AML systems and controls and FCA considered that between 2012 and 2014 […]
FCA publishes approach to authorisation and feedback statement
Following a consultation last year, the FCA has published the ‘FCA Mission: Approach to Authorisation’ and feedback statement. This document includes reference to the introduction of a new range of tools to help firms submit complete authorisation applications. This should minimise the risk that submitted applications will be deemed incomplete and the time for assessment […]
FCA publishes cyber resilience report
FCA has published the results of its survey on tech and cyber resilience, which showed that nearly half of all firms don’t upgrade or retire old IT systems in time, and only just over half say they can measure the effectiveness of their information asset controls. Megan Butler, speaking about the report, said that FCA […]
FCA publishes DISP modification for PPI claims
FCA has published a new modification by consent to allow firms to exclude from their complaints return form those PPI complaints in relation to which the complainant had not in fact bought PPI from the firm. Any firm wanting to take advantage of the waiver must email FCA to apply for it.
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 insurance pricing, which launched on 31 October 2018 but was not originally part of its business plan.
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 Regime in the Handbook and FCA’s approach to guidance and forms Key elements of the consultation include: new “cross-cutting” issues that […]
FCA speaks on AI and financial crime
Rob Gruppetta has spoken on FCA’s views on the use of innovation, data and algorithms to help it in its supervision of, and approach to, financial crime prevention. He said that FCA is always open to innovation, but that it should not be approached without scrutiny. He highlighted FCA’s TechSprints (or “hackathons”), one of which […]
FCA updates on PCA prompts
FCA has published a report looking at how banks and building societies are developing and delivering their commitment to provide prompts to customers. The prompts should increase engagement of consumers with their products and make them aware of switching possibilities and developments in retail banking. The report has identified practices that are helpful, such as […]
FCA Speech on key issues identified by the Cryptoassets Taskforce
The FCA has published a speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered at the Regulation of Cryptocurrencies event on 20 November 2018. The speech highlights the key issues identified by the Cryptoassets Taskforce (consisting of the FCA, HM Treasury and the Bank of England) in its report published at the […]
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 finance organisations and credit unions. The other main element of the paper discusses how FCA will raise fees from credit rating agencies […]
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 non-disclosure is an issue. Separately, FCA has amended Chapter 13 of IPRU(INV) to require personal investment firms to have PII cover […]
FCA writes to Treasury Committee on Register
Andrew Bailey has written to Nicky Morgan setting out FCA’s plans for improving accessibility and usability of the Financial Services Register, and updating on its recent consultation on the register of individuals.
FCA reviews whistleblowing arrangements
FCA has published its review of how firms implement FCA whistleblowing rules. Its review covered a range of wholesale and retail banks. It found several areas of both good and poor practice to comment on, and now urges all firms to review the report and consider what steps they may need to take to improve […]
FCA publishes financial crime data
FCA has completed its first financial crime survey. It intends to carry out the survey annually, using the Financial Crime Return. Over 2,000 firms were required to file the return, and FCA looked to establish: the number of customers that pose a higher risk of financial crime: Firms identified 120,000 PEPs and 11,000 non-EEA correspondent […]
Regulators hold 2018 resilience exercise
BoE, Treasury and FCA have hosted what has now become a regular one day exercise to test the financial sector’s resilience to a major cyber incident impacting the UK.
FCA publishes final guidance on PPI complaints and proposes re-opening closed complaints
Following its consultation in July 2018 on handling complaints about regular premium PPI, the FCA has published finalised guidance that confirms that firms should assess PPI commission disclosures not only at point of sale, but on an on-going basis. The FCA is also consulting on new rules that would require firms that sold relevant products […]
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 covering the costs of OPBAS review of permitted links for insurers in relation to Patient Capital and a discussion paper on Patient […]
FCA fines for failings in oversight of third party claims handling
On 30 October 2018 the FCA announced that it had fined Liberty Mutual Insurance Europe SE (Liberty) £5,280,800. The fine relates to failures in Liberty’s oversight of claims and complaints relating to mobile phone insurance for the period 5 July 2010 until 7 June 2015. According to the Final Notice issued by the FCA, Liberty had entered into […]
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 announced a number of next steps: conducting a market study on general insurance pricing practices; Publishing a discussion paper […]
FCA makes new rules on safeguarded to flexible benefits transfers
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.
Cryptoassets task force publishes report
The Cryptoassets task force, led by Treasury, has published its report on the UK’s policy and regulatory approach to cryptoassets. The report looks at the policy and regulatory implications of DLT and cryptoassets and comments on the considerable risks as well as the potential benefits. Now the Task force will consult on a number of initiatives, specifically: […]
FCA and Pensions Regulator publish joint strategy
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 […]
FCA publishes PPI complaints deadline progress report
On 24 October, the FCA published a report on the progress of its consumer communications campaign and supervisory work regarding the 29 August 2019 deadline for PPI complaints. The report looks at: The PPI campaign so far and how consumers are responding to it; The FCA’s supervisory work to ensure firms are helpful and accessible […]
FCA publishes information for registering as a trade repository
As part of its Brexit preparations, the FCA has updated its webpage for incoming trade repositories that wish to ensure they can continue to do business in the UK following Brexit. Firms are now able to complete draft application forms for registration as a trade repository. The FCA has also published guidance notes for this […]
FCA evaluates bringing additional benchmarks into the regulatory and supervisory regime
FCA has today published Evaluation Paper 18/2 on the impact of bringing additional benchmarks into the regulatory and supervisory regime. The paper is the second of a new series of FCA evaluations on its past interventions. Background Misconduct and benchmark manipulation cases and FSA investigations led the Government to ask Martin Wheatley to establish an […]
FCA calls for more sandbox applications
FCA is calling for the next round of applications for the regulatory sandbox. The deadline for applications to join cohort 5 is 30 October 2018.
PIFMA concerned about FOS limit increase
PIFMA is concerned that the proposed extension of the upper limits of compensation FOS can order firms to pay out, from £150, 000 to £350,000 could put some small firms out of the market as they will be unable to get affordable PII cover. From 1 April, 2019, FCA is proposing to increase the limits […]
FCA Feedback Statement on Digital Regulatory Reporting
The FCA has published a feedback statement on digital regulatory reporting. This follows the FCA’s call for input on smarter regulatory reporting in February 2018. The FCA found that most respondents agreed that there are significant potential benefits to be gained by introducing digital regulatory reporting, with the most commonly cited benefit being increased efficiency. However, […]
FCA consults on Statements of Responsibilities and Responsibilities Map guidance
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 […]
FCA finalises pension transfer advice rules
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 […]
FCA and SFC sign MoU on UK-Hong Kong Mutual Recognition of Funds
The FCA and Securities and Futures Commission (SFC) have signed a Memorandum of Understanding (MoU) on Mutual Recognition of Funds, which will allow eligible Hong Kong public funds and UK retail funds to be distributed in each other’s market through a streamlined process. The MoU also establishes a framework for exchange of information, regular dialogue, and regulatory cooperation […]
FCA consultation on rules for open-ended funds holding illiquid assets
The FCA is consulting on the introduction of rules to address issues that could arise where open-ended funds with illiquid asset holdings encounter stressed conditions. Following the outcome of the Brexit referendum in June 2016, a number of such funds had to cease trading for a period of time, following a rush by investors to […]
Industry body calls for review of PRIIPs Regulation
Following the FCA’s Call for Input into the implementation of the PRIIPs Regulation, the Personal Investment Management and Financial Advice Association (PIMFA) has commented that it agrees with concerns about the practical operation and the detailed KID requirements of the regime. In particular, PIMFA has noted that there is a suggestion that UCITS and other […]
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 consequent on Brexit. The EU Withdrawal Act provides the enabling powers for Treasury to make the various […]
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 proposals on regulatory fees and levies for 2019/20, in November; and review of permitted links rules for insurers in relation to Patient […]
FCA publishes financial crime e-money review
FCA has published its Thematic Review into money laundering and terrorist financing risks in the E-money sector. Its review covered 13 firms and focused on e-money products including prepaid cards and digital wallets, but not money remittance services or any services that fall outside FCA’s regulatory remit (such as exempt cards). FCA found the firms […]
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 regulation to something innovative, thus encouraging business into that area – which often then leads to a scandal and then the introduction […]
FCA speaks on intervention testing
Christopher Woolard has spoken on how FCA recognises the value of testing interventions so that regulation works most effectively. He highlighted how what may seem well intentioned and well designed interventions may in fact fail and how FCA has made significant use of behavioural economics to assess what works best. He gave an example of […]
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, COND, APER FIT and SUP, and several other changes to many other handbook modules and guides. The changes mainly take effect on 10 December […]
PRA reviews risks of climate change to banks
The PRA has published a report examining the impact of climate change on banks in terms of financial risk implications. The report notes that 70% of banks recognise that climate change poses financial risks to their business model, for example, and immediately, exposures to mortgaged homes at risk of flooding or by investments in countries […]
Latest Market Watch focuses on transaction reporting
FCA’s latest Market Watch focuses on market conduct and transaction reporting issues. It follows up on previous editions, which looked at FCA’s conclusions from a series of supervisory visits on suspicious transaction reporting. FCA had been concerned about over-reliance on “out of the box” alert calibration and that surveillance was not very developed for some asset […]
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 2019. The consultation also sets out when SM&CR may apply to CMCs, and what action they will need to take. The […]
FCA consults on PSD2 SCA-RTS approach
As part of its implementation of PSD2, the FCA has published a consultation on matters relating to the Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication (SCA-RTS) (CP18/25). Most of the SCA-RTS provisions come into effect from 14 September 2019, and certain provisions relate to measures that regulators […]
FCA announces life insurance investigation outcome
FCA has confirmed it has closed its remaining investigations into life insurers, following its thematic review into the fair treatment of longstanding customers in the life insurance sector. FCA has already closed investigations into some of the firms within its study and has now concluded no further action is needed in respect of the last […]
Dear CEO letter to firms on preparations for transition from LIBOR
The FCA and PRA have published a joint ‘Dear CEO’ letter sent to major banks and insurers supervised in the UK regarding the preparations and actions they have taken to manage the transition from the London Interbank Offered Rate (LIBOR) to alternative risk-free rates (RFRs). The purpose of the letters is to seek assurance that firms’ senior […]
Ringleader sentenced in the FCA’s largest fraud prosecution
Michael Nascimento, the controlling mind of a £2.8m investment fraud was sentenced to 11 years’ imprisonment in the Southwark Crown Court. Between July 2010 and April 2014, members of the public were cold-called and subjected to high pressure sales tactics to persuade them to purchase shares in a company that owned land on the island of Madeira. […]
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 OBPAS for 2018/19 and review of permitted links rules for insurers in relation to investment in Patient Capital
FCA publishes quarterly consultation
FCA’s latest quarterly consultation focuses on SUP. FCA proposes changes that will update the Gabriel validation rule and FCA guidance on the capital adequacy form for APIs, and update its supervisory principles in line with its Approach document. Consultation closes on 7 November and 7 October respectively.
FCA creates new adviser re-evaluation test
FCA and the Chartered Insurance Institute have worked together to create a re-assessment test of the level 4 diploma in financial planning. The new “Regulated Retail Investment Adviser Re-Evaluation” will be available from October. FCA encourages firms to use the test and may ask them to use it as part of its supervisory activities if […]
FCA appoints new competition director
FCA has appointed Sheldon Mills, currently senior director of mergers and state aid at the CMA, as its new director of competition. He will take up the role in November.
FCA bans individual
FCA has confirmed its ban on Arif Hussein following a decision of the Upper Tribunal published in June. Mr Hussein was a derivatives trader with UBS, who engaged in internal chats with a UBS trader-submitter knowing that it would be improper to participate in conduct intended to influence UBS’ LIBOR submissions. FCA found that Mr […]