Tag Archives: FSMA

FCA consults on general standards and communication rules for payment services and e-money

The FCA has published a consultation paper on rules and guidance to improve conduct and communication in the payment services and e-money sectors. Currently, payment service providers and e-money issuers are subject to different regulatory requirements, as both FSMA and non-FSMA firms operate in these sectors. The FCA has recognised that this creates a mismatch […]

HM Treasury publishes temporary permissions draft SI

HM Treasury has published a draft SI setting out the proposed conditions for an incoming EEA firm to obtain a temporary permission to continue to carry on regulated activity in the UK after exit day, in the event of the proposed two year transition period not being agreed. This draft SI applies to firms that […]

PRA publishes policy statement on extension of the SM&CR to insurers

On 4 July 2018, the PRA published policy statement (PS)15/18 in response to Consultation Paper (CP) 14/17 ‘Strengthening individual accountability in insurance: extension of the Senior Managers and Certification Regime to insurers’ and CP 28/17 ‘Strengthening accountability: implementing the extension of the SM&CR to insurers and other amendments’.  As well as feedback to responses to […]

SRA consults on the implementation of IDD

The Solicitors Regulation Authority (SRA) has published a consultation paper on changes to its regulatory arrangements to comply with the Insurance Distribution Directive (IDD). SRA is a designated professional body under Part 20 of FSMA, which means SRA-authorised firms can carry out financial services activities which includes insurance distribution activities. Firms carrying on this work […]

When is an AR an agent?

A recent case looked at the extent to which there is an agency relationship between an AR and its principal. In the case, an AR entered into a client agreement  with the claimant under which it arranged an investment in a company. The client claimed the the AR gave incorrect and misleading information and breached COBS rules and […]

FCA proposes guidance on insurance Part VII transfers

FCA has issued guidance on its approach to reviewing insurance business transfers schemes under Part VII of the Financial Services and Markets Act 2000. While the PRA leads the Part VII process, the FCA also has a role.  Chapter 2 – Sets out some initial considerations for firms before contacting the FCA and what firms […]