Tag Archives: HM Treasury

Claims Management regulations published for consultation

As part of the proposed process of transferring the regulation of Claims Management Companies to the FCA, HM Treasury is consulting on draft regulations  that will form part of a final statutory instrument creating a new framework of regulation for Claims Management Companies (CMCs). The draft regulations set out the proposed permissions that CMCs will […]

UK and US announce working group creation

HM Treasury and the US Treasury Department have announced the formation of a Financial Regulatory Working Group, to formalise engagement on bilateral regulatory cooperation. The group is scheduled to meet twice a year

HM Treasury launches first Fintech Sector Strategy paper

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, […]

Treasury publishes response to IDD consultation

In February 2017, the Treasury opened its consultation on the UK transposition of the IDD. The Treasury has now published the results of that consultation, and also the draft statutory instrument. The consultation response document indicates that the draft statutory instrument will be laid before Parliament ‘in due course’. It also notes that the proposal […]

Risk Transformation Regulations 2017 published

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 […]

Financial Exclusion: UK government publishes response to Lords Select Committee final report

Following the appointment in 2016 by the House of Lords of a Select Committee to investigate financial exclusion and access to mainstream financial services, the Committee published its final report, ‘Tackling Financial Exclusion: A Country that works for everyone‘ in March 2017 (Report).  This Report made 22 recommendations to address financial exclusion and access, including […]

Cheque imaging: consultation on supporting legislation

HM Treasury has published a consultation on secondary legislation to support the Image Clearing System (ICS) for cheques. The legislative proposals follow the amendments to the Bills of Exchange Act 1882 introduced by the Small Business, Enterprise and Employment Act 2015, which allowed the introduction of cheque imaging.  This aims to cut down cheque clearing times […]

HM Treasury updates draft ILS regulations

Further to the July 2017 versions, HM Treasury has published updated October 2017 versions of The Risk Transformation Regulations 2017 and The Risk Transformation (Tax) Regulations 2017, which will provide a new regulatory, supervisory and tax framework in relation to insurance linked securities in the UK.  

FCA publishes consultation on Office for Professional Body Anti-Money Laundering Supervision

FCA has published a consultation on the proposed text for a specialist sourcebook setting out the new Office for Professional Body Anti- Money Laundering Supervision’s (OPBAS) expectations in relation to anti-money laundering supervision. OPBAS will oversee 22 professional body anti money laundering supervisors such as the Law Society / Solicitors Regulation Authority and the Association […]

HM Treasury publishes final ILS Regulations

Following two consultations in 2016, HM Treasury has published the final rules for a new tax and regulatory framework for insurance linked securities (ILS) business in the UK. The Risk Transformation Regulations 2017 will come into force on 31 October 2017 and the Risk Transformation (Tax) Regulations 2017 will come into force on the day after the […]

Law Commission consults on draft clauses for the Goods Mortgages Bill

This month, the Law Commission published a consultation paper on draft clauses that would form part of the new Goods Mortgages Bill, which replaces the Bills of Sale. Background In September 2014, HM Treasury asked the Law Commission (LC) to review the Bills of Sales Act.  The LC’s 2016 report recommended that the Bills of […]

Article on the implementation of IDD

We have written an article for Compliance Monitor on the implementation of IDD, looking specifically at consultations by HM Treasury and the FCA on the proposed changes to UK law and regulation.

HMT issues regulatory innovation plan

The government’s vision is for UK financial services to be the most competitive and innovative in the world, supplementing existing services with greater choice and value for consumers. The innovation plan covers how financial services regulators are adapting and encouraging new technologies and disruptive business models, and better utilising new technologies to reduce regulatory burdens […]

PRA’s Deputy Governor and CEO responds to Treasury committee call for further evidence on EU insurance regulation

Sam Woods, the PRA’s Deputy Governor and CEO, has published a letter addressed to the Treasury Committee on EU insurance regulation. The letter is a preliminary response to requests by the Committee for further evidence on the following: the PRA’s view in relation to the 23 areas recommended by the Association of British Insurers (ABI) […]

Government consults on single body for public financial guidance

The Treasury has issued a consultation on proposals to establish a single advisory body to replace, and bridge perceived gaps between, the Money Advice Service, the Pensions Advisory Service and ‘Pension Wise’ guidance form the Department of Work and Pensions. The new statutory body will bring together pensions guidance, money guidance and debt advice, and will have […]

PRA and FCA consult on insurance special purpose vehicles

The PRA and FCA have issued a consultation paper on the authorisation and supervision of insurance special purpose vehicles (ISPVs). An ISPV is used in the transfer of risk from a (re)insurer to the capital markets by issuing insurance linked securities (ILS). The consultation paper should be read alongside HM Treasury’s consultation on the new […]