Tag Archives: Treasury

Treasury makes investment advice change

Treasury has published the statutory instrument amending article 53 of the RAO to make the change to the definition of “investment advice” on which Treasury had consulted. As promised, it does not amend the definition for the purposes of the regulatory perimeter, but provides that investment advice, when given by a person appropriately authorised under […]

Sanctions fining regime effective from 1 April

A new commencement order under the Policing and Crime Act 2017 brings into force the new powers on financial penalties for breach of financial sanctions, from 1 April.  Part 8 of the Act: sets the maximum imprisonment term for breach of sanctions at 7 years, and confirms the maximum imprisonment term for related offences;  allows Treasury […]

Treasury Committee concerned about cyber strategy accountability

Andrew Tyrie  (Chairman of the Treasury Committee) and Philip Hammond have been exchanging correspondence about cyber security in the financial services sector. Mr Hammond also chairs the National Security Council Subcommittee on Cyber (NSC Cyber) said that protecting against cyber attacks is top priority for the government. He noted the launch of the National Cyber […]

PSD2 and Open Banking

We have written an article for Compliance Monitor on PSD2 and Open Banking, looking specifically at the role and future regulation of third party payment service providers.

Treasury speaks on Fintech

Simon Kirby, Economic Secretary to the Treasury, spoke at the LSE Global Fintech Investor Forum where he emphasised UK dominance in Fintech innovation. Mr Kirby gave three examples of what others envy in the British system: FCA’s regulatory sandbox, the Bank of England’s Fintech Accelerator and the Fintech Delivery Panel. He also mentioned the Open […]

Treasury consults on MLR 2017

Treasury has published its feedback to its consultation on implementing MLD4 into UK law and the draft Money Laundering Regulations 2017. We will cover the consultation in more detail in a separate article. They key points, however, include: that the turnover threshold for those who engage in financial activity on a limited basis will increase […]

Treasury updates AML advisory

Treasury has updated its money laundering advisory notice, following the FATF plenary in late February. North Korea and Iran remain jurisdictions in relation to which firms should apply enhanced due diligence measures, with Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu and Yemen also highlighted as jurisdictions in relation to which enhanced […]

Treasury updates on financial advice

Treasury has published the outcome of its consultation on the definition of financial advice. It has decided to amend the definition so that: regulated firms will be giving advice only where they provide a personal recommendation; but the wider (current) RAO definition of “advising on investments” will remain to define the regulatory perimeter. Treasury believes […]

Article on Treasury MiFID 2 feedback

Following FIN’s report that Treasury had published its feedback and draft legislation for MiFID 2 implementation, we have now written an article on the feedback.

Treasury consults on IDD implementation

Treasury is consulting on UK transposition of the IDD, which must take place by 23 February 2018. Treasury notes that many of the key changes the IDD brings will not have a significant effect on UK firms since, for example, the UK already applies the current IMD to insurers as well as intermediaries (when the […]