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Author - Emma Radmore

FCA and CoLC launch APP scam project tool

FCA and the City of London Corporation have launched the promised APP synthetic dataset which is designed to develop products and services to minimise fraud. The dataset will allow analysis of rare patterns of behaviour...

PRA updates on Basel 3.1

PRA has published an update on its plans for implementing Basel 3.1 into its rules.  Its consultation finished at the end of March and it has been considering responses. It has now decided to move the implementation...

FCA speaks on encouraging investment

Sarah Pritchard has spoken on the role of regulation in encouraging investment in the City. She noted that proportionate regulation and a debate around risk appetite are key considerations in the review of financial...

PSR publishes autumn newsletter

Unsurprisingly, the PSR’s Autumn 2023 newsletter focuses on the busy summer the regulator has had with not only the new APP fraud reimbursement rules, but also its market reviews into scheme fees and cross-border...

Lords may compromise further on FTP fraud

A motion to be moved when the Lords next considers the Economic Crime and Corporate Transparency Bill will propose a further compromise with the Commons by exempting from the offence newly defined “small”...

JMLSG travel rule guidance approved

Treasury has approved the addition to the JMLSG Guidance that provides guidance on implementation of the travel rule for crypto business. An updated Sector 22 and its annex are now approved.

FCA updates on insurance market priorities

FCA has published a suite of portfolio letters for the insurance markets, off the back of its value measures data report, but covering its wider supervisory priorities. The letters note the importance of the insurance...

PRA speaks on Solvency UK

Gareth Truran of PRA has spoken on the “Solvency UK” initiative which will replace Solvency II. He said PRA is maintaining the momentum it needs to implement the reforms in 2024. He said the proposals PRA...

FCA speaks on international collaboration

Ashley Alder has spoken on the importance of collaboration in international financial services. He touched on the UK-EU MoU and current IOSCO initiatives. He spoke of global initiatives such as climate and...

FCA finalises fin prom gateway policy

FCA has published its final policy position on implementing the gateway for firms that wish to approve financial promotions. It has now set out its final approach on: how it will assess applicants at the gateway and the...

FCA reminds firms of incoming crypto rules

FCA has set out its expectations in advance of the rules on advertising of crypto products coming into force on 8 October. The rules are specifically designed to make marketing clearer and more accurate and to ban...

SFO speaks on new powers

Michelle Crotty, Chief Capability Officer at the SFO, has spoken on its successes since Lisa Osofsky became its Director and looking ahead to Nick Ephgrave’s upcoming tenure. She also noted the increased powers...

FCA speaks on financial crime controls

Sarah Pritchard has spoken on the importance of firms calibrating their financial crime fighting systems to the right level. She stressed the importance of firms understanding who their clients are, identifying the...

FCA launches PEP review

FCA has published a paper setting out the issues it will consider as part of its review on the treatment of PEPs under s78 FSMA 2023. FCA notes that it does not have the power to change the law relating to the PEPs...

FCA consults on the future of the IDD

FCA is consulting on a proposal to transfer parts of the IDD that are currently in legislation into its rules, as part of the Future Regulatory Framework following Brexit. Treasury has announced its plan to repeal the...

FCA consults on MIPRU PII clarifications

FCA’s latest quarterly consultation paper includes a proposal to clarify a potential conflict between the requirements in MIPRU 3.2.1R that require a firm to take out and maintain continuous PII what must include...

UK Finance updates FTR guidance

UK Finance has published a “how to” interpretative guide to the Funds Transfer Regulation. The FTR was one of the pieces of legislation onshored after Brexit, and UK Finance had previously produced guidance...

FCA warns consumers on loan fee fraud

FCA has issued a consumer warning to help customers avoid loan fee fraud as they look to cover the costs of summer spending.  This type of fraud, which involves customers paying for a loan they never receive, typically...

FOS blogs on consumer card protections

FOS has published a blog on how businesses can help consumers who have problems with goods and services. It has noticed that consumers aren’t always aware of the protections they have when paying for goods or...

FCA clarifies Advice Guidance Boundary Review

FCA has issued an update on how it and the Treasury will carry out their joint review of the boundary between advice and guidance. Industry feedback has made it clear that consumer needs for advice are diverse, entail...

PRA updates approach guides

PRA has published updated versions of its “approach” documents setting out how it supervises the banking and insurance sectors, updated to include changes made by the FSMA 2023. The new documents replace the...

Consumer Duty takes effect

The Consumer Duty has taken effect for all on-sale products. FCA has reminded consumers of the protections it gives them.
Read our summary of what FCA is expecting from firms.

FCA publishes cash savings action plan

FCA has published a 14 point action plan for banks and building societies. The plan aims to ensure: that firms pass on interest rate rises to savers appropriately; good and effective communication with customers; and...

HMRC updates MLR registration guidance

HMRC has updated its guidance for firms needing to make changes to their money laundering registrations or deregistering their business. The guidance summarises what changes should be reported to HMRC and notes that any...

JMLSG consults on travel rule

JMLSG is consulting on changes to its guidance in respect of the travel rule for cryptoasset transfers. The changes will add a new Annex 1 to Chapter 22 in Part 2 and will reflect the requirements in Part 7A of the MLRs...

ICO writes to banks on customer information

Following the Nigel Farage account issue, the ICO has reminded banks of their duty of confidentiality. It noted that, while this case is “out of the ordinary” proper processes and procedures must still be...

Government plans online ads crackdown

The Government has published its plans to crack down on harmful online advertising. One of its focuses will be fraudulent celebrity endorsements for scams. It will also be prioritising illegal paid-for advertising...

FCA bans pensions adviser

FCA has banned Paul Steel of Estate Matters Financial following its finding that he provided unsuitable advice to customers to transfer out of DB pension schemes, including the BSPS scheme. FCA has also brought High...

Economic Crime Bill goes back to Commons

The House of Lords completed its scrutiny of the Economic Crime and Corporate Transparency Bill on 4 July. The Bill now returns to the Commons for consideration of the Lords’ amendments. At third reading...

IRSG consults on draft ESG Provider code

The ESG Data and Ratings Code of Conduct Working Group and the International Regulatory Strategy Group, together with the International Capital Market Association, is consulting on a draft voluntary Code of Conduct for...

FOS warns on credit hire risks

FOS is warning that many consumers do not understand the risks of credit hire, which could leave them facing large bills. Credit hire is used as an alternative to claiming on motor insurance, and involves claims or...

FCA responds on Odey supervision

The Treasury Committee has published FCA’s response to its enquiry on the supervision of Odey Asset Management, following the media allegations of highly inappropriate behaviour by Cripin Odey (which he has...

Ombudsman News updates FOS initiatives

The latest edition of Ombudsman News highlights: what FOS is doing to prepare for the Consumer Duty; the annual complaints data from 2022/3; its items on hybrid scams and escape of water in unoccupied properties...

Government concede on FTP.. maybe

A new version of the Economic Crime and Corporate Transparency Bill, published at the end of the Lords Report stage, contains some good news for those who opposed the narrow scoping of the proposed “failure to...

FSM Bill gets Royal Assent

As expected, the Financial Services and Markets Act 2023 got Royal Assent on 29 June.  Heralding it, Treasury described its key features as: bringing the ability to tailor financial services regulation to fit UK markets...

FOS warns of “hybrid” scam increase

FOS has noted that the number of complaints it receives about scams generally is increasing – with a 17% increase in APP fraud complaints, but also a higher proportion of “complex” scam complaints, for...

FSM Bill completes Parliamentary process

The FSM Bill returned to the Lords for consideration of the few amendments the Commons had made.  These were agreed, and so the Bill has completed its Parliamentary passage and now awaits Royal Assent. It is expected to...

UK and EU sign MoU

Jeremy Hunt has made his first visit to Brussels as Chancellor to sign the EU/UK financial services MoU. The MoU sets out arrangements for information sharing, exchanges of views and enhanced co-operation on financial...

Treasury publishes mortgage charter

Treasury has published a policy paper on the Mortgage Charter, which sets out commitments from the principal UK mortgage lenders to their residential mortgage borrowers. The new commitments are designed to help...

Commons reconsiders FSM Bill

On 26 June the House of Commons considered the version of the FSM Bill returned to it from the House of Lords.  It published its views on aspects of the Bill where it disagrees with Lords changes. While there was...

FCA welcomes ISSB standard launch

FCA has welcomed the launch of the International Sustainability Standards Board‘s first set of sustainability-related reporting standards, which have been introduced to meet market demand for complete, consistent...

FCA speaks on cultural evolution

Emily Shepperd of FCA spoke on how culture needs to change to meet expectations. She focussed on how generational changes can fundamentally change culture. She said it is now critical to find a common path, for leaders...

JROC publishes API pricing principles

The Joint Regulatory Oversight Committee for Open Banking has published a set of principles that banks and registered third parties should follow when agreeing a premium API commercial model. Premium APIs will allow...

Read our deep dive into dark patterns guide

We have published our deep dive into dark patterns, covering: an introduction to what dark patterns are and how they work; a guide to navigation of the regulation of dark patterns in the UK, EU and US; and examples of...

BoE updates on CHAPS APP plans

The Deputy Governor of BoE has written to the Treasury sub-committee on Financial Regulation to update on progress on protection from APP fraud within the CHAPS system. The letter confirms the BoE’s intention to...

FCA consults on vote reporting

FCA’s “Vote Reporting Group” is consulting on a voluntary template that asset managers can use to communicate with asset owner clients on their voting activity. It asks for comment by 21 September.

BoE speaks on enforcement approach

Oliver Dearie has spoken on the rationale behind the proposed changes to the way in which BoE is looking to change its approach to enforcement. He said the proposals reflect lessons learned over the past decade and...

Lords passes FSM Bill

The FSM Bill has had its third reading in the Lords, and has been passed and returned to the Commons as amended in the Lords.   The Commons now needs to consider the Lords’ amendments, and, if all is agreed, the...

BoE launches system-wide exploratory scenario

BoE has launched its first system-wide exploratory scenario exercise. The exercise will include banks, insurers, CCPs and a variety of funds and will look to see how all these market players behave in stressed market...