FIN.

Author - Emma Radmore

Wolfsberg Group responds on MLR review

The Wolfsberg Group has responded to the Treasury consultation on improving the effectiveness of the MLRs. Among the key points in its detailed submission are: that an effective AML/CTF framework includes discontinuing...

FCA updates on finfluencer trial

Following the FCA’s decision to charge 9 “finfluencers” in relation to promotions of an unauthorised FX trading scheme on social media, it has updated that three individuals have pleaded not guilty...

Conservative manifesto highlights fintechs

The Conservative Manifesto, published on 11 June, contains few surprises for financial regulation. It priorities: building on the various co-operation agreements it has already signed, including with the EU and...

AFME proposes more clarification in MLRs

The response of the Association for Financial Markets in Europe to the Treasury consultation on improving the effectiveness of the MLRs. AFME draws out as particularly important: the need for greater clarity on what is...

PRA finalises matching adjustment changes

The PRA has published its feedback on responses it received to its consultation paper on reform of the Solvency II Matching Adjustment, together with new rules, supervisory statements and statements of policy and...

Tenet firms enter administration

The Tenet Group Limited is winding down its operations, which has now resulted in two of its hosting firms entering administration. The firms closed to new business at the end of March, and most of their advisers either...

FCA speaks on investment management

Nikhil Rathi has spoken on the importance of the UK keeping its leading position in global asset management. He discussed current international initiatives such as: liquidity risk management, particularly for open ended...

Building societies amendment law published

The Building Societies Act 1986 (Amendment) Act 2024, which was voted through in the Parliamentary wash-up process, has been published. It will take effect from 24 July and will: amend the funding limit restrictions to...

Chris Hemsley to leave PSR

Chris Hemsley is standing down as managing director of the PSR from 7 June to take up another position. David Geale will take over as interim managing director, having been director of retail banking at the FCA and...

EU adopts new AML package

The Council of the EU has adopted the new AML package, which will comprise a new Regulation which takes in and updates all AML requirements on the private sector,  a new Directive which sets out both how national FIUs...

Pay.UK delighted with Fraud Detection Pilot

Pay.UK’s new fraud detection pilot has shown an average increase in detection of 40%, with over £112m of fraud detected. The pilot was confirmed a year ago and ran for 3 months. Pay.UK says the new overlay service...

FCA publishes operational resilience tips

The FCA has published its observations on firms’ preparations for complying with its operational resilience rules by 31 March 2025. The rules apply to dual regulated firms as well as RIEs, enhanced scope SMCR...

FCA fines for poor customer treatment

The FCA has fined 3 entities within the HSBC group £6.2m for failures in treatment of customers in financial difficulty. For a period of around 15 months, ending in October 2018, it found the bank had not properly...

July 4 Election: effect on current Bills?

A general election has been called for 4 July 2024.  Parliament (including the House of Lords) will be dissolved on 30 May 2024.  We are now therefore in the ‘wash-up’ period which will last for only 2 days...

Sanctions changes take effect

Two sets of amendments to the sanctions regime have been published, one of which took effect on 16 May and the other taking effect from 5 June. They  make changes to several sets of regulations in respect of various...

FCA speaks on key role of insurance brokers

Emily Shepperd has spoken on the key role insurance brokers have to play in the financial ecosystem. She focussed on the recent significant growth in brokered markets, and how future regulation might affect the industry...

BoE publishes digital pound proof of concept

The BoE is currently conducting experiments and proofs of concept as part of the design phase towards a possible digital pound. It has looked at the technical feasibility of using existing POS hardware to initiate...

BBRS publishes 2023 report

The BBRS has published its annual report for 2023. The report acknowledges that the service has dealt with far fewer complaints than originally anticipated, but is pleased with the work it has done, and the feedback...

UK Finance calls for help for abuse survivors

UK Finance has published a report looking at the problems that victim-survivors of economic and financial abuse face when they try to regain financial independence. The report notes the 2021 Financial Abuse Code, which...

FCA updates crypto registration stats

The FCA has updated its table on success rates of applications for registration under the MLRs for cryptoasset business. As at 1 May 2024, it had received 345 applications in total with 1 in the last month. During the...

NAO reports on pensions dashboard delay

The National Audit Office has published a report that looks at why the pensions dashboard programme introduction suffered delays.  One key cause it identified is shortage of digital skills. The final connection deadline...

Market Watch focuses on surveillance

The latest edition of Market Watch looks at the effectiveness of surveillance arrangements, systems and controls. The FCA looks at the impact of failures when firms’ systems do not work as intended and the length...

FOS updates on car finance complaints

FOS has around 20,000 open complaints on car finance commission. It has explained on its website that: it published its first representative decisions in January 2024; also in January, the FCA announced its review of...

BoE looks at AI and financial stability

Jonathan Hall of the FPC has spoken on whether increasing use of AI models could have a negative impact on financial stability. He sees two key risks: that deep trading agents could lead to a brittle and highly...

OFSI updates enforcement guidance

OFSI has updated its guidance on Enforcement and Monetary penalties. The main update is to say that OFSI will now always apply the most recent iteration of its guidance to cases it is looking at. It has also taken the...

FOS publishes half-yearly complaints data

FOS’ latest half-yearly complaints data shows a rise of 20% in complaints during H2 2023, with the rise driven mainly by banking and credit complaints. Within that sector, current accounts and credit cards...

OFSI publishes FAQs

OFSI has published its first set of FAQs on financial sanctions. It hopes they will be accessible and helpful to businesses. It will release new FAQs on an “as-needed” basis and does not plan generally to...

FCA updates SUP notification form

The FCA has created a new form on its website for use by firms and insolvency practitioners making a Principle 11 notification. The purpose of the form is to get the information the FCA will need to assess how to deal...

PRA updates on insurance regulatory returns

The PRA has updated its guidance on regulatory returns it requires from insurers.  The page confirms that all reports should be submitted electronically, and provides links to the insurance taxonomy and a filing manual.

FCA updates Form A

The FCA has made some changes to Form A which it hopes will improve the application experience. Among other things, the new look form: removes duplication of employment history by simply requiring 10 years of employment...

European Parliament adopts new AML package

The European Parliament has adopted the new AML package, which, among other things, will: limit cash payments to €10,000; create a new EU-wide agency to directly supervise the highest risk businesses; allow those with a...

ABI acts on motor premium finance

The ABI has announced a new set of Premium Finance Principles, designed to try better to manage the charges on consumers who pay monthly for motor insurance. The ABI says it considered, and discussed with the FCA, a...

PSR consults on supervisory approach

The PSR is seeking views on its approach to supervision. Last year, it set up a Supervision and Compliance Monitoring division, designed to deter and challenge any poor practices within firms. It plans for the division...

PSD3 nears final agreement

The European Parliament has voted through proposed changes to the Payment Services Regulation and Directive by a large majority. Key changes include: free verification of identifiers and requirements on PSPs to ensure...

BoE/PRA update on AI approach

The BoE and the PRA have responded to requests for an update on the strategic approach they are taking to AI. The response notes that AI and Machine Learning is already in quite wide use in many parts of the financial...

Debanking complaints spike

The Treasury Committee has published new data that shows a rise of 69% in complaints to the FOS about debanking since 2020/21. In the last year, there were nearly 4,000 complaints. There has also been an increase in the...

FCA updates on BSPS complaint action

The FCA has provided an update on the complaints it has been receiving about what it is doing, or not doing, in relation to the fallout from BSPS transfer advice. Although it has implemented a redress scheme and taken...

BoE speaks on role of private equity

Nathanael Benjamin of the BoE has spoken on the role of the private equity market, focusing on its key role in financing companies but looking also about safe and sustainable growth. Key points from his speech included:...

APPG publishes Economic Crime Manifesto II

The All Party Parliamentary Groups for Anti-Corruption and Responsible Tax and for Fair Business Banking have published a manifesto looking at the scale of corruption and calling for significant greater transparency to...

NGFS publishes Transition Plan Package

The Network for Greening the Financial System has published its Transition Plan Package.  It has published three detailed reports on: considerations for emerging markets and developing economies in tailoring transition...