FCA is consulting on the potential introduction of three new product sales data returns for consumer credit lenders, to enable it better to assess how firms operate and to develop appropriate supervision strategies...
Author - Emma Radmore
Emma Radmore
Commons publishes research briefing on access to cash
The House of Commons Library has released a research briefing that looks at the future of local banking services and access to cash. The paper looks at the latest statistics on cash usage and availability of free to use...
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”...
FCA issues final warning on crypto promotions
FCA has published a final warning to crypto firms stressing the breadth of the definition of “financial promotion” and how it will affect crypto promotions going forwards. The communication is aimed at...
ASA rules equity release ad “irresponsible and misleading”
ASA has published its ruling on an ad by Key Retirement Solutions Ltd, which promoted its equity release mortgage product off the back of a cartoon sketch of a couple taking financial advice, with a voiceover suggesting...
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.
UK Finance comments on account access and closure
UK Finance has commented on FCA’s report on account access and closure – noting that the main reason for account closure is not because of political beliefs or other lawfully held views, but because of...
Latest Ombudsman News updates on proactive settlement
The latest edition of Ombudsman News highlights the latest complaints data and updates on FOS’ extended trial to proactively settle complaints. It’s helped to resolve over 900 complaints as part of the trial...
Gibraltar temporary regime extended by 12 months
The transitional arrangements allowing Gibraltar firms to do business in the UK pending implementation of a new permanent regime has been extended by 12 months since the new permanent regime is not yet ready.
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 to start action on UCITS marketing landing slots
FCA will shortly start contacting fund operators who are in the UCITS Temporary Marketing Permissions Regime with a view to starting discussions about landing slots for exiting the regime. FCA has not yet finalised the...
Court of Appeal upholds FOS jurisdiction on old PPI complaints
The Court of Appeal has confirmed that FOS has jurisdiction to deal with complaints relating to PPI underwritten by Assurant, that was sold by home shopping retailers in the early 2000s, before insurance distributors...
FCA reports on bank account access and closures
FCA has published its initial findings in its review of bank account access and closures. It has based its conclusions on information provided for the year to June 2023 by 34 firms. The key conclusion is that no firm...
Q1 complaints stats show increase in motor and building issues
FOS has published its latest quarterly complaints data. The data covers April – June 2023. All the most complained-about products have seen year on year increases, and the most complained about product remains...
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 finds issues in later-life mortgage business
FCA has reviewed the promotion and advice process of firms in the later-life mortgage sector and has found a number of problems. The nature of the product means they are often sold to customers at higher risk of being...
PRA updates on insurers in financial difficulties
PRA has published feedback on its consultation on dealing with insurers in financial difficulties and has published amended, updated and new Rulebook materials. There is a new Part of the rules on Insurers in Financial...
Lords urges Government to change stance on FTP
The “failure to prevent fraud” provisions in the Economic Crime and Corporate Transparency Bill continue through parliamentary “ping pong”. On 11 September, the Lords again rejected the...
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...
OFSI publishes frozen assets reporting requirements for 2023
Treasury has published a notice requiring firms to report any new, or changes in previously held, frozen assets, to OFSI by 10 November 2023.
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...
Consumer Panel publishes review on personal data use
The Financial Services Consumer Panel has published a paper looking at whether firms’ use of personal data is leading to bias and detriment for consumers with protected characteristics. It concludes that most...
FCA publishes new resource on application refusals
FCA has published a new page on its website explaining its process for refusing applications, and what happens if firms either withdraw their applications or want to appeal a refusal decision.
Economic Crime and Corporate Transparency Bill back in Lords
As expected, when the Economic Crime and Corporate Transparency Bill was discussed in the Commons on 4 September, it disagreed with some of the Lords’ amendments, so the Bill has been returned to the Lords for...
Treasury makes fin prom approval permission exemptions
The FSMA (Exemptions from Financial Promotion General Requirement) Regulations 2023 take effect from 27 September, and permit authorised firms to approve promotions of unauthorised firms without holding the newly...
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 publishes Russian sanctions controls results
FCA has published the key findings, and examples of good and poor practice, following its assessment of the sanctions systems and controls firms have in place specifically in relation to the increased sanctions...
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...
Parliament issues consumer financial services FAQs
The House of Commons Library has published a research briefing setting out a list of FAQs relating to banking services, mortgages, investments and credit scores.
Gibraltar regime rulemaking powers to take effect
Provisions of the Financial Services Act 2021 that allow the regulators to make laws and rule implementing the upcoming Gibraltar authorisation regime will take effect from 1 September 2023.
FCA issues customer guidance after broker enters administration
FCA has issued Q&A for customers after Verex Insurance Services, a firm which sold motor insurance products, entered administration alongside one of its ARs . The guidance explains to concerned customers that...
Ofgem fines Morgan Stanley over business Whatsapps
Ofgem has fined Morgan Stanley & Co International nearly £5.5m after wholesale energy traders made communications on their private mobile Whatsapp channels, which meant the firm did not record and keep records of...
CMA survey shows best results for challenger banks
CMA has published the 11th version of its banking customer satisfaction survey. The surveys rank providers of personal and small business current accounts against a number of questions, including how likely they would...
Ombudsman News highlights current hot topics
The latest edition of FOS’ Ombudsman News highlights: the Consumer Duty: now the Duty is in force, FOS will be speaking to firms to assess the complaints firms are receiving; FOS’ updated guidance for firms...
FCA and COLC to hold APP data launch briefing
FCA and the City of London Corporation will hold an event on 27 September to launch FCA’s APP fraud synthetic dataset. At the event, FCA will introduce the dataset and share details of the engagement behind it...
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...
FCA asks banks for account closure information
FCA has followed up its announcement of its upcoming investigation of account closures with a request to the largest banks, building societies and payment firms to provide it, by 25 August, with information on: the...
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...
Government consults on financial product cold call ban
The Government is consulting on how to ban cold calls offering any financial products. It says that once the ban is in force, it will be clear to anyone receiving a call for a financial product that the call is a scam...
BoE and FCA to move forward on data transformation
BoE and FCA have considered the recommendations of the Data Standards Committee on how to transform data collection, and have published their response. The regulators will now look to take forward all the...
JMLSG finalises change to impersonation fraud mitigation
JMLSG has submitted for ministerial approval a change to Paragraph 5.3.89 in Part I of its guidance. The change relates to additional measures firms should consider taking when identity is verified electronically, copy...
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...
FOS updates on car finance commission complaints
FOS has published a blog on complaints about car finance commission. It is seeing an increase in complaints about the fairness of commission arrangements when customers took out a car finance agreement – often...
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...
Court holds care home investment schemes to be CIS and director personally liable
The judgment on several preliminary issues in the case brought by FCA against Robin Forster, Fortem Global Limited and Richard Tasker has been published. The trial considered only issues arising out of Mr...
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...
OFSI updates sanctions guidance
The latest update to OFSI’s guidance on complying with the financial sanctions regime focuses on updates to the licensing process.
PRA confirms changes to Credit Union regulation
PRA has confirmed changes to the Credit Unions part of its Rulebook and a new supervisory statement. The changes follow consultation and relate to: allowing credit unions greater flexibility when investing surplus...
Financial Lives conclusions make uncomfortable reading
FCA has published the results of its latest Financial Lives survey, which it says serve to highlight the importance of the Consumer Duty. During the year to May 2022: less than half of UK adults had confidence in the UK...
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 plans markets measures to bolster competitiveness
FCA has announced proposals to set up a consolidated tape which can supply clear and low-cost trading data. It plans to start with a CT for bonds, then equities, and will run a competitive tender process to appoint the...
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...
PRA consults on solvent exit planning for non-systemic firms
PRA is consulting on expectations on non-systemic banks and building societies in terms of preparing for, and if necessary being able to execute, an orderly exit. It plans to: require firms to prepare for a solvent exit...
FCA updates on Consumer Duty – one month to go!
FCA is pleased with the preparations many firms have made for the Consumer Duty, and has highlighted 10 questions it thinks firms could be usefully asking themselves. The key questions include: whether a firm is...
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...
Treasury approves JMLSG guidance changes
Treasury has approved 3 recent sets of changes to JMLSG guidance – submitted in August 2022, November 2022 and March 2023.
PRA publishes authorisations performance report
PRA’s report on its authorisations performance during Q1 2023/24 shows delays in applications for new authorisations – although these are based only 5 cases during the period, PRA achieved its standard in 4...
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...
FOS comments on Nationwide Fairer Share Payment scheme
FOS says it’s received requests to investigate complaints about the Nationwide’s Fairer Share Payment scheme which awards £100 to certain members who meet published eligibility criteria. FOS says that it is...
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...
Treasury updates AML high risk third countries
Treasury has published an advisory on high risk third countries for money laundering and terrorist financing purposes following FATF’s latest meeting. The list of jurisdictions, which mirrors the FATF list, will...
FCA publishes BSPS adviser fines and information page
FCA has updated its website to include details of its approach to investigations into firms and individuals who provided unsuitable advice in the context of transferring out of the British Steel pension scheme –...
Court considers meaning of “investment property loan”
A court has considered whether a series of loans constituted “investment property loans” under Article 61A(6) RAO, which would exempt them from being regulated mortgage contracts. To be an investment...
FSMB back in Commons on 26 June
The FSMB will return to the Commons on 26 June, for the House to consider the version as amended in the Lords.
Government publishes draft Solvency II reform regulations
In anticipation of the passing of the FSM Bill, Treasury has published drafts of two Statutory Instruments designed to make the current Solvency II regime more tailored, clearer and simpler. The Government has stated...
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...
LSB speaks on digital evolution and inclusivity
Anna Roughley of the LSB has spoken on the evolution of digital and technical services in the context of providing a consumer-focussed outcome for lending. First she noted that, while digital banking is ideal for many...
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...
Government adds identification doctrine reform to Economic Crime Bill
The Government has added a new proposal to the Economic Crime and Corporate Transparency Bill which will address the long-overdue reform of the identification doctrine. Following significant criticism of many aspects of...
CFD customer loses “appropriateness” case against broker
In the case of Robert Day v Forex Capital Markets Limited, Mr Day had signed up as a customer with FXCM effectively to place spread bets on US oil futures. Over a short period he lost significant sums and argued that...