FIN.

Author - Emma Radmore

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...

FCA publishes Link findings

The FCA has published its findings against Link Fund Solutions, explaining its conclusion that the firm failed to manager the liquidity of the Woodford Equity Income Fund from 31 July 2018 to 3 June 2019 and therefore...

PRA consults on fees

PRA is consulting on its fees and levies for 2024/25. Key elements of the proposals are: funding an overall increase in the budgeted cost for ongoing regulatory activities of 7%; dealing with an increase of 11% in the...

PRA publishes Business Plan 2024-5

The PRA has published its 2024/25 Business Plan. The plan focuses on: maintaining and building on the safety and soundness of the banking and insurance sectors and ensuring continuing resilience; being at the forefront...

FCA consults on new way to pay for research

The FCA is consulting on a range of ways in which asset managers might choose to pay for investment research. It says that, while firms are generally getting the research they want under the current rule format, the...

FCA consults on fees

The FCA has published its consultation on fees and levies for 2024/25. After the general fee freeze last year, key proposals for the next year include: increasing minimum and flat rate fees in line with the 8.75%...

FCA updates perimeter report

The FCA has updated its Perimeter Report on its website.  It was last updated in March 2023. Among the issues discussed are: FCA’s general approach to the perimeter; when it will take action against unauthorised...

NCA releases latest SARs report

The latest NCA SARs annual statistical report shows a decrease in the total number of SARs compared to the previous year, which is mainly because of fewer SARs being made by high street banks, although banks still...

FOS publishes plans and budget for next phase

The FOS has published its finalised Plans and Budget for the next phase of its transformation.  It expects to receive a greater number of complaints in the coming year, and anticipates 210,000 complaints in its caseload...

FCA updates on Attestations

The FCA has updated its website page on attestations. The page explains the situations in which the FCA will normally ask for attestations, and is updated quarterly with the numbers of attestations. For the quarter to...

FCA makes minor rule changes

The FCA has published its latest Handbook Notice. It has made changes to several parts of the rulebook, but mainly minor changes. The changes include: Removing SUP 1A which no longer reflects the FCA’s approach to...

Regulators update on payment systems MoU

The signatory regulators to a joint-authority Memorandum of Understanding on co-operation in relation to payment systems in the UK have carried out their 8th annual review of how well the MoU is working. The BoE, FCA...

BoE consults on enforcement changes

The BoE, including the PRA, is consulting on proposed changes to its SOPs and procedures for enforcement, following the additional responsibilities FSMA 2023 has placed on it. The changes relate to enforcement policy...

HNWI/SCSI Fin Prom limits change again

We’ve written an article explaining the effects of the Budget reversal of the January increase on limits that high net worth and self-certified sophisticated investors need to meet to make use of financial...

PSR calls for evidence on LINK requirements

The PSR has published a call for views on its second annual review of Specific Direction 12, which is aimed at ensuring that LINK keeps a good geographical spread of free-to-use cash machines, and has appropriate and...

FPC March update

The BoE has published: the FPC’s financial policy summary and record for March: this concludes that conditions remain challenging and asset prices are stretched with the risk of a sharp correction in a broad range...

NCA updates SAR portal

The NCA has updated its website in respect of: overview of the SAR Portal: this includes an overview of the whole process and of the type of questions that the system will ask when a SAR is being submitted; registering...

FCA updates social media guidance

The FCA has published its updated guidance on social media advertising.  The guidance applies equally to firms and promotors, including influencers. It does not contain any new obligations, but is a reminder of...

FCA updates on AIFM hosting

The FCA has published information for AIFMs who make use of the hosting model. It reminds firms of its 2023 research which showed potential harm in the model, in terms of: lack of oversight of seconded staff –...

PSR speaks on the future

Chris Hemsley, speaking at the Pay360 conference, looked at how far payments innovation has come this century, and spoke of some challenges for the future. He focused on: the important role of a Payment System Operator...

Wolfsberg group updates CTF statement

The Wolfsberg Group has updated its 2002 statement on the Suppression of Financing of Terrorism. The updated statement reflects changes in laws and also public-private cooperation in the fight against terrorist...

PRA to revamp Rulebook website

The PRA is to launch a new website for its Rulebook on 10 April. The site url will remain the same, but the new site is intended to be more engaging and user friendly. New features will include easier links to policy...

FCA updates approach to international firms

The FCA has published an updated version of its approach to international firms. Its guidance applies equally to firms applying for authorisation and those that are already authorised. It does not cover payment and e...

FCA publishes Business Plan 2024/2025

The FCA’s 2024/25 Business Plan highlights the work carried out to date, and what it plans to do in the coming year, the final year of its 3 year strategy. The strategy continues a focus on delivery of the...

Court decides on investment property loans

The Court of Appeal has found in favour of an unregulated lender, confirming that agreements it entered into with individuals were investment property loans which were exempt from the RAO definition of “regulated...

FCA confirms FIN074 return requirement

The FCA has confirmed that it sends firms the FIN074 return so that it can work out whether the firm needs to pay the Economic Crime Levy – not all firms that receive the return will need to do so. The FCA also...

FCA speaks on the future of pensions

Nikil Rathi has spoken on pensions freedoms. He noted that, with the increasing flexibility consumers have on accessing their pensions savings, it is ever more important for the individual to be sure they are saving...

FOS limit to increase to £430,000

The FOS maximum compensation limit will increase from 1 April 2024. It will be: £430,000 for claims referred to FOS on or after 1 April 2024 about acts or omissions by firms on or after 1 April 2019; and £195,000 for...

FATF updates beneficial ownership guidance

FATF has updated its risk based guidance for its Recommendation 25 on Beneficial Ownership and transparency of legal arrangements. The guidance focuses on understanding trusts, and the risks associated with them. It...

Treasury consults on MLR improvements

The Treasury is consulting on how to make the Money Laundering Regulations more effective. The paper follows previous consultations on changes to the MLRs and picks up on comments about how many of the provisions of the...

FCA updates on skilled persons reports

The latest statistics for skilled persons reports FCA commissioned in Q3 2023/24 show: 24 reports in total 7 related to the retail banking and payments sector, 6 to retail investments, 5 to wholesale markets and 4 to...

FCA updates on Woodford

FCA has updated its website with further updates on the Woodford Equity Income Fund. It has confirmed the redress scheme became fully operational on 5 March and that payments are expected around Easter.

FCA speaks on “future-fit” workforce

Emily Shepperd of FCA has spoken on what firms need to be doing to make sure they get and keep the right talent which can respond to new events and different methods of working. She looked at the need to unlock talent...

Government reviews SAMLA

The FCDO has carried out a preliminary post-legislative assessment of SAMLA 2018. The analysis looks at the background to the legislation and sets out the powers it contains. It is divided into sections, focusing mainly...

FCA warns Annex I firms on AML issues

FCA has written to CEOs of the 1,000 Annex I firms it supervises (firms which do not need FSMA authorisation but which carry on activities subject to the MLRs for which FCA is the appropriate supervisor). It has carried...

FCA updates on crypto stats

FCA has updated its information pages on crypto AML applications to reflect statistics to 1 March 2024. It has now received 340 applications since January 2020, including 26 in the past year and 2 in the past month...

AIF Bill has second reading

The Alternative Investment Fund Designation Bill has had its second reading in the House of Lords and has now moved to Committee stage. The main purpose of the Bill is to remove listed investment companies from the...

CMA launches Home Credit Market Order review

CMA has formally launched a consultation on part of the Home Credit Market Investigation Order 2007. The review relates to the operation, information and management of a cash loan price comparison website. The website...

FMSB publishes onboarding standard

The Financial Markets Standards Board has published a draft standard which would apply to firms onboarding clients or reviewing client files for UK AML and KYC compliance. The standard would apply to FMSB members in all...

SFO speaks on faster case resolution

Nick Ephgrave, SFO Director, has spoken on SFO’s history and his plans for the future.  He wants to solve cases more quickly, and spoke of a number of tactics he plans to use. These include a more rigorous and...

OFSI updates guidance

OFSI has updated its guidance on financial sanctions and licensing to include detail on licensing principles and framework in the general guidance section of its main guidance, and to move its travel guidance to a...

High risk third country list update

Treasury has updated its website to reflect the list of high risk third countries for MLR purposes. The list now comes directly from FATF. Following FATF’s plenary meeting on 23 February, it has removed Barbados...

FCA issues supervisory notice under PSRs

FCA has published a First Supervisory Notice against an API (EPayPro), setting out its decision to very the firm’s authorisation so as to restrict it from charging a “compliance” or any other fee that...

FCA updates on interest-only mortgage work

FCA is working with an Industry Working Group of 12 mortgage lenders and administrators on a review of FCA’s current guidance on interest-only mortgages. There were under 1 million interest-only and part-and-part...

PRA confirms result of rule review process

PRA has published its feedback following its consultation on its how it reviews its rules. None of the 13 respondents raised any major concern but made some suggestions for improvement, largely around better engagement...

FLA launches accreditation service

FLA’s new Broker Accreditation (Asset Finance) Service will help brokers show they are compliant with FLA’s Business Finance Code and their regulatory obligations. It also says the accreditation, which...

Government defends Edinburgh Reform progress

The Government has responded to criticism from the Treasury Committee on how the Edinburgh Reforms are progressing. Following the Government’s report in December (a year after it announced the reforms) that it had...

FCA speaks to EU on global cooperation

Ashley Alder, FCA Chair, has spoken at the UK Mission to the EU on the importance of regulatory cooperation and open markets, and the relationship the UK now hopes to build with the EU under the 2023 MoU. He said that...