The FCA has fined the sole manager of Inspire Insurance Services Ltd over £1.1m and banned him from the financial services industry. Leigh Mackey had sole management control of the construction sector insurance broker...
The PSR has written to online, social media and tech firms, telling them of its upcoming report on firms which are most commonly reported as enabling contact between fraudsters and victims. The letter to the relevant...
Emily Shepperd, speaking at the UK Sustainable Investment and Finance Association Leadership Summit, spoke of the role the financial services sector can play in helping to plug the net zero gap. She spoke of the...
The provisions of the Economic Crime and Corporate Transparency Act 2023 relating to the new offence of failure to prevent fraud that will apply to large companies will take effect from 1 September 2025. Off the back of...
OFSI has updated its FAQs on financial sanctions. The main newly featured question addresses whether overseas subsidiaries of UK entities are expected to comply with UK sanctions – the answer being that the...
The FCA’s monthly update of its statistics on applications for registration under the MLRs for cryptoasset firms shows that in the past month it has received 1 application, rejected 1, and 1 has been withdrawn. ...
The House of Lords Financial Services Regulation Committee, which took over from its predecessor in gathering evidence on the FCA’s controversial enforcement proposals has published several pieces of written...
The latest in the current series of FCA portfolio supervision letters is aimed at the CEOs of SIPP operators. The FCA has recently completed its 2024 SIPP data request and will be using the information from it in its...
The Treasury Committee has opened a call for evidence to help it decide whether to legislate to require businesses to accept physical cash. It is asking for views generally, but particularly on issues such as: are there...
Sarah Breedon spoke at a conference on the opportunities and challenges of emerging technologies in the financial ecosytem. She delved into the novel features of Generative AI and what it might mean for financial...
From 31 October, the expanded roll out of Confirmation of Payee now means that 99% of all transactions made through Faster Payments and CHAPs are within scope, as the PSR’s SD17 took effect. The initial grouping...
The FCA has welcomed the report on tokenisation in the asset management sector, published by “Project Guardian”, an international collaboration of industry and regulators led by the MAS. The report sets out...
The Transition Plan Taskforce has finished its work and published its final report, which identifies key opportunities and challenges for global adoption of transition plans. Dame Amanda Blanc and Tulip Siddiq, Co...
The PRA and FCA have confirmed updates to their guidance on the prudential assessment of acquisitions and changes in control of regulated firms. The joint PRA/FCA supervisory statement, and the FCA’s Finalised...
The PRA has published feedback to its consultation on changes to certain parts of its rulebook in respect of: Disclosure and reporting in respect of various CRR requirements; changes to the Policyholder Protection Part...
The FCA has updated its website to make more prominently the comments made by Nikhil Rathi on the current state of the complaints pause in relation to DCAs and the possibility that it could now be expanded to other...
The FCA has banned two more individuals for pension advice transfer failings in respect of transferring out of defined benefit pension schemes, including the BSPS. It has also banned Steven Hodgson and Paul Adams from...
The FCA and PSR Boards have appointed Alison Potter as chair of the FCA Regulatory Decisions Committee and the PSR Enforcement Decisions Committee. She takes over from Tim Parkes with effect from 1 November.
As part of the 2024 Budget, HM Treasury has published post-implementation reviews of the Small and Medium Sized Business (Finance Platform) Regulations 2015. These Regulations introduced a Bank Referral Scheme to...
Nikhil Rathi, speaking at the Investment Association, spoke of the growth of private markets and the FCA’s support for initiatives that get companies the best options for financing. In an interesting segue, he...
The Taskforce on Nature-related Financial Disclosures has published a discussion paper containing draft guidance on nature transition planning for corporates and financial institutions when developing a transition plan...
The SFO and City of London police have advised that, with effect from 28 October, all fraud referrals that are not from companies or whistleblowers should be made to Action Fraud either online or via the call centre...
Key highlights from FATF’s October plenary meeting are: approval of the last 2 reports of the fourth assessment cycle; removal of Senegal from the high-risk monitoring list and addition of Algeria, Angola, Cote...
The FCA has fined Kristo Käärmann, CEO of Wise plc and SMF1 and SMF3 of Wise Assets UK, after he failed to consider the significance of tax issues and did not notify the FCA of them. Mr Käärmann had been fined over...
The FCA has published its latest portfolio supervision letters for retail banks and building societies. It has set 6 unsurprising priorities: Consumer Duty: looking at institutions to fully embed the Duty to deliver...
The FCA has published Dear CEO letters to lifetime mortgage providers and non-bank mortgage lenders and third party mortgage administration firms. The key themes are: how changes in the market are driving many...
The Court of Appeal has allowed the appeals from consumers in three cases relating to motor finance. It heard the cases of Johnson v FirstRand Bank t/a Motonovo Finance, Wrench v FirstRand and Hopcraft v Close Brothers...
The FOS has said that failing to understand the rules around claims under s75 CCA can affect consumers’ chances of getting their money back. Its guidance debunks several myths: that s75 only helps if the purchase...
The FOS has published the complaints figures for the first half of 2024. The figures show a rise of over 40% compared to the same period last year, with over 130,000 complaints being received. The increases, and year on...
The PRA has not yet published its feedback on its proposals for a permission in respect of recognising an increase in deferred tax assets by firms in their calculation of the loss-absorbing capacity of deferred taxes...
The FCA has published the results of a multi-firm review of consumer credit and non-bank lenders in which it looked to assess their approach to financial resilience. It chose firms with a wide range of business models...
The FCA has placed restrictions on Business Agent Limited in respect of failings related to its “Nextcrowd” platform. As a result the form can no longer act as an ISA manager. The FCA’s concerns...
The PSR is asking businesses for their thoughts on how the remedies put in place to make it easier to compare prices on card-acquiring services and to switch providers are working. It is seeking views on: how easy...
OFSI has updated its guidance on counter-terrorism sanctions. The guidance reflects recent updates to secondary legislation made under SAMLA (most recently the June update in relation to the director disqualification...
The FCA has spoken about its approach to registration of crypto-asset firms, countering accusations that it is being too tough at the registration gateway and as a result stifling innovation. The FCA’s stance is...
The FCA has fined Volkswagen Financial Services (UK) Limited over £5m in a package that also involves the firm in paying £21.5m redress to customers who may have suffered harm over the firm’s failure to treat...
The Complaints Commissioner has published its final report relating to a complaint about how the FCA handled an issue relating to status disclosure. The complainant contacted the FCA to complain about a lack of clarity...
The FCA has welcomed the report and recommendations from the Transition Finance Market Review. The review looks at the opportunities that transition finance presents for the UK and the hugely important role of private...
Treasury has published the long-awaited consultation on BNPL. The Government has decided largely to follow the policy decision that the previous Government seemed on the cusp of making – that is that all...
Jessica Ruso has spoken at the FCA Innovation 10th anniversary event, looking back at the FCA’s innovative initiatives over the past 10 years and forward to the future. The event marks 10 years of the regulatory...
The first formal meeting of the UK-Switzerland Financial Dialogue since the conclusion of the Berne Agreement took place on 15 October. Among the topics discussed were: domestic implementation of the Berne agreement...
The Government has launched a task force to identify actions that may stabilise or reduce motor finance premiums. The FCA will help with the study and will look at the causes of increased costs and will examine claims...
The PRA has published a consultation on how it plans to restate the relevant provisions from the assimilated CRR into the PRA Rulebook and other policy material. The changes would involve the creating of two new parts...
The FCA has published an interim update on its Regulatory Initiatives Grid. It had postponed the scheduled 8th edition because of the election and says that the replanning required as a result means that there...
The draft Consumer Composite Investments (Designated Activities) Regulations 2024 have been published. The Regulations will repeal all assimilated law relating to PRIIPs and create a UK regime of “consumer...
The FCA has updated its CFRF information on its website with details of the October 2024 guides. The new guides relate to: nature-related risk – a handbook for financial institutions; short term scenarios; and...
Nick Hulme, head of the FCA’s advisers, wealth and pensions, consumer investments department, has spoken on the FCA’s tweaked supervisory focus. He said the FCA continues to focus on good client outcomes and...
Treasury has made the Payment Services (Amendment) Regulations 2024. They will take effect on 30 October and amend regulation 86 of the PSRs that requires PSPs to execute payment transactions within set timeframes. The...
The latest edition of Market Watch looks at how firms can ensure compliance with SYSC 6.1.1R when dealing for overseas clients who operate aggregated accounts that provide no visibility of the UBOs. Firms will often...
The FCA has published the results of its multi-firm review into how 23 payments firms have implemented the Consumer Duty. It carried out its survey in January, and included firms from across the payments portfolio. It...
During the month to 1 October 2024, the FCA received 4 new applications from firms seeking to register as crypto firms under the MLRs, making a total of 364 since January 2020. It registered one firm during the period...
The FCA has updated its website on reporting requirements for consumer credit firms to take account of the upcoming changes to Product Sales Data reporting that will take effect from October 2025 and April 2026 for...
Treasury has published a draft Statutory Instrument that will take investment trusts that are UK listed outside the scope of PRIIPs disclosure requirements. Once the Regulation is made, Treasury wants it to take effect...
The UN Environment programme finance initiative (UNEFI) has published a responsible banking blueprint, setting out a roadmap for action. It looks at: strategy internal processes and policies portfolio composition and...
The PRA is proposing to carry out, together with the BoE, the third assessment of firms’ resolvability in 2026-27. It is consulting on a proposal to require relevant firms to submit their next reports to the PRA...
Nikhil Rathi has spoken on the volatility of capital markets and on how one small “blip” can have a significant ripple effect. He noted how things that used only to happen rarely now happen more frequently...
The FCA has wasted no time. On the day the new reimbursement requirement for APP frauds using FPS or CHAPS took effect (7 October), it has written two Dear CEO letters, one to banks and building societies and one to...
The PSR and other regulators have welcomed the effective date of the APP scam reimbursement requirement, applicable to payments made over FPS and CHAPS between UK bank accounts. The PSR stressed that: over 99% of claims...
The FCA’s latest portfolio supervision letter to financial advisers and investment intermediaries sets out where it sees the most potential harms that the sector could generate and its expectations on firms...
The Broadcast Committee of Advertising Practice is consulting on an amendment to its Code in respect of how it restricts advertising for certain products. There is already in place a rule that restricts ads for certain...
The Department for Business and Trade has published guidance on the information sharing measures under the ECCTA 2023 for use by AML regulated firms. The guidance aims to help firms ensure that when they share...
The final draft of the Payment Services (Amendment) Regulations 2024 confirms that PSPs can delay the execution of certain payment orders where the PSP establishes reasonable grounds to suspect the order has been made...
The Government has announced that an Autumn Budget will be held on 30 October. The last budget, in spring, was of course under the previous government. Although the Budget is usually an annual event, on a change of...
Shoib Khan has spoken on the PRA’s secondary competitive and growth objective. The main theme of the speech was how the PRA is taking a differentiated supervisory approach for different market segments, which is...
In November, the PRA will be contacting insurers who have waivers or modifications under its current rules to let them know whether they will need to request consent to vary the wording of their existing directions so...
The PSR has confirmed that the maximum reimbursement limit for APP scam victims will be £85,000 from 7 October. The BoE has followed suit in relation to CHAPS payments.
The FCA is consulting on radical changes to the safeguarding rules for payment and e-money firms, to bring the requirements within a CASS style regime and in the interim while this transition takes place strengthen the...
OPBAS says while most of the Professional Body Supervisors are complying with money laundering regulation, they are not consistently and effectively supervising their regulated communities. It says none of them are...
The PSR has confirmed its final guidance to help firms distinguish whether claims they receive from customers who have lost money are APP scams or more likely to be civil disputes. The guidance is aimed at helping firms...
Sarah Pritchard has spoken of the need for the FCA to adapt its rules as regulation changes – with particular reference to adopting a less prescriptive and more outcomes-focussed approach in the light of the...
Therese Chambers has spoken on the FCA’s evolving approach to enforcement. She noted the key drivers of: intervening earlier, acting faster and with more focus and taking a targeted, outcomes based approach She...
The FCA has confirmed that the pause to the deadline for motor finance firms to provide a final response to customer complaints about discretionary commission arrangements will now last until 4 December 2025. As...
The 2024 UK Payments Markets report shows: the continued popularity of debit cards and contactless; 85% of people use contactless as their regular payments method; one third of adults now use mobile wallets regularly...
A review by the FCA board’s senior independent director into allegations that the identity of two former employees who complained that their identity was not kept confidential after whistleblowing reports has...
Abby Thomas, chief Ombudsman at the FOS, says the FOS is seeing increasing complaints about unaffordable lending. She said many customers are finding it hard to communicate with businesses when they are becoming over...
The FCA is pleased at the effect of its rules protecting access to cash. It says that as a result of an assessment LINK has carried out: 15 communities will get a banking hub, when they had not previously been assessed...
The FCA has published its latest analysis of fair value in the cash savings markets. Key highlights are: average interest on easy access savings accounts rose from 1.66% last July to 2.11% in June 2024; while firms were...
Andrea Bowe of the FCA has spoken on what the FCA is doing to help reduce financial crime and its key role in the implementation of the Government’s Economic Crime Plan. She spoke of the equal importance of...
The latest meeting of the UK-US Financial Regulatory Working Group took place in Washington, D.C and discussed co-operation in matters including digital finance and operational resilience, sustainable finance and...
The FCA has published research showing that it is hard to get people to engage with their pensions through email alone, even with careful thought about email headings and behavioural messaging. A trial attempting to...
The PRA asked the internal audit function of a selection of non-systemic UK deposit takers to review their Credit Risk Management Framework. 33 firms participated and results showed the most common finding was yellow...
The PRA is looking at the leverage ratio requirement thresholds and is offering firms a modification by consent in certain circumstances while it finishes its review. Firms can apply for the modification if they...
The FCA has charged Olumide Osunkoya with unlawfully running multiple crypto ATMs without registration under the MLRs. The ATMs in question processed £2.6m in crypto transactions during a period of just under 2 years...
The FCA is allowing firms temporary flexibility to comply with its “naming and shaming” rules in respect of sustainability disclosures. The rules take effect from 2 December and firms should be taking all...
The CMA has updated its website on Open Banking to confirm that all the “CMA9” banking providers required to complete the Open Banking Roadmap have now completed the implementation phase. AIB and Bank of...
The FCA has published decisions against 3 individuals and fined and banned a fourth in relation to a pension transfer advice model that the FCA consider put guaranteed retirement benefits at risk. Its action relates to...
The FCA is consulting on updating its guidance in its “approach” document for payment services and e-money firms to support proposed amendments to the PSRs that will allow PSPs to delay making payment...
The PSR annual report for 2023/24 unsurprisingly highlights the regulator’s activities in relation to APP fraud and open banking. It notes: publication of the first set of APP fraud statistics; steps to...
The FCA has banned an individual from performing regulated activities after he was convicted of involvement in a criminal conspiracy to commit fraud by false representation. Luke Williams was involved in the activities...
As part of the Annual Report for the 2023/24 year, the FCA has published data on how it has used its enforcement powers during the year. Key data includes: 98% of cases were opened against firms, as opposed to...
The FCA has reported on whistleblowing disclosures made to it in the year to 31 March 2024 under the Prescribed Persons Regulations 2017. During the year it received 1,125 new reports (having seen a gradual increase...
Following consultation, the PSR has published a tracked and final version Specific Direction 21 which now applies to all PSPs participating in CHAPS that provide relevant accounts – which are defined as all...
The FCA has reviewed how principals are supervising their Appointed Representatives and has concluded that supervision has improved, but that firms could do more. It saw many principals keeping clear records of how they...
The FCA Annual Report and Accounts shows how the FCA has improved its operating statistics for authorisations over the past year. It now meets its statutory deadlines for determining applications in 98% of cases. Other...
The FCA has reminded firms that the 1-,3- and 6-month synthetic USD LIBOR settings will cease permanently after their final publication on 30 September.
Sarah Pritchard has spoken on the importance of working together and sharing intelligence as a key part of tackling financial crime. She spoke of using a targeted approach to spot outliers and issues. She discussed how...