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Author - Emma Radmore

FCA speaks on transition finance

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...

OFSI updates sanctions FAQs

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...

FCA updates crypto registration stats

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the MLRs for cryptoasset firms shows that in the past month it has received 1 application, rejected 1, and 1 has been withdrawn. ...

FCA portfolio letter for SIPP operators

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...

BoE speaks on AI and financial stability

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...

CoP takes wider effect

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...

PRA feeds back on CRR changes

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...

FATF holds October plenary

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...

FOS warns on lack of understanding of s75

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...

Latest complaints figures show huge rise

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...

PRA updates on LACDT permission

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...

OFSI updates guidance

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...

FCA speaks on crypto-registration approach

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...

FCA welcomes TFMR report

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 consults on BNPL

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...

FCA celebrates 10 years of innovation

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...

PRA consults on CRR assimilated law

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...

FCA updates regulatory initiatives grid

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...

FCA speaks on supervisory strategy

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...

Market Watch focuses on SYSC 6 and UBOs

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...

FCA updates on crypto applications

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...

UNEFI publishes responsible banking blueprint

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...

FCA speaks on “predictable volatility”

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...

FCA sets out financial adviser expectations

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...

ECCTA guidance on AML information sharing

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...

Autumn budget to be held on 30 October

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...

PRA speaks on insurance supervisory approach

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...

PRA to contact firms about current waivers

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...

FCA consults on payments safeguarding reform

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 calls for MLR supervision improvement

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...

FCA speaks on evolving rules

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...

FCA speaks on enforcement approach

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...

FCA speaks on fraud prevention

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...

PRA to review leverage ratio thresholds

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...

CMA says Open Banking Roadmap complete

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...

PSR publishes Annual Report

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...

FCA bans individual after criminal conviction

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...

FCA publishes enforcement data

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...

FCA updates on whistleblower reports

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...

FCA wants improvement in AR supervision

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...

FCA publishes Annual Report

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...