In conjunction with the FIN. blog, we have launched our new and improved horizon scanning tool over on the Womble Bond Dickinson website. Our timeline highlights key regulatory deadlines, legislation and insights...
Author - Emma Radmore
Emma Radmore
FCA publishes IFPR newsletter
The FCA has published a newsletter on IFPR which, among other things, reminds firms that the obligation to collect certain data in connection with the firm’s SNI status and K-factor calculations has begun (see...
PRA updates on Solvency II reporting review
The PRA has published a policy statement (PS29/21) on phase 1 of its review of reporting requirements under Solvency II. In light of the feedback received on its proposals, the PRA has made a number of changes (set out...
PRA publishes policy statement on identification of MRTs
The PRA has published a policy statement (PS28/21) on the identification of material risk takers (MRTs) for the purposes of its remuneration regime. Following the feedback received on its proposals, the PRA has: made a...
UK banks join forces to preserve access to cash
Further to their commitments to continue to preserve access to cash for consumers and businesses, the UK’s major retail banks, consumer groups, Post Office and LINK have agreed to collaborate to share services...
PRA publishes feedback on UK prudential framework
The PRA has published a feedback statement summarising the responses to Discussion Paper (DP) 1/21, which set out the PRA’s proposals for developing a simpler prudential framework for non-systemic banks and...
PRA updates on designating investment firms
The PRA has published policy statement 27/21 which sets out: the PRA’s updated Statement of Policy – designation of investment firms for prudential supervision by the PRA (at Appendix 1); and the instrument making...
PRA updates on the 2022 cyber stress test
The PRA has announced that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test will focus on a severe data integrity incident as the disruption scenario and will test...
LSB publishes Access to Banking Standard recommendations
The LSB has published the report of its review of the Access to Banking Standard. The report makes the following recommendations: oversight of branch closures and changes in branch service provision, currently provided...
ECJ delivers ruling on interpretation of PSD2
In Vodafone Kabel Deutschland GmbH v Bundesverband der Verbraucherzentralen und Verbraucherverbände – Verbraucherzentrale Bundesverband e.V., the Oberlandesgericht München (Higher Regional Court – Munich) made a request...
FCA publishes second consultation on Consumer Duty
Following its initial consultation in Q2 this year (CP21/13), the FCA has set out the responses it received and has published a second consultation on its plans for a new Consumer Duty (CP21/36). The FCA received 235...
Treasury plans updates to Building Societies Act
Treasury is consulting on a set of amendments to modernise the Building Societies Act 1986. The key changes will update the funding model and corporate governance requirements of societies. The Government realises that...
FCA publishes final rules on strong customer authentication
The FCA has published a policy statement on changes to the SCA technical standards (SCA-RTS), the payment services and e-money approach document and guidance in PERG. The policy statement summarises feedback received to...
FCA publishes final policy statement on IFPR
Following its first two policy statements, the FCA has published its third and final policy statement marking the completion of its rules to introduce the UK Investment Firm Prudential Regime (IFPR). The final rules...
Treasury provides update on Wholesale Markets Review
John Glen MP delivered a speech to the UK Finance Annual Dinner in which he provided an update on the Wholesale Markets Review. Mr Glen noted that there has been a broad consensus on the vast majority of the issues...
UK Finance looks at operational resilience
In advance of the new operational resilience requirements taking effect on 31 March 2022, UK Finance has highlighted the following key themes of importance to both customers and the FCA: Simplicity – customers expect...
CMA publishes terms of reference for Open Banking review
Following a complaint relating to the Open Banking Implementation Entity (OBIE), an independent investigation identified a number of problems with its leadership and found that a lack of appropriate corporate governance...
EU consults on Mortgage Credit Directive review
The European Commission is seeking views on whether the Mortgage Credit Directive remains fit for purpose. The review will assess whether the existing framework can adequately deal with new challenges such as...
FCA updates on IFPR
The FCA has published the following additional MIFIDPRU applications forms under IFPR: Application under MIFIDPRU 2.3.1R to be exempt from disclosure requirements in MIFIDPRU 8 (disclosure by investment firms) for SNI...
Investment Association updates principles of remuneration
The IA has published amendments to its principles of remuneration for 2022. The main changes are on the following topics: ESG – companies should use ESG metrics that are quantifiable, appropriately stretching and linked...
FCA consults on debt packager referral fees ban
The FCA is proposing new rules to ban debt packagers from receiving referral fees from debt solution providers. The proposals follow concerns that consumers are receiving non-compliant debt advice that is biased towards...
Market Watch looks at web-based trading platforms
The latest edition of Market Watch focusses on web-based trading platforms and sets out the FCA’s concerns about gaps in users’ surveillance of web-based platform activity. Highlights include: Market abuse...
FCA writes to funeral plan providers
The FCA has published a Dear CEO letter on applying for authorisation as a pre-paid funeral plan provider or intermediary. The letter provides the following information to support firms’ preparations for...
FCA publishes IFPR amendments
FCA has set out several amendments it has made to the original text of the near-final IFPR Instrument, including changes to: The glossary definition of ‘UK parent investment firm’; MIFIDPRU 4.14.1R(2)(b) and...
FCA to issue compliance survey to GI firms
The FCA has added a new section to its webpage on general insurance pricing – attesting compliance. The rules in PS21/5 require senior managers of general insurance firms to provide annual confirmation that their firm...
PRA publishes responses to CP13/21 occasional consultation paper
The PRA has published a policy statement (PS25/21) which sets out its final policy on the various proposals it consulted on in occasional paper CP13/21. These proposals included: For banks, building societies and PRA...
FCA confirms final rules on funeral plans regulation
Following its consultation earlier this year, the FCA has published its final rules on the regulation of pre-paid funeral plans which will take effect from 29 July 2022. The latest policy statement sets out additional...
UK Finance paper on the PRA’s outsourcing expectations
UK Finance has published a paper on the PRA’s supervisory statement on outsourcing and third-party risk management (SS2/21). The paper summarises the key elements of SS2/21 and reminds firms that they are expected...
Government sets out net zero transition plans
The government has set out its plans for the UK to be the world’s first net zero aligned financial centre and has called for other countries to follow suit. The government has confirmed it will be introducing...
FCA delivers speech on data-led regulation
The FCA’s chief data, information and intelligence officer, Jessica Rusu, has delivered a speech on the FCA’s role as a data-led regulator. The speech explores the FCA’s response to new technologies...
FOS publishes feedback on outcome reporting consultation
FOS has published the feedback to its consultation which set out the proposed temporary amendments to the way the FOS reports business-specific complaints data. As a result of the feedback the FOS has confirmed it will...
FCA issues final notice after conspiracy to defraud conviction
The FCA has published a final notice banning Colin Bermingham from performing any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm. In 2019, Mr...
CMA writes to NewDay on PPI Order breaches
The CMA has written to NewDay Ltd about 5 breaches of the PPI Market Investigation Order 2011. The breaches, which have affected c.27,000 customers, relate to: NewDay’s failure to issue Annual Review statements to...
IOSCO updates outsourcing principles
The International Organisation of Securities Commissions (IOSCO) has published the final report on its updated outsourcing principles. The report covers the definition of outsourcing, the assessment of materiality and...
FCA publishes final IFPR rules
The FCA has converted the near-final rules from its first two policy statements on IFPR into final rules, which are set out in the legal instruments FCA 2021/38 and FCA 2021/39. The FCA will publish a third policy...
More of FS Act comes into force
The third Commencement Order under the Financial Services Act 2021 brings into force the provisions on dealing with maximum sentences for insider dealing and financial services offences (section 31 of the Act). This...
FCA publishes 2020/21 Perimeter Report
The FCA has published its latest Perimeter Report, in which it calls for greater consumer protection and legislative change to address concerns beyond its remit. Highlights include recommendations that: duties on...
European Commission adopts work programme for 2022
The EU Commission has adopted its 2022 work programme which sets out the next steps in its agenda towards a greener, fairer, more digital and more resilient Europe. The programme contains 42 new policy initiatives...
FCA publishes financial promotions data
The FCA has published the number of financial promotions which have been amended or withdrawn due to non-compliance with FCA rules in Q3 2021. In the last quarter, the FCA reviewed 514 financial promotions by authorised...
FCA fines adviser for pension transfer advice failings
The FCA has published a final notice banning Omar Hussein, former director at pension switching firm Consumer Wealth Ltd, from working in financial services. Mr Hussein has also been fined £116,000 for providing...
PRA publishes final rules on Basel implementation
Following the publication of near-final rules in July, the PRA has published a policy statement (PS) setting out its CRR rule instrument to implement part of the Basel standards that still need to be implemented in the...
FCA outlines remote working expectations for firms
The FCA has published a new webpage which sets out its expectations for firms working in a remote or hybrid environment so firms can continue to meet their regulatory responsibilities. Firms should be able to prove that...
FCA publishes final notice on fraud
The FCA has published a final notice banning Shaffarat Parvez from performing regulated activities. Whilst a director and an approved person at an authorised firm, Mr Parvez engaged in criminal activity and was...
FSSC launches Future Skills Framework
The Financial Services Skills Commission (FSSC) has launched its ‘Future Skills Framework‘. The online tool will provide organisations with a uniform set of 8 essential industry skills and behaviours...
FOS consults on reporting complaints outcomes
FOS is consulting on a range of initiatives to help reduce customer waiting times, including a temporary proposed change to how firm-specific complaints data is published. FOS is proposing that, for a limited period...
ESMA seeks input on retail investor protection
ESMA has published a call for evidence on various retail investor protection topics under MiFID II, the results of which will feed into ESMA’s technical advice to assist the Commission in the development of its...
FCA consults on decisions on use of LIBOR
FCA is consulting on its proposed decisions to use its powers under the amended Benchmarks Regulation for certain LIBOR settings. It seeks views on whether and how to permit legacy use of 1 month, 3 month and 6 month...
Ombudsman News looks at fraud and scam complaints
The latest edition of Ombudsman News warns customers to be extra vigilant about fraud and scams following a significant rise in cases seen by the FOS in the last 12 months. The FOS received 5,025 fraud and scam...
EDPS welcomes EU’s plans for AML overhaul
The EDPS has published his opinion on the European Commission’s proposed package of AML changes. The EDPS welcomes the proposals but says further clarifications are needed to minimise intrusion into individuals’...
ESMA consults on changes to MiFID II best execution reporting
ESMA is consulting on proposals for improvements to the MiFID II framework on best execution reports. The proposals include technical changes to: the reporting obligations for execution venues: aimed at simplifying the...
Government publishes report on regulation of Football Index
The government has published its report of the independent review of the regulation of Football Index. BetIndex Ltd provided a gambling product, Football Index, which allowed customers to bet and receive dividends on...
Up next from the regulators
Nikhil Rathi and Sam Woods, CEOs of the FCA and PRA respectively, have set out the regulators’ current areas of focus. Highlights from Mr Rathi’s speech include that the FCA: is collaborating with...
Banks benefit from early adoption of green policies, says EBA
The BEA has published the results of its economy-wide stress test, which tested the impact of climate change on over 4 million firms worldwide and 1,600 euro area banks. The findings show that: firms and banks are to be...
Complaints Commissioner rejects unregulated investments complaint
The Complaints Commissioner has published its decision to reject a complaint made about the FCA’s failure to regulate unregulated investments. The complainant, who suffered financial loss having invested in...
ECJ delivers judgment on EBA Guidelines
The ECJ has ruled that the EBA acted within its powers when it adopted guidelines on product governance and oversight arrangements for retail banking products in 2015. The guidelines set out requirements for...
Responses published on future framework for regulation of financial services
The government, FCA and BoE have responded to the Treasury Committee’s fifth report on the future framework for regulation of financial services. Government response The government’s response is brief as it...
FCA speech: proposals for a new listing regime
Clare Cole, Director of Market Oversight at the FCA, has delivered a speech on the FCA’s proposals for a new listing regime. Highlights include: the UK Listing Review, chaired by Lord Hill, achieved unprecedented...
FCA publishes insurer claims data
The FCA has published the latest data it has collected (as of 5 September 2021) from all affected insurers on the progress of their non-damage business interruption insurance claims. The data includes the number of: BI...
Tech companies join banking industry in fight against fraud
Several major technology companies including Google, Facebook, Instagram, Twitter, Amazon, Microsoft and TikTok have pledged to support UK Finance’s anti-fraud campaign – Take Five to Stop Fraud. The tech...
PSR panel publishes annual report
The PSR panel has published its annual report for 2020/21 which outlines how it has engaged with the PSR over the last year. Key themes that the panel highlighted over the last 12 months include the rapid acceleration...
EBA publishes revised guidelines on DGS stress tests
The EBA has published its revised guidelines on the stress tests conducted by national deposit guarantee schemes (DGS) under the Deposit Guarantee Schemes Directive. The revised guidelines extend the scope of the DGS...
FCA publishes consumer investment strategy
The FCA has published a new strategy to give consumers the confidence to invest and to tackle investment harm. By 2025, the FCA aims to: reduce by 20% the number of consumers who could benefit from investment earnings...
Government and FCA respond on LCF Report
The Treasury Committee has published responses from the Treasury and the FCA to its report on the FCA’s regulation of London Capital & Finance plc (LCF). Highlights from the government’s response...
Up next from FCA
The FCA’s latest Policy Development Update highlights: a policy statement on restricting CMC charges for financial products and services claims – expected to be published on 25 October 2021; and a policy statement...
CMA writes to LBG on PPI Order breach
The CMA has written to Lloyds Banking Group about its non-compliance with the Payment Protection Insurance (PPI) Market Investigation Order 2011. LBG breached the PPI Order by failing to include the monthly PPI benefit...
FCA consults on new cancellation and variation power
The Financial Services Act 2021 has given the FCA an additional power, allowing it to more quickly and efficiently: vary or cancel the statutory permissions to conduct FCA-regulated activities of many FCA-authorised...
FCA mortgage guidance to expire in October
In October 2020, the FCA introduced temporary guidance on maturing interest-only and part-and-part mortgages. The guidance allowed borrowers with certain mortgages due to mature between 20 March 2020 and 31 October 2021...
PRA consults on the identification of material risk takers
The PRA is consulting on proposed changes in respect of the applicable requirements on the identification of material risk takers (MRT) for the purposes of the PRA’s remuneration regime. The proposed amendments...
Stick to the Basel III agreement, says EU
EU prudential supervisors and central banks have written to the EU Commission in support of a full, timely and consistent implementation of the Basel III agreement, saying that diluting the framework would not be in the...
Treasury consults on Banking Act amendment
Following the decision to remove FCA regulated 730k investment firms from the scope of the UK resolution regime, the government is now consulting on whether short-term liabilities owed to FCA investment firms should...
FCA launches 2021 Green FinTech Challenge
Following the success of the pilot challenge in 2018, the FCA has announced that the application window for the 2021 Green FinTech Challenge is now open. The Green FinTech Challenge is open to start-ups, incumbents and...
FCA Chair speaks on risks of token regulation
Charles Randell, Chair of the FCA and PSR has delivered a speech on the risks of regulating crypto tokens. Speech highlights include: whilst platforms’ efforts to crack down on fraudulent advertisements are welcome, a...
BBRS launches independent and transparent liaison panels
The Business Banking Resolution Service (BBRS) has launched two liaison panels which have been set up to act as independent and transparent advisory councils to the BBRS. The panels will create a feedback loop between...
Digital assets: limits of the concept of possession?
The City of London Law Society (CLLS) has formed a working group to consider and respond to the Law Commission’s call for evidence and consultation on “Digital assets: electronic trade documents”. In...
CLLS responds to Treasury consultation
The City of London Law Society (CLLS) has published its response to HM Treasury’s consultation paper “Amendments to the Insolvency Arrangements for Insurers” which was published on 20 May 2021. CLLS...
First report for Payments Standards Strategy Group
In February 2021, UK Finance published the Future Ready Payments 2030 report which set out an ambitious 10-year strategy for the payments industry. The recently-formed Payments Standards Strategy Group (PSSG) has now...
EIOPA report on peer review of key functions
EIOPA has published a follow-up report to the 2018 peer review on the supervisory practices for the application of the proportionality principle in government requirements regarding key functions. The follow-up report...
Update on EU consultations on AML/CFT rules
In July 2021, the European Commission unveiled an ambitious package of legislative proposals to strengthen the EU’s AML/CFT rules. The closing date of the Commission’s various consultations on these...
FCA writes to mortgage third party administrators
The FCA has written to mortgage third party administrators (TPAs) to set out its view of the key risks TPAs pose to their customers or the markets in which they operate and to outline its expectations of TPAs, including...
FCA responds to Treasury on frozen bank accounts
Nikhil Rathi has responded to Rt. Hon. Mel Stride MP’s questions following press reports that NatWest might have frozen the accounts of some customers on low incomes without good reason. Highlights of the...
FCA announces new Digital Sandbox window
The FCA is opening the application window for the sustainability cohort on 6 September, with a view to opening the Digital Sandbox to successful applicants in November and access to the testing environment from January...
Banks back Confirmation of Payee extension
Following Pay.UK’s confirmation that the reach of the Confirmation of Payee Service (CoP) will be extended, a group of the UK’s major banks has written to the PSR to provide a public commitment to deliver...
Next steps for the Consumer Duty
The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second...
FCA, PRA and SEC enter derivatives MoU
The FCA, PRA and the US SEC have entered into a Memorandum of Understanding (MoU) in relation to consultation, cooperation and the exchange of information in the supervision and oversight of certain over-the-counter...
BIS publishes blueprint for instant cross-border payments
BIS Innovation Hub and Monetary Authority of Singapore have published proposals for enhancing global payments network connectivity via multilateral linkages of countries’ national retail payment systems. The...
FCA fines adviser for pension transfer advice failings
The FCA has published a Decision Notice against Geoffrey Edward Armin of Retirement and Pension Planning Services Limited (in liquidation). The FCA has decided to fine Mr Armin £1,284,523 and ban him from performing any...
FCA launches third IFPR consultation
The FCA has published its third and final consultation on the IFPR. The IFPR creates a new regime for solo-regulated MiFID investment firms. The first consultation introduced the IFPR and focussed on the categorisation...
FSSC launches inclusion measurement guide
The Financial Services Skills Commission (FSSC) has launched an inclusion measurement guide to improve and develop inclusion data metrics and analysis across the UK financial services sector. The guide will enable firms...
FCA updates on regulating the funeral plans sector
The FCA has updated its webpages on regulating the funeral plans sector to set out what firms should be doing to prepare for FCA regulation on 29 July 2022. It has also published the authorisation and variation of...
Final report issued on FCA complaint
The Complaints Commissioner has issued its final report in respect of a complaint made to the FCA – the complainant received what they considered to be an aggressive and threatening email from the FCA’s...
PRA sets scope of 2022 insurance stress test
The PRA has written to the largest PRA-regulated life and general insurers to set out the high-level scope for the 2022 Insurance Stress Test (IST) exercise. For life insurers, the IST will focus primarily on economic...
ESMA publishes guidelines on marketing communications
EMSA has published guidelines on marketing communications under the Regulation on cross-border distribution of funds. The guidelines set out principles on the identification of marketing communications, the description...
FCA launches new whistleblowing webform
The FCA has launched a new online form for reporting concerns about wrongdoing by firms or individuals to the FCA. It has also published a new webpage to help whistleblowers decide where to make a report.
EBA publishes stress test results
The EBA has published the results of its 2021 EU-wide stress test which involved 50 banks from 15 EU and EEA countries. The results show that under a very severe scenario, the EU banking sector would stay above a CET1...
Regulatory sandbox now open year-round
The FCA’s regulatory sandbox is now open permanently, meaning firms can submit their applications throughout the year, rather than on a cohort basis. The FCA has also published guidance for firms applying to the...
FCA resumes work on Credit Information Market Study
The FCA has restarted its work on the Credit Information Market Study following a pause during the Covid-19 pandemic. It intends to engage with industry and consumer groups and complete its analysis during Q3 2021...
Ombudsman News looks at BII complaints
The latest edition of Ombudsman News looks at complaints about business interruption insurance (BII) after the test case. In the case of most complaints, the insurer is now accepting that the policy provides cover...
FCA updates on MIFIDPRU applications
Following the publication of various MIFIDPRU application forms on 27 July, the FCA has made further application forms available on its website. The FCA intends to make the remaining application forms and all...
FCA consults on D&I on listed company boards
The FCA is consulting on proposals to improve transparency for investors on the diversity of listed company boards and their executive management teams. The proposals include changes to the FCA’s Listing Rules to...
PRA consults on insurance business transfers
The PRA has launched a consultation on its approach to insurance business transfers. The proposals update the PRA’s approach following legislative changes post-Brexit and provide greater clarity on the PRA’s...