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...
Author - Emma Radmore
Emma Radmore
TNFD publishes guidance on nature transition planning
The Taskforce on Nature-related Financial Disclosures has published a discussion paper containing draft guidance on nature transition planning for corporates and financial institutions when developing a transition plan...
SFO and CoLP work towards easier fraud reporting
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...
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...
FCA fines Wise CEO for failing to notify tax issues
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...
FCA publishes retail banking portfolio letters
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...
FCA publishes mortgage portfolio supervision letters
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...
Court of Appeal allows consumer appeals in motor finance cases
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...
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...
FCA finds non-bank lenders could do better on financial resilience
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...
FCA restricts ISA Manager business over platform failings
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...
PSR seeks industry views on card-acquiring remedies
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 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 fines finance company over fair treatment
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...
Complaints Commissioner criticises FCA over status disclosure complaint
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...
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...
UK-Switzerland financial dialogue discusses AI
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...
Government and FCA launch motor insurance and premium finance task forces
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...
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...
Treasury publishes draft PRIIPs replacement regulations
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...
Operational Resilience
See our article, for Compliance Monitor, on getting ready for the new operational resilience requirements.
FCA updates Climate Financial Risk Forum pages
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...
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...
FCA publishes TechSprint information
The FCA has published videos and supporting information from:
its Market Abuse techsprint and
its Financial Inclusion techsprint
Payment Delay Regulations to take effect on 30 October
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...
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 publishes payments Consumer Duty multi-firm review
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...
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...
FCA updates website on consumer credit reporting
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 publishes draft PRIIPs disclosure amendment Regulations
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...
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...
PRA consults on changes to resolution assessment reporting
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...
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 clear expectations on APP fraud reimbursement
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...
Regulators herald APP scam reimbursement requirement
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...
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...
BCAP consults on Code amendment for unregulated investments
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...
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...
Government finalises payment delay regulations
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...
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...
PSR confirms £85,000 reimbursement limit
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.
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...
PSR updates powers and procedures guidance
The PSR has published an updated version of guidance that explains its role and ways of working and how it exercises its regulatory powers.
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...
PSR confirms APP scam or civil dispute guidance
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...
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 confirms motor finance complaint handling pause extension
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...
UK Finance publishes UK Payment Markets review
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...
PRA plans December introduction of Solvency II review rules
PRA plans to publish its final form rules following the Solvency II review by the middle of November and for them to take effect on 31 December.
FCA senior independent director review finds whistleblowing policy breaches
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...
FOS calls for better approach to debt management
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...
FCA pleased with impact of access to cash rules
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...
FCA reports on cash savings progress and price and value outcomes
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...
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...
UK/US financial regulatory working group meets
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...
FCA urges innovative approach to pensions chats
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...
PRA publishes findings of internal audit review
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...
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...
FCA brings charges for illegal crypto ATM network
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...
FCA allows temporary flexibility against sustainability “name and shame”
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...
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...
FCA takes action for reckless pension transfer model
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...
FCA consults on “reasonable grounds” for delaying payments
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...
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...
PSR confirms CHAPS APP reimbursement direction
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...
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...
FCA reminds firms of LIBOR deadline
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.
FCA speaks on approach to tackling financial crime
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...
PSR proposes reduction in APP reimbursement max
The PSR is consulting urgently on a proposal to lower the maximum level of reimbursement for Faster Payments APP scam claims to £85,000. This is a significant reduction, bringing it down from the previously agreed...
FOS highlights record fraud and scam complaints
We previously reported on the last quarter’s record complaints figures to the FOS. It has followed up this data with details of fraud and scam complaints, which are at their highest ever quarterly level. In the...
FCA seeks views on EMIR reporting
The FCA is asking for views on its guidance for UK Trade Repositories on guidance on the changes to the derivative reporting framework under EMIR. Most of the new requirements take effect from 30 September, and the new...
FCA releases latest skilled persons stats
In the quarter to end March 2024, the FCA commissioned 27 skilled persons reports. 10 related to retail investments, 7 to wholesale financial markets and 5 to retail banking and payments. 12 related to controls and risk...
Force majeure and “reasonable endeavours”
Read our article on the recent Supreme Court findings on what “reasonable endeavours” should mean in the context of force majeure clauses.
FOS publishes quarterly data
FOS has published complaints data covering Q1 2024/5 (April – June 2024). Highlights include: over 76,000 new complaints – an increase of 70% from the same period last year; credit cards were the most...
AI in the retail sector
Listen to some of our employment partners talking about the use of AI and its impact on staffing.
FCA to investigate pure protection market
The FCA is concerned that competition is not working well in the pure protection sector and is to start a market study into how pure protection products are sold. These products are mainly sold through intermediaries...
Tribunal backs FCA on Saranac/Kalaris decision
The Upper Tribunal has made its decision on the reference to it by Saranac Partners Limited in respect of the FCA’s decision not to approve its application for Thomas Kalaris to be its CEO and an executive...
CMA writes to banks on Retail Banking Order breaches
The CMA has published details of breaches of the Retail Banking Market Investigation Order by both Barclays and Santander. Santander had failed to keep information published through Open Banking up to date and in some...
FCA publishes GI value measures data
The FCA has published its general insurance value measures data for 2023 – the second full year of reporting. The latest data continues to highlight products that do not appear to be delivering fair value in the...
FCA tells insurers to do better on proving value and customer outcomes
The FCA has published a thematic review that looked at governance and oversight of insurance products. It has found that the industry has made progress in improving how products are designed, managed, reviewed and...
FCA adds sustainability labels to website guidance
The FCA has updated its website page on the sustainability disclosure and labelling regime to include downloadable labels for firms to use.
PSR responds on VRP expansion
The PSR has followed up on its December call for views on how it could support expansion of Variable Recurring Payments to regulated financial and utilities services and to local and central government. Generally, there...
FCA fines auditor for failing to report suspected fraud
The FCA has fined PwC £15m for failing to report suspicions of fraud that arose during its 2016 audit into London Capital & Finance. As PwC had been carrying out the audit, it had been faced with aggression from a...
CMA updates banking satisfaction surveys
The results of the latest banking satisfaction surveys released by the CMA show: Monzo and Starling are the top of both personal and business current account providers; and RBS and the Co-operative Bank scoring badly on...
FCA censures auditor for client asset report failings
The FCA has censured audit firm Macintyre Hudson LLP, which over a 4 year period did not prepare 4 client asset reports relating to 2 firms to the required standard. The reports did not report 25 rule breaches, which...
NCA publishes new SARs reporter booklet
The NCA has published a new version of its SARs Reporter Booklet. The latest version focuses on DAMLs that were refused for further investigation and includes case studies including a request for a DAML to return funds...