The Basel Committee on Banking Supervision (BCBS) has finalised its revised Core Principles for effective banking supervision, which were endorsed by banking supervisors and central bankers representing more than 90...
Author - Harry Wells
Harry Wells
FCA publishes Q1 fin proms data
The FCA has published its financial promotions data for Q1 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 2,211...
Treasury publishes basic bank account data
Treasury has published its annual data as received from the nine largest personal current account providers (PCAs) in the UK. Under the Payment Account Regulations 2015, Treasury has designated the PCAs to offer basic...
FCA updates complaints data
The FCA has published updated complaints data based on returns from then nearly 300 firms reporting at least 500 complaints within 6 months or 1000 within a year. Key findings from the 2023 H2 data include: Complaints...
FCA publishes anti-greenwashing guidance and consults on extending SDR
The FCA has finalised its anti-greenwashing guidance and launched a consultation on extending the Sustainability Disclosure Requirements (SDR) and investment label regime to include portfolio management. The anti...
FCA publishes feedback on impact of Big Tech data asymmetry
The FCA has published its analysis of feedback received from its Call for Input (CFI) in November 2023 regarding potential competition impacts form data asymmetries between Big Tech and financial services firms. Nikhil...
FCA updates approach to AI
The FCA has published an update on its approach to AI following the Government’s publication of its pro-innovation strategy on AI in February. The update covers the FCA’s work so far and explains how it is...
BBRS publishes quarterly data report
The BBRS has published its quarterly case resolution data as of 31 March 2024. Key highlights include: From a total of 1,037 case registrations, there were 1,006 resolved case outcomes and 31 remain open. Of the...
BoE speech: innovation and safety in payment systems
Sarah Breeden, BoE Deputy Governor of Financial Stability, has delivered a speech on how the BoE intends to support innovation and technological advances in payments services whilst ensuring the safety of the sector...
BoE updates on ISO 20022
Following the successful migration of the CHAPS system to the ISO 20022 payments messaging standard in June 2023, BoE has published a policy statement providing further clarity on the mandatory requirements for ISO...
FCA publishes cost of living report
The FCA has published its Financial Lives report on the increased cost of living for adults across the UK. The report is based on findings from the FCA’s recontact survey conducted with 3,450 individuals from...
Innovate Finance and City of London publish report on compliance technology
Innovate Finance and the City of London Corporation have published a report calling for the FCA and PRA to introduce a test to help assess they ways in which technology can facilitate regulatory compliance. It says it...
PSR publishes Annual Plan
The PSR has published its Annual Plan and Budget for 2024/25, highlighting the year as a key period for consolidating the delivery of its work to improve payment services for businesses and consumers in the UK. One...
FCA charges four individuals over suspected water scam
The FCA has charged four individuals with conspiracy to commit fraud by false representation. Two of the individuals have also been charged with money laundering. The FCA alleges that the individuals ran an unauthorised...
FCA publishes Mortgage Charter uptake data
In June 2023, the FCA introduced new rules to support the Government’s Mortgage Charter’s commitments, including providing for firms to allow customers to make reduced capital payments for up to 6 months, or...
Treasury outlines approach to designating CTPs
HM Treasury has published a paper outlining its approach to designating critical third parties (CTPs) to the UK financial services sector. Highlights of the paper include: Treasury generally expects to base its...
Regulators warn firms on debt collection
The FCA has combined with regulators Ofgem, Ofwat and Ofcom to warn firms about debt collection practices and set out the regulators’ expectations across markets. As many consumers continue to experience cost of...
FSB adds to guidance on operational continuity
The FSB has added a supplementary note to its 2016 guidance on arrangements to support the continuity of critical shared services in the event of resolution. The guidance, which assists supervisory and resolution...
FCA Practitioner Panel responds to PIFs capital deduction for redress proposals
The FCA’s Practitioner Panel has responded to the consultation on proposals to require personal investment firms (PIFs) to set aside capital for potential redress liabilities. The Panel generally supports the...
FCA Practitioner Panel responds to CTP proposals
The FCA Practitioner Panel has responded to the FCA’s proposals to increase the resilience of critical third parties (CTPs) providing key services to the UK financial services sector. Key points in the...
FCA speech: investing in outcomes
Nikhil Rathi, Chief Executive of the FCA, has delivered a speech on the FCA’s broad approach to topics in which investors have recently been expressing significant interest. The speech highlighted the following as...
FCA publishes mortgage lending statistics for Q4 2023
The FCA has published mortgage lending statistics for Q4 2023. The data comes from the 340 regulated mortgage lenders and administrators who are required to submit the Mortgage Lending and Administration Return each...
FCA updates position on crypto Exchange Traded Notes
The FCA has stated it will not oppose requests from Recognised Investment Exchanges (RIEs) to create a cryptoasset-backed Exchange Traded Notes (cETNs) UK listed market segment. The cETNs will be available only to...
BoE speech: proposed UK regime for critical third parties
Gareth Truran, BoE Director of Prudential Policy, has delivered a speech on current proposals for the UK regime for critical third parties (CTPs), at the TechUK summit. Summarising the regulators’ current proposals, Mr...
FCA updates whistleblowing data
FCA has released data showing the number of new whistleblowing reports received, mainly through its online reporting function, in Q3 and Q4 of 2023. Between July and September 2023: There were 280 new whistleblowing...
BoE speech: data and analytics strategy refresh
James Benford, BoE Executive Director for Data and Analytics Transformation and Chief Data Officer, has delivered a speech on BoE’s new Bank-wide approach to data and analytics strategy at Tech Show London. The...
Chancellor announces reforms to pension fund disclosures
The Chancellor has announced reforms to pension funds disclosures in an attempt to increase investment in UK businesses and improve performance for savers. The reforms proposed include that: DC pension funds will be...