The FCA has banned Martin Sarl from working in the financial services industry for acting without honesty and integrity. The regulator has also fined Mr Sarl £5,021. The FCA’s investigation found that between...
The FCA has fined Forex TB Limited (FXTB), a Cypriot contract for differences (CFD) firm, £276,100 for failing to treat its customers fairly and for providing investment advice without authorisation. The FCA found that...
The FCA has published its financial promotions data for Q2 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. During the period: 3,273...
The FCA has published the findings of its review into how crypto firms have complied with financial promotion rules introduced in October 2023. In particular, the FCA analysed the application of ‘back end’...
The BoE has published its second assessment of the resolvability of the eight major UK banks, finding that the banks have made significant progress in preparation for resolution, and have addressed issues outstanding...
The FCA has published a policy statement setting out its final rules for the second stage of the Dormant Assets Scheme. The scheme provides for banks and building societies to pay dormant monies into an authorised...
The PSR has published an information sheet to support firms’ compliance with Specific Direction 20 – the requirement for sending PSPs to inform consumers of their rights under the reimbursement requirement...
Sheldon Mills, Executive Director of Consumers & Competition at the FCA, has delivered a speech reflecting on the Consumer Duty a year on from its implementation. The speech welcomed the improvements demonstrated by...
The BoE and PRA have launched a consultation on proposed updates to international banking branch and subsidiary supervision to reflect changes since introducing the PRA’s SS5/21. The proposed changes include:...
The PRA and BoE have set up a cost benefit analysis panel (CBA Panel) to advise on the preparation of cost benefit analyses when the two bodies put forward new regulatory proposals. The CBA Panel is also able to...
The PRA has published its final policy on leverage ratio treatment of omnibus account reserves and amendments to the leverage ratio framework, as well as feedback to responses from its consultation earlier this year...
The PSR has published it second annual review of Specific Direction 12 (SD12), designed to ensure that LINK has a broad geographic spread of free to use ATMs and meets service user needs. The regulator has concluded...
The FCA is calling for views on whether it can simplify its retail conduct rules and guidance following the introduction of the Consumer Duty. The regulator is seeking feedback specifically on any areas of retail...
The FCA has published a policy statement on its approach to cost benefit analysis (CBA). Designed to assess the costs and benefits of policies introduced by the regulator, it aims to quantify the likeliest impact of...
The FCA has announced a variety of measures with the aim of strengthening the UK’s capital markets. 1. New public offers and admissions to trading regime A key aspect of the package includes proposals (CP24/12) to...
The PSR is consulting on draft guidance on distinguishing between APP scams and civil disputes, after engagement with industry. The draft guidance aims to support Payment Service Providers (PSPs) with identifying...
Among the list of legislative proposals referred to in the King’s Speech are bills designed to strengthen pension investment and enhance the UK’s banking resolution regime. The Pension Schemes Bill aims to...
Following feedback to its consultation, the FCA has confirmed in its policy statement the final rules and guidance for implementing the Overseas Funds Regime (OFR). The new rules set out its requirements for determining...
The FSB has launched a consultation on its recommendations regarding increased alignment in data flows and greater consistency in the regulation and supervision of bank and non-bank payment service providers (PSPs) with...
The PSR and FCA are seeking information and evidence on the benefits and risks posed by digital wallets to people and businesses. In particular, the regulators want to gather information on: the different benefits that...
The FCA has published a final notice banning Clive Harris Mongelard from performing regulated activities. Following civil proceedings in the High Court, Mr Mongelard was found to be knowingly concerned in multiple...
The PSR has published its policy statement confirming the requirements for the mandatory APP scams reimbursement policy which takes effect on 7 October 2024. The PSR consulted in April on proposed reporting requirements...
The FCA has updated its sustainability and disclosure labelling regime webpage to include information on notifications when using an investment label. The update also includes details of applications to make associated...
The Complaints Commissioner has criticised the FCA for refusing to review a complaint made about its legal obligations under the MLRs. The complainant had written to the FCA asserting that the regulator had been grossly...
The Treasury Sub-Committee on Financial Services Regulations has written to the FCA on its enforcement proposals prior to the dissolution of the Committee before the general election. The letter outlines the...
The FCA has published Decision Notices against two individuals for acting without integrity in relation to pensions business. The FCA has banned Stephen Burdett and James Goodchild from working in regulated financial...
Ashley Alder, FCA Chair, has a delivered a speech on the FCA’s agenda for the UK asset management sector. Key highlights include that FCA: wants to ensure that feedback from all stakeholders, including from their...
Following the publication of Treasury’s draft legislation, FOS has announced a consultation on proposals to charge Claims Management Companies and other professional representatives up to £250 to lodge a case. The...
The PRA has provided feedback on the responses received to its consultation on the PRA’s approach to the authorisation and supervision of insurance branches. 10 responses were received, which generally supported...
BoE has provided feedback following responses received during its consultation on its proposed approach to statutory notice decisions for use of its requirements powers. BoE has been given new powers under FSMA 2023 to...
The Financial Services Consumer Panel has responded to the Joint Regulatory Oversight Committee’s (JROC) proposals for the design of the Future Entity of UK Open Banking (the Future Entity). The Panel recognised a...
The FCA has confirmed that investment funds that meet criteria for environmental or social goals will be labelled, so investors can more clearly see what they are investing in. From 31 July 2024, four labels will be...
The FCA and the PRA have imposed fines totalling over £60m on Citigroup Global Markets Limited (CGML) for failures in its trading systems and controls between April 2018 and May 2022. The FCA, which fined CGML...
Bim Afolami, Economic Secretary to the Treasury, has delivered a speech on reforms to reinforce the UK’s capital markets. The speech highlighted that the Government is committed to building on the strong...
Randall Kroszner, BoE external member of the Financial Policy Committee, has delivered a speech on balancing the productivity opportunities of financial technology and AI against the potential risks. Speaking at the...
The Treasury Committee has published a response from the Treasury on its report on sexual harassment and bullying in the financial services industry. The Sexism in the City report found that a significant culture of...
The FCA has responded to a variety of criticism from industry and parliament over the last month after consulting on its new approach to enforcement investigations. The House of Lords Financial Services Regulation...
LSB has published its research on accessibility for deaf customers in banking and credit. The report highlights that progress has been made in almost all of the seven key deaf accessibility services drawn out in its...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 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...
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...
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...