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Author - Harry Wells

PSR confirms APP reimbursement requirements

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...

FCA bans pensions advisers

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...

FOS consults on CMC fees

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...

PRA updates on insurance branch supervision

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...

FCA heralds sustainable investment labelling

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...

Treasury speech: reform of capital markets

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...

Enforcement proposals challenges – a recap

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...

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 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 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...

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 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...

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...

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 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...