Following the announcement earlier this year that it would be refreshing the National Storage Mechanism (NSM), the FCA is now consulting on proposals to change the requirements for submitting regulated information to...
Author - Lucy Hadrill
Lucy Hadrill
New sanctions list search function
The FCDO has launched a new search function which allows users to more easily find information relating to designated persons on the UK sanctions list. The search function does not remove an individual or entity’s...
New FCA webpage on UK UCITS ManCo applications
The FCA has launched a new webpage setting out how firms can apply to become a management company (ManCo) for a UK UCITS. The webpage contains information on permissions, prudential requirements, and application fees...
IEO makes recommendations on new PRA competitiveness and growth objective
The BoE’s Independent Evaluation Office (IEO) has published its evaluation of the PRA’s approach to its new secondary competitiveness and growth objective (SCGO). The IEO is pleased that the PRA has invested...
PRA finalises expectations on funded reinsurance
Following its consultation, the PRA has finalised its expectations in respect of insurers entering into or holding funded reinsurance (FundedRe) arrangements as cedants (SS5/24). The PRA has also issued a Dear CEO...
FCA publishes final rules on protecting access to cash
In December, the FCA used its powers under FSMA 2023 to consult on new rules to require designated banks and building societies to assess gaps in access to cash and act to fill them. The FCA has now published the...
FCA consults on updates to PEPs guidance
Following recent changes to the MLRs and its PEP review, the FCA is consulting on changes to its guidance for firms on applying a proportionate and risk-based approach to UK PEPs, their relatives and close associates...
FMLC asks HM Treasury to clarify MLRs 2017
The Financial Markets Law Committee (FMLC) has written to HM Treasury asking it to clarify areas of legal uncertainty relating to the MLRs 2017. The FMLC considers that the continued reference to the EU CRD Annex 1...
Travel insurance complaints at highest level since Covid
The FOS has announced that it received 4,466 complaints about travel insurance in the financial year 2023/24, a 19% increase on the previous year. The only time that figure has been higher in the last 10 years was when...
PRA updates on dynamic insurance stress test
The PRA has published a statement setting out further information on the dynamic general insurance stress test (DyGIST) that it intends to run in 2025. As a reminder, the objectives of DyGIST are to: assess the UK...
FOS publishes annual complaints data for 2023/24
FOS has published the annual complaints data for the 2023/24 financial year. Most notably, complaints about the banking sector are at their highest level in at least a decade. In the last financial year, consumers...
New FCA webpage on overseas ARs
The FCA has published a new webpage which sets out expectations for firms with overseas appointed representatives (OARs). In particular, principal firms should consider whether customers dealing with an OAR will receive...
FCA to run Consumer Duty webinar
The FCA is hosting a webinar on 31 July 2024 to mark one year since the implementation of the Consumer Duty. It will focus on: the impact the Duty has had in its first year; examples of good practice and areas for...
BoE publishes scenarios for the 2024 stress test
BoE has published the scenarios that will be used in its 2024 desk-based stress test. The exercise will test the resilience of the banking system (firms that account for c.75% of the sector’s lending to the UK...
FCA publishes product sales data
The FCA has published a breakdown of the product sales data it has collected from firms in the period 1 January 2019 to 31 December 2023. The data covers firms operating in the mortgages, retail investments and...
FPC publishes policy summary
BoE has published the FPC’s latest financial summary and record. Key points to note are: global growth is projected to rise in the medium term, although several risks to that outlook remain; improved transparency...
FCA updates on Consumer Duty board reports
The FCA has updated its Consumer Duty – information for firms webpage to include further detail around annual board reports. From July the FCA will be reviewing a broad sample of firms’ board reports and...
EBA welcomes new EU AML/CTF framework
The EBA has published a statement setting out its AML/CTF priorities for 2024/25. It will focus on: a methodology for selecting financial institutions for direct EU-level AML/CTF supervision; a common risk assessment...
FCA publishes findings from insurance multi-firm Consumer Duty review
The FCA has published the key findings from its review of 20 larger insurance firms’ approaches to outcomes monitoring under the Consumer Duty. These included general insurers, life insurers, intermediaries and...
IAIS consults on achieving fair treatment for diverse consumers
The International Association of Insurance Supervisors (IAIS) is consulting on a draft application paper on how to achieve fair treatment for diverse consumers as part of its DEI work. The paper does not introduce any...
FCA bans individuals for mistreatment of customer funds
The FCA has taken action against 3 individuals who were involved in running SVS Securities Plc, a discretionary fund manager. SVS used a complex business model intended to maximise the flow of customer funds into high...
FCA updates Consumer Duty webpage
The FCA has updated its Consumer Duty – information for firms webpage to include guidance on identifying vulnerable customers. For example, firms should: set up systems and processes that enable customers to...
PSR writes to FPS participants on APP reimbursement
The PSR has written to Faster Payments System participants to set out areas of focus for implementing the mandatory APP scams reimbursement policy. In order to ensure effective and timely implementation by 7 October...
FCA allows firms to restart GAP insurance sales
Following the pause in GAP insurance sales implemented earlier this year, the FCA has permitted several firms to recommence their sales of GAP. The firms permitted to resume sales of GAP insurance have materially...
UK Finance annual fraud report 2024
UK Finance has published its annual fraud report for 2024 which sets out the amount of payment fraud and scams UK Finance members reported in 2023. Highlights include: criminals stole £1.17 billion through unauthorised...
PSR updates on preventing APP fraud
Chris Hemsley has written to Dame Harriett Baldwin MP (Chair of the House of Commons Treasury Committee) on the PSR’s progress on implementing measures to better protect consumers from APP scams. From 7 October...
FCA updates on implementing Consumer Duty for closed products
The FCA has written to firms in the following sectors on implementing the Consumer Duty for closed products and services by 31 July 2024: Asset management; Consumer finance; Consumer investments; Life insurance; Retail...
Government responds further on progress of Edinburgh reforms
The Government has published a second formal response to its December 2023 report on the progress of the Edinburgh reforms. This response is more detailed than the Government’s initial response and includes an...
PRA speaks on developments in bulk purchase annuities sector
Lisa Leaman (Head of Division, London Markets at the PRA) has delivered a speech on developments in the bulk purchase annuities (BPA) sector. Highlights include: Solvency II reforms to the matching adjustment (MA) –...
JROC seeks input on design of future entity for open banking
Further to its April 2023 recommendations for the next phase of open banking in the UK, the Joint Regulatory Oversight Committee has published its proposals for the design of the future entity for open banking, which...
BoE outlines CCP stress test for 2024
BoE has set out the key elements of its 2024 supervisory stress test for UK central counterparties. The clearing services of all three UK authorised CCPs (ICE Clear Europe Ltd, LCH Ltd and LME Clear Ltd) will be in...
FCA speaks on women in financial services
Sheree Howard (Executive Director of Risk and Compliance Oversight at the FCA) has delivered a speech at the PIMFA Women’s symposium conference on investing in women in financial services, both as employees and...
FCA updates on motor finance complaints
Following the announcement of its review into motor finance complaints, the FCA has published a statement on progress made to date. It says that firms have engaged with the FCA constructively but many are struggling to...
FCA publishes findings of insurers’ valuation of vehicles review
The FCA has completed its multi-firm review of firms’ claims handling processes for valuing vehicles which have been stolen or written off (‘total loss’ claims). The findings are split into six key...
FCA updates on PEMC review
The FCA has announced that it has largely completed its post-implementation review of its requirements to help customers with serious pre-existing medical conditions to get travel insurance. It intends to publish the...
Government sets out third phase of Smarter Regulatory Framework
Following its Smarter Regulatory Framework (SRF) delivery plan, Treasury has published a follow-up paper which sets out the progress made so far and the government’s approach to the next phase of the SRF programme...
FCA consults on changes to guidance for insolvency practitioners
The FCA is seeking feedback on its proposed amendments to FG21/4 – Guidance for insolvency practitioners (IPs) on how to approach regulated firms. The amendments are to reflect legal, regulatory and economic changes...
FCA to review firms’ treatment of vulnerable customers
The FCA has announced a review into how firms are treating and responding to the needs of vulnerable customers. It will look at: firms’ understanding of consumer needs; skills and capability of staff; product and...
Lloyd’s report: generative AI and cyber risk
Lloyd’s has published a report on how the growth of generative AI could impact upon cyber risk. Whilst the report recognises the benefits generative AI can bring, it highlights that generative AI tools pose an...
Treasury Committee publishes Sexism in the City findings
Following its Sexism in the City inquiry into the barriers faced by women in financial services, the Treasury Committee has published a report of its findings. Key findings include: there have been some incremental...
Treasury announces National Payments Vision
Following the publication of the Future of Payments Review, Treasury has accepted the recommendation to publish a National Payments Vision. The Vision will constitute the government’s full response to the Future...
FCA Panel supports PIF capital deduction for redress proposals
The FCA’s Smaller Business 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...
NAO reports on BoE management of non-financial risks
The National Audit Office has published a report looking at whether the BoE has efficient and effective systems and processes in place to manage non-compliance with legal, ethical and staff policy requirements. The...
FCA publishes quarterly consultation
The FCA has published its regular quarterly consultation on miscellaneous amendments to its Handbook. The proposed amendments include a new Statement of Policy setting out the FCA’s approach to using the...
New FCA webpage on wind-down plans
The FCA has launched a new webpage which sets out when and how firms should prepare a wind-down plan. A typical wind-down plan should include: Scenarios – a firm should identify all the scenarios that could lead to it...
FCA consults on changes to UK EMIR reporting
The FCA is consulting on draft guidance for reporting under the revised UK EMIR Article 9 reporting requirements. This follows the FCA/BoE joint policy statement which confirmed changes to the derivative reporting...
FOS data shows credit card complaints on the rise
The latest FOS products complaints data (covering October – December 2023) shows that complaints about credit cards reached the highest level ever recorded in a 3-month period. 55% of these complaints were about...
PRA publishes policy statement on Solvency II reform
Following its consultation in June 2023 (CP12/23), the PRA has published its policy statement on Solvency II reform (PS2/24). As a reminder, the main areas of reform proposed in the consultation were: simplifications...
FCA consults on new approach to enforcement investigations
The FCA is consulting on improving pace and transparency around enforcement cases. Key proposals in relation to investigations into firms are: publicly announcing that the FCA has opened an enforcement investigation...
ABI publishes guide on using AI responsibly
The ABI has published a guide on the responsible use of AI which sets out how firms in the insurance sector can put the Government’s five principles of AI into practice. As a reminder, these are accountability...
FCA updates on Consumer Duty implementation
The FCA has published the findings of its review of firms’ Consumer Duty implementation. The findings are split into six key areas and include examples of good practice and areas for improvement. Good practice –...
Government requests AI update from regulators
Following its response to the Government’s AI White Paper consultation, the Department for Science, Innovation and Technology has asked the FCA and BoE to publish information outlining their strategic approach to...
Former analyst guilty of insider dealing and fraud
Following a 12-week trial brought by the FCA, Mr Mohammed Zina has been sentenced to 22 months’ imprisonment for insider dealing and fraud. Through his analyst role at Goldman Sachs International , Mr Zina came...
Fin proms gateway takes effect
The FCA’s financial promotions gateway has come into force. From 7 February 2024, all authorised persons that want to approve fin proms for unauthorised persons will need FCA permission to do so (subject to...
BoE extends stablecoin consultation deadline
The BoE is keen to receive a wide range of feedback in response to its discussion paper on regulating stablecoins. It has therefore extended the consultation period which will now close at 10am on 12 February 2024. As a...
HMRC publishes details of live FTP tax evasion offences under investigation
HMRC has published details of the number of live corporate criminal offences (CCO) for the failure to prevent tax evasion under investigation as at 1 January 2024. HMRC has 35 potential cases underway, including: 11...
New FCA webpage on sustainability disclosure and labelling regime
Following the publication of its policy statement in November 2023, the FCA has launched a new webpage on the sustainability disclosure and labelling regime. The webpage sets out the steps firms should take in...
FCA publishes TPR data
The FCA has published summary data on the firms that entered the TPR and on those which have successfully secured full UK authorisation: 1,191 solo-regulated firms entered the TPR, spanning 29 jurisdictions and covering...
PRA fines former CEO for Conduct Rules breaches
The PRA has fined the former CEO of Wyelands Bank Plc £118,808 for breaching three Conduct Rules between March 2016 and May 2020. Mr Hunter breached Individual Conduct Rule 2 and Senior Manager Conduct Rules 1 and 2 –...
Regulators publish 2023 cyber findings
The BoE, PRA and FCA have published their latest annual CBEST thematic report. The report, which has been published in full for the first time, contains cyber resilience good practice, lessons learned and insight...
BoE and CMA agree new MoU
The BoE and CMA have, for the first time, agreed a memorandum of understanding on how the two organisations will work together to help them achieve their statutory objectives. The MoU sets out agreed principles on...
PRA consults on approach to policy
Building on its 2022 discussion paper, the PRA is now consulting on its approach to policy. The paper sets out the PRA’s approach on: its primary and secondary objectives, including its new secondary...
FCA outlines aims for consumer investments policy initiatives
As a continuation of its Consumer Investments Strategy (CIS), the FCA has set out the direction of travel for its consumer investments initiatives. It will focus on the following five core initiatives: accessible...
FCA consults on proposals for closing the advice gap
The FCA and Treasury have published a joint discussion paper (DP23/5) which outlines proposals to help people make more informed investment and pensions decisions. The proposals form part of the Advice Guidance Boundary...
Treasury response on regulator secondary objectives
In May, Treasury published a call for proposals on which metrics the FCA and PRA should publish in relation to the secondary growth and competitiveness objectives introduced under FSMA 2023. In its formal response to...
FOS consults on plans and budget 2024/25
FOS is consulting on its proposed plans and budget for 2024/25. Questions include: what volume and trends should FOS be expecting in banking and consumer credit, insurance, investments and pensions, SME volumes, CMC...
Treasury publishes draft Ombudsman Scheme Regulations
HM Treasury has published a policy note and draft of the proposed statutory instrument which, if approved by Parliament, will allow the FOS to charge case fees to CMCs and other relevant professional representatives who...
FCA sets out temporary forbearance measure for investment company cost disclosure
The FCA has published a statement in response to concerns about costs and charges disclosure in the PRIIPs KID, UCITS KIID and MiFID II requirements. The concern was that the required costs and charges disclosure for...
BoE consults on wholesale cash distribution market oversight
Following its commitment to safeguard access to cash across the UK, the Government granted the BoE powers to ensure that the wholesale cash distribution infrastructure remains effective, resilient and sustainable as...
Applications open for fin proms gateway
On 6 November, the application window for the FCA’s financial promotions gateway opened. Firms now have three months to apply for approver permission if they want to continue approving financial promotions for...
FCA speech: next steps for Consumer Duty
Nisha Arora (Director of Cross Cutting Policy and Strategy at the FCA) has delivered a speech on the Consumer Duty and the next steps for firms. The speech highlighted the following examples of good practice identified...
Parliamentary group to challenge FCA on IRHP redress scope
In March 2022, the All Party Parliamentary Group on Fair Business Banking (APPG) filed judicial review proceedings challenging the FCA’s decision not to act on the Swift report findings that the interest rate...
BoE speaks on money and payments
Jon Cunliffe (BoE Deputy Governor, Financial Stability) has given a speech on money and payments. Highlights include: G20 roadmap to improve cross-border payments Whilst improvements have been made since 2020, there is...
PRA annual assessment of credit unions
The PRA has written to credit unions following its annual assessment of the sector. Key messages for both large (those with total assets between £10m and £50m) and small (those with total assets up to £10m) credit...
FCA review: terminal illness benefits in life insurance products
FCA has published the findings from its review of terminal illness benefits within life insurance protection products. A terminal illness benefit provides an early lump sum pay-out of a life insurance policy where the...
FCA to analyse lenders’ fair value assessments
The FCA has announced it will analyse the fair value assessments provided to it by 9 banks and building societies. This follows the introduction of the Consumer Duty and the 14-point action plan published by FCA in July...
FCA announces Direct Line pricing review
Direct Line Group has agreed to carry out a review after it found it had charged some existing home and motor customers more for their renewal than would have been charged to new customers. The review will identify all...
OFSI uses disclosure power for first time
OFSI has used its disclosure enforcement power for the first time to highlight a breach of the Russia (Sanctions) EU Exit Regulations 2019. This power allows OFSI to publish notices of breaches where it has decided not...
JMLSG publishes crypto transfer guidance
JMLSG has published its final revisions to Section 22 (Cryptoasset providers and custodian wallet providers) in Part II of its AML/CTF guidance. The update includes a new Annex 1 on crypto transfers which relates to the...
FCA updates on wholesale data market study
The FCA has published an update report on its wholesale data market study. As a reminder, the FCA launched its market study in March 2023 to investigate competition problems in the markets for benchmarks, credit ratings...
FCA launches webpage on supporting customers with pension transfers
The FCA has published a new webpage which sets out information and guidance for firms on how to support vulnerable customers when providing pension transfer advice. Firms should be alert to potential indicators of...
FCA cancels unused permissions
The FCA has used its power to cancel consumer credit permissions which were not used for 2 years. Mr Roche was authorised by the FCA in January 2015 and held consumer credit permissions of: agreeing to carry on a...
FCA reminds firms to keep their details up to date
The FCA has updated its website to remind dual regulated firms that, from 1 December 2023, they must check, amend (if required) and confirm their firm details at least annually via Connect. From this date, firms that...
FCA launches webpage on the Wider Implications Framework
The FCA has published updated terms of reference for the Wider Implications Framework. The framework provides a structure for its members to collaborate on issues that could have a wide-reaching effect across the...
FCA updates on operation of the MiFID transparency regime
The FCA has published an updated version of its statements of policy on the operation of the MiFID transparency regime. The updates are to reflect amendments made to UK MiFIR by FSMA 2023, including the deletion of...
FCA updates on UK MiFIR obligations
The FCA has published a direction on the revocation of its transitional direction for the share trading obligation (STO) under UK MiFIR. The direction specifies that the STO was revoked on 29 August 2023 by the...
Ombudsman News looks at financial difficulties relating to mortgage debt
The latest edition of Ombudsman News highlights new guidance published by the FOS which explains its approach to complaints about financial difficulties in relation to mortgage debt. The guidance is outlined in two new...
Barclays granted permission to appeal to Supreme Court in APP fraud case
Barclays Bank UK plc has been granted permission to appeal to the Supreme Court in the case of Philipp v Barclays Bank UK plc [2022] EWCA Civ 318. As a reminder, Mrs Philipp issued a claim against Barclays Bank seeking...
Consumer Duty events
The FCA has announced it will be hosting a series of live and local events on the Consumer Duty across the UK between February and June 2023. The paid for events are aimed at retail investment and mortgage firms, and...
FSM Bill report stage
As scheduled, the FSM Bill had its report stage on 7 December and, eventually, at nearly 7pm, the Third Reading of the Bill took place and was agreed to. The Bill now moves to the Lords. While we still await the new...
New AR rules take effect
The FCA’s reforms to the appointed representative regime have come into force and the FCA has published a new webpage setting out information on the s165 requests it will be sending to principal firms. As a...
FCA consults on mortgage support guidance
The FCA is consulting on draft guidance explaining how firms can support their mortgage customers impacted by the cost-of-living crisis, including varying a contract for forbearance purposes. The draft guidance will...
PSR updates on CoP progress
The PSR has written to the Chair of the Treasury Select Committee to update her on the progress of CoP Phase 2 implementation. As a reminder, the aim of Phase 2 is to extend CoP to include PSPs who do not use the widely...
FCA and Pensions Regulator update on joint strategy
The FCA and The Pensions Regulator have provided an update on their 2018 joint regulatory strategy for the pensions and retirement income sector. The statement explains the regulators’ progress since 2018 and...
FCA bans bond traders for market manipulation
The FCA has published Decision Notices banning Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth from performing any functions in relation to regulated activity. The FCA considers that the traders placed large...
FSB holds Basel plenary
The FSB Plenary met in Basel to review vulnerabilities in the global financial system and to discuss policy work in several areas including crypto. The Plenary also agreed its work programme for 2023. Financial...
FCA consults on fin proms gateway
Following Treasury’s 2020 consultation, the FCA has launched its own consultation on the introduction of a gateway for firms who wish to approve financial promotions on behalf of unauthorised persons. The paper...
Dear CEO letter outlines strategy for financial advisers
The FCA has published a portfolio letter which sets out its supervisory strategy for financial advisers and intermediaries. The letter confirms that financial advisers are a key priority for the FCA and outlines the...
FCA updates on debt packager proposals
Following its November 2021 consultation on plans to ban debt packagers from receiving referral fees from debt solution providers, the FCA has provided an update on its proposals. The FCA will set out its proposed next...
FSMB amendment paper published
In advance of the FSM Bill starting its report stage on 7 December, the House of Commons has published an updated version of the amendment paper which lists all amendments tabled to the Bill together with any withdrawn...