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Author - Lucy Hadrill

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 –...

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...

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...

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...

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...

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...

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 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 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 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...

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...

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...

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...

SCA amendments to apply from 25 July 2023

Commission Delegated Regulation (EU) 2022/2360, which amends the regulatory technical standards (RTS) for strong customer authentication under PSD2, has been published in the OJEU. As a reminder, the amendments to the...

FOS updates webpage on BSPS complaints

Following the publication of the FCA’s final BSPS redress scheme rules, FOS has published a press release and has updated its webpage on complaints relating to financial advice received in respect of transferring...

FCA consults on fees and levies for 2023/24

The FCA is consulting on proposals for changes to its policy on how it raises regulatory fees and levies. The consultation paper covers: the fees for principal firms of ARs; options for redefining fees calculations for...

FCA bans individual

The FCA has banned Carlo Palombo from performing any regulated activity. Mr Palombo was convicted of conspiracy to defraud in respect of fixing EURIBOR whilst an employee of Barclays and was sentenced to 4 years’...

FCA launches new webpage on Consumer Duty

The FCA has published a new webpage containing information on the Consumer Duty. The webpage, which will be kept up to date, currently contains guidance for firms on: implementation plans and the FCA’s...

FCA speech: Consumer Duty

Sheldon Mills (Executive Director, Consumers and Competition at the FCA) has delivered a speech on what firms and customers can expect from the Consumer Duty. Mr Mills stressed that, whilst the Duty is not yet in force...

Consumer Duty: FCA update and events

The FCA has published a new webpage on Consumer Duty, which outs out the timeline and key milestones for implementation and contains links to register for FCA webinars and email updates. You can also register to attend...

PRA sets out changes for credit unions

The PRA is consulting on proposed amendments to the regulatory regime for credit unions, including: changes to the Credit Union Part of the PRA Rulebook – these include extending the range of products available for...

Consumer Duty: building an implementation plan

UK Finance has outlined four key elements firms should be focussing on when building their Consumer Duty implementation plans. These are: definition of the target end state as an input to the gap assessment – to define...

FCA consults on widening access to the LTAF

The FCA has outlined proposals to market the Long Term Asset Fund (LTAF) to a wider group of retail investors and pension schemes, whilst also introducing enhanced investor protections. Highlights include plans to:...

FCA publishes final rules on Consumer Duty

Following two consultations on its proposals, the FCA has confirmed its plans for a new Consumer Duty which will require firms to put their customers’ needs first. The FCA has a parliamentary mandate, via the...

PRA and FSCS update MoU

The PRA and FSCS have published an updated Memorandum of Understanding which replaces the existing version implemented in 2019. The MoU outlines the framework agreed by the PRA and FSCS on how they will work together in...

ESMA consults on the DLT Pilot Regime

Following its call for evidence earlier this year, ESMA is consulting on draft guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure. The proposed draft...

Treasury appoints new FCA Chair

Following its recruitment campaign, HM Treasury has announced the appointment of Ashley Alder as the new FCA Chair for a 5 year term. Mr Alder is currently Chief Executive Officer of the Securities and Futures...

FCA board discusses Consumer Duty

The FCA has published the minutes of a board meeting held on 26 May 2022 at which, amongst other items, the board discussed the new Consumer Duty. Highlights include: feedback from external stakeholders on the proposed...

FCA appoints 6 new directors

The FCA has appointed six new directors to a mixture of existing and newly created senior roles: Director of Consumer Finance – Roma Pearson will take up her position in July and will be responsible for the supervision...

PRA sets fees and levies for 2022/23

Following its consultation in the spring, the PRA has published a policy statement to confirm the final regulated fees and levies rates for 2022/23. The rates meet the PRA’s annual funding requirement for the...

PSR updates on card-acquiring market review

Following its initial consultation, the PSR has now published its provisional decision in relation to remedies for the card-acquiring market review. The PSR has launched a second consultation on proposals for three...

FCA seeks retrial in insider dealing case

Following the Court’s decision to discharge the jury after they were unable to reach a verdict following an 8-week trial, the FCA has announced that it will pursue a retrial of Stuart Bayes and Jonathan Swann for...

FCA publishes quarterly consultation

The FCA’s latest quarterly consultation covers: a minor amendment to DEPP to reflect changes to the FCA’s decision-making processes implemented on 26 November 2021; amendments to the Compensation rules relating to...

Solvency II review updates

The PRA has launched the 2022 data collection exercise for the Solvency II review, primarily in support of the matching adjustment (MA) and fundamental spread (FS) calibration reforms. The exercise will cover three main...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...