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...
Following its consultation last autumn, the PRA has published a policy statement which sets out its approach to interpreting and applying the definition of “insurance holding company” for the purposes of the...
Treasury has published a draft version of the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022, which make a variety of amendments to allow retained EU legislation to operate effectively after...
Following its consultation earlier this year, the FCA has published final rules and guidance to allow authorised fund managers to create side pockets for retail investment funds affected by the Russian invasion of...
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...
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...
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...
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...
FOS has published its annual complaints data for April 2021 – March 2022. Highlights include: FOS received 165,263 new complaints which is a decrease on the previous year (279,146). Of these, there were 5,369 PPI...
The FCA has published its final periodic regulatory fees and levies for 2022/23 including feedback on CP22/07. The FCA will invoice fee-payers from July 2022 onwards for their 2022/23 periodic fees and levies.
The Treasury Committee has published a report outlining its plans to launch a new Sub-Committee to scrutinise regulatory proposals for financial services. The Sub-Committee will be chaired by the Rt. Hon. Mel Stride MP...
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...
The Council of the EU has agreed its position on the proposed amendments to the Solvency II Directive. The agreed position: should ensure a balanced review of the SII prudential framework in terms of capital...
Charlotte Gerken, PRA Executive Director – Insurance, has delivered a speech on the goals of competitiveness and productive investment and their role in the Solvency II Review. Highlights include: investment flexibility...
Following a request by the government to carry out a review of the law on corporate criminal liability, the Law Commission has now published ten options for reforming how companies are convicted of criminal offences...
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...
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 has published the feedback to its discussion paper on proposed reforms to improve the effectiveness of UK primary markets and the listing regime. In a second discussion paper, published alongside this feedback, the...
In continuation of its delivery of Confirmation of Payee (CoP), the PSR is consulting on proposals to require a further c.400 PSPs to offer CoP to their customers (both as payers and payees). The PSR is proposing that...
The FCA and the Pensions Regulator (TPR) have published the feedback they have received following their joint discussion paper on developing a framework for measuring value for money (VFM) in defined contribution (DC)...
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...
FOS has published a new webpage which sets out information for firms on handling and resolving complaints about vehicle breakdown cover. The webpage explains the types of complaint FOS sees, provides a summary of how...
PSR has taken action against NatWest, RBS, Ulster Bank and Coutts for failing to comply with the Interchange Fee Regulation. The banks incorrectly treated a number of cards as being ‘commercial’ when they should have...
The FCA has issued a statement following some recent social media posts regarding cryptoassets and NFTs. Whilst it cannot comment on individual products, it has warned consumers that there are no consumer protections...
The Transition Plan Taskforce (TPT) has launched a call for evidence on a sector-neutral framework for private sector transition plans. The framework will inform UK regulations for certain financial sector firms and...
HM Treasury has published a policy paper outlining how the government and PSR intend to improve the reimbursement of APP scam victims. The government intends to legislate in the Financial Services and Markets Bill to...
FMSB has announced that it is changing its name from the FICC Markets Standards Board to the Financial Markets Standards Board. It will continue to use “FMSB”. FMSB says the change will help support...
The FCA has launched a new webpage which sets out how to submit MIFIDPRU applications and notifications. It also includes information for IFPR firms about MIF returns.
The FCA has written to c.28,000 consumer credit firms warning them not to use terms such as ‘no credit check loans’, ‘loan guaranteed’, ‘pre-approved’ or ‘no credit...
As part of its Investment Platforms Market Study in 2019, the FCA said it would keep the role of platforms in helping consumers understand their investment costs under review. The FCA has now published a new webpage...
HM Treasury has published its consultation on post-Brexit reforms to the Solvency II regime which it hopes will unlock investment, increase market access for new insurers and offer greater consumer choice. The reforms...
HM Treasury has published its policy statement on protecting UK wholesale cash infrastructure. The government intends to create an oversight regime which will: give the BoE oversight over, and the ability to regulate...
PRA CEO, Sam Woods, delivered a speech at City Week 2022 in which he set out “a radical, alternative approach” to bank capital requirements. The proposed approach would involve: a single capital buffer...
The FSMA (Regulated Activities) (Amendment) Order 2022 has been published, together with an explanatory memorandum. It makes several amendments to FSMA and secondary legislation, primarily the RAO, in preparation for...
The PRA has confirmed that the transitional passporting rules will continue for firms operating between the UK and Gibraltar until 31 December 2022. These transitional arrangements can be further extended until the...
Between 1 July and 31 December 2021, FOS received a total of c.73,200 complaints of which 37% were upheld.
FOS has also published its latest half-yearly data on the number of complaints received about CMCs.
BoE and FCA are working to transform data collection from the UK financial sector through the joint transformation programme that has been set up with industry. The regulators have provided an update on the...
The PRA has issued a statement acknowledging that some PRA-regulated firms have conducted (or may be considering doing so) deficit reduction transactions with their defined benefit pension schemes that are structured to...
Rishi Sunak has written to the FCA and the BoE setting out recommendations in relation to the government’s commitment to achieve net zero by 2050 to supplement those outlined in his letters of March 2021. The...
Lord Hollick, Chair of the Industry and Regulators Committee, has written to John Glen following Mr Glen giving evidence to the Committee’s inquiry into commercial insurance and reinsurance regulation. Amongst...
Alongside Treasury’s decision to regulate stablecoins, the government has announced wider plans to make the UK a global hub for cryptoasset technology and investment. In a speech delivered at the Innovate Finance...
The Financial Services Consumer Panel (FSCP) has published its response to the FCA’s consultation on how to improve its financial promotion rules for high risk investments, which closed on 23 March. The FSCP...
MEPs from ECON and the Committee on Civil Liberties have voted to adopt their position on draft crypto legislation which forms part of the EU’s wider package of measures aimed at strengthening AML/CFT rules in the...
The latest edition of Ombudsman News from FOS covers not only its plan and budget for 2022/23 (which FIN has covered separately) but also guidance for consumers about storm damage complaints. The guidance contains...
FOS has published its plans and budget for 2022/23. In the coming year, FOS: expects to receive 177,000 complaints and resolve 220,500 complaints; will continue to ensure it is equipped to respond to complexity and...
Following its consultation in 2021, the FCA has confirmed it is making changes to the PRIIPs regulation to: clarify the scope of the PRIIPs regulation for corporate bonds, making it clearer that certain common features...
ESMA has announced that it has decided to extend the application of the recognition decisions under Article 25 of EMIR for three CCPs established in the UK. As such, the recognition and tiering decisions in relation to...
ASA has issued an Enforcement Notice to over 50 firms which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated...
The government has published a summary of the 15 December 2021 meeting between John Glen and Nikhil Rathi in which they discussed FCA’s Perimeter Report (published 21 October 2021). The meeting focussed the topics...
FCA has confirmed the increase to the FOS award limits. From 1 April 2022, these will change to: £375,000 for complaints referred to FOS on or after 1 April 2022 about acts or omissions by firms on or after 1 April...
The government has agreed to make changes to the Online Safety Bill and has now introduced the Bill into the Commons. The government has also responded to the Joint Committee on draft Online Safety Bill’s report...
Following the EBA’s publication of draft RTS last year, the European Commission has now adopted a Delegated Regulation containing RTS on the disclosure of firms’ investment policy under the IFR. Article 52...
The House of Lords Committee on the Fraud Act 2006 and Digital Fraud has launched a call for evidence on what measures should be taken to tackle the increase in fraud cases. In particular, the Committee would like to...
The latest LSBulletin outlines some of the LSB’s key areas of focus for 2022, including: Contingent Reimbursement Model Code (CRM Code) for APP scams – the LSB will be conducting follow up work from its previous...
HM Treasury has published the response to the Wholesale Markets Review consultation, setting out the feedback received and outlining how the government plans to take forward the various proposals. A full breakdown of...
HM Treasury has published The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022. This draft...
The FCA’s latest Handbook Notice confirms changes to: apply the rules set out in the Funeral Planning Conduct of Business (FPCOB) sourcebook to funeral plan providers selling their own plans directly to customers...
The FCA has published a new webpage on bank branch and ATM closures or conversions. The webpage sets out examples of good and poor practice that the FCA has seen when supervising firms planning branch or ATM closures...
The FCA has responded to a letter before claim under the pre-action protocol for judicial review from the All Party Parliamentary Group on Fair Business Banking (APPG). APPG’s letter before claim refers to the...
Economic Secretary to the Treasury, John Glen MP, has delivered a speech to the Association of British Insurers Annual Dinner which set out bold reforms to Solvency II. The proposed reforms include: a substantial...
The European Commission has launched a targeted consultation on a new approach to retail investments in the EU. The consultation builds on the 2021 consultation on the Commission’s retail investment strategy for...
Following the administration of Arena Television in November 2021, our colleagues Graham Jeffries and Nicola Walker have written an article looking at the likely impact for lessees and borrowers who are seeking to...
UK Finance has published its response to the FCA’s second consultation on proposals for a new Consumer Duty. UK Finance welcomes the changes FCA has made since its first consultation (in particular dropping the...
The FCA has published a statement on assessing authorisation applications from funeral plan providers. The assessment process is to ensure that: firms sell products which offer fair value, meet consumer needs and are...
The Complaints Commissioner has published its final report on the FCA’s oversight of London Capital & Finance plc (LCF). The report splits the complaints about FCA’s regulation of LCF into three...
Sheldon Mills (Executive Director, Consumers and Competition at FCA) and Vicky Saporta (Executive Director, Prudential Policy Directorate at PRA) are due to give oral evidence at the Future of Financial Services Inquiry...
ESMA has published a roadmap setting out three priorities for its sustainable finance work in 2022-24: Tackling greenwashing and promoting transparency; Building NCAs’ and ESMA’s capacities in the sustainable finance...
FCA is consulting on new rules requiring FCA regulated pension providers to connect and supply information about personal and stakeholder pensions to pensions dashboards. Pensions dashboards are secure digital...
FCA has published a second supervisory notice to confirm that it is not rescinding the directions imposed on Freetrade Limited in its first supervisory notice dated 14 December 2021. Freetrade must therefore immediately...
The Order amends the list of persons in Part IV of the Schedule to the FSMA 2000 (Exemption) Order 2001 to include Norges Bank, the Norwegian central bank. The amendment means that Norges Bank will be exempt from the...
Treasury has launched the recruitment campaign to appoint the next FCA Chair, replacing Charles Randell who is stepping down in spring 2022. Richard Lloyd, FCA’s Senior Independent Director, will be interim Chair...
ESMA has published a supervisory briefing setting out: the supervisory expectations when firms appoint tied agents; and the supervisory expectations on firms using tied agents in their ongoing activities. The briefing...
The CMA has written to Monzo about its breach of the Retail Banking Market Investigation Order 2017. Monzo breached the Order when it failed to disclose its Monthly Maximum Charge in its Fee Information document between...
EIOPA is consulting on retail investor protection in relation to the sale of insurance-based investment products (IBIPs). The proposals cover five different areas: Enhancing consumer engagement with disclosures...
The FCA is consulting on strengthening its financial promotion rules for high risk investments including cryptoassets, and for authorised firms which approve and communicate financial promotions. The proposals, which...
FCA has published a new webpage on how the MIFIDPRU Remuneration Code (SYSC 19G) applies to MIFIDPRU Investment firms. The webpage gives an overview of the Code and provides information on proportionality, performance...
The PRA has sent Dear CEO letters to PRA-regulated international banks, insurance firms and UK deposit-takers setting out its supervisory priorities for 2022. For banks, the PRA’s priorities relate to: Financial...
The Treasury Committee has published correspondence with the FCA in relation the FCA’s investigation into the collapse of the LF Woodford Equity Income Fund. In its update letter, the FCA advises that all key...
The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...
UK Finance has published its response to HM Treasury’s consultation on the regulation of BNPL products. The response shows that there is a consensus amongst UK Finance members: that BNPL products should be brought...
Insurance Europe has published its response to ESMA’s call for evidence on aspects of retail investor protection. Key points in the response include: insurance-based investment products (IBIPs) account for c.90%...
The FCA has updated its webpage on cancelling temporary permissions to include information for payment services and e-money firms in the TPR or the supervised run-off (SRO) regime. FCA has also published new forms for...
In conjunction with the FIN. blog, we have launched our new and improved horizon scanning tool over on the Womble Bond Dickinson website. Our timeline highlights key regulatory deadlines, legislation and insights...
The FCA has published a newsletter on IFPR which, among other things, reminds firms that the obligation to collect certain data in connection with the firm’s SNI status and K-factor calculations has begun (see...
The PRA has published a policy statement (PS29/21) on phase 1 of its review of reporting requirements under Solvency II. In light of the feedback received on its proposals, the PRA has made a number of changes (set out...
The PRA has published a policy statement (PS28/21) on the identification of material risk takers (MRTs) for the purposes of its remuneration regime. Following the feedback received on its proposals, the PRA has: made a...
Further to their commitments to continue to preserve access to cash for consumers and businesses, the UK’s major retail banks, consumer groups, Post Office and LINK have agreed to collaborate to share services...
The PRA has published a feedback statement summarising the responses to Discussion Paper (DP) 1/21, which set out the PRA’s proposals for developing a simpler prudential framework for non-systemic banks and...
The PRA has published policy statement 27/21 which sets out: the PRA’s updated Statement of Policy – designation of investment firms for prudential supervision by the PRA (at Appendix 1); and the instrument making...
The PRA has announced that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test will focus on a severe data integrity incident as the disruption scenario and will test...
The LSB has published the report of its review of the Access to Banking Standard. The report makes the following recommendations: oversight of branch closures and changes in branch service provision, currently provided...
In Vodafone Kabel Deutschland GmbH v Bundesverband der Verbraucherzentralen und Verbraucherverbände – Verbraucherzentrale Bundesverband e.V., the Oberlandesgericht München (Higher Regional Court – Munich) made a request...
Following its initial consultation in Q2 this year (CP21/13), the FCA has set out the responses it received and has published a second consultation on its plans for a new Consumer Duty (CP21/36). The FCA received 235...
The FCA has published a policy statement on changes to the SCA technical standards (SCA-RTS), the payment services and e-money approach document and guidance in PERG. The policy statement summarises feedback received to...
Following its first two policy statements, the FCA has published its third and final policy statement marking the completion of its rules to introduce the UK Investment Firm Prudential Regime (IFPR). The final rules...
John Glen MP delivered a speech to the UK Finance Annual Dinner in which he provided an update on the Wholesale Markets Review. Mr Glen noted that there has been a broad consensus on the vast majority of the issues...
In advance of the new operational resilience requirements taking effect on 31 March 2022, UK Finance has highlighted the following key themes of importance to both customers and the FCA: Simplicity – customers expect...
Following a complaint relating to the Open Banking Implementation Entity (OBIE), an independent investigation identified a number of problems with its leadership and found that a lack of appropriate corporate governance...
The European Commission is seeking views on whether the Mortgage Credit Directive remains fit for purpose. The review will assess whether the existing framework can adequately deal with new challenges such as...
The FCA has published the following additional MIFIDPRU applications forms under IFPR: Application under MIFIDPRU 2.3.1R to be exempt from disclosure requirements in MIFIDPRU 8 (disclosure by investment firms) for SNI...