FCA has published a press release on its programme of engagement for the Consumer Duty, as its second batch of portfolio letters were sent on 21 February 2023. FCA’s programme of engagement sets out expectations...
Author - Nicola Radford
Nicola Radford
BoE publishes policy on outsourcing and third party risk management for FMIs
BoE has published its outsourcing and third party risk management policy for Financial Market Infrastructures (FMIs). The policy is set out across the following policy statements and documents: Policy Statement Code of...
Parliament to debate crypto regulation
A debate on the regulation of cryptocurrencies is set to take place on Wednesday 25 January, led by Dr Lisa Cameron. The House of Commons has published the debate pack which sets out the issues and topics which will be...
PSR discusses barriers to digital payments
On 29 November 2022, PSR held a roundtable discussion about the barriers to digital payments for people who primarily rely on cash. The discussion focused on: the reasons people continue to rely on cash, such as control...
EBA publishes peer review of PSD authorisation processes
EBA has published a peer review on authorisation of payment and e-money institutions under the Payment Services Directive (PSD2). It covers a three year period from 1 January 2019 – 31 December 2021. This falls...
Industry alliance forms to lead UK’s future in digital currencies
Five associations have formed an alliance called the UK Forum for Digital Currencies (UK FDC). Its members include the City of London Corporation, Digital Pound Foundation, the Payments Association, the CityUK and UK...
ECB publishes report on climate stress testing
The ECB has published the results of its 2022 climate stress test, which has helped banks to develop climate risk-related stress testing capabilities. The report highlights both physical and transition risks which...
FCA announces ESG Advisory Committee to its Board
FCA has announced a new advisory committee to its Board which will focus on supporting FCA with its ESG-related responsibilities. This is intended to align with the UK’s commitment to achieving a net zero economy...
BoE publishes letter responding to Financial Policy Committee’s remit
Andrew Bailey has written to Jeremy Hunt, with the Financial Policy Committee’s response to HM Treasury’s ‘Remit and Recommendations for the Financial Policy Committee’. The letter welcomes the...
UK regulators consult on DRCF workplan 2023-24
The Digital Regulation Cooperation Forum (DRCF) – made up of the FCA, CMA, ICO and Ofcom – is calling for input on its workplan for 2023-24. The consultation invites stakeholders to share their views on...
European Council agrees strengthened AML rules
The European Council has agreed its position on both an AML regulation and a new directive (AMLD6). These regulations aim to improve risk mitigation, detect criminal activity and ensure the EU’s financial system...
Memorandum of Understanding between UK and Banco de Portugal
FCA has published a Memorandum of Understanding (MoU) which has been made between the PRA and FCA and Banco de Portugal for the purposes of supervisory cooperation. This is the latest in a series of MoUs made by the UK...
EIOPA publishes discussion paper on assessing insurers’ sustainability
EIOPA has published a Discussion Paper (DP) on assessing the prudential treatment of insurers’ sustainable assets and activities. Given that insurance underwriting and investment activities can be profoundly...
BBRS report highlights complaints themes
BBRS has published its Case Insights report which highlights themes and issues arising from customer complaint data to end-July. The BBRS service was launched in February 2021, and by the end of July 2022, it had...
FCA speaks on culture in financial services
Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations at FCA, gave a speech at City and Financial Global’s 8th Annual Culture and Conduct Forum. The speech highlighted that FCA believes...
PRA finalises changes following depositor protection consultation
PRA has published its Policy Statement CP9/22, which gives feedback on the response to the Depositor Protection Consultation Paper (CP). CP9/22 also contains PRA’s final rules. PRA proposed to delete the Dormant Account...
FCA consults on credit information improvements
FCA has set out its initial findings from a credit information market study in an interim report and discussion paper and its annexes. The study was launched because of concerns about the quality of credit information...
Court finds mortgage adviser had no duty to investigate underlying investment
The High Court has ruled on a case brought by investment fraud victims in a clarification of mortgage advisers’ duties. The judgment in Taylor & Anor v Legal and General Partnership Services Ltd [2022] EWHC...
LSB reports on access and disability recommendations for firms
LSB has published its report on inclusion in business banking and credit. The report provides insights for banks and lenders to help ensure their offerings are inclusive and accessible for disabled customers and those...
FCA allows Amigo to re-start lending in pilot
FCA has published a letter sent to Amigo Loans which approves its request to start lending again on a pilot basis. In 2020, following a large number of customer complaints, Amigo paused new lending and announced that it...
BoE publishes data transformation programme update
The BoE has published an update on its data collection transformation programme. The programme is a joint venture with FCA and aims to transform data collection within the UK financial sector. Phase two of the programme...
BoE consults on AI discussion paper
The BoE is consulting on its discussion paper about how artificial intelligence (AI) may affect financial regulation. The discussion paper looks at how the current regulatory framework applies to AI; it considers how...
PRA’s future approach to policy
On 8 September 2022, PRA published its intended future approach to policy in a new discussion paper (the ‘paper’) which is summarised on the Bank of England’s website. The paper is based on the FSM...
FOS publishes latest complaints data
FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...