FIN.

Author - Vida Fatemi

Firms pause sales of GAP insurance

At FCA’s request, multiple insurance firms have agreed to pause sales of GAP insurance. These firms account for 80% of the GAP market. FCA is concerned that GAP insurance is failing to provide fair value to...

BoE discussion papers on RTGS

BoE has released two discussion papers on RTGS (Real-Time Gross Settlement) service operating hours and access policies. BoE aims for these papers to be the basis for further research and dialogue with the private...

UK Finance responds on stablecoins

UK Finance has responded to the FCA and BoE discussion papers on regulating stablecoins. It is generally supportive of the broad proposal to build upon the existing regulatory/legislative regime for stablecoins used for...

FCA speech: the UK listing regime

Clare Cole, Director of Market Oversight at FCA, has delivered a speech about developments since the UK Listing Review and the next steps for reform. Highlights include: In December, FCA set out detailed proposals for...

ABI says motor premiums still rising

ABI’s Motor Insurance Tracker shows the average price paid for motor insurance has continued to rise. The cost to insurers to pay claims is main cause of these rises. The Tracker shows that between 1 October and...

PRA consults on approach to rule permissions

PRA has proposed a new Statement of Policy setting out its approach to the granting of rule permissions under s.138BA of FSMA – a new power for PRA to enable firms not to apply certain rules, or to apply them in a...

BoE updates enforcement approach

BoE has published its final policy and feedback to its consultation on its approach to enforcement. We covered the consultation here. The changes (including changes from the original consultation that BoE has made in...

PRA reviews ring-fencing rules

PRA has published a report setting out conclusions to its review of its ring-fencing rules. PRA looked at the intents of the ring-fencing regime, its statutory objectives, the legal ring-fencing requirements and...

BoE responds on PRC remit

BoE Governor Andrew Bailey has written  to the Chancellor, updating last year’s response to the letter setting out the Chancellor’s recommendations to the Prudential Regulation Committee (PRC). The letter...

FCA speaks on consumer tech

Chief Executive of FCA, Nikhil Rathi, has spoken on how consumer-facing technology helps to keep consumer markets “honest”. The key highlights from his speech were: FCA must use and adapt existing regulatory...

FCA sets expectations on crowdfunders

In two portfolio letters, FCA has set out its expectations for Loan-based Peer-to-Peer (P2P) Lending platforms and Investment-based crowdfunding platforms. It supervises both types of platform in the Consumer...

PRA consults on FSCS MELL 2024/25

PRA is consulting on the FSCS MELL for 2024/25. Under FSMA, PRA and FCA must set a limit for the total management expenses that the FSCS can levy on financial services firms. The MELL is the maximum amount that the FSCS...

FCA publishes regulatory initiatives grid

The FCA has published the Financial Services and Regulatory Initiatives Forum’s latest biannual Regulatory Initiatives Grid. This will allow the financial services industry and other stakeholders to understand and...

TWG publishes report on fund tokenisation

The Technology Working Group (TWG), which is the City Minister’s forum for examining the impact of technology on the UK’s investment and asset management sectors, has published its first report. TWG worked...

UK and Japan discuss cooperation

The 2nd Financial Regulatory Forum (FRF) and the 5th Financial Dialogue (FD) between Japan and the UK was held on 27 November 2023 and a joint statement summarised the key discussion points. Overall, both countries hope...

FSB publishes 2023 G-SIB list

FSB has published the 2023 list of globally systemically important banks (G-SIBs) using end-2022 data and applying the assessment methodology designed by the Basel Committee on Banking Supervision (BCBS). Compared to...

PRA writes to CFOs on Deposit Aggregators

PRA has written a letter to CFOs setting out the steps firms should consider taking to mitigate risks relating to deposit aggregators that firms may have relationships with. This follows a ‘Dear CEO’ letter...

PRA makes statement on recalculation of TMTP

The Solvency II Regulations 2015 allow firms to apply to the PRA for permission to undertake a recalculation of the deduction applied pursuant to the transitional measure on technical provisions (TMTP) every 24 months...

FCA launches new crypto registration webpage

FCA has launched a new webpage for cryptoasset businesses applying for registration under the MLRs. The new webpage sets out FAQs on how to prepare for registration, associated individuals and what happens once an...

FCA publishes sample business plan

FCA has published guidance on a sample business plan for firms putting together an RBP.  It says that following it should help firms to ensure they are ready, willing and organised to be authorised by FCA. The guidance...

FOS releases half-yearly complaints data

FOS has published data showing the number and outcome of the complaints it has handled about financial businesses for the period of January to June 2023. The key take-aways are: FOS received a total of 93,114...

FCA speaks on objectives

Nikhil Rathi has spoken about how to achieve the objective of international competitiveness and growth over the medium to long term. Rathi highlighted 5 key ingredients for achieving this: An operationally effective...

PSR publishes revised penalty statement

PSR has published its revised penalty statement.  The statement aims to clarify the penalties that are imposed and what to expect if PSR identifies non-compliance. PSR places ever-increasing requirements on an...

FCA publishes quarterly whistleblowing data

FCA has published the latest data on new whistleblowing reports received between April and June 2023. In this period: There were 300 new whistleblowing reports which is an increase compared to the same period in 2022...

TPT Disclosure Framework published

The TPT Disclosure Framework, published by the Transition Plan Taskforce, contains guidance and recommendations to help companies make disclosures that are high quality, consistent and comparable. The aim of this is to...

PRA consults on insurance branch supervision

PRA has published a consultation paper, setting out its proposals to consolidate and formalise existing PRA policy on overseas insurers that write business in the UK through the establishment of a third-country branch...

UK-US Financial Regulatory Working Group meets

US Treasury and HM Treasury published a joint statement from the eighth Financial Regulatory Working Group meeting held on 6 September. Topics covered in the meeting included broad discussions on: Economic and financial...

PRA reviews Written Auditor Reporting policy

PRA has evaluated the Written Auditor Reporting policy to assess how it is delivering against its original objectives and how to refine its approach to the policy to make it a more efficient and effective supervisory...

FCA publishes platform portfolio letter

FCA has written a letter to firms that it identifies as providing a platform service, setting out the key harms in the sector, expectations of these firms and a summary of the work FCA intends to do. This follows the...

PRA proposes RFB policy updates

PRA has proposed rule and policy updates in respect of the establishment and maintenance of third-country branches and subsidiaries within RFB sub-consolidation groups. HM Treasury is consulting on legislative changes...

Treasury publishes ring fencing response

In response to the recommendation from a panel of independent experts led by Sir Keith Skeoch on the longer-term future of the ring-fencing regime, the government issued in March 2023 a Call for Evidence on aligning the...

FCA publishes AR supervision data

Following the introduction of rules and guidance on how to improve how principal firms oversee their ARs in December 2022, principals must now give the FCA more information about their ARs. This information is used by...

UK Finance respond to ban on cold calling

UK Finance has responded to HM Treasury’s proposals to ban cold calling in financial services and is supportive of the proposals. The measures aim to protect consumers, particularly elderly and vulnerable...