FIN.

CMA launches Home Credit Market Order review

CMA has formally launched a consultation on part of the Home Credit Market Investigation Order 2007. The review relates to the operation, information and management of a cash loan price comparison website. The website...

FMSB publishes onboarding standard

The Financial Markets Standards Board has published a draft standard which would apply to firms onboarding clients or reviewing client files for UK AML and KYC compliance. The standard would apply to FMSB members in all...

The IA reviews pay guidelines

The Investment Association (IA) has written to FTSE 2350 companies’ Remuneration Committee Chairs. IA outlines how investors will engage with investee companies on executive pay in the 2024 AGM season. Investors...

SFO speaks on faster case resolution

Nick Ephgrave, SFO Director, has spoken on SFO’s history and his plans for the future.  He wants to solve cases more quickly, and spoke of a number of tactics he plans to use. These include a more rigorous and...

OFSI updates guidance

OFSI has updated its guidance on financial sanctions and licensing to include detail on licensing principles and framework in the general guidance section of its main guidance, and to move its travel guidance to a...

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...

High risk third country list update

Treasury has updated its website to reflect the list of high risk third countries for MLR purposes. The list now comes directly from FATF. Following FATF’s plenary meeting on 23 February, it has removed Barbados...

FCA issues supervisory notice under PSRs

FCA has published a First Supervisory Notice against an API (EPayPro), setting out its decision to very the firm’s authorisation so as to restrict it from charging a “compliance” or any other fee that...

FCA updates on interest-only mortgage work

FCA is working with an Industry Working Group of 12 mortgage lenders and administrators on a review of FCA’s current guidance on interest-only mortgages. There were under 1 million interest-only and part-and-part...

FLA launches accreditation service

FLA’s new Broker Accreditation (Asset Finance) Service will help brokers show they are compliant with FLA’s Business Finance Code and their regulatory obligations. It also says the accreditation, which...

Government defends Edinburgh Reform progress

The Government has responded to criticism from the Treasury Committee on how the Edinburgh Reforms are progressing. Following the Government’s report in December (a year after it announced the reforms) that it had...

FCA speaks to EU on global cooperation

Ashley Alder, FCA Chair, has spoken at the UK Mission to the EU on the importance of regulatory cooperation and open markets, and the relationship the UK now hopes to build with the EU under the 2023 MoU. He said that...

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 –...

FCA secures fraud conviction

Guy Flintham has pleased guilty to fraud in relation to an investment scheme he operated. FCA brought the prosecution, for fraud by false representation and for carrying on regulated activities without authorisation by...

OFSI publishes ransomware guidance

OFSI has published financial sanctions guidance for ransomware. The guidance explains that the government uses the financial sanctions regime to target the ransomware threat actors who cause the highest harm to the UK...

Market Watch focuses on organised crime

The latest edition of FCA’s Market Watch looks at actions firms can take to mitigate the risks of being used by Organised Crime Groups. It says suspicious trading by members of OCGs forms a large proportion of the...

FCA intervenes in 10,000 ads in 2023

FCA has published its financial promotions data for the last quarter of 2023 and the entire past year. It has: caused over 10,000 promotions to be withdrawn or changed in 2023 (a 17% increase on the previous year);...

OFSI updates guidance

2024 will see OFSI move to digital guidance which it says will enhance accessibility and user experience. It will not be making fundamental content changes as it starts to make the changes. As a start, it has updated...

FCA improves service metrics

FCA’s latest set of authorisations metrics, covering the quarter to December 2023, shows 9 green metrics, 6 amber and no red. It determined 97.8% of applications overall within the statutory deadlines. No areas...

Pay.uk responds on VRP expansion

Pay.uk has responded to PSR’s proposal to expand variable recurring payments. In principle, it supports a multilateral agreement as the best way to deal with expansion, and says it has the appropriate expertise to...

Home Office responds on SARs regime review

The Home Office has published its response to the 2019 Law Commission report and recommendations on the SARs regime. The report had made 19 recommendations, of which the Home Office accepts 13. The uncontended...

Tribunal backs FCA on EMI

The Upper Tribunal has agreed not to suspend the restrictions FCA placed on EMI Nvayo Limited last year.  The wide restrictions stop the firm carrying on EMR business or disposing of assets. FCA welcomed the decision...

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...

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 blockchain research

FCA has published a research note entitled ‘Review of Maximal Extractable value (MEV) and Blockchain Oracles’ in collaboration with Futuresight Business Intelligence Ltd, the Financial Industry Regulatory...

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...

Changes to FPO exemptions

Changes to the exemptions for “business angel” investors took effect on 31 January.  Read our article on the changes for promotions to HNWIs and SCSIs.

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 fines for deposit protection failings

PRA has fined 2 entities in the HSBC group £57m for long-lasting historic failure properly to implement its Depositor Protection Rules. The failings occurred in HSBC Bank plc (HBEU) between 2015 and 2022, and in HSBC UK...

FCA confirms rule updates

FCA’s latest Handbook Notice confirms rule changes its Board agreed in December, and the new motor finance complaints rules, as well as two changes agreed on 25 January. The two latest changes: update SUP 12.4...

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...

PSR heralds priorities for 2024

Chris Helmsley has looked ahead to a busy year ahead for payments. He spoke on: implementation of the mandatory APP reimbursement rules which will be a real step-change in the way the industry approaches fraud...

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...

ML High Risk countries re-defined

From 22 January, a change to the MLRs means that Treasury will no longer periodically update Schedule 3ZA to the MLRs.  The definition of “High risk third country” is now a country named on the FATF lists of...

BSA hopeful of update to 1986 Act

The Building Societies Association welcomed the upcoming 2nd reading of the Building Societies Act 1986 (Amendment) Bill which will take place on 19 January.  The Bill aims to put building societies on a level playing...

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 takes action on motor finance complaints

FCA is unhappy that motor finance firms are rejecting high numbers of consumer complaints about commission arrangements.  After FCA banned discretionary commission arrangements in 2021, many consumers complained and...

OFSI updates guidance

OFSI has updated several pieces of guidance.  There are December 2023 versions of: general guidance on financial sanctions; guidance on enforcement and financial penalties; and guidance specific to the Russian sanctions...

FCA reflects on 2023

Nikhil Rathi has reflected on some of FCA’s key achievements and milestones from 2023. He highlighted: the implementation of the Consumer Duty and changes firms have already made as a result; FCA telling GAP...

UK Finance responds on D&I

UK Finance has published its responses to the PRA and FCA papers on D&I in the financial sector. Key points in its response include: that the regulatory approach in terms of transparency and accountability should...