FIN.

FCA and CoLC launch APP scam project tool

FCA and the City of London Corporation have launched the promised APP synthetic dataset which is designed to develop products and services to minimise fraud. The dataset will allow analysis of rare patterns of behaviour...

PSR publishes autumn newsletter

Unsurprisingly, the PSR’s Autumn 2023 newsletter focuses on the busy summer the regulator has had with not only the new APP fraud reimbursement rules, but also its market reviews into scheme fees and cross-border...

Lords may compromise further on FTP fraud

A motion to be moved when the Lords next considers the Economic Crime and Corporate Transparency Bill will propose a further compromise with the Commons by exempting from the offence newly defined “small”...

JMLSG travel rule guidance approved

Treasury has approved the addition to the JMLSG Guidance that provides guidance on implementation of the travel rule for crypto business. An updated Sector 22 and its annex are now approved.

FCA updates on insurance market priorities

FCA has published a suite of portfolio letters for the insurance markets, off the back of its value measures data report, but covering its wider supervisory priorities. The letters note the importance of the insurance...

PRA speaks on Solvency UK

Gareth Truran of PRA has spoken on the “Solvency UK” initiative which will replace Solvency II. He said PRA is maintaining the momentum it needs to implement the reforms in 2024. He said the proposals PRA...

FCA speaks on international collaboration

Ashley Alder has spoken on the importance of collaboration in international financial services. He touched on the UK-EU MoU and current IOSCO initiatives. He spoke of global initiatives such as climate and...

FCA finalises fin prom gateway policy

FCA has published its final policy position on implementing the gateway for firms that wish to approve financial promotions. It has now set out its final approach on: how it will assess applicants at the gateway and the...

FCA reminds firms of incoming crypto rules

FCA has set out its expectations in advance of the rules on advertising of crypto products coming into force on 8 October. The rules are specifically designed to make marketing clearer and more accurate and to ban...

SFO speaks on new powers

Michelle Crotty, Chief Capability Officer at the SFO, has spoken on its successes since Lisa Osofsky became its Director and looking ahead to Nick Ephgrave’s upcoming tenure. She also noted the increased powers...

FCA speaks on financial crime controls

Sarah Pritchard has spoken on the importance of firms calibrating their financial crime fighting systems to the right level. She stressed the importance of firms understanding who their clients are, identifying the...

FCA launches PEP review

FCA has published a paper setting out the issues it will consider as part of its review on the treatment of PEPs under s78 FSMA 2023. FCA notes that it does not have the power to change the law relating to the PEPs...

FCA consults on the future of the IDD

FCA is consulting on a proposal to transfer parts of the IDD that are currently in legislation into its rules, as part of the Future Regulatory Framework following Brexit. Treasury has announced its plan to repeal the...

FCA consults on MIPRU PII clarifications

FCA’s latest quarterly consultation paper includes a proposal to clarify a potential conflict between the requirements in MIPRU 3.2.1R that require a firm to take out and maintain continuous PII what must include...

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...

FCA publishes interest-only mortgage research

FCA has published a research note analysing its data on the population of regulated interest-only mortgages that existed as at 31 December 2022. The analysis found that: Interest-only mortgages currently make up 9% of...

UK Finance updates FTR guidance

UK Finance has published a “how to” interpretative guide to the Funds Transfer Regulation. The FTR was one of the pieces of legislation onshored after Brexit, and UK Finance had previously produced guidance...

FCA warns consumers on loan fee fraud

FCA has issued a consumer warning to help customers avoid loan fee fraud as they look to cover the costs of summer spending.  This type of fraud, which involves customers paying for a loan they never receive, typically...

FCA publishes Q2 fin proms data

FCA has published its financial promotions data for Q2 2023, which showed that 1507 promotions were amended or withdrawn as a result of FCA intervention. As with the data for Q1, the majority of cases related to retail...

FOS blogs on consumer card protections

FOS has published a blog on how businesses can help consumers who have problems with goods and services. It has noticed that consumers aren’t always aware of the protections they have when paying for goods or...

FCA clarifies Advice Guidance Boundary Review

FCA has issued an update on how it and the Treasury will carry out their joint review of the boundary between advice and guidance. Industry feedback has made it clear that consumer needs for advice are diverse, entail...

Consumer Duty takes effect

The Consumer Duty has taken effect for all on-sale products. FCA has reminded consumers of the protections it gives them.
Read our summary of what FCA is expecting from firms.

FCA publishes cash savings action plan

FCA has published a 14 point action plan for banks and building societies. The plan aims to ensure: that firms pass on interest rate rises to savers appropriately; good and effective communication with customers; and...

HMRC updates MLR registration guidance

HMRC has updated its guidance for firms needing to make changes to their money laundering registrations or deregistering their business. The guidance summarises what changes should be reported to HMRC and notes that any...

JMLSG consults on travel rule

JMLSG is consulting on changes to its guidance in respect of the travel rule for cryptoasset transfers. The changes will add a new Annex 1 to Chapter 22 in Part 2 and will reflect the requirements in Part 7A of the MLRs...

FCA makes new rules

FCA’s latest Handbook Notice confirms: changes to ICOBS to reduce the impact of financial difficulties by enabling customers to maintain an appropriate level of insurance; amendments to FCA’s Glossary and...

Regulators publish revised Complaints Scheme

Following a joint consultation between FCA, PRA and BoE in July 2020, the regulators have set out final changes to be made to the Complaints Scheme. The revised Complaints Scheme and policy statement was initially due...

ICO writes to banks on customer information

Following the Nigel Farage account issue, the ICO has reminded banks of their duty of confidentiality. It noted that, while this case is “out of the ordinary” proper processes and procedures must still be...

Government plans online ads crackdown

The Government has published its plans to crack down on harmful online advertising. One of its focuses will be fraudulent celebrity endorsements for scams. It will also be prioritising illegal paid-for advertising...

BoE speaks on RTGS renewal programme

Victoria Cleland, Executive Director for Banking, Payments and Innovation at BoE, has delivered a speech at the UK Finance Summer Network Event on the benefits of BoE’s multi-year programme to renew the RTGS...

FCA to launch Digital Sandbox permanently

Following successful pilots, FCA’s Digital Sandbox will be made permanently available on 1 August 2023. Until now, the platform has only been available on a temporary basis to institutions participating in FCA...