FIN.

Category - Investments

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 It has: caused over 10,000 promotions to be withdrawn or changed in 2023 (a 17% increase on the previous year);...

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.

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...

FCA updates on retained EU laws

FCA has updated its website with details of the current state of play in relation to the repeal and replacement of retained EU laws in the financial services sector. Coming up in 2024 will be many changes and papers...

BoE consults on use of requirements on FMIs

The BoE is consulting on how it plans to use its powers under FSMA 2023 to place requirements on CSDs and CCPs mandating that they take, or don’t take, a particular action. It must use its power proportionately...

BoE publishes FMI supervision report

BoE has published its annual report on its supervision of FMIs. The report looks at what FMIs are, and BoE’s supervisory focuses over the past year. Its priorities for the future will include enhancing both...

Treasury makes Digital Sandbox Regulations

Treasury has made Regulations under FSMA 2023 to create the digital securities sandbox under which firms can apply for a place to test developing technology to help FMI activities.  The sandbox is open to UK Recognised...

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...

FCA consults on fee policy

FCA is consulting on its policy proposals for the 2024/5 fee year. For application fees, FCA did not increase these fees last year, but now feels it is appropriate to do so as its costs for processing applications are...

FCA updates on Woodford Scheme

Link Fund Solutions is to convene a meeting of all affected investors on 13 December to vote on whether to approve the proposed settlement fund in relation to the LF Equity Income Fund. FCA has confirmed it believes the...

Treasury to update Fin Prom exemptions

Following its consultation on exemptions in the FPO for promotions to high net worth individuals and sophisticated investors, Treasury has decided to make some updates. It will: increase the financial thresholds needed...

FCA speech: next steps for Consumer Duty

Nisha Arora (Director of Cross Cutting Policy and Strategy at the FCA) has delivered a speech on the Consumer Duty and the next steps for firms. The speech highlighted the following examples of good practice identified...

Market Watch updates on market soundings

The latest edition of Market Watch updates FCA’s views on market soundings, following on from previous editions. FCA says it has recently found cases where recipients of soundings have traded between receiving the...

Treasury and FCA hold perimeter meeting

Treasury and FCA have published the record of their July meeting to discuss aspects of the regulatory perimeter. The issues discussed included: discussion of FCA’s plans around expectations on firms carrying out...

FCA updates complaints data

FCA has published updated complaints data based on returns from firms. Snapshots from the 2023 H1 data include: a slight increase in complaints from the previous 6 months (5%); most significant increases in the...

FCA censures LCF over fin proms

FCA has censured London Capital & Finance for issuing misleading financial promotions about minibonds to retail investors. The promotions made the minibonds look a more attractive investment than they were and...

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...

FCA speaks on encouraging investment

Sarah Pritchard has spoken on the role of regulation in encouraging investment in the City. She noted that proportionate regulation and a debate around risk appetite are key considerations in the review of financial...

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...

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 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 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 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...

Treasury publishes investment research review

In March 2023, Treasury launched its investment research review to consider levels of financial services investment research in the UK, and its contribution to UK capital markets competitiveness. The review was part of...

US dollar LIBOR panel ends

The US dollar LIBOR panel has ended, meaning that the overnight and 12-month US dollar LIBOR settings have permanently ceased. All new use of synthetic US dollar LIBOR is now prohibited under the Benchmarks Regulation...

FCA widens access to LTAF

FCA has published its final rules on giving a wider group of retail investors and defined contribution pension schemes access to Long Term Asset Funds (LTAF). The rules recategorise a unit in an LTAF from a Non-Mass...

FSM Bill gets Royal Assent

As expected, the Financial Services and Markets Act 2023 got Royal Assent on 29 June.  Heralding it, Treasury described its key features as: bringing the ability to tailor financial services regulation to fit UK markets...

Lords passes FSM Bill

The FSM Bill has had its third reading in the Lords, and has been passed and returned to the Commons as amended in the Lords.   The Commons now needs to consider the Lords’ amendments, and, if all is agreed, the...

FCA urges “do the right thing”

Therese Chambers has spoken on the importance of people in the financial services sector doing the right thing on a day to day basis, and how well run firms will achieve better outcomes for their clients. She noted some...

FCA updates on USD LIBOR

FCA has reminded firms that the US Dollar LIBOR panel ends on 30 June.  It is warning market participants to be aware that the overnight and 12-month settings will cease after final publication on 30 June. It has...

FCA consults on dormant assets rule changes

FCA is consulting on changes to its rules to reflect the further expansion of the Dormant Assets Scheme. Its rules facilitating the first phase of expansion, covering insurance, pensions and securities assets, took...

FCA publishes Q1 fin proms data

The Financial Promotions data from Q1 2023 shows that 2235 promotions were amended or withdrawn as a result of FCA intervention. Nearly half of these were identified by FCA’s own proactive monitoring and almost...

FCA updates on markets review

FCA has issued: a consultation on improving the effectiveness of primary markets: the proposals look to streamline current listing rules to make them easier to understand and less onerous. Among the proposals are to...

FCA warns firms on overseas referrals

FCA has warned firms of the risks to consumers when overseas firms refer DB scheme members living overseas to UK firms for pension transfer advice. The overseas adviser is usually wanting the scheme member to transfer...

FCA updates LDI guidance

FCA has updated its guidance for Liability Driven Investment managers to enhance resilience of the sector. Previous reviews showed deficiencies in risk management, communications and client servicing and in operational...

FCA places restrictions on senior manager

FCA has imposed several conditions on Lisa Campbell as senior manager of Campbell & Associates Independent Financial Advice Limited. Mrs Campbell had failed to comply with restrictions FCA imposed on the firm in...

Lords Committee finishes FSM Bill debate

The tenth and final sitting in the House of Lords Grand Committee on the FSM Bill took place on 23 March. The discussion moved to: adding new regulated activities in relation to climate and nature offsets, tabled by...

FCA publishes its Perimeter Report 2023

The FCA has published its latest annual Perimeter Report. It highlights some of the challenges faced within the current financial services regulatory perimeter and signposts desired future action the FCA would like to...

FCA publishes Consumer Duty sector letters

FCA has published a set of Dear CEO letters it has sent to several sectors on preparation for the Consumer Duty.  It has so far written to: asset management, custody and fund services and alternatives; consumer...

FCA steps up on fin prom actions

The latest figures FCA has published on its actions relating to financial promotions shows a huge increase in the numbers of ads it required firms to amend or remove in 2022 over the previous year.  It required action...

FCA places restrictions on 2 advisory firms

FCA has imposed restrictions on Nexus Independent Financial Advisers Limited and Nexus Investment Managers  Limited that prevent the firms from carrying out any regulated activities and restrict access to their assets. ...

First session of Grand Committee on FSMB

In the first session of the Grand Committee sitting on the FSM Bill, Clause 1-23 of the Bill were approved (some with amendments), and a number of Government amendments were also agreed. There was lengthy discussion on...