A permission to appeal application has been lodged at the Supreme Court in the Markou case. The application follows the Court of Appeal granting the FCA’s appeal in December 2024 against an Upper Tribunal decision which...
Category - Topics
Laura WilesFCA sets out findings from IFPR liquidity risk management review
The FCA has set out findings from its multi-firm review of liquidity risk management at wholesale trading (sell-side) firms, particularly brokers, in scope of the Investment Firms Prudential Regime (IFPR). The review...
FCA and ICO to host roundtable on opportunities for AI deployment in financial services
The FCA and ICO have written a joint letter on supporting AI, innovation and growth in the financial services industry. The regulators acknowledge the importance of regulatory certainty around the use of technologies...
FCA publishes review of firms’ treatment of vulnerable customers
The FCA has published findings from its review of how firms are responding to the needs of customers in vulnerable circumstances. The FCA also sought to assess whether its existing vulnerability guidance remained...
FCA sets out good practice for the consumer support outcome
The FCA has published findings from its review of firms’ approaches to the consumer support outcome of the Consumer Duty. In May 2024, the FCA conducted a qualitative survey of 407 firms across the retail...
FCA publishes quarterly consultation
The FCA has published its regular quarterly consultation on miscellaneous amendments to its Handbook. The proposed amendments include: Re-alignment of the disclosure requirements in BCOBS 4.3.4R(2) for non-ring-fenced...
FCA invites applications for bond consolidated tape provider
The FCA is inviting applicants for a bond consolidated tape provider. The UK bond consolidated tape will collate data such as price and volume of transactions, combining information on trades executed on trading venues...
Michael LewisArtis Finance becomes latest non-bank lender to enter administration
Artis Finance Limited has become the latest non-bank trade finance outfit to enter administration. James Cameron, Tom Crookham and Edward Macnamara of PwC were appointed joint administrators of the London finance...
Amy GallimorePSR critiques card scheme and processing services market
The PSR has published the final report in its market review into card scheme and processing fees, concluding that the current market is not working well for card scheme and processing services. Key takeaways from the...
Bank IT outages of over 800 hours in 2 years
The responses from the 9 banks that were the subject of a Treasury Committee request for information on IT outages over the past 2 years show that, between January 2023 and February 2025 (not including the Barclays...
Emma RadmoreCourt of Appeal rules motor finance commission cases can be dealt with using omnibus claim forms
The Court of Appeal (CoA) in Angel & Ors v Black Horse Ltd [2025] EWHC 490 (KB) has overturned the case management decision taken at first instance that the eight claim forms covering 5,800 claimants could not be...
Stephen WilsonPRA consults on raising leverage ratio threshold for retail deposits
The PRA is consulting on increasing the retail deposits leverage ratio threshold to £70bn. Firms with over £50bn in retail deposits or £10bn of non-UK assets are currently required to meet a minimum leverage ratio...
National Wealth Fund exempted from all regulated activities
HM Treasury has amended the FSMA Exemption order to include a new schedule for the names of any person exempt from the FSMA general prohibition in respect of any regulated activity, and has added National Wealth Fund...
FCA reports on private market valuation processes
The FCA has published the results of its review of private market valuation processes. It is imperative that firms in these markets have robust processes given that the regular price discovery present in more liquid...
Nearly 300 whistleblowing reports in Q4 2024
The FCA’s latest data on whistleblowing reports shows it received 292 reports in Q4 2024 containing 852 allegations in total. Nearly half the reports were made by reporters using the online form, although...
FOS reports huge rise in cases
The FOS’ complaints data for Q4 2024 shows a rise of 40% in complaints over the same period last year. It received more than 68,000 complaints – which was in fact slightly less than the number it received...
FCA bans ex-CS directors after US Mozambique convictions
The FCA has banned Andrew Pearse and Surjan Singh, former managing directors of Credi Suisse, following a US court convicting them of arranging corrupt loans to the Republic of Mozambique. The individuals had pleaded...
FCA starts criminal proceedings against 2 individuals
The FCA has started criminal proceedings against Kerry Nelson, former director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited and Jacqueline Stephens, business operations manager...
Individual jailed for 4 years for illegal crypto ATM operation
Olumide Osunkoya, who operated crypto ATMs at 28 locations through his company, Gidiplus Limited, while not being FCA registered to do so, has been jailed for 4 years. The FCA had refused Gidiplus’ application for...
WBD lawyers explore AI uses, risks and development
Our UK and US teams attended a panel discussion in Copenhagen last week on AI’s legal risks and ethical adoption. ⚠️ We explored the three key legal risks presented by AI: regulatory, contractual and IP. In short...
Katie SimmondsFCA speaks on challenges of growth
Nikhil Rathi spoke to the ABI on how the FCA is looking to support growth while keeping strong consumer protection. He highlighted: the far reaching reforms to listing and prospectus rules the removal of the expectation...
FCA confirms CD board champion no longer expected
The FCA has updated its resources on the Consumer Duty to confirm that, as of 27 February, it no longer expects firms to have a Duty champion, although of course they are free to have one. In the run up to the...
FATF consults on PF and sanctions evasion project
The FATF is carrying out a study to improve country and private sector understanding of current proliferation financing risks and its looking to set out evasion techniques that those who seek to evade the targeted...
FATF updates standards and consults on financial inclusion
The FATF has published an updated version of its standards, which now better support financial inclusion. It has updated standard 1, and the interpretative notes to standards 1, 10 and 15 and its Glossary definitions...
FCA discusses approach to non-bank leverage and importance of data
Sarah Pritchard of the FCA has spoken to the Investment Association Roundtable event. She looked at the FCA’s approach to non-bank leverage. She focussed on how targeted improvements to public and private...
FCA sets out asset management and alternatives supervisory priorities
The FCA has published its portfolio supervision letter sent to the asset management and alternatives sector. It notes five priority areas: supporting confident investing in private markets: the FCA sees increasing...
Commercial Agents Regulations here to stay
In May 2024, the government launched a consultation about the Commercial Agents (Council Directive) Regulations 1993 (CARs), which is assimilated EU law. The then Conservative government was considering bringing forward...
Victoria FergusonCoA clarifies regulated ‘sale and rent back’ agreement features
On 5 February 2025 the case of Priti Odhavji v Caroline Tighe, Suranjan (Joseph) Cooray, K & C Properties Limited [2025] EWHC 372 (Ch), 2025 WL 00581905 came before the Court of Appeal, Chancery division. In the...
CMA reaches settlement with banks over gilt information
The CMA has reached settlement with 5 banks in relation to exchanges of information by traders on buying and selling gilts on specific dates. Individual traders shared competitively sensitive information in one-to-one...
FATF consults on Recommendation 16
The FATF has published a second consultation on changes to Recommendation 16 on payment transparency and the related guidance and glossary terms. It needs to make the update to adapt the standard to changes in payment...
John Dance trial date set
John Dance, the former principal partner in the WealthTek LLP was charged in December 2024 with alleged misappropriation of customer funds totalling around £64m between 2014 and 2023. The trial date has now been listed...
FATF plenary outcomes
At the February FATF plenary meeting, it: updated the list of high risk jurisdictions, to add Lao People’s Democratic Republic and Nepal, and remove the Philippines from increased monitoring; agreed changes to its...
FCA pleased with firm conduct on ongoing advice
The FCA has published the results of a survey of 22 firms, in which it checked whether firms that are charging their clients for ongoing advice and relating services are meeting their regulatory obligations and had been...
FCA researches explanations to consumers on AI outputs
As part of its AI research series, the FCA has published a research note exploring the effectiveness of different methods for explaining AI outputs to consumers in the context of determining consumer creditworthiness...
FCA publishes skilled persons data for Q2 / Q3 2024
In the quarter ending September 2024, the FCA commissioned 14 skilled persons reports: 6 reports related to consumer investments, 2 to insurance, 2 to wholesale markets (buy-side) and 4 to wholesale markets (sell-side);...
Wolfsberg Group publishes digital asset FAQs
The Wolfsberg Group has published a set of FAQs on how members conceive of and conceptualise key terms associated with digital assets. It says the guide will be a reference point for its future work on the risks of and...
Wolfsberg Group publishes payment transparency guidance
The Wolfsberg Group has published guidance on roles and responsibilities in payment transparency. Its guidance looks at the roles of the various actors in the payment chain and their respective responsibilities, using a...
FCA announces winners of competition on economic growth research
The FCA has announced the winners of its research competition on economic growth. The competition was launched in November 2024, and attracted 43 entries from 41 organisations. Each successful project will be awarded up...
FCA and BoE speak on T+1 implementation
Sasha Mills, BoE Executive Director of Financial Market Infrastructure, and Mark Francis, FCA interim director of wholesale markets sell-side, have delivered speeches on the implementation of T+1 settlement at a UK...
FSB seeks feedback on implementation of global regulatory framework for crypto-asset activities
The FSB is seeking feedback as part of its thematic peer review on the implementation of its global regulatory framework for crypto-asset activities. The FSB has distributed a questionnaire to relevant jurisdictions to...
PRA sets out future approach to policy
The PRA has set out its approach to policy under the FSMA 2023 regulatory framework, which gave the regulatory wider rule making responsibilities and enhanced accountability requirements. The Approach document has now...
Employment case update – February 2025
Baldwin v Cleves School and others [2024] EAT 66 This case concerned individual respondents’ liability for discrimination under section 110 of the Equality Act 2010. Miss Baldwin, a newly qualified teacher...
Karen Plumbley-JonesFCA explains email deletion plan
A blog from the FCA has explained the reasoning behind its statement that it is to delete all emails in staff inboxes that are over a year old. The blog explains that the FCA is not deleting evidence, but rather is...
FCA meets almost all authorisations service metrics
The FCA’s metrics showing its authorisations figures for the last quarter of 2024 shows no “red” metrics, and only one amber, which is on the new firm authorisations (which has been amber for some...
FCA and PSR report on use and impact of digital wallets
The FCA and PSR have published a report looking at the use and impact of digital wallets. Use of digital wallets is increasing rapidly, going from 8% in 2019 to 29% in 2023, and in 2023 around 20% of card users used a...
Government agrees 2027 implementation for T+1 settlement
The Accelerated Settlement Taskforce (AST) Technical Group has published its final report on T+1, setting out a detailed plan for the UK to move to faster settlement of securities trades. The report recommends –...
FCA fines Mako in cum-ex trading investigations
The FCA has fined Mako Financial Markets Partnership LLP £1,662,700 for financial crime systems and controls failures. The firm had also failed to adequately apply policies and procedures it did have in place. The case...
Treasury request to intervene in motor finance commission case denied
The press is reporting that the applications by HM Treasury and the Finance and Leasing Association to intervene in the Supreme Court hearing in the Johnson, Hopcraft and Wrench cases have been denied, while the...
FCA delays “polluter pays” decisions
The FCA is still considering the feedback to its consultation on requiring firms to set aside capital resources for potential redress liabilities. While it is continuing to carry out increased monitoring of firms and...
FCA delays decision on SDR extension
The FCA has confirmed that it will no longer imminently be publishing its feedback statement on the proposed extension of the SDR and investment labels regime to portfolio management. The FCA is aware that fund managers...
E-money firm goes into special administration
Nvayo Limited, an EMI, has entered special administration. The FCA had placed restrictions on the firm in 2023 because of AML compliance concerns, which meant the firm could not carry on any emoney services without the...
Treasury acts to encourage more mortgages
The Treasury has committed to a new mortgage guarantee scheme and urged the FCA to carry out an “ambitious and rapid” review of its mortgage rules – both with the aim of allowing more people to take...
OFSI publishes Financial Services Threat Assessment
The latest of OFSI’s Threat Assessment Reports focuses on financial services. The report is aimed at helping UK businesses to prioritise the highest risks in their approach to financial sanctions compliance. It...
Stenn fintech collapse – what’s happened so far
Recent updates from Stenn’s administrators have cast light on the hasty demise of the London-based fintech business, which continues to generate considerable interest. Kristina Kicks, Joshua Dwyer and James Tucker...
FCA researches potential mortgage pricing differences by demographic characteristics
As part of its AI research series, the FCA has published a report on the potential for pricing differences by demographic characteristics in the mortgages market. The FCA compared mortgage features like interest rates...
Foreign Affairs Committee seeks views on sanctions strategy
The Foreign Affairs Committee has opened an inquiry on the UK’s sanctions strategy, and it asking for written evidence on questions such as whether Parliament should have greater oversight of the UK sanctions...
PSR reflects on next steps for APP scam reimbursement
The PSR’s head of policy, Kate Fitzgerald, has blogged on what the PSR plans now that the main APP scam reimbursement requirement is in full effect. Its key priority relates to Pay.UK’s reimbursement claims...
ABI and MGA Association sign MoU
The Managing General Agents’ Association and the ABI have entered into a MoU to help drive collaboration in the insurance industry.
PRA makes changes to simplify capital communications
The PRA has finalised the rule changes needed to allow it to streamline firm-specific capital communications. The changes do not change the capital requirements on firms but will simplify the content and process of the...
Treasury Committee writes to FCA and FOS over Ombudsman departure
Following the FOS announcement on 6 February that Abby Thomas was stepping down from her role as Chief Executive and Chief Ombudsman, the Treasury Committee has written to both the FCA and the FOS about the...
FCA updates crypto-registration stats
The FCA received 2 new applications from crypto firms for registration under the MLRs in the past month. It also registered one firm, bringing the total registered since January 2020 to 50 – still only 14% of...
UK Finance publishes FTP fraud guidance
UK Finance has published guidance for the financial services sector on the failure to prevent fraud offence, which takes effect in September. The guidance cannot have statutory force or Government blessing, as the ECCTA...
UK Finance members unsure of value of UK Green Taxonomy
The UK Finance response to the Treasury’s consultation on a UK Green Taxonomy shows that members hold different views as to whether a taxonomy would be useful in supporting the Government’s objectives. On...
Treasury Committee asks for bank IT outage info
The Treasury Committee has written to 9 banks and building societies asking them to provide information on IT outages in the past 2 years and how these have affected current accounts. The request follows the recent...
FOS sets out approach to CMC fees
The FOS has published a policy statement setting out its approach to charging professional representatives a fee of £250 if they wish to refer a case to its service. The new arrangements will take effect from 1 April...
FCA 2024 fin proms data shows increased action against misleading adverts
The FCA’s latest financial promotions data shows 19,766 promotions were amended or withdrawn in 2024, almost doubling the 2023 figure of 10,008. In previous reporting, the FCA acknowledged this sharp increase was...
Lords Committee calls for FCA to cease “naming and shaming” enforcement plans
The Financial Services Regulation Committee has published a report – Naming and shaming: how not to regulate – setting out its views on the FCA’s controversial ‘naming and shaming’...
FCA reforms commodity derivatives framework
The FCA has published a policy statement on reforms to the regulatory framework for commodity derivatives. The 2023 consultation covered key pillars of the regime, including position limits and related exemptions...
FCA speaks on culture
Emily Shepperd, FCA chief operating officer, has delivered a speech on culture at the 10th Annual Culture and Conduct in Financial Services Summit. The speech, titled “Culture is contagious” highlights that...
FCA proposes changes to listing and public offer rules
The FCA has issued two consultation papers proposing changes to the listing and public offer rules. The first paper sets out changes intended to align disclosure requirements for low denomination bonds with those for...
UK Finance sets out principles governing customer vulnerability disclosures in mortgage sector
UK Finance has published a set of principles for information sharing between mortgage intermediary firms and lenders. The FCA has advised that it continues to see vulnerable consumers face challenges when disclosing...
FCA secures £500,000 confiscation order against insider dealer
The FCA has secured a confiscation order of £586,711.01 against Mohammed Zina, a convicted insider dealer. The order amounts to all of Mr Zina’s available assets, and must be paid within 3 months, otherwise he...
HM Treasury launches call for evidence on AI in financial services
The Treasury Committee has launched a new inquiry into the potential impacts of increased use of AI in banking, pensions and other financial services. It is seeking evidence on how financial services can utilise AI...
FCA sets out priorities for payments portfolio firms
The FCA has written a letter setting out its priorities for payments portfolio firms. Since its previous letter in March 2023, the regulator noted that it had seen improvements in governance arrangements, risk...
UK and Japan publish Financial Regulatory Forum Joint Statement
The UK and Japan held the 3rd Financial Regulatory Forum on 20 January 2025 – with two joint sessions held on Transformation of the Global Landscape and Sustainable and Climate Finance. The UK contingent was made...
FCA secures £6m confiscation order against fraudster
The FCA has secured a confiscation order of £5,963,376.15 against Guy Flintham, who is currently serving a 6-year prison sentence after pleading guilty to fraud by false representation in relation to a fraudulent...
FCA publishes Handbook Notice on collective investment schemes sourcebook updates
The FCA has published a Handbook Notice describing changes to COLL as set out in the Collective Investment Schemes Sourcebook (Concentration Limits) Instrument 2025, which came into force 31 January 2025. Following a...
Check out our newly updated Corporate timeline for 2025
We have launched our recently updated Corporate timeline for 2025 on the Womble Bond Dickinson website. The timeline covers key legislation and legal developments in both corporate and company law from January 2025...
Ella MarshFCA outlines supervision strategy for CMCs
The FCA has written to claims management companies (CMCs) outlining its supervision strategy, including its updated view of the harms and risks that CMCs pose and its expectations for firms in the sector. The FCA...
FCA sets out supervision priorities for mortgage intermediaries
The FCA has written to mortgage intermediaries outlining its supervision priorities for the next 2 years. Its key focus will be on embedding the Consumer Duty. Other priorities include: Quality of advice and unsuitable...
FCA evaluates results of DB market measures
The FCA has published a paper evaluating the results and lessons from its ban on contingent charging and other remedies in relation to the defined benefit transfer advice market. The FCA put the measures in place in...
PRA publishes Climate Change Adaptation report
Hot on the heels of the FCA, the PRA has published its Climate Change Adaptation report. This is the PRA’s third report on the subject and focuses on the prudential impact on banks and insurers. Like the FCA, it...
FCA fines for MiFIR transaction reporting failures
The FCA has imposed its first fine for failing to report transactions as required by MiFIR. Infinox Capital Limited failed to submit transaction reports for single stock CFD trades executed through one of its corporate...
Treasury publishes more responses on strategy recommendations
HM Treasury has published responses from the Prudential Regulation Committee and Financial Policy Committee to its letters setting out recommendations. the Prudential Regulation Committee response notes what the PRA has...
FCA publishes climate change “adaptation” report
The FCA has published a report requested by DEFRA, looking at the major issues that affect climate change adaptation in the financial services industry. Its research and its discussions with firms highlighted 3 major...
PRA speaks on prime brokerage developments
Rebecca Jackson of the PRA spoke to UK Finance about recent dynamics in the prime brokerage sector, and the results of a recent PRA thematic review. Key points included: that the core of prime brokerage is financing...
UK Finance publishes generative AI use report
UK Finance and Accenture have published a report on how financial services firms are using generative AI. The report finds that the sector is investing more in AI, and that generative AI is driving the most value in:...
JMLSG consults on Part 1 amendments
The JMLSG is consulting on changes to various parts of Part 1 of its guidance. The changes relate to: in chapter 5 new provisions on local authorities and professional deputies appointed by the Court of Protection or...
PSR and BoE agree next steps in CHAPs co-ordination
The PSR and BoE have published correspondence between them setting out how they intend to continue to work together on the CHAPS reimbursement requirement. The PSR does not have powers under the Financial Services...
UK Finance calls for urgent review of BoE MREL proposals
UK Finance has responded to the BoE consultation on its approach to setting a minimum requirement for own funds and eligible liabilities (MREL). It says the Bank must radically change its approach to both the assets and...
Report on consumer-facing AI in financial services
The Global Financial Innovation Network has published a report on the use of consumer-facing AI in global financial services. The GFIN, spearheaded by the FCA and the Dubai FSA, carried out a study during 2024 on...
LSB to retire Standards of Lending Practice for personal customers
The LSB is to retire its Standards of Lending Practice for personal customers at the end of March 2025. The standards were first published in 2016, and have been reviewed and updated several times. However, the last...
Clydesdale/FOS appeal to be heard by December
The Civil Appeals case tracker shows that the appeal relating to judicial review of the FOS decision on DCAs is to be heard “by 8 December 2025”. As a reminder, the appeals in relation to the court cases on...
FCA outlines wholesale broker supervision strategy
The FCA has published a Dear CEO letter to wholesale brokers, setting out its new supervision strategy for firms. In the last 2 years, the FCA has engaged with firms on issues including risk management, financial crime...
FCA settles care home investment scheme claim against solicitors
The FCA has settled a claim against solicitors Lupton Fawcett LLP in respect of work undertaken for the Qualia Group by a former member of the firm. The FCA previously brought a successful claim in the High Court...
FSB sets out 2025 priorities
The Financial Stability Board (FSB) has set out its work programme for 2025. Priority areas include: Supporting global cooperation on financial stability Enhancing the resilience of non-bank financial intermediation...
FOS anticipates 37,000 fraud and scams complaints next financial year
The FOS expects fraud and scams to account for 35% – or 37,000 – of incoming banking and loan complaints in the coming financial year. This is an increase on the 33,000 fraud and scams cases it forecast to...
FCA and PSR set out next steps for open banking
The FCA and the PSR have confirmed that Open Banking Limited will play a key role in setting up an independent central operator to coordinate how variable recurring payments are made in this next step in the development...
FCA reports on firms’ use of the NFD and money mules
The FCA has shared its findings from its review of payment service and account providers’ use of the National Fraud Database (a cross-sector database hosted by Cifas) and a money mule account detection tool. The...
FCA finds gaps in wholesale broker AML controls
The FCA has carried out a review on the systems and controls against money laundering that wholesale brokers have in place to prevent money laundering through the capital markets and has concluded that they could do...