FCA has announced that Link Fund Solutions has agreed a redress payment to investors in the LF Woodford Equity Income Fund of up to approximately £235m. The Link Administration Group will make a material contribution to...
Category - Topics
Emma RadmoreOFSI publishes high value dealer guidance
OFSI has updated its suite of guidance materials to include specific guidance for high value dealers, luxury goods markets and art market participants. The guidance includes information on popular circumvention...
PSR speaks on payments priorities
Kate Fitzgerald has spoken on the next evolution planned for UK payment systems. She focussed on open banking, which currently has over 7 million active users in the UK, and the next steps outlined by the JROC. She...
FCA speaks on green mortgages
David Geale has spoken on FCA’s view of green mortgages. He said that every part of the housing chain has a role to play, and that lenders are risking missing their decarbonisation targets if they do not evolve...
EP ready for discussion with Council on new AML measures
The European Parliament and Council are about to open talks on reforms to EU AML legislation and the creation of a new AML Authority. Talks on the package that includes a Directive and Regulation on updating AML and CDD...
BoE CFO speaks on DEI and the financial sector
Afua Kyei spoke on how she became one of the first ethnic minority women to have a top job within the BoE, the incorporation of DEI in advertising campaigns, and the benefits in having women and diversity in leadership...
FOS updates on wider implications framework
FOS has updated its website on how it works with other organisations to assess issues that can have a wider impact across the financial services industry. The members are FOS, FCA, FSCS, The Pensions Regulator and MaPS...
FCA pleased with overdraft rules effect
FCA says customers have saved £1bn as a result of its improved rules on overdrafts which have reduced high fees for unarranged borrowing, have removed complex charging structures and required firms to help struggling...
PSR speech: Innovate Finance Global Summit
Aidene Walsh, Chair of PSR, has delivered a speech at the Innovate Finance Global Summit on innovation from a regulatory perspective and promoting development in payment systems. The speech referred to recent headlines...
Laura WilesBoE updates on improvements to depositor outcomes
Following its December 2021 policy statement on the approach to setting a minimum requirement for own funds and eligible liabilities (MREL), BoE considered whether recent innovations in technology in the banking system...
BoE speech: climate action: approaching a tipping point?
Sarah Breeden, BoE Executive Director of Financial Stability, Strategy and Risk, has delivered a speech emphasizing the role governments, businesses, finance and central banks play in the transition towards climate...
FIN. TeamRegulators set out views for next phase of Open Banking
The Joint Regulatory Oversight Committee has published its recommendations for the next phase of open banking. Its priorities for the next 5 years cover: levelling up availability and performance mitigating the risks of...
Wolfsberg Group publishes ABC guidance
The Wolfsberg Group has published updated ABC Compliance Programme Guidance. The guidance updates the 2017 version and sets out the critical elements to a good compliance programme to mitigate ABC risks. The update...
Government outlines new FTP offence
The Government has finally set out its proposals and published a fact sheet about its proposals for the new “failure to prevent” offence. It will be introduced in the Economic Crime and Corporate...
Regulators publish “critical third parties” survey
BoE, PRA and FCA have published a survey to help their analysis into the costs and benefits of a potential critical third party regime. The survey asks for information about implementing and complying with potential...
FCA to lead GFIN Greenwashing TechSprint
FCA is inviting all UK firms interested in participating in the GFIN’s first ever greenwashing TechSprint to apply for it. FCA is leading the initiative involving 13 regulators and 80 international organisations...
Court considers time limits for PPI referrals
In the case of the Official Receiver and Shop Direct Finance Company Limited the Court of Appeal considered the time limit for referring complaints to FOS in respect of missold PPI, in particular where a person to whom...
FCA updates Consumer Duty letters with CFD provider letter
FCA has published its portfolio letter to CFD providers on preparing for the Consumer Duty. As with the other letters, it reminds firms of the implementation timeline and key elements of the duty, with details of the...
FCA and ASA partner with Love Islander to educate fin-fluencers
FCA and ASA have teamed up with former Love Island contestant Sharon Gaffka to help educate fin-fluencers about the risks of promoting financial products. The regulators have previously issued warnings to fin-fluencers...
PRA publishes 2023/24 FSCS management expenses levy limit
PRA has published a policy statement which contains its final policy following its consultation on the FSCS Management Expenses Levy Limit (MELL) 2023/24. The consultation proposed a MELL of £109.8 million for 2023/24...
PRA publishes market views on liquid asset usability
BoE/PRA have published a Feedback Statement in response to their March 2022 Discussion Paper on the prudential liquidity framework and liquid asset usability. The Liquidity Coverage Ratio (LCR) was introduced to promote...
Call for evidence on Treasury’s investment research review
Treasury has invited written evidence as part of its review of the UK’s research and investment landscape, as promised by the Edinburgh reforms. The review aims to examine the link between levels of research and...
AI governance impact analysis evidence published
On 29 March 2023, the government published its AI white paper setting out its regulatory approach to AI in the UK. Simultaneously: the Department for Science, Innovation and Technology (DSIT) and the Office for...
FCA consults on fees and levies for 2023/4
FCA is consulting on rates for its regulatory fees and levies for the next financial year. In terms of the AFR allocation, most firms will see an increase of between 8-10%. Most periodic fees will see a small increase...
FCA publishes Business Plan
FCA has published its Business Plan for 2023/24. It plans to accelerate its work in 4 areas: putting consumers’ needs first; preparing financial services for the future; strengthening the UK’s position in...
FCA publishes BI insurance test case insurance claims data
The FCA has published its latest insurer claims data (as of 6 March 2023) from all affected insurers on the progress of their non-damage business interruption (BI) insurance claims. The FCA has been collecting data on...
FCA publishes Notice of Undertaking by Policy Excess Insure Limited T/A Nova Direct
Policy Excess Insure Limited trading as Nova Direct (PEI) has given an undertaking, under the Consumer Rights Act 2015 (the CRA), making changes in relation to three terms in its insurer broker contract (for the sale of...
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...
PRA censures Wyelands Bank for governance failings
PRA has censured Wyelands Bank Plc for wide-ranging and significant failings in its governance, controls and risk management procedures over a period from the end of 2016 to mid 2020. The failings related to: large...
FCA publishes MoU on Immigration Act support
FCA has published a MoU with Synectics Solutions Limited, which replaces a 2014 MoU with CIFAS and addresses how the two organisations will work together in relation to the provision of information in relation to the...
Government publishes paper on whistleblowing framework review
Government has published a policy paper on its review of the whistleblowing framework terms of reference. The review will examine the effectiveness of the framework in meeting its original objectives under the Public...
PRA publishes policy statement on depositor protection rules changes
PRA has published a policy statement providing feedback on responses to its consultation on depositor protection. It also contains PRA’s final rules concerning the relevant amendments to the Depositor Protection...
FOS feeds back on reporting “proactively settled” complaints
FOS has published a Feedback Statement in response to its March 2023 consultation on temporary changes to outcome reporting in business-specific complaints data. FOS was seeking a longer-term or permanent way to...
FCA requires IBA to continue to publish synthetic US dollar LIBOR
Following its November 2022 consultation, FCA has decided to require LIBOR’s administrator, ICE Benchmark Administration Limited (IBA) to continue to publish the 1, 3 and 6 month US dollar LIBOR settings on a...
FCA makes new rules
FCA’s latest Handbook Notice confirms: changes to the FSCS MELL effective from 1 April; amendments to Consumer Duty rules: these changes result from questions FCA has received. The key clarifications confirm how...
FCA updates on pension transfer redress calculations
FCA has updated its rules and guidance on calculating pension transfer redress, both to correct an error in the CPI stated and to clarify its rules on consequential losses and the valuation date.
PSR publishes Annual Plan
PSR’s Annual Plan for 2023/24 sets an ambitious work programme, building on existing initiatives. One priority will be shaping the delivery of the New Payments Architecture. The PSR says it needs to evolve its...
Government publishes Economic Crime Plan 2
The Home Office and Treasury have published “Economic Crime Plan 2“, a 3 year plan to build on existing and create new initiatives in fighting economic crime. Key initiatives and plans include: getting 475...
Government updates green finance strategy
The Government has published its promised updated Green Finance Strategy, updating the previous 2019 strategy. It aims to reinforce and expand the UK’s position as a world leader on green finance and investment...
Government consults on ESG rating providers regulation
Treasury is consulting on a future regulatory regime for ESG ratings providers. The consultation follows the announcement as part of the Edinburgh reforms that Treasury wants to ensure improved transparency and good...
Treasury and regulators consult on SMCR
Treasury has published a call for evidence and PRA and FCA have published a discussion paper on the effectiveness of the SMCR. The papers, which result from the announcement of the Edinburgh Reform package, seek views...
FCA updates on SDR and labels consultation
FCA’s consultation on SDR and investment labels closed on 25 January 2023. It received around 240 responses, which were largely supportive. FCA intends to publish its Policy Statement during Q3. It notes that it...
Government publishes AI white paper
The Government has published a white paper setting out a new approach to regulating AI in such a way as to build public trust in new technologies. The paper proposes 5 principles to guide the use of AI in the UK and...
FPC highlights NBFI resilience
The headlines from the FPC’s March report are: that overseas bank failures have increased investor caution; UK banks are resilient and are strong enough to support households and businesses; UK household and...
BoE and PRA feed back on cyber stress test results
The BoE and PRA have written to FMIs and PRA-regulated firms setting out the thematic findings from the 2022 Cyber Stress Test. The test looked at a hypothetical data integrity scenario in retail payments in which a...
NCA updates SARs reporter booklet
NCA has published a March 2023 edition of its SARs reporter booklet. The update includes a snapshot of examples of the work enforcement agencies do in using SAR intelligence, using sanitised examples.
Draft FPO amendments
Draft amendments to the FPO have been published, which would: create a new exemption for crypto exchange and wallet providers who are registered with FCA for AML purposes but not authorised under FSMA, which will allow...
PRA speaks on UK insurance sector risks
Shoib Khan, the PRA’s director for insurance supervision, has given a speech on the current risks facing the UK insurance sector. He highlighted that insurers should examine beyond the structure of their models...
Treasury and FCA to update criminal market abuse regime
Treasury and FCA have completed their review of the criminal market abuse regime and have concluded that there are a number of areas in which it would benefit from an update. The criminal regime has barely been updated...
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...
PSR confirms APP scam data publication plans
PSR has confirmed that it will direct 14 large UK PSPs to collect and provide APP scam data to it which will cover 95% of transactions. The data will show: the proportion of APP scam victims who do not get reimbursed...
Government responds on Silicon Valley UK rescue
The BoE and Government have responded to the Treasury Committee’s queries on the collapse and subsequent purchase by HSBC of Silicon Valley Bank UK. BoE was asked how the bank was supervised before its collapse...
APP fraud podcast
Listen to the first in our series of podcasts on APP Fraud.
The podcast discusses APP fraud’s scope and growth, banks’ duties and legislative proposals to tackle it.
FSM Bill 9th Grand Committee session
The 9th Lords Grand Committee session on the FSM Bill took place on 21 March. Topics debated were: the proposal to limit the powers of PRA to prevent a matching adjustment being applied to a portfolio of high risk or...
Parliament debates AML levy proposals
A delegated legislation Committee in Parliament debated the draft Economic Crime (Anti-Money Laundering) Levy (Amendment) Regulations 2023, which Andrew Griffith described as the final step in implementing the levy by...
PSR calls for views on LINK Direction review
PSR is carrying out its first annual review of its Specific Direction 12, designed to ensure that LINK has a broad geographic spread of free to use cash machines and meets service-user needs. It issued the direction...
FCA updates on Climate Financial Risk Forum
The Climate Financial Risk Forum, established in 2019, is currently nearing the end of its third session, which started last April. It has published a third round of guides to help the financial sector develop its...
Banks respond to Treasury Committee on savings rates
The Treasury Committee had written to Barclays, HSBC, Lloyds and NatWest as part of its inquiry into retail banks, asking them about savings rates. As a result of the responses it has now written to the FCA. The...
FOS publishes H2 2022 complaints data
FOS has published data on complaints received between July and December 2022. It saw a slight increase in complaints over the first half of the year, and received nearly 80,000 new complaints. It upheld 34% of...
BBRS SME Liaison Panel closes
Antony Townsend has resigned as Chair of the BBRS SME Liaison Panel, saying it has been very difficult for him to make progress and he has been disappointed at some of the BBRS responses to the Panel’s concerns...
FCA speaks on simplified advice and advice/guidance distinction
Therese Chambers, director of Consumer Investments at FCA, has spoken on the progress FCA has made in the past 10 years on getting a well working consumer investment market. While noting the successes of the RDR, she...
FCA updates on operating service metrics
FCA has updated its operating service metrics to include performance from the periods October to December 2022 and January/February 2023. FCA notes that the latest metrics show 12 green, 5 amber and 2 red –...
FOS updates award limits
FCA has confirmed new limits for FOS awards, effective from 1 April. These are: £415,000 for complaints referred to FOS on or after 1 April 2023 about acts or omissions by firms on or after 1 April 2019; £190,000 for...
LSB updates CRM Code
The LSB has updated the CRM Code, by making amendments that require signatory firms receiving scam payments to play a greater role in protecting the customer by trying harder to stop any money actually changing hands...
LSB publishes Customer Vulnerability report
The LSB has published a report reviewing customer vulnerability in the banking and lending sector. Overall, the LSB concluded that it was clear that firms are committed to meeting the requirements set out in the...
FCA requires improvements on ESG benchmarks
The FCA has published its letter to administrators outlining where improvements are needed in ESG benchmarks. The FCA had previously highlighted the risk of poor disclosures for ESG benchmarks within its September 2022...
Regulators respond to FINMA action
Following the announcement from the Swiss authorities of a range of actions to support financial stability in the wake of the concerns over Credit Suisse, FCA has indicated that the UK regulators are minded to approve...
OFSI updates penalties guidance
OFSI has updated its guidance on assessing sanctions breaches to include how it assesses penalties where there has been an incorrect assessment of ownership and control of an entity. The additions to the guidance...
FCA calls for input on SME access to FOS
The FCA has launched a call for input to ascertain whether the thresholds for SMEs to be able to refer complaints to the FOS remain appropriate. The FCA’s policy objective is to provide access to the Ombudsman...
FCA priorities for payments firms
The FCA has published a portfolio letter setting out its priorities for payments firms. The FCA raised concerns that many payments firms do not have sufficiently robust controls, and it considers this an increased risk...
Pro-innovation Regulation of Technologies
HM Treasury has published the report presented by Sir Patrick Vallance, the Government Chief Scientific Adviser, on Pro-innovation Regulation of Technologies Review: Digital Technologies. The report highlights the...
FATF publishes Countering Ransomware Financing report
FATF has published its report on countering ransomware financing, which analyses the methods criminals use to carry out ransomware attacks and how payments are made and laundered. It reveals that criminals predominantly...
FCA sends out Consumer Duty survey
FCA has sent its promised Consumer Duty firm survey to a sample of small and medium sized firms. It wants to use the survey (which is anonymous) to understand the progress firms are making towards implementation.
BoE updates webpage on ISO 20022
The BoE has updated its webpage delivering information on ISO 20022: the new messaging standard for CHAPS and RTGS. It outlines its migration and policy approach timelines, and stakeholder requirements. On 19 June 2023...
FSM Bill Committee day 8
On 13 March 2023, the House of Lords Grand Committee continued its line by line examination of the FSM Bill, which took place during the eighth day of committee stage. The amendments that were discussed covered clauses...
Government and BoE facilitate sale of Silicon Valley Bank UK to HSBC
On 13 March 2023, Silicon Valley Bank (UK) Ltd (SVB UK) was sold to HSBC for £1, enabling customers of SBV UK to access their deposits and banking services as usual. The sale was facilitated by BoE in consultation with...
BoE consults on the non-performing exposures capital deduction
The BoE (PRA) has published its consultation paper (CP6/23) on the non-performing exposures capital deduction. The PRA is proposing to remove the Common Equity Tier 1 (CET1) deduction in the PRA Rulebook, which relates...
FCA issues Supervisory Notice to Roark Holdings Ltd
FCA has issued a Supervisory Notice to Roark Holdings Ltd varying the firm’s authorisation under the PSRs 2017 by imposing restrictions on its business due to the firm’s failure to inform the FCA of a major...
BoE reports on climate risks and regulatory capital frameworks
The BoE has set out its latest thinking on climate-related risks and regulatory capital frameworks. The report includes updates on: capability and regime gaps; capitalisation timelines; and areas for future research and...
Parliament to debate acceptance of cash
On Monday 20 March, Parliament will debate petitions relating to the acceptance of cash. The session will be lead by Martyn Day MP. One petition, which has more than 33,000 signatures, seeks to ‘make it unlawful...
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...
FATF publishes international standards on combating money laundering and the financing of terrorism & proliferation
FATF has published its international standards on combating money laundering and the financing of terrorism & proliferation. The recommendations contain a comprehensive and consistent framework of measures for...
FCA publishes FGF’s multi-firm review
The FCA has published its findings and expectations of FCA solo-regulated fast-growing firms to identify, assess and manage the risks arising from their activities. In particular, this multi-firm review of 25 FCA solo...
FCA releases guidance for firms supporting mortgage borrowers with rising cost of living
The FCA has provided its finalised guidance (FG 23/2) for firms seeking to assist their existing customers facing higher mortgage payments and interest rates due to the rising cost of living. The guidance clarifies the...
Government responds on Fraud
The Government has published its response to the House of Lords Fraud Act 2006 and Digital Fraud Select Committee report on “fighting fraud: breaking the chain”. Among its responses to the recommendations...
Andrew Griffith speaks on Edinburgh Reforms progress
Economic Secretary to the Treasury, Andrew Griffith, has spoken on the progress of various elements of the Edinburgh reforms including giving his update on the FSM Bill. He focussed on the new duty on PRA and FCA to...
FCA authorises first Long Term Asset Fund
FCA has authorised the first LTAF – a new category of open-ended authorised fund which is designed to invest efficiently in long term assets.
FCA to collect economic crime levy from July
FCA is to collect the Treasury’s economic crime levy from the firms for whom it is responsible (that is, relevant regulated firms and those registered with FCA for AML supervision). This year’s levy will...
Treasury Committee writes to FCA on greenwashing
The Treasury Committee has described FCA’s proposals on sustainability disclosures intended to prevent investment funds from greenwashing as “lopsided”. It has written to FCA asking it to conduct a...
Treasury announces start of investment research review
Andrew Griffith is to announce the start of the review of the UK’s research and investment landscape promised as part of the Edinburgh reforms – to start on 13 March. The review is looking to understand the...
FSM Bill Committee day 7
On the seventh day of debate in the Lords’ Grand Committee, the Committee: continued its debate on climate issues – including on PRA risk weightings and solvency capital requirements, and a ban on regulated...
FCA takes further action on crypto ATMs
FCA has undertaken an exercise with the Metropolitan Police which has resulted in the discovery of several illegally operating crypto ATMs in East London. FCA is now working with the National Economic Crime Centre to...
Ombudsman News highlights Business Support Hub
The latest edition of FOS’ Ombudsman News covers the consultation featured separately in FIN on the reporting of business-specific data, and discusses how the formerly known “technical desk” has now...
SME liaison panel gives BBRS views
Antony Townsend, Chair of the SME liaison panel, has responded to the BBRS Post Implementation Review. The panel is pleased the report recognised the issues the scheme faced. However, the panel is concerned that the...
BoE reveals 20% higher chance of insurance firms collapsing due to Solvency II reforms
The BoE has published a letter to the Treasury Committee revealing that Government proposals to overhaul Solvency II rules to reduce how much capital life insurers must hold to protect themselves against bankruptcy...
House of Lords updates on FSM Bill
Ahead of the seventh day of debate on the FSM Bill in the Grand Committee, the House of Lords has published: a new list of amendments; a letter promised by Baroness Penn to all members on matters raised at the second...
FCA publishes anonymous warning notices
FCA has published a “warning notice statement” which discloses that it gave two individuals warning notices in September 2022 of its intention to fine them in respect of conduct between 1 October 2015 and 31...
JMLSG updates guidance
JMLSG has submitted several updates to its guidance to Treasury for approval. There is one update to Part I, relating to Chapter 6, and highlighting the ability of FOS to effectively handle complaints with a money...
Treasury Committee unimpressed with scam reimbursement proposals
The Treasury Committee has described the proposals for the PSR to require banks and building societies to fully reimburse victims of APP scams where the loss is over £100 as “half baked”. The Treasury Sub...
FOS consults on business-specific data publication
FOS is consulting on a longer-term or permanent way to incentivise businesses to settle complaints pro-actively before FOS issues its opinion. The consultation follows an initiative FOS launched for a short time in late...