As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes...
Category - Pensions
Emma RadmoreFCA finalises pension transfer advice rules
FCA has published feedback and final rules and guidance following its consultation on improving the quality of pension transfer advice. Since the introduction of “pension freedoms” in 2015 members have had...
Gavin EllisonTreasury plans transitional regulatory tool
Treasury has set out its plans for a temporary transitional tool for the UK regulators to use that will enable them to phase in the requirements for UK firms that will change under the raft of onshoring legislation...
Emma RadmoreCMA brings forward investment consultant report date
The CMA has announced that it is bringing forward the date for publishing its final report on its investigation into the supply and acquisition of investment consultancy and fiduciary management services in the UK...
FCA speaks on crises
Charles Randell, speaking at AFME’s conference, highlighted the damage that a cycle of deregulation, crisis and regulation can do. He discussed in particular the risks of deregulation, or the choice not to apply...
FCA consults on applying SM&CR to CMCs
The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April...
FIN. TeamRegulators launch new campaign to tackle pension scams
The FCA and the Pensions Regulator have launched a joint advertising campaign to raise awareness of pension scams, following research they have conducted which shows that pension scam victims each lost an average of...
Law Commission confirms status of electronic signatures
In December 2017 the Law Commission confirmed that one of the projects it would be working on was addressing the absence of explicit case law and legislation that has given rise to uncertainty as to the validity of...
FSB launches peer review of LEIs
The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders...
FCA updated guidance for firms outsourcing IT
The FCA has updated FG 16/5, ‘Guidance for firms outsourcing to the ‘cloud’ and other third party IT services’. This update takes account of the publication of the European Banking...
Corporate governance reporting and the impact on large private companies
We have written an article on the new corporate governance reporting requirements for certain large private companies. The requirements will come into force on 1 January 2019 applying to financial years beginning on or...
Suzanne GadoFCA publishes intervention approach documents
On a new page on its website, ‘Measuring our impact before we intervene‘, the FCA has published a group of documents that aim to provide an indication of how the FCA assesses the likely impact of its...
Treasury consults on pension cold calling ban
Treasury is consulting on a proposed ban on cold calling in relation to pensions. The consultation is a technical consultation on the wording of the legislation necessary to implement the ban, as the policy decision has...
CMA proposes pension investment reforms
CMA has published a report proposing several reforms to allay its concerns over competition in the investment consultancy and fiduciary management sectors. CMA was concerned that: many pension schemes (around half)...
FCA proposes further consumer support and protection in the retirement income market
The FCA has launched a consultation on a package of measures designed to protect consumers, improve engagement and promote competition in the retirement income market. Alongside the consultation, the FCA has published...
FCA confirms that pension schemes will not need to start clearing OTC derivatives when EMIR exemption expires on 16 August 2018
On 3 July 2018, the European Securities and Markets Authority (ESMA) published a statement on the clearing obligations for pension scheme arrangements under the European Market Infrastructure Regulation (EMIR). EMIR...
FCA and PSR Chair discusses potential future algocracy
Charles Randell, the recently appointed Chair of the FCA and the PSR, has delivered a speech, in which he discussed the increasing dominance of algorithms in our day to day lives, and noted some of the consequent issues...
Discussion Paper on building the financial sector’s operational resilience
The Bank of England, the PRA and FCA have published a joint discussion paper on its approach to improve operational resilience in the financial sector. The regulators envisage that boards and senior managers can achieve...
Greater scrutiny of corporate transactions and punitive measures for wrong-doings
The Government has released a consultation document as part of its programme of change for defined benefit pension schemes. Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator contains proposals...
HMT, Bank of England and FCA set out approach to onshoring financial services legislation
The Treasury, the Bank of England and the FCA have published information about how financial services legislation will be on-shored under the EU (Withdrawal) Act, in particular to ensure the (hopefully unlikely)...
Law Commission opens consultation on expanded definition of ‘insurable interest’
The Law Commission and the Scottish Law Commission have published an updated bill that proposes an expansion to the concept of insurable interest for life-related insurance. By using the term ‘life-related...
ESMA confirms end of LEI grace period
ESMA has issued a statement confirming that the six month grace period granted to those required by MiFIR to have a Legal Entity Identifier (LEI), will end on 2 July 2017. ESMA will now work with national competent...
Pensions Regulator CEO to step down
The Chief Executive of the Pensions Regulator (TPR), Lesley Titcomb, is stepping down at the end of her four year term in February 2019. Since she became Chief Executive in 2015, TPR has focused on becoming a more...
Carillion inquiry criticises regulator
Carillion’s rise and spectacular fall was a story of “recklessness, hubris and greed”. Last week, the Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee published the final...
Tribunal agrees Box Clever support
The Upper Tribunal has decided that it is reasonable for the Pensions Regulator to require companies from the corporate group of ITV to provide support for the Box Clever Group Pension Scheme. The scheme has 2,800...
RBS to pay £3.5bn to pension scheme ahead of ring-fencing
Royal Bank of Scotland (RBS) has agreed to pay contributions of up to £3.5 billion to its pension scheme in readiness for UK ring-fencing legislation taking effect from 1 January 2026. RBS has agreed a Memorandum of...