Treasury has published the outcome to the consultation on a digital securities sandbox. The sandbox will be operated by BoE and FCA and is intended to help facilitate the use of digital asset technology in UK financial...
Category - Resources
Emma RadmoreTreasury publishes Future of Payments Review
Treasury has published its Future of Payments Review, commissioned from Joe Garner, as part of the Autumn Statement package. The review asked: what are the most important consumer retail payment journeys both today 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 speaks on importance of culture
Sheree Howard, FCA’s Executive Director of Risk and Compliance Oversight spoke about the importance of the execution of a plan being as vital as its ideology and purpose. She said firms must look at whether they...
BoE launches new stress test phase
BoE has published the latest phase of the System Wide Exploratory Scenario, which it first launched in June. The SWES is intended to help BoE understand the risks to and from non-bank financial institutions, and the...
FSCS updates on levy and forecast
FSCS has published its latest “Outlook” newsletter. FSCS does not expect to request any additional levies from firms during the current financial year and will carry forward any surpluses in any class to...
FCA updates on fin prom data
FCA has published data for the quarter ending September 2023 on its actions against breaches of financial promotion rules and referrals and investigations into unauthorised activity. During the period: FCA actions...
FCA writes to RemCo chairs
FCA has written a “Dear Chair” letter to the chairs of Remuneration Committees of proportionality level one dual regulated firms. The letter: stresses that in times of continuing cost of living pressures...
Regulators feed back on AI
PRA and FCA have published a feedback statement following their and BoE’s discussion paper on AI and machine learning. The paper asked for views on the role supervisors should play in supporting the safe and...
Treasury responds on Edinburgh Reforms progress
Treasury has responded to a request from the Treasury Committee for an update on delivering the Edinburgh Reforms. It notes: reform of the ring-fencing regime: this is in progress with draft legislation being published...
“Sexism in the City” evidence published
The Parliamentary Committee looking into “Sexism in the City” has published 46 pieces of written evidence it received. The evidence from FCA highlighted: more diverse and inclusive firms can support better...
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...
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 publishes authorisations metrics Q1 2023/24
FCA has published its authorisations metrics for the quarter ended June 2023. FCA currently has: 2 red categories, relating to authorisations of EMIs and PIs 6 amber categories, relating to SMCR and AR related approved...
Laura WilesFCA publishes Annual Report and Accounts 2022/23
The FCA has published its Annual Report and Accounts 2022/23. The Report sets out the FCA’s progress and key achievements during the first year of implementing their three year strategy. The report highlights what...
FIN. TeamOmbudsman News updates FOS initiatives
The latest edition of Ombudsman News highlights: what FOS is doing to prepare for the Consumer Duty; the annual complaints data from 2022/3; its items on hybrid scams and escape of water in unoccupied properties...
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...
FSM Bill completes Parliamentary process
The FSM Bill returned to the Lords for consideration of the few amendments the Commons had made. These were agreed, and so the Bill has completed its Parliamentary passage and now awaits Royal Assent. It is expected to...
PRA publishes authorisations performance report
PRA’s report on its authorisations performance during Q1 2023/24 shows delays in applications for new authorisations – although these are based only 5 cases during the period, PRA achieved its standard in 4...
FCA speaks on cultural evolution
Emily Shepperd of FCA spoke on how culture needs to change to meet expectations. She focussed on how generational changes can fundamentally change culture. She said it is now critical to find a common path, for leaders...
LSB speaks on digital evolution and inclusivity
Anna Roughley of the LSB has spoken on the evolution of digital and technical services in the context of providing a consumer-focussed outcome for lending. First she noted that, while digital banking is ideal for many...
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...
FSM Bill: Lords Report stage day 3
Day 3 of the debate on the FSM Bill at Lords Report stage included: a debate on forest risk commodities, which was approved on a vote; a proposal for a number of amendments relating to liability of PSPs for fraudulent...
FSMB Lords Report stage day 2
Day 2 of the Report stage for the FSM Bill took place on 8 June. In the first session, the Lords debated clauses including those on: reporting requirements under the competitiveness and growth objective, a Government...
Lords complete first day of FSM Bill Report stage
During the first day of Report stage in the House of Lords on the FSMB, the sessions debated key matters including: amendments in relation to the revocation of retained EU law to require meaningful Parliamentary...
JROC sets out open banking programme
The Joint Regulatory Oversight Committee has published its programme of work to take forward recommendations for the next phase of open banking. Its proposals include creating 2 regulator-led working groups to develop...
FCA publishes authorisations metrics Q4 2022/23
FCA has published its authorisations metrics for the quarter ended March 2023. The metrics show that FCA is continuing to make progress towards meeting its targets, and that it has improved on the significant delays...
UK and EU publish draft MoU on FS cooperation
The UK and EU Commission have published their draft MoU on regulatory cooperation in financial services. The draft is still subject to the internal processes of the EU, but both parties intend to sign it shortly. The...
Treasury concludes FSF review
Treasury has formally concluded the FSF review, following the publication of its December policy statement. FCA has updated its website to reflect what it will be doing to help deliver on the changes, including how it...
FOS publishes discrimination complaints guidance
FOS has published an information page for firms dealing with complaints relating to discrimination. Complaints include: that financial services providers have not made reasonable adjustments to take account of a...
FCA consults on resilience data
FCA is consulting on a proposal to bring all full permission consumer credit firms within the scope of firms who need to provide it with baseline financial resilience data. This follows its new final rules on FIN073...
FCA publishes aggregate complaints data for H2 2022
FCA has published its overview of complaints in the second half of 2022. Overall it found: a decrease of 6% in complaints compared to H1, largely due to decreases in complaints about banking and credit cards, insurance...
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...
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...
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...
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...
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...
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...
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 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 –...
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...
FCA feeds back on synthetic data
FCA has issued its feedback statement following its call for input on synthetic data. The call for input looked to probe how best to access quality data to help develop new products and services while protecting...
FSMB 4th session in Grand Committee
The 4th sitting of the Grand Committee on the FSM Bill took place on 6 February. The Committee discussed: financial inclusion, both as a general principle and in terms of the reality of retail investors being excluded...
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...
FSMB Lords Committee third day
The Lords Grand Committee had its third day of discussion on the FSM Bill on 1 February. The session covered: a group of amendments designed to test how the regulators apply their competitiveness and growth objectives...
FSMB second day of Lords’ Committee hearing
The second day of debate in the Lords’ Grand Committee consisted of a lively debate on several proposed amendments, none of which have been taken forward. Topics debated were: creating offences for abuse of...
TheCityUK reports on more efficient authorisations
TheCityUK has published a report recommending actions that would improve the speed, efficiency and effectiveness of the PRA and FCA authorisation process. The increasing delays in the process are costing firms money and...
FSM Bill Grand Committee stage starts
The first day of the Lords Grand Committee hearing on the FSM Bill took place on 25 January. There are now 6 dates scheduled in total, with sittings taking place now on 30 January, then 1, 6, 8 and 20 February. 195...
FCA updates on MFA
FCA has updated its resources on the introduction of MFA for use of Connect, Reg Data, Fees Portal, the SIS and ESS. New guidance looks at how firms and their compliance consultants will need to be set up so that...
Regulators consult on MELL
PRA and FCA are consulting on the FSCS Management Expenses Levy Limit for 2023/24. The proposed level is £109.8m, slightly lower than the current year. It would apply from 1 April 2023. Consultation closes on 9...
FOS consults on plans and budget
FOS is consulting on its plan and budget for 2023/24. As part of the consultation, it asks: what volumes and trends it should be expecting in the areas of banking and credit, insurance, investments and pensions and...
FCA feeds back on compensation plans
FCA has published its feedback statement following its call for input into the protection the FSCS provides. The common message from respondents was that firms need to improve their conduct so that there are not so...
FSM Bill – Lords dates announced
The FSM Bill as amended after its passage through the Commons has now had its first (routine) reading in the Lords. The Lords’ second reading has been set for 10 January 2023.
Treasury and regulators correspond on operational effectiveness
Treasury has published exchanges of letters between Andrew Griffith and the FCA and PRA, in which he asked for an update on what the regulators had done to improve operational effectiveness. The responses focussed...
Treasury and BoE consult on Basel 3.1 implementation
Both HM Treasury and the BoE/PRA have published consultation papers on the implementation of the Basel 3.1 standards. These are expected to be the final elements of the Basel reforms to be implemented following the 2008...
Stephen WilsonHighlights of FSMB debates from 25 October
The 3rd and 4th sittings of the Public Bill Committee debate on the FSM Bill took place on 25 October. After the evidence sessions from witnesses on 19 October, the line-by-line scrutiny of the Bill has now started...
Emma RadmorePRA finds evidence that banks are reluctant to use their capital buffers
Victoria Saporta, Executive Director of Prudential Policy, gave a speech discussing banks’ reluctance to use their capital buffers. PRA requires UK banks to hold capital ‘buffers’, but the PRA has found evidence...
Harshil PatelPRA issues discussion paper on supporting liquid asset usability
PRA has today issued a discussion paper on supporting liquid asset usability. In response to the global financial crisis 2007/2008, banks were required to have a large enough stock of HQLA to meet their payment...
FCA publishes lender portfolio letters
FCA has published its most recent porfolio strategy letters for: retail mortgage lenders; non-bank lenders; and building societies. Common themes in the letters are: that the response to the pandemic has shown FCA and...
Court of Appeal judgment on emoney safeguarding
The judgment in relation to the treatment of certain funds held by Ipagoo, a failed EMI, has been handed down. The joint administrators of the firm had applied for directions as to whether certain funds were held on...
Bank of England launches first public CCP supervisory stress test
The Bank of England (BoE) has today launched its first public supervisory stress test (SST) of UK central counterparties (CCPs) to take place over 2021-22 with the clearing services of all in-scope UK CCPs: ICE Clear...
PRA policy statement on UK leverage ratio framework
The Bank of England has published the Prudential Regulation Authority (PRA) policy statement PS21/21, which contains feedback from the Financial Policy Committee (FPC) and the PRA on responses to the Consultation Paper...
FIA releases principles for cross-border regulation
The Futures Industry Association (FIA) has released a policy paper outlining seven principles to guide the regulation of cross-border activities in the derivatives markets. The paper addresses the threat of market...
FCA publishes annual report and accounts
FCA has published its annual report and accounts for 2020/21, accompanied by the usual specific report. Interesting figures include: enforcement data: 134 final notices were issued of which only 15 were against...
PRA and FPC consult on changes to UK leverage framework
FPC and PRA are consulting on changes the FPC proposes to make to the leverage framework, and how PRA will implement them. PRA’s proposals will depend on Treasury revoking certain parts of the CRR, which, if...
FCA publishes Insights from Cyber Coordination Groups
FCA has shared a broad overview and insight into the discussions held at its quarterly Cyber Coordination Group (CCG) meetings in 2020. In 2020 FCA convened 157 firms in 7 CCGs, with each CCG representing a specific sub...
Covid-19 accelerates the use of electronic signatures in the legal sector – WBD case study and our top implementation tips
Covid-19 has accelerated the use of e-signatures in the legal sector. We have been using DocuSign for a number of years and have produced a joint case study with DocuSign on our e-signature roll-out and how we ramped...
Suzanne GadoCovid-19: EBA updates its work programme for 2020
The EBA has published its updated annual work programme for 2020 to reflect all the changes to its activities in light of Covid-19. The EBA says the updated work programme aims to alleviate the burden on banks and to...
Check out our recently updated timeline of the key developments in corporate and company law to keep an eye out for in 2020
The latest addition to our suite of online, interactive timelines is now available. Our Corporate timeline has recently been updated and provides an “at a glance” summary of the key legal developments in...