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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...

Open banking and VRP progress reports

The Joint Regulatory Oversight Committee has updated on progress in open banking. It is pleased with the significant progress made since its April report, and has summarised what has been happening across all its...

FCA consults on access to cash

FCA is using its powers under FSMA 2023 to consult on new rules to require designated banks and building societies to assess gaps in access to cash and act to fill them. FCA says that, currently, over 95% of people in...

FCA updates on cash savings

FCA has provided an update on progress made in implementing its cash savings action plan. In its update FCA notes that it has seen progress in the speed and size of interest rate changes for savers and improvements in...

FCA updates on LIBOR transition powers

On 1 January 2018 the EU Benchmark Regulation (BMR) took full effect. Following the UK’s withdrawal from the EU and the end of the transition period, the BMR has been brought into UK law (UK BMR). Under the UK BMR, FCA...

FCA proposes credit information changes

FCA has announced proposals which will: require FCA-regulated data contributors, such as lenders, to share credit information with credit reference agencies (CRAs); introduce a common data reporting format to enhance...

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...

FSB publishes 2023 G-SIB list

FSB has published the 2023 list of globally systemically important banks (G-SIBs) using end-2022 data and applying the assessment methodology designed by the Basel Committee on Banking Supervision (BCBS). Compared to...

Regulators consult on BoE levy regulations

the BoE and Treasury are consulting on how to implement the new levy based arrangement which will replace the Cash Ratio Deposit scheme. Deposit-taking firms (except credit unions and friendly societies) with eligible...

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...

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 updates on skilled persons reports

FCA has published the numbers of skilled persons reports commissioned in the first two quarters of 2023: From April to June it commissioned 11 reports, of which 4 related to retail investments and 3 to wholesale...

PRA annual assessment of credit unions

The PRA has written to credit unions following its annual assessment of the sector. Key messages for both large (those with total assets between £10m and £50m) and small (those with total assets up to £10m) credit...

FCA speaks on financial inclusion

Nikhil Rathi has spoken on how FCA is looking for solutions to tackle financial exclusion, but that it needs help from industry and technology to do so.  He explained that FCA does not have the remit or powers to tackle...

Treasury to enable action against debanking

The Chancellor has announced a plan that will enable regulators to take action if any bank is found to undermine or fails to protect its customers’ rights. Treasury plans to consult soon on how best to deliver the...

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 publishes Q2 fin proms data

FCA has published its financial promotions data for Q2 2023, which showed that 1507 promotions were amended or withdrawn as a result of FCA intervention. As with the data for Q1, the majority of cases related to retail...

FOS blogs on consumer card protections

FOS has published a blog on how businesses can help consumers who have problems with goods and services. It has noticed that consumers aren’t always aware of the protections they have when paying for goods or...

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 publishes cash savings action plan

FCA has published a 14 point action plan for banks and building societies. The plan aims to ensure: that firms pass on interest rate rises to savers appropriately; good and effective communication with customers; and...

FPC publishes Financial Stability Report

BoE has published the July 2023 Financial Stability Report, setting out FPC’s view on the stability of the UK financial system and what it is doing to remove or reduce any risks to it. FPC notes that the current...

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...

JROC publishes API pricing principles

The Joint Regulatory Oversight Committee for Open Banking has published a set of principles that banks and registered third parties should follow when agreeing a premium API commercial model. Premium APIs will allow...

BBRS publishes 2022 Annual Report

The 2022 Annual Report of the BBRS highlights that the scheme did grow in its second year but case volumes were still lower than anticipated. However, the Board is satisfied that it did all it could to find cases and is...

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 access to cash data

The FCA has published its data on geographical access to cash coverage in the UK for Q1 2022 and Q2 2022. The FCA and Payment Systems Regulator (PSR) gather and update data on access to cash on a quarterly basis. The...

LSB looks at access for d/Deaf customers

LSB has published a report looking at how better to drive inclusion for d/Deaf customers in the banking and credit sector. The report highlights the challenges these customers face, and LSB hopes it will enable firms to...

PRA publishes its 2023/24 Business Plan

The PRA Business Plan sets out PRA’s strategy, workplan, and budget for 2023/24. It will be delivered through the following strategic goals: Maintain and build on the safety and soundness of the banking and insurance...

FCA responds on savings rates

FCA has responded to the Treasury Committee’s enquiries on what analysis it had done on on whether banks were making disproportionate profit by increasing mortgage rates more quickly than savings rates...

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 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...

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...

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...

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...

Court requires FOS to review decision

The High Court has taken the relatively rare step of ordering FOS to review a decision. The complainant, Mr Moniak, had been a customer of Barclays. Following an inheritance in 2010, a total of £500,000 was paid into...

Latest FOS data shows rise in complaints

FOS has published its complaints data from Q3, 2022/23, which shows a rise of 6,000 in new complaints, with the most significant rise relating to running account credit but current accounts are still the most complained...

BoE speaks on digital pound

Sir Jon Cunliffe has spoken on the digital pound, as the BoE and Treasury launched their consultation. He noted that, while no firm decision can be taken on implementing the digital pound, the taskforce is now moving 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...

HSBC breaches retail banking order

The Competition and Markets Authority (“CMA“) has written to HSBK UK Bank Plc concerning its breaches of Part 2 of the Retail Banking Market Investigation Order 2017 (the “Order“). Part 2 of the...

CMA announces new OBIE Chair

Marion King has been appointed as the new Chair and Trustee of the Open Banking Implementation Entity with effect from 1 February 2023. The outgoing chair, Charlotte Crosswell, published her summary report on the end of...

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...

Lords publishes FSMB amendments for Committee

The House of Lords has published a set of amendments to the FSMB for discussion in the Grand Committee, which is now scheduled to sit on 25 and 30 January and 1 February. The amendments include several amendments that...

Consumer Duty events

The FCA has announced it will be hosting a series of live and local events on the Consumer Duty across the UK between February and June 2023. The paid for events are aimed at retail investment and mortgage firms, and...

Regulators update on Open Banking

Treasury, the CMA, FCA and PSR have issued a joint statement updating on their work on Open Banking. The Joint Regulatory Oversight Committee created in March is currently focussing on making recommendations for the...