Speech focuses on the regulatory change agenda, and confirms that firms are no longer expected to have a Consumer Duty board champion.
On 27 February 2025, the FCA published a speech given by Nikhil Rathi, in which he...more
On 26 November 2024, the PRA and the FCA published a joint Consultation Paper on changes to the remuneration rules (PRA CP16/24, FCA CP24/24). The changes are relevant to banks, building societies, and PRA-designated...more
The new regime will take effect on 1 January 2025, but will not diminish the responsibilities of financial services firms relying on the services of critical third parties....more
11/20/2024
/ Bank of England ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FSMA ,
HM Treasury ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Third-Party ,
Third-Party Risk ,
Third-Party Service Provider ,
UK
The UK Chancellor announces a growth-focused agenda for financial services.
On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more
11/15/2024
/ Capital Markets ,
Consultation ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Initiatives ,
HM Treasury ,
MiFID II ,
Proposed Legislation ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Sustainable Finance ,
UK
The data provides important insights to assist firms with their ongoing work in this area.
On 25 October 2024, the FCA published the results of a survey on non-financial misconduct it undertook earlier in the year...more
10/28/2024
/ Corporate Misconduct ,
Data Collection ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Harassment ,
Insurance Industry ,
Remuneration ,
Sexual Harassment ,
Surveys ,
UK ,
Whistleblowers ,
Workplace Violence
PRA and FCA speeches recap the regulators’ work to deliver growth and enhance competitiveness, and outline some key upcoming policy work.
On 17 October 2024, the PRA and the FCA both published speeches given by their...more
The FCA is proposing to allow asset managers to rebundle payments for third-party research and trade execution.
On 10 April 2024, the FCA published its much-anticipated Consultation Paper on payment optionality for...more
Fighting financial crime, protecting consumers’ needs, and bolstering wholesale markets are the regulator’s key priorities for the year ahead.
On 19 March 2024, the FCA published its Business Plan for 2024/25, setting...more
The FCA plans to streamline its approach to enforcement and publicise investigations at an early stage.
On 27 February 2024, the FCA published a Consultation Paper (CP24/2) on its proposed new approach to publicising...more
Recent changes to the PRA’s approach to enforcement show an increased focus on expediting the investigative process and incentivising early admissions.
On 30 January 2024, the Bank of England (the Bank) unveiled a number...more
2/28/2024
/ Attestation Requirements ,
Bank of England ,
Banks ,
Enforcement Priorities ,
Financial Institutions ,
Government Investigations ,
Prudential Regulation Authority (PRA) ,
Senior Managers ,
Settlement ,
UK ,
Voluntary Participation
The Discussion Paper on the Advice Guidance Boundary Review examines how authorised firms can provide more support to customers.
The FCA has published a Discussion Paper (DP23/5) with the government on the Advice...more
Critical Third Parties serving the UK financial sector must ready themselves for compliance with the newly proposed operational resilience requirements.
On 7 December 2023, the PRA, FCA, and BoE jointly published a...more
The letters ask senior management to prioritise implementing the Duty.
On 3 February 2023, the FCA published Dear CEO/Director letters underscoring the immediate (i.e., during the implementation period up until 31 July...more
2/7/2023
/ Consumer Credit Protection ,
Consumer Lenders ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Mortgage Lenders ,
Senior Managers ,
UK
The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024.
The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more
1/23/2023
/ Competition ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services and Markets Act ,
Financial Services Industry ,
HM Treasury ,
Prospectus ,
Prudential Regulation Authority (PRA) ,
Securitization ,
Solvency II ,
UK
The FCA’s latest report into D&I highlights the need for additional metrics, social mobility, firm culture, staff development, data quality, and systematic strategies.
In 2021 and 2022, the FCA carried out a survey of...more
HM Treasury has confirmed that it will bring certain unregulated cryptoassets within scope of the financial promotions regime.
On 18 January 2022, the UK government confirmed its intention to bring the promotion of certain...more
1/20/2022
/ Consultation ,
Corporate Counsel ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Promotions ,
HM Treasury ,
Proposed Amendments ,
Proposed Regulation ,
UK
The regulators suggest improvements to the supervision of firms passporting retail products and services in the EU.
The French and Dutch financial services regulators (the AFM and the AMF) have published a joint position...more
MiFID II introduced obligations to record telephone conversations and any electronic communications that are intended to lead to a transaction. Records must be kept for at least five years.
The COVID-19 pandemic, which...more
11/5/2021
/ Coronavirus/COVID-19 ,
Electronic Communications ,
Electronically Stored Information ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
MiFID II ,
Mobile Devices ,
Recording Requirements ,
Regulatory Requirements ,
Remote Working ,
Videoconference
Recent publications come in light of UK’s “greater autonomy” in setting AML and CTF regulations following Brexit.
Background to the review -
On 22 July 2021, HM Treasury published both a Call for Evidence on a review...more
FCA signals that it aims to take a tougher stance.
The FCA published its Business Plan for 2021/22 on 15 July 2021. The Plan, and accompanying remarks made by Nikhil Rathi, FCA CEO, suggest that the FCA intends to take a...more
A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit.
On 16 June 2021, the Taskforce on Innovation,...more
6/17/2021
/ Banking Sector ,
Counterparties ,
Digital Currency ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Information Reports ,
MiFID II ,
Open Banking ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Banks ,
UK ,
UK Brexit
The UK government signals a diversion from the onshored regime towards a more flexible financial services regulatory framework.
HM Treasury has published a consultation paper marking the start of Phase II of its financial...more
UK government encourages regulated firms to share customer information within corporate groups, highlighting interaction with firms’ obligations under the Proceeds of Crime Act 2002 and GDPR.
The UK government has...more
Seven of the largest systemically important UK deposit-takers to suspend dividends and share buybacks and to cancel payments of any outstanding 2019 dividends.
On 31 March 2020, the PRA published a statement on deposit...more
UK Regulators announce new measures after acknowledging firms affected by COVID-19 will need to keep their governance arrangements under review.
On 3 April 2020, the FCA and the PRA released a statement announcing several...more