The Future Regulatory Framework and Consumer Duty will be key areas of focus for the coming year.
On 5 April 2023, the FCA published its Business Plan for 2023/24. The Business Plan sets out a number of priority areas...more
The tone of the Call for Evidence indicates the controversial research unbundling rules could be primed for reform.
On 3 April 2023, HM Treasury published a Call for Evidence as the first step in the independent review...more
The tone of the papers suggests that a fundamental reform of the Regime will be unlikely.
On 30 March 2023, the PRA and the FCA published a joint Discussion Paper (FCA DP23/3 and PRA DP1/23) seeking feedback on the...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 regulator described the steps it is taking to increase scrutiny of advertisements about financial products and services on social media platforms.
On 3 February 2023 the FCA published an analysis of its financial...more
2/7/2023
/ Advertising ,
Enforcement Priorities ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Financial Services Industry ,
Influencers ,
Marketing ,
Online Advertisements ,
Search Engines ,
Social Media ,
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
The Financial Services Skills Commission has issued an insight paper outlining how companies can collect and evaluate data on employees’ socioeconomic backgrounds.
Socioeconomic backgrounds of employees and socioeconomic...more
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
FCA makes clear that it expects a cultural shift in how firms focus on consumers.
On 7 December 2021, the FCA published its second Consultation Paper (CP21/36) on introducing a new Consumer Duty....more
12/10/2021
/ Consultation ,
Consumer Financial Products ,
Duty of Care ,
Enforcement ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Good Faith ,
Public Comment ,
Retail Investors ,
SMCR ,
UK
This decision shines a spotlight on the activities of unregulated introducers.
In a recent decision, the Court of Appeal upheld the FCA’s findings that unregulated introducers had been carrying on regulated activities...more
10/13/2021
/ Alternative Investment Funds ,
Appeals ,
Criminal Liability ,
Enforcement Actions ,
False Statements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
Pensions ,
Statutory Violations ,
UK ,
UK Regulated Activities Order (RAO Amendments) ,
Unregulated Entities
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
Discussion Paper opens debate on potential new rules to improve diversity in financial services.
On 7 July 2021, the FCA, the PRA, and the Bank of England published a joint Discussion Paper on diversity and inclusion in...more
7/8/2021
/ Bank of England ,
Banking Sector ,
Comment Period ,
Consultation ,
Discussion Draft ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
UK
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
Culture has become a point of focus for regulators and corporate stakeholders. The UK Financial Conduct Authority has taken a particular interest in culture and conduct within the financial services sector following the...more
Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities.
On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement...more
11/12/2020
/ Bank of England ,
Banking Sector ,
Climate Change ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
Green Finance ,
HM Treasury ,
International Harmonization ,
Member State ,
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
The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes.
Key Points:
..The FCA has published an updated version of the FCA Handbook,...more
10/20/2020
/ Bank of England ,
Cross-Border Transactions ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Time Extensions ,
Transitional Arrangements ,
UK ,
UK Brexit
Brexit: Latest Updates -
Private banks are currently going through a process of assessing the changes that need to be made to their systems and controls, in addition to client facing documentation, to facilitate the...more
The UK government clarifies its legislative plans for financial services regulatory reforms post-Brexit.
On 23 June 2020, the House of Commons published a written statement from Rishi Sunak, Chancellor of the Exchequer, on...more
Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules.
Key Points:
..FCA consults on a UK capital regime that in some respects breaks...more
On 30 April 2020, the FCA released a statement announcing a six-month extension to the deadline for firms’ implementation of strong customer authentication (SCA) for e-commerce under the Payment Services Regulations 2017...more
The FCA sets out its approach on client identity verification, supervisory flexibility over best execution obligations and 10% depreciation notifications, and financial resilience.
On 31 March 2020, the FCA published...more
Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of...more
Financial Services Regulatory Initiatives Forum and the Regulatory Initiatives Grid to be introduced this summer.
On 11 March 2020, HM Treasury published its response to the Call for Evidence on Regulatory Coordination....more