The regulators have said they will not pursue their proposals on announcing enforcement investigations and on D&I. On 12 March 2025, the FCA and PRA made important announcements regarding the long-awaited outcomes on certain...more
On 13 December 2024, the FCA and the PRA published linked Consultation Papers on operational incident and third-party reporting (FCA CP24/28 and PRA CP17/24). The consultations aim to create a structured framework for...more
12/20/2024
/ Business Interruption ,
Business Operations ,
Consultation ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Material Disclosures ,
Prudential Regulation Authority (PRA) ,
Reporting Requirements ,
SMCR ,
Solvency II ,
Third-Party ,
Third-Party Service Provider ,
UK
When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have...more
12/10/2024
/ Banking Sector ,
Capital Markets ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Finance ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prospectus ,
Prudential Regulation Authority (PRA) ,
Regulatory Reform ,
Scotland ,
Securitization ,
SMCR ,
UK
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
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
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 FCA and the PRA have published their long-awaited consultations which aim to formalise how firms approach diversity and inclusion.
On 25 September 2023, the FCA and the PRA published separate but related consultation...more
10/2/2023
/ Compliance ,
Compliance Monitoring ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
UK ,
Willful Misconduct
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 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
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
The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021.
In this edition, we cover sustainable finance developments, the...more
6/29/2021
/ Asset Protection ,
Banking Sector ,
Climate Change ,
Consultation ,
Consumer Protection Laws ,
Dear CEO Letter ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
Libor ,
MiFID ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Retail Investors ,
Sustainable Finance ,
UK
ESMA reminds firms on rules of reverse solicitation -
In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more
4/1/2021
/ Bank Holding Company ,
Banking Sector ,
Banks ,
Cloud Service Providers (CSPs) ,
CRD V ,
EU ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Retail Investors ,
Sustainable Finance ,
UK ,
UK Brexit
The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms.
Key Points:
..There is no need for major changes to the SMCR.
..There are...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
Following the large-scale changes and challenges faced by firms during the initial phase of COVID-19, firms are beginning to consider what their operating model will be in the next phase and over the longer-term. For...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
UK regulators announce a further package of measures to ease the burden on issuers.
In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of...more
The FCA has clarified which people working in regulated financial services firms will meet the definition of a “key worker”.
On 19 March 2020, the UK government published guidance setting out which “key workers” will be...more
The regulator is taking immediate supervisory and policy measures to help support banks, insurers, and financial market infrastructures.
The Bank of England and the Prudential Regulation Authority (PRA) have announced a...more
Q&As for UK Regulated Firms -
Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
Call for evidence on regulatory cooperation marks the first phase of the planned review.
The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework...more
The FCA and the PRA published their Business Plans for 2019/20 in April 2019.
FCA Priorities -
As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more
6/27/2019
/ Banking Sector ,
Binary Options ,
Compliance ,
Duty of Care ,
Enforcement ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
IOSCO ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Power of Attorney ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit