On 26 August 2020, the Financial Ombudsman Service (FOS) published issue 153 of its newsletter, where it sought to summarise the key themes it has seen in complaints handled recently.
Key themes emerging from recent complaints have included:
To view
Following publication of a letter dated 21 August between Dame Elizabeth Gloster and Charles Randell, FCA Chair, about the investigation into the FCA’s regulation of London Capital & Finance plc (LC&F), the FCA has confirmed that the revised date for the completion of the investigatory report has moved from 30 September 2020 to
Delegated Regulation (EU) 2018/1229 supplementing the Central Securities Depositories Regulation (909/2014) (CSDR) with regard to regulatory technical standards (RTS) on settlement discipline, was due to come into force on 13 September. However, on 24 August 2020, Commission Delegated Regulation (EU) 2020/1212 was published in the OJ, which amends Delegated Regulation 2018/1229 to postpone its entry
On 24 August 2020, the Financial Conduct Authority (FCA) published a consultation paper (CP20/17) focused on extending its annual financial crime reporting obligation to include firms that carry on regulated activities that potentially pose a higher money laundering risk. This follows its 2019/20 Business Plan commitment to consider extending the reporting
Volume 1: Foreign Banks Operating in the UK
Over the next few months, Norton Rose Fulbright’s financial services conduct team will be releasing a series of videos focussing on sustainable finance regulation issues affecting financial services firms. In volume 1 of the series, Hannah McAslan discusses the sustainable finance regulation issues impacting on foreign banks
On 21 August 2020, the Bank for International Settlements (BIS) published a speech by Benoît Cœuré, Head of the BIS Innovation Hub, which focussed on the main challenges to the development of reg tech and sup tech in the financial services sector.
Cœuré begins by describing the differences between reg and sup tech – namely
On 20 August, the European Banking Authority (EBA) updated data relating to the 37 largest institutions in the EU whose leverage ratios exceed EUR 200 billion. This in turn will be used to identify a smaller group of banks which are considered to be global systemically important institutions (G-SIIs). This is
On 19 August 2020 the European Banking Authority (EBA) published its response to the European Commission’s consultation on its action plan for a comprehensive EU policy on preventing money laundering and terrorist financing.
The European Commission’s action plan includes 6 “pillars” to strengthen the EU’s anti-money laundering (AML) and counter terrorist
On 19 August, the FCA published Primary Market Bulletin (PMB) No. 30.
This edition of PMB covers general news and provides updates as to the changes made to the FCA’s Knowledge Base. There are also reminders as regards the importance of the PDMR regime under MAR, and updates on recent changes to the Prospectus Regulation
On 19 August, the European Securities and Markets Authority (ESMA) published a letter (ESMA34-32-550) dated 18 August that it had sent to the European Commission, outlining areas it should consider during the forthcoming review of the Alternative Investment Fund Managers Directive (AIFMD).
ESMA’s letter includes recommendations for changes in