By now you may have had the chance to review in greater detail the proposals published by HM Treasury on 1 February 2023 setting out the future direction of the UK’s regulatory framework for cryptoassets. If you haven’t you can read our summary here and our online briefing note here.
Many in the industry
On 22 February 2023, the FCA published a speech by Sheldon Mills, its executive director for consumers and competition, given at the ‘Countdown to Implementation of the Consumer Duty’ event, on how putting customers front and centre will help the industry innovate.
In his speech, Mr Mills reiterates the importance of the Consumer Duty (
On 16 February 2023, the European Commission (“the Commission”) hosted a meeting of the Expert Group on Banking, Payments and Insurance (EGBPI), where it discussed with Member States’ experts the potential way forward for the implementation in the European Union (EU) law of the December 2022 Basel Committee on Banking Supervision (BCBS) standards on prudential
In this podcast, Matthew Gregory and Simon Lovegrove discuss HM Treasury’s final consultation on the proposed legislative changes to bring currently unregulated buy-now-pay-later products into scope of the UK Consumer Credit Act 1974, and FCA regulation.
On 21 February 2023, the FCA published a second batch of industry-specific letters on implementing the consumer duty.
Each letter sets out a reminder of the implementation timeline, key elements of the duty and how it applies to firms in the relevant portfolio, the FCA’s expectations for how firms should embed the duty, feedback from
On 21 February 2023, the FCA updated their press release: FCA supports firms through the transition to implementing the Consumer Duty.
The webpage has been updated to include links to the following portfolio letters:
Updated Friday 8 September 2023
The UK Government intends to introduce a new “failure to prevent fraud” offence as an amendment to its Economic Crime and Corporate Transparency Bill (the Bill). On 11 April 2023, the Home Office published a fact sheet (which was updated on 20 June 2023) and tabled an amendment to
Please see our latest post on our FinTech blog, covering Australia’s recent announcement of a Token Mapping Consultation.
On 21 February 2023, the European Banking Authority (EBA) published a final report containing revised guidelines on methods for calculating contributions to deposit guarantee schemes (DGS) under the Deposit Guarantee Schemes Directive (DGSD).
The DGSD mandates the EBA to develop guidelines on methods for calculating contributions to DGSs and
On 20 February 2023, the European Commission (Commission) published a letter from John Berrigan, regarding the Call for Advice it had issued to the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) for the purposes of the reports on the prudential requirements applicable to investment