- The design of
ECB Occasional Paper No 328 – The road to Paris: stress testing the transition towards a net-zero economy
FSB progress report on enhancing the resilience of NBFI
On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI).
The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide
The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023
On 6 September 2023, The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023 was published.
The Financial Services and Markets Act 2023 introduces a regulatory ‘gateway’ for the approval of financial promotions. The ‘gateway’ will require any authorised person wishing to approve financial promotions of an unauthorised person to
FCA publishes speech on calibrating controls to build confident markets
- As an outcomes and data-led regulator, the FCA is focusing on results.
FCA publishes findings from its assessments of firms’ sanctions systems and controls
On 6 September 2023, the FCA published a new webpage – Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine. The new webpage sets out key findings from the FCA’s assessments of sanctions systems and controls in financial services firms. It includes examples of good practice and areas for
FCA publishes letter from Nikhil Rathi on the work of the FCA
On 6 August 2023, the FCA published a letter from its Chief Executive, Nikhil Rathi, to the Treasury Committee Chair, Harriet Baldwin, regarding aspects of the FCA’s work. The letter provides the FCA’s responses to questions posed by Ms Baldwin in a letter dated 2 August 2023, which followed an evidence session with the Committee.
Economic Crime and Corporate Transparency Bill: update
Background
On 4 September 2023, the UK House of Commons debated the House of Lords’ amendments to the Economic Crime and Corporate Transparency Bill (the Bill). The House of Commons voted to include an exemption for small and medium-sized enterprises (SMEs), and remove the extension of the proposed offence to failure
FSCP final report on financial services firms’ personal data use
On 5 September 2023, the Financial Services Consumer Panel (FSCP) published a final report on financial services firms’ personal data use, in which it considers whether that use is leading to bias and detriment for consumers with protected characteristics.
The report addresses the assumption that some groups of consumers are experiencing bias and
FSB letters ahead of the New Delhi Summit
On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit.
The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and
FCA launches review of treatment of Politically Exposed Persons
On 5 September 2023, the FCA published the terms of reference (ToRs) for its review of the treatment of domestic politically exposed persons (PEPs) by financial services firms.
The review is being conducted in compliance with Section 78 of the Financial Services and Markets Act 2023 and follows a letter that