On 25 January 2024, the Bank of England (BoE) and HM Treasury (HMT) published their response to the consultation on a ‘digital pound’, which was launched in February 2023 and received over 50,000 responses. In the response they confirmed that no final decision has been made to pursue a digital pound
On 25 January 2024, the World Economic Forum (WEF) and the FCA published a joint white paper. The paper presents four guiding principles and a roadmap to inform global regulatory and industry approaches for a quantum secure financial sector.
The paper notes that the financial sector “stands on the brink of a
On 25 January 2024, HM Treasury (HMT) published a summary of responses to its consultation on draft regulations to implement the Bank of England (BoE) levy, along with next steps. In parallel, the BoE published a Policy Statement providing feedback to its consultation on its proposed Levy Framework Document.
The Government
On 25 January 2024, the FCA published information for firms affected by its review into the historical use of discretionary commission arrangements (DCAs) in the motor finance industry.
The FCA announced earlier this month that it is using its powers under s166 of the Financial Services and Markets Act 2000 to review sales
On 23 January 2024, the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024 (the statutory instrument (SI)) was published along with an explanatory memorandum.
The purpose of the SI is to amend regulation 33(3)(a) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
On 22 January 2024 the House of Commons Treasury Committee published the transcript from a meeting on 17 January at which it heard oral evidence to form part of the ‘Sexism in the City’ inquiry. This inquiry is examining the barriers faced by women in financial services and the progress made in removing gender pay
On 24 January 2024, the Bank of England (BoE) published a letter from its Governor, Andrew Bailey to the Chancellor of the Exchequer, Jeremy Hunt, responding to the remit for the Prudential Regulation Committee (PRC).
The letter updates the PRC’s January 2023 response to the Chancellor’s December 2022 letter setting out
On 24 January 2024, the European Commission (Commission) published its report to the European Parliament and the Council on the macroprudential review for credit institutions, the systemic risks relating to Non-Bank Financial Intermediaries (NBFIs) and their interconnectedness with credit institutions, under Article 513 of the Capital Requirements Regulation (CRR).
On 23 January 2024, the FCA published a speech delivered by its Chief Executive, Nikhil Rathi, on ‘Leaning in on making consumer tech a force for good’. In the speech, delivered at the Imperial College London Business School, Mr Rathi addressed the question of how consumer-facing technology can help keep consumer markets honest.
Key points