On 1 June 2023, the FCA published a speech given by Therese Chambers entitled “Do the right thing”, her first as Co-Executive Director of Enforcement. Ms Chambers took up the Co-Executive Director role in April of this year, although she has been at the FCA and its predecessor, the FSA, for the best part of … Continue Reading
On 31 May 2023, the FCA published a new webpage on changes to credit union legislation in Great Britain. The webpage explains the proposed changes for credit unions set out in the Financial Services and Markets Bill (which is currently going through Parliament) and what firms should do if they would like to take advantage … Continue Reading
On 1 June 2023, the FCA published a statement on the annual percentage rate of charge (APRC) calculations. The APRC is one measure used by lenders when disclosing the associated costs of a mortgage contract to customers, showing the annual cost of a mortgage over its lifetime. The statement explains that systems issues have led … Continue Reading
On 25 May 2023, the FCA published Consultation Paper CP23/13: Strengthening protections of borrowers in financial difficulty: Consumer credit and mortgages, which sets out proposed changes to FCA sourcebooks to reflect the planned withdrawal of the Tailored Support Guidance (TSG). Introduction During the coronavirus pandemic the FCA introduced the TSG to make clear how firms … Continue Reading
On 22 May 2023, the FCA published Consultation Paper CP23/12: Expansion of the Dormant Assets Scheme (DAS) – second phase. Introduction The DAS was initially set up to allow banks and building societies to pay dormant monies to an authorised reclaim fund, which would then put this money towards funding good causes. In February 2022, … Continue Reading
On 10 May 2023, HM Treasury published a draft of The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023, along with a draft explanatory memorandum. The draft statutory instrument (SI) makes certain amendments to the law in order to enable powers under Part 1 of the Banking Act … Continue Reading
On 10 May 2023, HM Treasury published a letter from the Economic Secretary, Andrew Griffiths, to the Chair of the House of Lords Economic Affairs Committee, regarding further adjustments to the ring-fencing regime in connection with the resolution of Silicon Valley Bank UK (SVB UK). The letter notes that the draft Amendments of the Law … Continue Reading
On 18 May 2023, the FCA published the first set of engagement papers on its proposed new regime for public offers and admissions to trading. The publication of the engagement papers follows the FCA’s launch earlier this month of its consultation CP23/10, setting out proposed equity listing rule reforms as part of the Primary Market … Continue Reading
On 17 May 2023, the FCA published selected statistics from its latest Financial Lives cost of living survey, carried out over the six months to January 2023, to give an insight into the financial situation UK adults experienced during that period. The FCA found that the number of people struggling to meet bills and credit … Continue Reading
On 16 May 2023, the FCA published a speech given by its Chair, Ashley Alder, at the Managed Funds Associations’ Global Summit in Paris, on the drive for data in non-bank financial intermediation (NBFI). In the speech, Mr Alder explores the global debate on NBFI (which used to be referred to as ‘shadow banking’). Mr … Continue Reading
On 16 May 2023, the Prudential Regulation Authority (PRA) published a speech given by Rebecca Jackson at the Association of Foreign Banks Mansion House lunch, in which she discusses a step change in how the PRA uses supervisory and firm data. Ms Jackson explains that, in 2021, the PRA started work on a 5-year strategy … Continue Reading
On 16 May 2023, the FCA published a speech given by its Executive Director of Markets and of International, Sarah Pritchard, at the Capital Markets insights launch conference. The speech covers the need for the UK financial services market and the FCA itself to continue to evolve to keep up with changing global markets, looking … Continue Reading
In the third in our series of Regulation Tomorrow podcasts focusing on the future of asset management regulation in the UK, Hannah Meakin, Taher Ahmed and Anita Edwards discuss the role of depositaries in the sector and the FCA’s proposals for reform, as set out in the recent FCA discussion paper, DP23/2. For more information … Continue Reading
On 11 May 2023, the PRA published Policy Statement 5/23 ‘Risks from contingent leverage’ (PS5/23). PS5/23 provides feedback to responses to Consultation Paper 12/22 ‘Risks from contingent leverage’ (CP12/22) and also provides the final policy. Previous consultation In CP12/22, the PRA proposed to: The PRA considered that the proposals would help firms better understand the … Continue Reading
In the second in our series of Regulation Tomorrow podcasts focusing on the future of asset management regulation in the UK, Hannah Meakin, Taher Ahmed and Anita Edwards discuss potential reforms to regulatory hosting structures and appointed representatives, a topic discussed in the FCA’s recent discussion paper, DP23/2. For more information on DP23/2, see our … Continue Reading
On 9 May 2023, the Prudential Regulation Authority (PRA) published Policy Statement PS4/23: Moving Senior Managers Regime forms from the PRA Rulebook. PS4/23 provides feedback to responses to Consultation Paper CP2/23 and contains the PRA’s final policy on its proposed changes to the Senior Managers Regime (SMR) forms. Previous consultation In CP2/23, the PRA proposed … Continue Reading
On 9 May 2023, HM Treasury published a Call for Proposals on how to measure success in relation to the financial regulators’ new secondary objectives, which will be introduced under the Financial Services and Markets (FSM) Bill. The FSM Bill introduces new, secondary objectives for the FCA and the Prudential Regulation Authority (PRA) to facilitate … Continue Reading
On 5 May 2023, the FCA published a new webpage on its proposed new regime for public offers and admissions to trading, which will replace the UK prospectus regime. The webpage sets out information on the new framework, the FCA’s work in this area and the ways in which it plans to hear the industry’s … Continue Reading
On 4 May 2023, the Bank of England (BoE) published Consultation Paper 9/23 ‘The Bank of England’s approach to enforcement: proposed changes and clarifications’ (CP9/23). CP9/23 proposes changes to the BoE’s and the Prudential Regulation Authority’s (PRA) enforcement policies and procedures, to the PRA’s policies and procedures for making supervisory and non-enforcement statutory notice decisions, … Continue Reading
On 3 May 2023, the FCA published Consultation Paper 23/10 ‘Primary Markets Effectiveness Review: Feedback to DP22/2 and proposed equity listing rule reforms’ (CP23/10). In CP23/10 the FCA sets out proposed equity listing rule reforms as well as its feedback to its earlier discussion paper on the UK listing regime, as part of the Primary … Continue Reading
On 3 May 2023, the FCA published Policy Statement 23/4: Improving Equity Secondary Markets (PS23/4) which sets out its final policy on changes to technical standards and summarising the feedback received to its consultation on the subject. Previous consultation In July 2022, the FCA published Consultation Paper 22/12: Improving Equity Secondary Markets (CP22/12), in which … Continue Reading
On 2 May 2023, the Prudential Regulation Authority (PRA) published its 2023/24 Business Plan. The Business Plan sets out the workplan for each of the PRA’s four strategic priorities to support the delivery of its strategy, together with an overview of the PRA’s budget for 2023/24. The PRA’s strategic priorities for 2023/24 are to: These … Continue Reading
On 28 April 2023, the FCA published Handbook Notice No 109. The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers. On the 27 April 2023, the Board of the FCA made the relevant changes to the Handbook as set … Continue Reading
On 27 April 2023, HM Treasury published a consultation paper on its proposals for a new unauthorised contractual scheme, the Reserved Investor Fund. In its response to the UK funds regime review call for input on 10 February 2022, the government committed to undertaking further work to explore options for the introduction of a new … Continue Reading
