Matthew Gregory (UK)

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FCA multi-firm review: Consumer Duty implementation plans

On 25 January 2023, the FCA published the results of its review of the Consumer Duty implementation plans of larger ‘fixed’ firms with a dedicated FCA supervision team. The FCA conducted this review to better understand firms’ approach to embedding the Consumer Duty within their businesses. The FCA has published the findings of the review … Continue Reading

FCA announces thematic review of retirement income advice

On 19 January 2023, the FCA announced a thematic review assessing the advice consumers are receiving on meeting their income needs in retirement. Previously planned work on this topic (known as ‘Assessing Suitability Review 2’) was paused to allow resources to be concentrated on the FCA’s response to the COVID-19 pandemic. This new thematic review … Continue Reading

FOS publishes consultation on strategic plans and budget for 2023/24

On 16 December 2022, the Financial Ombudsman Service (FOS) published a consultation on strategic plans and budget for 2023/24. The document includes the volumes of complaints the FOS expects to receive and resolve, and the amounts it plans to raise through its levy and its case fees. The consultation is open until 31 January 2023.… Continue Reading

Commission welcomes political agreement on the proposed revised Consumer Credit Directive

On 2 December 2022, the European Commission announced that it welcomed the provisional political agreement reached between the European Parliament and the Council on the proposed revised Consumer Credit Directive. The European Parliament and the Council now need to formally adopt the political agreement.… Continue Reading

FCA publish statement on Liability Driven Investment

On 30 November 2022, the FCA published a statement made by the Pensions Regulator, the Central Bank of Ireland and the Commission de Surveillance du Secteur Financier on the resilience of Liability Driven Investment (LDI) portfolios and the operational governance of pensions schemes using LDI strategies. The statement sets forth that, the FCA expects asset … Continue Reading

FCA consults on a regulatory framework for pensions dashboard service firms

On 1 December 2022, the FCA published Consultation Paper 22/25: Proposed regulatory framework for pensions dashboard service firms (CP22/25). Proposals In CP22/25, the FCA sets out its approach to supervision and enforcement for dashboard operators, including on fees, regulatory reporting, record keeping, prudential requirements and conduct rules. Under the following proposals, dashboard operators will be … Continue Reading

FCA Policy Statement 22/15: Improving outcomes in non-workplace pensions

On 1 December 2022, the FCA published Policy Statement 22/15: Improving outcomes in non-workplace pensions (PS22/15). In PS22/15 the FCA sets out its responses to the feedback it received on its November 2021 consultation requiring firms to offer a default option to non-advised consumers buying a non-workplace pension (NWP). It also sets out the FCA’s … Continue Reading

FCA consults on broadening access to financial advice for mainstream investments

On 30 November 2022, the FCA published Consultation Paper 22/24: Broadening access to financial advice for mainstream investments (CP22/24). Proposals In CP22/24 the FCA sets out proposals for a new core investment advice regime. The aim is to allow firms to provide mass-market consumers with straightforward financial needs, greater access to simplified advice on investing … Continue Reading

EBA updates Q&As on the PRIIPs KID

On 14 November 2022, the European Banking Authority (EBA) published an updated version of its Questions and Answers (Q&As) on the PRIIPs key information document. The Q&As have been updated in respect of: General topics. ‘What is this product’? Product categories. Past performance. Derivatives. Multi-option products. Investment funds. Autocallable products. Calculation of the summary cost … Continue Reading

The Consumer Duty series: Post-Implementation Plan approval – Key issues for firms

In this episode, following the FCA’s interim 31st October deadline, Jonathan Herbst, Matthew Gregory, Joe Bamford and Iain Hawthorn focus on where firm’s should be now, and the key things they need to consider in taking forward their implementation plans for the new Consumer Duty. The discussion includes the steps that firms need to take … Continue Reading

FCA publishes new guidance on mobile phone and gadget insurance

On 2 November 2022, the Financial Ombudsman Service (FOS) published online guidance, providing information on the types of complaints the FOS sees and resolves about mobile phone and gadget insurance. The FOS also shares case studies that illustrate their approach. The FOS has provided information for customers and businesses: Consumers The guidance for customers sets … Continue Reading

FCA Policy Statement on pension’s dashboards rules for pension providers – feedback on CP33/2 and final rules and guidance

On 1 November 2022, the FCA published Policy Statement 22/12 ‘Pensions Dashboards rules for pension providers – feedback on CP22/3 and our final rules and guidance’ (PS22/12). Pensions dashboards have the potential to benefit consumers in several ways. By equipping people with basic information about the pensions they have, consumers may find it easier to … Continue Reading

Consumer Duty: Board checklist for implementation plan approval

In order for the FCA to be confident that firms will be in a position to comply with the new Consumer Duty from 31 July 2023 (for existing products), the FCA has outlined two interim deadlines that it expects firms to meet. These include a requirement for manufacturers to be able to share information on … Continue Reading

Commission Delegated Regulation (EU) 2022/1988 extending the transitional period for continuing to provide crowdfunding services in accordance with national laws as referred to in Article 48(1) of EU Crowdfunding Regulation

On 21 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1988 of 12 July 2022 extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48(1) of Regulation (EU) 2020/1503 of the European Parliament and … Continue Reading

Commission Delegated Regulation (EU) 2022/1959 supplementing MAR with regards to RTS setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to trading on an SME growth market

On 18 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1959 of 13 July 2022 supplementing the Market Abuse Regulation with regards to regulatory technical standards setting out a contractual template for liquidity contracts for the shares of issuers whose financial instruments are admitted to … Continue Reading

New FCA webpage ‘Consumer Duty – information for firms’

On 5 October 2022, the FCA published a new webpage ‘Consumer Duty – information for firms’. The FCA has created the webpage following the receipt of queries from firms on the new Consumer Duty. The webpage covers three areas which cover queries which are relevant for the wider market: October implementation plans. The FCA does … Continue Reading

European Commission launches consultation on consumer protection – strengthened enforcement cooperation

On 28 September 2022, the European Commission launched a consultation on consumer protection-strengthened enforcement cooperation. The consultation aims to collect the views of various interested organisations and businesses on how to increase the efficiency of retail markets in the EU, how to ensure a level playing field among all traders operating in this market, from … Continue Reading

Global regulation and conduct series – Rising cost of living, vulnerable customers and consumer duty

In the first in our global series of regulatory podcasts focussing on conduct issues, financial services partners from Australia, United Kingdom and the United States cover the rising cost of living, vulnerable customers and consumer duty. (Apple Podcasts / Spotify)… Continue Reading

ESMA final report on guidelines on certain aspects of the MiFID II suitability requirements

On 23 September 2022, the European Securities and Markets Authority (ESMA) published its final report on guidelines on certain aspects of the MiFID II suitability requirements. The final report builds on the text of the 2018 ESMA guidelines, which have now been reviewed following the adoption by the European Commission of the changes to the … Continue Reading
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