In this podcast Jonathan Herbst, Matthew Gregory and Simon Lovegrove discuss the pros and cons of the Memorandum of Understanding establishing a framework for financial services regulatory cooperation between the EU and the UK.… 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 25 May 2023, the Financial Services Compensation Scheme (FSCS) published its latest Outlook update, containing revised compensation and levy forecasts for 2023/24. The FSCS has revised its levy forecast for 2023/24 to £270m. Whilst this is a reduction from the initial estimates the FSCS shared in November 2022, it still expects to pay £471m … Continue Reading
On 23 May 2023, the Lending Standards Board (LSB) published a report on access for d/Deaf customers in banking and credit. The report includes insights and considerations aimed at helping the financial services industry to understand d/Deaf cultures and address remaining areas of inaccessibility for d/Deaf people. Within the report, the LSB looks at key … Continue Reading
On 19 May 2023, HM Treasury published a Memorandum of Understanding (MoU) establishing a framework for financial services regulatory cooperation between the European Union and the United Kingdom of Great Britain and Northern Ireland. The MoU has been made pursuant to the Joint Declaration on Financial Services Regulatory Cooperation between the EU and the UK … Continue Reading
As part of its Fraud Strategy, published on 3 May 2023, the government announced its intention to ban cold calling for all financial products, so that anyone who subsequently receives unsolicited calls trying to sell them financial products such as cryptocurrency or insurance will treat it as a scam. Under the Financial Guidance and Claims … Continue Reading
On 10 May 2023, the FCA published a speech by its Executive Director of Consumers and Competition, Sheldon Mills, in which he discusses the countdown to the Consumer Duty. Mr Mills begins by reminding firms that they have less than three months to implement the Consumer Duty, which comes into force on 31 July 2023. … Continue Reading
On 5 May 2023, the FCA published financial promotions quarterly data 2023 Q1. The data provides an overview of how the FCA are working to improve standards across the markets so that consumers are provided with clear and fair financial promotions which are not misleading. The data covers the period between 1 January 2023 and … Continue Reading
On 2 May 2023, the FCA published Consultation Paper 23/9: Changing the scope of the baseline financial resilience regulatory return (CP23/9). Following the publication of the FCA’s final rules in relation to a new baseline financial resilience return, FIN073, the FCA is proposing to change the scope of firms required to provide baseline financial resilience … Continue Reading
On 19 April 2023, the Financial Ombudsman Service (FOS) published the annual report for the Wider Implications Framework. The Wider Implications Framework (the framework) was re-launched in early 2022 as a means for members of the financial services regulatory family (the FOS, the FCA, the Financial Services Compensation Scheme (FSCS), the Pensions Regulator (TPR) and … Continue Reading
On 20 April 2023, the House of Commons’ Treasury Committee published a letter from FCA Chief Executive, Nikhil Rathi. The letter outlines the FCA’s responses to questions posed by the Treasury Committee regarding competition in the retail banking market. These included questions on the FCA’s work in relation to the savings market (and easy access … Continue Reading
On 19 April 2023, the FCA published Evaluation Paper 23/1: An evaluation of our 2019 overdrafts intervention (EP23/1). In Policy Statement 19/16: High-cost credit review: Overdraft policy statement, the FCA introduced a package of remedies in the UK market for overdrafts. In the same publication, the FCA announced that they would carry out an ex … Continue Reading
On 18 April 2023, the Bank of England (BoE) published a statement on improving depositor outcomes in bank or building society insolvency. The statement sets out how financial authorities and industry are working together to deliver better outcomes for depositors in the event of a bank or building society insolvency. The changes are intended not … Continue Reading
In this podcast, Matthew Gregory is joined by Claudia Trauffler (Head of Capital Markets, HM Treasury) who discusses the Government’s plans to revoke the PRIIPs Regulation and UK retain disclosure reform generally.… Continue Reading
On 3 April 2023, the European Securities and Markets Authority (ESMA) published the official translations, including the English language version, of the guidelines on certain aspects of the MiFID II remuneration requirements. These guidelines apply in relation to the requirements set out in Article 27 of Delegated Regulation 2017/565 of 25 April 2016 (MiFID II … Continue Reading
On 3 April 2023, the European Securities and Markets Authority (ESMA) published the official translations, including the English language version, of the guidelines on certain aspects of the MiFID II suitability requirements. These guidelines apply in relation to Article 25(2) of MiFID II and Articles 54 and 55 of Delegated Regulation 2017/565 of 25 April … Continue Reading
On 3 April 2023, the Financial Ombudsman Service (FOS) published a feedback statement on its proposals to make temporary changes to outcome reporting in its business-specific complaints data. The consultations In October 2021, as part of its work on reducing its existing backlog, the FOS consulted on a temporary initiative to amend how it records … Continue Reading
On 31 March 2023, the Prudential Regulation Authority (PRA) published Policy Statement 3/23: Financial Services Compensation Scheme (FSCS) – management expenses levy limit (MELL) 2023/4 (PS3/23). In PS3/23 the PRA confirms the FSCS’ MELL of £109.8 million for 2023/24. This includes: The MELL will apply from Saturday 1 April 2023, the start of the FSCS’s … Continue Reading
On 31 March 2023, the Prudential Regulation Authority (PRA) published Policy Statement 2/23: Depositor Protection (PS2/23). PS2/23 follows an earlier consultation, CP9/22, in which the PRA proposed to amend Rule 6.2 in the Depositor Protection (DP) Part of the PRA Rulebook and make other consequential changes. These amendments sought to clarify that the Financial Services … Continue Reading
On 30 March 2023, the FCA updated its webpage on Policy Statement 22/13: Calculating redress for non-compliant pension transfer advice. The webpage has been updated to include a section on defined benefit (DB) pension transfer redress calculations. The section clarifies the rules and guidance in DISP Appendix 4 that firms must use from 1 April … Continue Reading
Introduction: what are the facts? The Bank of England (BoE) has a number of resolution tools at its disposal which are provided for in legislation following the 2008 global financial crisis. These tools are designed to protect and enhance UK financial stability, protect public funds and ensure the continuity of banking services. These tools have … Continue Reading
On 27 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report: Guidelines on MiFID II product governance requirements. The guidelines that have now been published build on ESMA’s guidelines on certain aspects of the MiFID II product governance requirements which were published in June 2017. While the 2017 guidelines remain relevant, … Continue Reading
On 21 March 2023, the FCA published a speech by its director of consumer investments, Therese Chambers, delivered at the TISA Financial Advice and Guidance Conference in London. In her speech, Ms Chambers notes that although the reforms implemented as part of the Retail Distribution Review a decade ago have had positive impacts, it is … Continue Reading
The FCA’s discussion paper DP23/2, which is open for comment until 22 May 2023, sets out a range of proposals to reform the UK regulatory regime for asset managers and funds. The DP follows the government’s conclusion in December 2022 of its Future Regulatory Framework review and is intended to help the FCA decide how … Continue Reading
