Matthew Gregory (UK)

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FCA publishes policy statement on new Consumer Duty

On 27 July 2022, the FCA published Policy Statement 22/9 ‘A new Consumer Duty – Feedback to CP21/36 and final rules’ (PS22/9). This was accompanied by the FCA’s ‘Final non-Handbook Guidance for firms on the Consumer Duty’ (FG22/5). PS22/9 follows Consultation Papers 21/36 and 21/13 on the new Consumer Duty, which the FCA published in … Continue Reading

Webinar | The Buy Now Pay Later global landscape and latest trends | Wednesday 6th July @8.30am and 3pm BST

Join our global Financial services regulation team to hear about the developing regulatory approaches and trends in the BNPL sector across the world. Register here  … Continue Reading

FCA Dear CEO letter – FCA Supervisory strategy for MCCL portfolio

On 27 June 2022, the FCA published a Dear CEO letter concerning its supervisory strategy for the mainstream consumer credit lenders (MCCL) portfolio. The Dear CEO letter follows an earlier letter published in December 2020 and: Provides an updated view of the key risks that MCCL firms pose to their consumers and the markets in … Continue Reading

EBA replies to European Commission’s call for advice on the Mortgage Credit Directive review

On 23 June 2022, the European Banking Authority (EBA) published an Opinion and Report in response to the European Commission’s call for advice (CFA) on the review of the Mortgage Credit Directive (MCD). The CFA covered 17 questions across 7 topical areas, which were the evaluation of the MCD, digitalisation, ways to facilitate the cross-border … Continue Reading

Government responds to BNPL consultation

Introduction On 20 June 2022, HM Treasury published the government’s response to its October 2021 consultation on the regulation of Buy-Now Pay-Later (BNPL) products. The consultation was preceded by an announcement from the government in February 2021, indicating that it wanted to bring unregulated interest-free BNPL products within the scope of regulation given the potential … Continue Reading

FCA Dear CEO Letter ‘The rising cost of living – acting now to support consumers’

On 16 June 2022, the FCA published a new webpage, Ensuring the fair treatment of customers in vulnerable circumstances. In the webpage the FCA states that, since the publication of Finalised Guidance 21/1 ‘Guidance for firms on the fair treatment of vulnerable customers’ (FG21/1) it has seen good examples of firms taking positive action to … Continue Reading

FCA Guidance Consultation 22/2 ‘Branch and ATM closures or conversions: Updated guidance for firms’

On 14 June 2022, the FCA published Guidance Consultation 22/2 ‘Branch and ATM closures or conversions: Updated guidance for firms’ (GC22/2). In GC22/2 the FCA proposes to update the current guidance on branch and ATM closures or conversions (Finalised Guidance 20/3 (FG20/3) and is the latest step the FCA has taken to protect access to … Continue Reading

Council adopts its position on new rules for consumer credit

On 9 June 2022, the Council of the EU issued a press release stating that it had adopted its general approach on the proposed revision of the Directive on consumer credit. Among other things the Council’s press release notes: The Council proposes to exclude from the scope of the revised directive crowdfunding and, under certain … Continue Reading

EBA consults on guidelines to resolution authorities on the publication of the write down and conversion and bail-in exchange mechanic

 On 7 June 2022, the European Banking Authority (EBA) launched a public consultation on its draft guidelines, addressed to Member State resolution authorities for the publication of their approach to implementing the bail-in tool. The draft guidelines aim to ensure that a minimum level of harmonised information is made public with regard to the mechanics … Continue Reading

EBA final technical standards on crowdfunding service providers

On 13 May 2022, the European Banking Authority (EBA) published a final report setting out draft Regulatory Technical Standards (RTS) per its mandate under Article 19(7) of the European Crowdfunding Service Providers Regulation specifying the: Elements to be included in the information to investors with respect to the description of the method to calculate credit … Continue Reading

ESAs call for improvements in product descriptions intended for retail investors

On 10 May 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The supervisory statement is addressed to Member State competent authorities and is delivered on the basis of Article … Continue Reading

On 6 May 2022, the FCA published a Dear CEO letter to consumer credit firms (firms) reminding them that they have a responsibility to ensure that they do not exploit the cost of living crisis to promote their services. The Dear CEO letter: States that the FCA has identified a number of financial promotions whereby … Continue Reading

PRA Policy Statement 4/22 ‘Trading activity wind-down’

On 6 May 2022, the PRA published Policy Statement 4/22 ‘Trading activity wind-down’ (PS4/22). In PS4/22, the PRA provides feedback to the responses to Consultation Paper 20/21 ‘Trading activity wind-down’ (CP20/21) and sets out its final policy in the form of: Supervisory Statement (SS) 1/22 ‘Trading activity wind-down’. Statement of Policy (SoP) ‘Trading activity wind-down’. … Continue Reading

ESAs recommend changes to make the PRIIPs key information document more consumer-friendly

On 3 May 2022, the European Supervisory Authorities (ESAs) published their technical advice to the European Commission on the review of the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The advice will serve as input for developing the Commission’s Retail Investment Strategy. Within section 3 of the technical advice, sections 3.1 to … Continue Reading

20 minute webinar on 4 May – The FCA’s Business Plan and future strategy

Our latest 20 minute webinar will be taking place on 4 May at 9:00am and will explore the FCA’s Business Plan and future strategy. In particular, we will discuss the FCA’s newly-defined approach to: Reducing and preventing serious harm Setting and testing higher standards Promoting competition and positive change To attend this webinar, please click … Continue Reading

ESMA Final Report – Guidelines on certain aspects of the MiFID II remuneration requirements

On 31 March 2022, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on certain aspects of the MiFID II remuneration requirements. The final report summarises the responses ESMA received to its earlier consultation paper last July and explains how the responses have been taken into account. The guidelines are intended … Continue Reading

Delegated Regulation on RTS on assessment methodology for IRB approach under CRR published in OJ

On 18 March 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/439 of 20 October 2021 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) for the specification of the assessment methodology competent authorities are to follow when assessing the compliance of credit … Continue Reading

Branch and ATM closures or conversions; good practice and areas for improvement

On 24 February 2022, the FCA published a new webpage setting out examples of good practice and areas for improvement in relation to branch and ATM closures or conversions. The examples, although not exhaustive, set out the good practice that the FCA has seen since issuing guidance in September 2020 outlining its expectations of how … Continue Reading

Dormant Assets Scheme expected to receive Royal Assent

On 24 February 2022, the Department for Digital, Culture, Media and Sport issued a press release stating that the Dormant Assets Bill was expected to received Royal Assent. The expansion of the Dormant Assets Scheme to include the insurance, pensions, investment and wealth management, and securities sectors is part of the Bill and is expected … Continue Reading
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