On 23 January 2025, the Bank Recapitalisation Bill was voted through its second reading.
As mentioned by City Minister Emma Reynolds MP in the debate:
“The Bill does four main things. First, it expands the statutory functions of the Financial Services Compensation Scheme, giving the Bank of England the power to require the FSCS to
In this article we look at key regulatory topics for 2025 that will have a significant impact on institutions operating in the UK financial services space. We have not attempted to list every single reform expected this year but rather pick out the top reforms in both the wholesale and retail space, as well as
On 20 December 2024, the House of Lords’ Financial Services Regulation Committee published a letter it had sent to the FCA’s Chief Executive, Nikhil Rathi, responding to his previous letter regarding motor finance commission.
The letter notes that the Committee is considering the implications of the recent decision to grant leave to appeal to the
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material following the festive period on 7 January 2025 although if there are any significant developments we will endeavour to provide an update.
On 19 December 2024, the Financial Conduct Authority (FCA) published Policy Statement 24/18 ‘Further temporary changes to handling rules for motor finance complaints’ (PS24/18). PS24/18 follows the FCA’s earlier consultation, CP24/22.
In PS24/18 the FCA publishes rules in the Dispute Resolution: Complaints (DISP) sourcebook of the FCA Handbook
In this latest episode of our podcast series, Let’s talk asset management, Matthew Gregory, Haney Saadah and Simon Lovegrove discuss the FCA’s ‘naming and marketing’ rules under the Sustainability Disclosure Requirements. These rules came into force on 2 December 2024 although some firms have taken the ‘temporary flexibility’ offered by the FCA which gives firms
1. Introduction
Three claims by individuals against motor finance lenders have recently been upheld by the Court of Appeal which decided that they should receive refunds of commission payments that the lenders had made to the car dealers who were acting as intermediaries/ brokers in respect of the finance arrangements (interest was also awarded to
On 22 November 2024, the Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 came into force and were published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations make transitional amendments in relation to cost disclosure requirements for listed closed-ended funds (more commonly referred to as investment trusts) to two pieces
On 21 November 2024, the Financial Conduct Authority (FCA) launched a consultation, CP24/22, on its proposal to make further temporary changes to how firms handle motor finance complaints where they involve a commission arrangement.
Background
In January 2024, the FCA introduced new rules for handling motor finance complaints where there was a discretionary
In this new edition of Regulation Around the World we review the UK Financial Conduct Authority’s (FCA) Consumer Duty (UK Consumer Duty) and see if other international financial services authorities have already got similar concepts in their frameworks; or whether the UK Consumer Duty not only sets a new UK standard