On 12 October 2023, the FCA published a speech delivered by its Chair, Ashley Alder, at the Investment Association’s Annual Dinner on 11 October. In the speech, Mr Alder provides an update on the FCA’s priorities for updating and improving the UK asset management regime in light of the responses it received to discussion paper … Continue Reading
On 11 October 2023, the Prudential Regulation Authority (PRA) published Occasional Consultation Paper CP22/23, which sets out the PRA’s proposals to make minor amendments to PRA rules. In CP22/23, the PRA proposes changes which would amend the: The deadline for feedback to CP22/23 is 13 November 2023. The PRA proposes that the implementation date for … Continue Reading
On 3 October 2023, the Payment Systems Regulator (PSR) published Consultation Paper CP23/9 on proposed revisions to its Powers and Procedures Guidance (CP23/9). The Powers and Procedures Guidance (PPG) sets out the PSR’s approach to using its powers and how it works in practice. The original PPG was published in 2015 and a revised version … Continue Reading
On 2 October 2023, HM Treasury published a Policy Statement ‘Payment service contract termination rule changes: Implementation, timings and next steps’. On 21 July 2023, the Treasury published a Policy Statement on payment service contract termination rules and freedom of expression, setting out the government’s plans to enhance requirements relating to the process and conduct … Continue Reading
On 2 October 2023, the FCA announced the end of the implementation period for the debt packager referral fee ban. The FCA’s Policy Statement PS23/5 (Debt packagers: Feedback to CP23/5 and final rules) was published in June 2023. In it, the FCA said that existing debt packagers and their existing appointed representatives (ARs) at that … Continue Reading
In our latest Regulation Tomorrow Plus podcast, Matthew Gregory, Joe Bamford and Anita Edwards discuss the Consumer Duty, which is now in force for all on-sale products and services, and our new Pathfinder tool which has been developed to help firms ensure they have fully implemented the Duty. … Continue Reading
On 27 September 2023, the FCA published a new webpage: Financial promotions for high-risk investments, outlining the findings from the FCA’s review of how firms offering restricted mass market investments (RMMIs) have complied with new rules on the customer journey. The webpage also identifies examples of good and poor practice for the wider sector to … Continue Reading
On 27 September 2023, the FCA published Consultation Paper 23/21: Consumer Credit – Product sales data reporting (CP23/21). In CP23/21, the FCA is seeking views on its proposal to introduce three new product sales data (PSD) returns into Chapter 16 of the Supervision manual (SUP 16). These returns will allow the FCA to collect further … Continue Reading
Now that the Consumer Duty is in force for all on-sale products and services, firms should now be gathering evidence of the outcomes being received by retail customers, and looking ahead to the first Board certification exercise next summer. In order to aid firms in meeting these objectives and to help firms have confidence that … Continue Reading
On 25 September 2023, the Financial Stability Board (FSB) published a report: Stocktake of international data standards relevant to cross-border payments. The report looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. Furthermore, the report takes forward one of the priority actions under the G20 Cross-border … Continue Reading
The Financial Services and Markets Act 2023 introduces a requirement for the FCA to exercise new functions for the purpose of “seeking to ensure reasonable provision of cash access services in the United Kingdom, or a part of the United Kingdom”. In this Regulation Tomorrow Plus podcast Matthew Gregory and Simon Lovegrove discuss HM Treasury’s … Continue Reading
On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading
On 19 September 2023, the FCA published a report setting out the findings of its initial data exercise on UK bank account access and closures. The report also explains what further work the FCA will undertake to examine the information provided and address gaps in the data. In order to better understand the scale and … Continue Reading
On 14 September 2023, the FCA published the findings from its multi-firm review on later life mortgage advertising and advice. The review focused on the equity release market, where complex products are sold to customers, particularly customers with a higher risk of being in vulnerable circumstances. Later life mortgages are the most popular type of … Continue Reading
On 14 September 2023, the Financial Ombudsman Service (FOS) published its quarterly complaints data for Q1 2023/24. Every three months, the FOS shares quarterly data and information on the complaints it sees about financial products and services. This includes the number of enquiries and new complaints the FOS has received, as well as the proportion … Continue Reading
On 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … Continue Reading
On 8 September 2023, the FCA published a letter to the wholesale banking sector, following its portfolio analysis and strategy forum. The letter sets forth the FCA’s supervisory work programme over the next two years which will shape its engagement with the wholesale banking sector. The letter also sets out the FCA’s areas of supervisory … Continue Reading
On 6 August 2023, the FCA published a letter from its Chief Executive, Nikhil Rathi, to the Treasury Committee Chair, Harriet Baldwin, regarding aspects of the FCA’s work. The letter provides the FCA’s responses to questions posed by Ms Baldwin in a letter dated 2 August 2023, which followed an evidence session with the Committee. … Continue Reading
On 1 September 2023, the FCA issued a statement on its website providing an update on its assessment of what value firms’ savings products offer. The FCA has required nine firms to provide it with their assessments of what value their savings products offer. The assessment follows the introduction of the Consumer Duty which requires … Continue Reading
On 1 September 2023, the FCA published Consultation Paper 23/18 ‘Quarterly Consultation No. 41’ (CP23/18). Among other things in CP23/18 the FCA is proposing to amend Supervision Manual (SUP) 12.4.10AR to clarify that it is the principal firm that must obtain and maintain continuous professional indemnity insurance (PII) cover for the activities for which it … Continue Reading
On 18 August 2023, the Bank of England (BoE) published its response on the feedback received to its December 2022 consultation on its supervisory approach to wholesale cash distribution (WCD). The BoE has also published a Statement of Policy on the BoE’s supervisory approach to market oversight for WCD. In its December 2022 consultation the … Continue Reading
Introduction On 18 August 2023, HM Treasury published a Cash Access Policy Statement setting out the government’s policy concerning access to cash deposit and withdrawal services for relevant personal and business current accounts across the United Kingdom (UK). The Policy Statement is also intended to inform the FCA’s approach, including in relation to what constitutes … Continue Reading
On 15 August 2023, the FCA published a research note on interest only mortgages, which provides an analysis of FCA mortgage data. The research note sets out an analysis of the FCA’s data on the population of regulated interest-only mortgages that existed on 31 December 2022. It is a factual analysis, based on the mortgage … Continue Reading