In this latest RT Plus podcast Simon Lovegrove, Peter Snowdon and Matthew Gregory discuss the FCA’s recent discussion paper setting out proposals to change the financial promotion rules for high-risk investments (FCA DP21/1). The podcast provides further practitioner insight into our initial blog on DP21/1, as well as touching on our previous blog on FCA … Continue Reading
Another episode of RT Plus is out now to download and stream. In this episode we hear from Peter Snowdon, Imogen Garner, John Coley and Matthew Gregory as they discuss the recent speech given by FCA Chairman, Charles Randell, on outcomes based regulation. RT Plus and the monthly podcast, the Regulation Tomorrow Podcast, are available … Continue Reading
A new episode of RT Plus is out now to stream and download. In this latest episode, Peter Snowdon and Matthew Gregory speak to Simon Lovegrove about the new Consumer Duty in financial services that the FCA has proposed in CP21/13. To listen to this episode of RT Plus, please click here. In order to … Continue Reading
For the next in our series of webinars where we explore topics where regulatory and insolvency issues meet, we will be joined by members of Grant Thornton’s restructuring and insolvency team to provide an update on the challenges currently facing retail banks, who have been at the forefront of the regulatory response to COVID-19. The … Continue Reading
For the next in our series of webinars where we explore topics where regulatory and insolvency issues meet, we will be joined by members of Grant Thornton’s restructuring and insolvency team to provide an update on the challenges currently facing retail banks, who have been at the forefront of the regulatory response to COVID-19. The … Continue Reading
The recording from our recent financial services 40 minute briefing, Brexit: Where have we got to and what should you do now? is now available here.… Continue Reading
On 26 August 2020, the Financial Conduct Authority (FCA) published a guidance consultation containing additional draft guidance for mortgage firms in light of the COVID-19 pandemic. It sets out the FCA’s expectations in relation to the fair treatment of mortgage borrowers who are experiencing financial difficulty as a result of the pandemic. This guidance is … Continue Reading
On 8 July 2020, the Islamic Financial Services Board (IFSB) issued two statements addressing the implications of the COVID-19 pandemic on certain elements of Islamic banking and Islamic capital markets. The statement on Islamic banking aims to clarify the treatment of payment moratoriums, the expected credit loss approach and profit sharing investment accounts in-line with … Continue Reading
On 28 October 2019, the FCA published Policy Statement 19/27: Changes to its responsible lending rules and guidance – feedback on CP19/14 and final rules (PS19/27). In PS19/27 the FCA removed barriers that prevent consumers from switching to a more affordable mortgage despite being up to date with their current mortgage payments. On 1 May … Continue Reading
Just as the challenges faced by individuals and businesses during the pandemic are exceptional, so too is the Government’s response, and it is clear that both of the UK regulators expect firms to approach their business in the same way. There are lessons to be learned from the experience of the last financial crisis, as … Continue Reading
Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services. In our fourth video diary, Matthew Gregory discusses today’s FCA proposals (made … Continue Reading
Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services. In our third video diary, Iain Hawthorn discusses the recent government announcements … Continue Reading
On 1 April 2020, Norton Rose Fulbright hosted a virtual roundtable as part of the 40 Minute Briefing series. The session focussed on the individual accountability agenda, whilst also factoring in recent developments as to the COVID 19 outbreak, and how accountability frameworks would be viewed in light of the revised working patterns that firms … Continue Reading
On 20 December 2019, the FCA published a press release providing an update on its Financial Services Regulatory Partners Phoenixing Group. The group, established in April 2019, aims to tackle the ongoing issue of ‘phoenixing’ in the financial services sector. Phoenixing in this context involves firms and individuals deliberately seeking to avoid their liabilities to … Continue Reading
The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading
As previously advertised, this month’s financial services breakfast briefing will take place tomorrow in the form of a webinar rather than a seminar. In this webinar we discuss what we are seeing in the market as firms make their preparations for a no deal Brexit. We also look at how the PRA and FCA are … Continue Reading
As previously advertised, the monthly financial services breakfast briefing on Wednesday 2 October will take the form of a webinar rather than a seminar. In this webinar we discuss what we are seeing in the market as firms make their preparations for a no deal Brexit. We also look at how the PRA and FCA … Continue Reading
On 3 May 2019, the FCA announced that it had launched the Financial Services Regulatory Partners Phoenixing Group, in a bid to tackle the ongoing issue of phoenixing in financial services. Phoenixing in this context involves firms and individuals deliberately seeking to avoid their liabilities to consumers or poor conduct history by closing down firms … Continue Reading
On 25 April 2019, the FCA published the Supervision Manual (Supervisory Principles Amendment) Instrument 2019. The Instrument amends the FCA’s Supervision Manual (SUP) by inserting at part 1A.3.2A G the FCA’s supervisory principles: as set out in their Approach to Supervision document (see our blog here). Also amended by the Instrument is parts 1A.3.3 G, … Continue Reading
The first phase of the Senior Managers’ and Certification Regime (SM&CR) was introduced for about 900 banks and deposit takers in March 2016. On 9 December 2019, the FCA is extending this regime to over 47,000 other firms. The basic principle of the SM&CR is that of responsibility and accountability, it is the antidote to … Continue Reading
On 11 April 2019, the FCA published a Dear CEO letter reminding firms involved in the approval of financial promotions for unauthorised persons of their obligations when doing so. The Dear CEO letter follows a Dear CEO letter published earlier this year to all regulated firms reminding them of their responsibilities relating to the use … Continue Reading
The recording of our latest 40 minute briefing on Brexit and the future of economic partnership for financial services is available for free here. Please note that this recording omits the segment delivered by HM Treasury which was conducted under Chatham House rules.… Continue Reading
On 3 April 2019, we will be holding an extended financial services breakfast briefing on Brexit. Many financial services firms have already executed their Brexit contingency plans and in this briefing partners from the Norton Rose Fulbright LLP financial services team will discuss what they have been seeing in three key sectors: banks, buy-side and … Continue Reading
