United Kingdom (and EU regulation)

BoE speech – ‘Modernising the trains and rails of UK payments’

On 15 April 2024, Sarah Breeden, Deputy Governor of Financial Stability at the Bank of England (BoE), delivered a speech explaining how the BoE seeks to deliver trust and support innovation, both as a provider and as a regulator of retail and wholesale money, against the backdrop of significant technological change in payments. In her … Continue Reading

PSR publishes Annual Plan for 2024/2025

On 9 April 2024, the Payment Systems Regulator (PSR) published its Annual Plan for 2024/2025, setting out the PSR’s key aims, activities and expected costs for 2024/2025. The Annual Plan highlights that this year (the third of the PSR’s 5-year strategy) will be a important one for consolidating the delivery of the PSR’s work aimed … Continue Reading

BoE Policy Statement and Consultation: Mandating ISO 20022 enhanced data in CHAPS

On 12 April 2024, the Bank of England (BoE) published a Policy Statement and Consultation providing further clarification on its previously published mandatory requirements for enhanced data coming into effect in 2025 and 2026. The BoE further seeks views on its proposals for expanding the mandatory requirements for enhanced data in CHAPS payments from 2027. … Continue Reading

FCA issues statement regarding motor finance firms’ financial resources

On 12 April 2024, the FCA issued a statement on its website reminding motor finance firms that they must maintain adequate financial resources at all times. Earlier this year the FCA announced that it was using its powers under the Financial Services and Markets Act 2000 to review sales of historical motor finance discretionary commission … Continue Reading

FSMA 2023 Correction Slip published

On 11 April 2024, the Government published a Correction Slip relating to the Financial Services and Markets Act 2023. The Correction Slip states that with regards to Schedule 2, paragraph 33, in the inserted Chapter 4A, after the italic heading “STS equivalent non-UK securitisations”, on a new line, the heading “Article 28A” should be inserted … Continue Reading

PRA publishes 2024/5 Business Plan

On 11 April 2024, the Prudential Regulation Authority (PRA) published its Business Plan for 2024/25. The Business Plan sets out the workplan for each of the PRA’s four strategic priorities to support the delivery of its strategy, together with an overview of the PRA’s budget for 2024/25.  The PRA notes that its strategy reflects its … Continue Reading

PRA publishes Consultation Paper on Regulated Fees and Levies: Rates Proposals for 2024/25

On 11 April 2024, the Prudential Regulation Authority (PRA) published a Consultation Paper, CP4/24, on its regulated fees and levies, setting out rates proposals for 2024/25. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix). The proposals include: CP4/24 is relevant to all firms that currently pay PRA fees or are … Continue Reading

New Briefing Note – Quarterly UK financial services horizon scanner

In our latest briefing we set out some of the key upcoming dates that we are aware of so far in the financial services space for 2024, together with links to our relevant content for each development. We will publish an updated version of this horizon scanner next quarter. For further detail on some of … Continue Reading

Regulation Tomorrow Plus: DE&I series “Inclusivity”

In the fifth podcast in our DE&I series, Simon Lovegrove, Hannah Meakin and Hannah McAslan-Schaaf are joined by Alasdair Scott from GP Strategies to discuss inclusivity, how well contributions, presence, and perspectives of different groups of people are valued and integrated into an environment. Inclusivity has become essential in business today with new joiners looking … Continue Reading

FCA publishes finalised guidance for firms supporting existing mortgage borrowers impacted by rising costs of living

On 10 April 2024, the Financial Conduct Authority (FCA) published finalised guidance (FG24/2) for firms supporting existing mortgage borrowers impacted by the rising cost of living. Background The FCA published finalised guidance in March 2023 explaining how firms can support their customers, including through automated processes and digital channels.  The guidance set out the flexibility … Continue Reading

FCA publishes Policy Statement on consumer credit and mortgages

On 10 April 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/2, which confirms its final rules to strengthen protections for borrowers in financial difficulty, as well as summarising and responding to feedback received on CP23/13. The FCA notes that PS24/2 will primarily affect consumer credit lenders; premium finance firms; mortgage lenders and administrators; … Continue Reading

FCA Consultation Paper CP24/7: Payment Optionality for Investment Research

On 10 April 2024, the FCA published Consultation Paper CP24/7: Payment Optionality for Investment Research. Background The UK rules on investment research stem from the Markets in Financial Instruments Directive II (MiFID II). At the moment the UK rules prevent UK asset managers from purchasing research with bundled payments other than when the payment is … Continue Reading

FCA Market Watch 78

On 9 April 2024, the Financial Conduct Authority (FCA) published Market Watch 78. In this edition of Market Watch, the FCA shares its observations on the completeness and accuracy of instrument reference data (IRD) under onshored Regulatory Technical Standard (RTS) 23. The FCA notes that this edition of Market Watch will be relevant to UK … Continue Reading

FCA consults on its regulated fees and levies rates proposals for 2024/2025  

On 9 April 2024, the Financial Conduct Authority (FCA) published Consultation Paper CP24/6 on the rules that enable the FCA to raise regulatory fees and levies in 2024/2025 to fund the FCA and the Financial Ombudsman Service (FOS). CP24/6 also covers rules that enable the FCA to collect certain levies on behalf of government departments. … Continue Reading

TPT – Latest transition plan resources published

On 9 April 2024, the Transition Plan Taskforce (TPT) published the final set of transition plan resources to help businesses unlock finance for net zero. In October 2023, the TPT published its final Disclosure Framework, as part of a wider suite of Implementation Guidance which included guidance to help preparers explore the disclosure recommendations and … Continue Reading

Upcoming webinar: Investigations in EMEA – Horizon scanning

On Tuesday 16 April 2024, please join us for a webinar where our team from across EMEA will discuss the key recent and upcoming trends in financial crime legislation and regulatory enforcement in the EU, UK and Singapore. This webinar will highlight important changes to anti-money laundering regulation and wider financial crime legislation in the … Continue Reading

Upcoming webinar: Financial services regulation ESG webinar Series – ESG financial services trends in the US

On Thursday 11 April 2024, as part of our global ESG webinar series, please join us for the second instalment of this webinar series, as we will be taking a closer look at the ESG financial services trends in the US. This webinar, featuring a discussion with members of our US ESG team, will include … Continue Reading

IOSCO Consultation Report ‘Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices’

On 4 April 2024, the International Organisation for Securities Commissions (IOSCO) published a Consultation Report titled Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices. The Consultation Report analyses the structural and organisational changes within exchanges. It primarily focuses on business models and ownership structures. Importantly, it also highlights … Continue Reading

FCA updates webpage on its Perimeter Report

On 5 April 2024, the Financial Conduct Authority (FCA) updated its webpage on its Perimeter Report. The update has made amendments to the sections on Counter-Party Credit Risk, Contract for Differences, Finfluencers, the Advertising Standards Agency, the Financial Services and Markets Act 2023 and Unregulated Collective Investment Schemes. No new areas of focus or concern … Continue Reading

FOS 2024/2025 Plans and Budget

On 4 April 2024, the Financial Ombudsman Service (FOS) published its 2024 and 2025 strategic plans and budget. The final plans and budget come as the FOS has announced its expectation of higher demand in the year ahead, with an estimated caseload of 210,000 complaints. The higher caseload comes as the FOS has committed to … Continue Reading

Upcoming webinar: ESG and greenwashing in financial services

On Tuesday 9 April 2024, as part of our UK In-house legal forum training programme, we will be running a webinar on ESG and greenwashing in financial services. The session will look at recent UK regulatory developments regarding sustainability, including the FCA’s Sustainability Disclosure Requirements and investment labels regime, at how regulators are dealing with … Continue Reading

New Risk and Resilience podcast: Fraud

In the latest podcast in our Risk and Resilience series, which focuses on removing risk in the banking sector, we focus on fraud and specifically on key recent developments that banks and other financial sector firms should have on their radar as part of their risk management in this area. The podcast can be found … Continue Reading

BIS and central banks announce plans for tokenisation project

On 3 April 2024, the Bank for International Settlements (BIS) together with a group of central banks announced plans to join forces with the private sector to explore how tokenisation of wholesale central bank money and commercial bank deposits on programmable platforms can improve the monetary system. The project, named Project Agorá, will bring together … Continue Reading
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