On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The table follows a stocktake of current levels of implementation across the global network. FATF notes … Continue Reading
On 28 March 2024, there was published the Accelerated Settlement Taskforce’s report. The Taskforce was established as part of the Edinburgh Reforms and at its broadest its Terms of Reference ask what the case is for the UK moving to an accelerated settlement cycle such as T+1 and over the longer term to T+0 and … Continue Reading
On 28 March 2024, the Bank of England (BoE) published a Consultation Paper (CP) on proposed changes to statements of policy and procedure following the Financial Services and Markets Act 2023 (FSMA 2023). FSMA 2023 introduced several important updates to the UK’s regulatory framework for financial services and certain of these changes create new, or … Continue Reading
On 28 March 2024, the Bank of England (BoE) and Financial Conduct Authority (FCA) published a joint response to phase two industry recommendations and future strategy. The BoE and the FCA are working together, and with industry, to improve the data collection process for both regulators and firms. In February 2021, the two regulators published … Continue Reading
On 28 March 2024, the Bank of England (BoE) published a statement following the latest review of the joint-authority Memorandum of Understanding (MoU) between itself and the FCA, PRA and the Payment Systems Regulator. The statement provides that overall the Authorities consider that co-operation between themselves is working well. The Authorities have also identified areas … Continue Reading
On 27 March 2024, the FCA published a Consultation Paper, CP24/4, setting out proposed guidance and changes to the regulatory framework for pensions dashboard service firms. Background Pensions dashboards will be digital interfaces which allow consumers to find their pensions and view basic information about them in one secure place. The Government has created the … Continue Reading
On 27 March 2024, the Bank of England (BoE) published ‘Financial Stability in Focus: The FPC’s macroprudential approach to operational resilience’. The Financial Stability in Focus publication sets out the Financial Policy Committee’s (FPC) view on specific topics related to financial stability, and this edition focuses on the FPC’s macroprudential approach to operational resilience. It … Continue Reading
On 27 March 2024, the Financial Conduct Authority (FCA) updated its webpage on fund tokenisation to add information on the Technology Working Group’s phase 2 report, published on 26 March 2024. The FCA and HM Treasury are observers on the industry-led Group, which is considering the implementation of fund tokenisation in the UK. The FCA … Continue Reading
On 27 March 2024, the Wolfsberg Group (Group) published Principles for Auditing Financial Crime Risk Management (FCRM) using the Wolfsberg Factors (Factors) which were published in 2019. The Group notes that internal audit (IA), an independent function within a financial institution (FI), constitutes the third line of defence and plays an important role in assessing … Continue Reading
On 26 March 2024, the Technology Working Group – an industry group established by the Government to examine the impact of technology on the UK’s investment management sector – published its second report, entitled ‘Further Fund Tokenisation: Achieving Investment Fund 3.0 Through Collaboration’. The new report builds on the publication of the Group’s first report … Continue Reading
On 26 March 2024, the Financial Conduct Authority (FCA) published finalised guidance (FG24/1) clarifying its expectations on how financial promotions should be communicated on social media by firms as well as others, such as influencers. Background The FCA consulted in 2023 on updated guidance for financial promotions on social media, following concerns that poor quality … Continue Reading
On 25 March 2024, the Financial Conduct Authority (FCA) published a new webpage on alternative investment fund manager (AIFM) hosting. The webpage provides information for AIFMs using the host model to manage alternative investment funds (AIFs), known as AIFM hosting. AIFMs can use the host model to employ staff on secondment from a third … Continue Reading
On 22 March 2024, the Financial Conduct Authority (FCA) published a Statement of Policy on appointments to its statutory panels. The Statement of Policy outlines the intended approach for appointing members to these panels in accordance with section 1RA of the Financial Services and Markets Act 2000 (the Act). HM Treasury (HMT) was consulted with … Continue Reading
On 22 March 2024, HM Treasury (HMT) published a Policy Paper on the next phase of “Building a Smarter Financial Services Regulatory Framework for the UK”. The Policy Paper outlines the impact and progress of the programme so far, work underway and the Government’s approach on the next phase of the Smarter Regulatory (SRF) Framework. … Continue Reading
On 21 March 2024, HM Treasury (HMT) published a Policy Paper on its approach to designation of critical third parties to the UK financial services sector. Background The paper highlights the increasing reliance by financial services firms and financial market infrastructure (FMI) firms on third parties outside the finance sector for key functions and services, … Continue Reading
Our podcast series Split the difference explores divergence between the EU and UK regulatory regimes in the markets space. In the latest episode, Hannah Meakin, Anna Carrier, Georgia Karamani, Floortje Nagelkerke and Simon Lovegrove explore EMIR 3.0 and how the proposed new rules compare with the UK regime.… Continue Reading
On 20 March 2024, the Financial Conduct Authority (FCA) published a letter to CEOs of firms in its consumer lending portfolios, setting out its updated view on the key risks of harm those firms pose to their consumers and the markets in which they operate. This view will shape the FCA’s focus and engagement with … Continue Reading
On 19 March 2024, the Financial Conduct Authority (FCA) published a Guidance Consultation, GC24/1, on proposed amendments to FG21/4: Guidance for insolvency practitioners (IPs) on how to approach regulated firms. FG21/4, published in May 2021, was introduced to help IPs comply with FCA rules and guidance as well as relevant legislation which aim to achieve … Continue Reading
On 20 March 2024, the Wolfsberg Group published a statement on countering terrorist financing (CTF). The statement replaces the Wolfsberg Group’s first statement on the topic published in 2002. It describes the role of financial institutions in CTF and the key controls which seek to mitigate and manage the risk of a financial institution being … Continue Reading
On 19 March 2024, the Financial Conduct Authority (FCA) published its Business Plan for 2024/25, setting out the work it will do over the next 12 months to help deliver its commitments in the third year of its 3-year strategy, with the aim of achieving better outcomes for consumers and markets. The Business Plan highlights … Continue Reading
On 18 March 2024, the Department for Business and Trade announced that it is consulting on competition and consumer protection related information sharing between relevant UK public authorities. The consultation paper highlights that the sharing of information among regulators and public bodies plays an important role in effective enforcement and regulation, and that there can … Continue Reading
On 18 March 2024, the Financial Conduct Authority (FCA) published a joint letter with Ofgem, Ofwat and Ofcom via the UK Regulators’ Network, outlining their shared expectations of the consumer outcomes firms should be delivering in response to identified consumer harms across their sectors, particularly in relation to debt collection practices. Accordingly, together with Ofgem, … Continue Reading
On 18 March 2024, the Investment Association (IA) published a guide ‘Operational resilience: severe but plausible (SBP) scenarios’. The guide directly builds upon the IA’s previous member guidance on scenario testing from December 2021 and this new guide represents the IA’s continued contribution to building a common understanding and establishing best practice with regard to … Continue Reading
On 18 March 2024, the Financial Stability Board (FSB) published a revised version of its 2016 guidance on arrangements to support operational continuity in resolution. The 2016 guidance assists supervisory and resolution authorities, and financial institutions to evaluate whether financial institutions that are subject to resolution planning requirements have appropriate arrangements to support operational continuity … Continue Reading