Last week the Labour Party published its Financial Services Review based on six policy priorities – Financing Growth: Labour’s Plan for Financial Services. The report is the first stage in outlining Labour’s vision for the future of Britain’s financial services and its agenda will continue to develop over time. Key priorities include: Comment This is … Continue Reading
On 11 January 2024, the Financial Services Compensation Scheme (FSCS) published its latest budget update where it provides an update on its management expenses for 2023/24 and proposed expenses for 2024/25. The FSCS has also published a statement from its interim chief executive, Martyn Beauchamp. In his statement Mr Beauchamp mentions:… Continue Reading
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 9 January 2024 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 28 November 2023, there was published on legislation.gov.uk The Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023. These Regulations, which come into force on 26 December 2023, are intended to ensure that the Financial Conduct Authority, Prudential Regulation Authority, and the Payment Systems Regulator can remunerate members of certain statutory … Continue Reading
Introduction Following the unprecedented levels of sanctions activity in response to Russia’s invasion of Ukraine, which has resulted in companies dealing with the most significant and complex sanctions regimes across multiple jurisdictions, authorities in the US, UK and EU are now turning their attention to enforcement of those sanctions. Sanctions authorities have indicated that they … Continue Reading
On 5 October 2023, the General Board of the European Systemic Risk Board (ESRB) announced that it held its 51st regular meeting on 28 September 2023. The meeting highlighted the following key points:… Continue Reading
On 29 September 2023, the PRA issued a statement setting out its conclusions following an evaluation of the Written Auditor reporting policy, to assess how it is delivering against its original objectives. The statement also sets out how the PRA will continue to refine its approach to the policy to make it a more efficient … Continue Reading
On 13 September 2023, the European Commission published an initiative setting out a draft Delegated Directive that will amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation. Since 2013, the size thresholds have remained unchanged. An increase will result in micro, small … Continue Reading
On 31 March 2023, the Prudential Regulation Authority (PRA) published Policy Statement 3/23: Financial Services Compensation Scheme (FSCS) – management expenses levy limit (MELL) 2023/4 (PS3/23). In PS3/23 the PRA confirms the FSCS’ MELL of £109.8 million for 2023/24. This includes: The MELL will apply from Saturday 1 April 2023, the start of the FSCS’s … Continue Reading
On 8 February 2023, the FCA published a speech by its Chief Operating Officer (COO) and Executive Director of Authorisations, Emily Sheppard on “How to organise a COO”. In her speech, Ms Sheppard shares some of her experience as an industry COO. An open culture Firstly, Ms Sheppard highlights the need for COOs to … Continue Reading
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 9 January 2023 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 29 November 2022, the FCA published a speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, titled ‘From zeros to heroes: how culture in financial services can change for everyone’s benefit’. The speech was given at City and Financial Global’s 8th annual culture and conduct forum for the financial services industry. … Continue Reading
Institutional investors collaborate with each other when communicating with investee companies’ management regarding, for example, ESG matters. Such shareholder collaboration leads to challenges in multiple legal areas. Minimising such legal risk is key. NRF’s Shareholder Collaboration Tool allows Institutional investors to confidently collaborate, while reducing the burden on legal teams to manage the associated risks. … Continue Reading
On 18 October 2022, the FCA announced that Mark Steward will be stepping down as the FCA’s executive director of enforcement and market oversight after seven years with the regulator.… Continue Reading
On 22 September 2022, the following decisions amending Annex IX (Financial services) to the EEA Agreement were published in the Official Journal of the EU: Decision of the EEA Joint Committee No 138/2022 of 29 April 2022 amending Annex IX (Financial services) to the EEA Agreement [2022/1582] Decision of the EEA Joint Committee No 139/2022 … Continue Reading
On 5 August 2022, the Financial Conduct Authority (FCA) announced the appointment of Ruairi O’Connell, OBE, as the new Director of International. Ruairi will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo. … Continue Reading
On 21 July 2022, HM Treasury and the City of London Corporation delivered on a recommendation made in Lord Hill’s UK Listing Review that the Government produce an annual report on the attractiveness and international competitiveness of UK financial services. The annual report finds that the UK remains a hugely successful financial services centre. Whilst … Continue Reading
On 15 July 2022, the Bank of England (BoE) published an updated memorandum of understanding (MoU) between itself and the Financial Services Compensation Scheme (FSCS). The Scheme exists to provide protection for eligible customers of failed financial services firms and is established under the Financial Services and Markets Act 2000 (FSMA). The MoU sets out … Continue Reading
On 16 July 2022, the Government issued a public consultation on what social and environmental causes should benefit from more than £700 million of dormant assets funding in England. The consultation comes following the recent expansion of the Dormant Assets Scheme to include insurance and pensions, investment and wealth management and securities sectors. The expansion … Continue Reading
On 13 May 2022, HM Treasury issued a consultation on a new form of statutory debt solution, the statutory debt repayment plan (SDRP), that will allow for most of an individual’s debts to be combined into a single plan and repaid over a manageable period, with similar legal protections from creditor action as in breathing … Continue Reading
On 11 May 2022, the European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Among other things the annual report notes: Member State competent authorities (NCAs) made progress in the implementation of the EBA Guidelines on supervisory review and evaluation process (SREP). There needs to be more harmonised practices … Continue Reading
On 9 May 2022, the FMSB announced that it was changing its name from FICC Markets Standards Board to Financial Markets Standards Board.… Continue Reading
On 3 May 2022, the FCA announced that it had made the following senior hires: Mel Gunewardena will take up a Senior Advisor role at the FCA in mid-May. She is currently Chief Market Intelligence Officer at the Commodities and Futures Trading Commission. Graeme Reynolds has been appointed Director of Competition. He is currently one … Continue Reading