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
To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 5 April 2022, the Council of the EU adopted conclusions on strategic autonomy of the European economic and financial sector. The Council’s conclusions focus on: Strengthening the international role of the euro. A strong, competitive and resilient European financial sector servicing the real economy, avoiding risks arising from excessive reliance on third-country financial institutions … Continue Reading
On 23 March 2022, the European Commission published a framework laying down practical arrangements to implement EU-Japan cooperation on financial regulation under Annex 8-A to the EU-Japan Economic Partnership Agreement. The framework is between the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union and the Financial Services Agency of Japan. It … Continue Reading
On 8 March 2022, the FCA published a portfolio letter regarding its strategy for credit unions. In the letter the FCA explains that it has recently reviewed the key risks of harm that are present for credit unions, their members and the markets in which they operate. In the letter the FCA: Provide an updated … 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 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 13 December 2021, the Bank of England (BoE) published its Financial Stability Report for December 2021. The Financial Stability Report sets out the Financial Policy Committee’s (FPC) view of the outlook for UK financial stability, including its assessment of the resilience of the UK financial system and the main risks to UK financial stability, … Continue Reading
On 9 November 2021, it was announced that the FICC Markets Standards Board (FMSB), the Bank of England (BoE) and the FCA had signed a tri-party memorandum of understanding (MoU). The MoU establishes a high-level framework formalising the continuing cooperation between the FMSB, the BoE and the FCA in relation to the delivery of the … Continue Reading
On 22 October 2021, the Financial Conduct Authority (FCA) published Handbook Notice 92. The Handbook Notice lists the changes made to the FCA Handbook and other material by the FCA Board under its legislative and statutory powers on 30 September and 21 October 2021. The FCA made changes to the Handbook using the following instruments: … Continue Reading
