On 6 December 2023, the FCA published an update on the cash savings market for December 2023. The update follows the 14-point action plan set out by the FCA in July 2023 in its review of the cash savings market. The action plan aimed to ensure that banks are building societies are: In the update, … Continue Reading
On 5 December 2023, HM Treasury (HMT) published an illustrative draft of the Financial Services and Markets Act 2000 (The Ombudsman Scheme) Regulations 2024, along with a Policy Note. Upon laying and subject to being approved by Parliament, this statutory instrument would allow the Financial Ombudsman Service (FOS) to charge case fees to claims management … Continue Reading
On 30 November 2023, the FCA published a statement on communications in relation to packaged retail and insurance-based investment products (PRIIPs) and undertakings for collective investment in transferable securities (UCITS). The statement relates to concerns raised about costs and charges disclosure in the PRIIPs Key Information Document, the UCITS Key Investor Information Document and MiFID … Continue Reading
On 27 November 2023, the Council of the EU issued a press release announcing that it had adopted a Regulation creating the European Single Access Point (ESAP). The proposal for a regulation establishing the ESAP was part of the Capital Markets Union package which the European Commission presented on 25 November 2021. The regulation is … Continue Reading
On 22 November 2023, HM Treasury (HMT) published a near-final draft Statutory Instrument (SI) and accompanying Policy Note on the UK Retail Disclosure Framework. These documents, published alongside the Chancellor’s Autumn Statement, set out HMT’s planned approach to replacing the EU Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and creating a new UK retail … Continue Reading
On 9 November 2023, the Financial Services Compensation Scheme (FSCS) published its Outlook for November 2023, in which it provides an update on the 2023/34 levy as well as a first look at the 2024/25 forecast. In its report, the FSCS highlights the following: The FSCS notes that it continually reviews its forecasting and will … Continue Reading
On 24 October 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held a debate on the draft report on the Retail Investment package. The draft report was published by rapporteur Stephanie Yon-Courtin (Renew, FR)on 5 October 2023 and contains her proposed amendments to the European Commission’s (Commission) proposals. The publication of the draft … Continue Reading
On 8 November 2023, the FCA published a Dear CEO letter setting out its expectations for wealth management and stockbroking firms. The letter describes the FCA’s assessment of this sector’s key harms and its updated supervisory priorities, i.e. preventing financial crime and meeting Consumer Duty outcomes. Financial crime expectations The FCA flags that it has … Continue Reading
On 1 November 2023, the FCA published a speech that was delivered by its Director of Cross Cutting Policy and Strategy, Nisha Arora, at an event on “Consumer Duty – Next steps”. In her speech, Ms Arora makes the following key remarks:… Continue Reading
On 30 October 2023, the FCA published Feedback Statement FS23/7: Long-term asset funds (LTAFs) – Financial services compensation scheme (FSCS) coverage feedback statement. FS23/7 summarises the feedback received to the FCA’s Policy Statement PS23/7 on LTAFs, which was published in June 2023. In PS23/7, the FCA set out new rules to enable a broader range … Continue Reading
On 24 October 2023, the FCA published Feedback Statement FS23/5: Findings of review of rules extending small and medium-sized enterprises (SME) access to the Financial Ombudsman Service (FOS). FS23/5 sets out the FCA’s findings on whether the thresholds for SMEs to be able to refer complaints to the FOS remain appropriate. The FCA made rules … Continue Reading
On 5 October 2023, European Parliament rapporteur Stéphanie Yon-Courtin (Renew, FR) published her two draft reports concerning the Retail Investment Strategy (RIS) package. The first draft report contains the rapporteur’s proposed amendments to the European Commission’s proposal, which contained proposed amendments to the following pieces of EU legislation: The rapporteur also published her draft report … Continue Reading
On 24 May 2023, the European Commission tabled a retail investment package comprising two proposals: a proposal amending several directives (the proposed ‘omnibus directive’) and an amending regulation proposal. The proposed omnibus directive would amend the following directives regarding retail investor protection rules: The proposed regulation would amend Regulation 1286/2014 on key information documents for … Continue Reading
On 3 October 2023, the European Securities and Markets Authority’s (ESMA) guidelines on the MiFID II product governance requirements came into force. The guidelines apply in relation to the manufacturing or distribution of financial instruments and structured deposits. In particular, the guidelines apply in relation to the following requirements:… Continue Reading
In our latest Regulation Tomorrow Plus podcast, Matthew Gregory, Joe Bamford and Anita Edwards discuss the Consumer Duty, which is now in force for all on-sale products and services, and our new Pathfinder tool which has been developed to help firms ensure they have fully implemented the Duty. … Continue Reading
On 27 September 2023, the FCA published Consultation Paper 23/21: Consumer Credit – Product sales data reporting (CP23/21). In CP23/21, the FCA is seeking views on its proposal to introduce three new product sales data (PSD) returns into Chapter 16 of the Supervision manual (SUP 16). These returns will allow the FCA to collect further … Continue Reading
On 19 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the Retail Investment Package. The Retail Investment Package, which was published by the European Commission (Commission) on 24 May 2023, aims to empower retail investors to take more informed investment decisions that would better correspond … Continue Reading
On 14 September 2023, the FCA published the findings from its multi-firm review on later life mortgage advertising and advice. The review focused on the equity release market, where complex products are sold to customers, particularly customers with a higher risk of being in vulnerable circumstances. Later life mortgages are the most popular type of … Continue Reading
On 14 September 2023, the Financial Ombudsman Service (FOS) published its quarterly complaints data for Q1 2023/24. Every three months, the FOS shares quarterly data and information on the complaints it sees about financial products and services. This includes the number of enquiries and new complaints the FOS has received, as well as the proportion … Continue Reading
On 6 August 2023, the FCA published a letter from its Chief Executive, Nikhil Rathi, to the Treasury Committee Chair, Harriet Baldwin, regarding aspects of the FCA’s work. The letter provides the FCA’s responses to questions posed by Ms Baldwin in a letter dated 2 August 2023, which followed an evidence session with the Committee. … Continue Reading
On 5 September 2023, the Financial Services Consumer Panel (FSCP) published a final report on financial services firms’ personal data use, in which it considers whether that use is leading to bias and detriment for consumers with protected characteristics. The report addresses the assumption that some groups of consumers are experiencing bias and detriment, related … Continue Reading
On 1 September 2023, the FCA issued a statement on its website providing an update on its assessment of what value firms’ savings products offer. The FCA has required nine firms to provide it with their assessments of what value their savings products offer. The assessment follows the introduction of the Consumer Duty which requires … Continue Reading
On 15 August 2023, the FCA published a research note on interest only mortgages, which provides an analysis of FCA mortgage data. The research note sets out an analysis of the FCA’s data on the population of regulated interest-only mortgages that existed on 31 December 2022. It is a factual analysis, based on the mortgage … Continue Reading
