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Topic: Retail

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ESAs call for evidence on the PRIIPs Regulation

On 21 October 2021, the European Supervisory Authorities (ESAs) opened a call for evidence regarding the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The call for evidence follows a call for advice on the PRIIPs Regulation that the ESAs received earlier this year from the European Commission. The ESAs are requesting information … Continue Reading

The Packaged Retail and Insurance-based Investment Products (UCITS Exemption) (Amendment) Regulations 2021

On 15 October 2021, there was published on legislation.gov.uk The Packaged Retail and Insurance-based Investment Products (UCITS Exemption) (Amendment) Regulations 2021 together with an explanatory memorandum. These Regulations come into force on 31 December 2021. They extend an existing legal exemption for management and investment companies and persons advising on, or selling, UCITS funds from … Continue Reading

FCA speech – Partnerships, priorities and predictions for the future in the pensions market

On 14 October 2021, the Financial Conduct Authority (FCA) published a speech by its new Executive Director for Markets, Sarah Pritchard, in which she discusses the key themes for the FCA which are, partnership, priorities and future predictions. The speech is entitled ‘Partnerships, priorities and predictions for the future in the pensions market’. The FCA … Continue Reading

FOS consultation on temporary changes to reporting the outcomes of proactively settled complaints

On 4 October 2021, the Financial Ombudsman Service (FOS) issued a consultation paper setting out proposed temporary amendments to the way in which it reports business-specific complaints data, in particular the “uphold rate”. The FOS is proposing that – for a limited period – complaints that are proactively settled by businesses before the FOS has … Continue Reading

PS21/12: Assessing value for money in workplace pension schemes and pathway investments: requirements for IGCs and GAAs

On 4 October 2021, the FCA published Policy Statement 21/12: Assessing value for money in workplace pension schemes and pathway investments: requirements for IGCs and GAAs (PS21/12). In PS21/12 the FCA summarises the feedback received to Consultation Paper 20/9: Driving value for money in pensions and sets out final rules. The final rules will come … Continue Reading

Retail investors’ challenges: what investor protection safeguards should accompany increased retail participation in capital markets?

On 21 September 2021, the European Securities and Markets Authority (ESMA) published the keynote address that Natasha Cazenave (Executive Director, ESMA) gave at the Saline del Risparmio on 17 September 2021. The keynote address is entitled Retail investors’ challenges: what investor protection safeguards should accompany increased retail participation in capital markets? The keynote address focuses … Continue Reading

FCA and the Pensions Regulator outline a framework for value for money in defined contribution pension schemes

On 16 September 2021, the Pensions Regulator and the FCA jointly issued Discussion Paper 21/3: Driving Value for Money in defined contribution pensions (DP21/3). In DP21/3 the regulators discuss developing a common framework for measuring value for money (VFM) in defined contribution (DC) pension schemes. The aim of the two regulators is to drive a … Continue Reading

New Delegated Regulation under the PRIIPs Regulation

On 7 September 2021, the European Commission adopted:  Commission Delegated Regulation amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on … Continue Reading

FCA confirms periodic review of pension transfers redress guidance

The FCA published Finalised Guidance 17/9 (FG17/9) in 2017, setting out how firms should calculate redress for unsuitable defined benefit (DB) pension transfers. At the time, the FCA committed to reviewing the guidance every four years, and on 1 September 2021, the FCA confirmed the following: Confirm that we (the FCA) intend to start a … Continue Reading

FCA publishes letter to loan-based peer-to-peer (P2P) crowdfunding platforms

On 26 August the FCA published a letter (dated 25 May 2021) previously sent to the board of directors at loan-based peer-to-peer (P2P) crowdfunding platforms. In the letter the FCA seeks to set out its views and expectations in a number of areas, specifically: set out our view of the key risks P2P platforms pose … Continue Reading

FCA portfolio letter – investment-based crowdfunding

On 17 August 2021, the FCA published a portfolio strategy letter (dated 2 July 2021) on investment-based crowdfunding. In the letter the FCA reminds CEOs of investment-based crowdfunding (IBC) firms that they are responsible for the conduct of their firm as a whole. The FCA expects them to ensure that there is clear accountability within … Continue Reading

FCA updates webpage ‘Pre-paid funeral plans firms: apply for authorisation

On 4 August 2021, the FCA updated its webpage ‘Pre-paid funeral plans firms: apply for authorisation’ by adding information in the section “Applications for authorisation”. The FCA reminds firms that they will need an account on its Connect system to start drafting the application for authorisation. The FCA has also made available the firms that … Continue Reading

Call for advice to ESMA regarding certain aspects relating to retail investor protection

On 2 August 2021, the European Securities and Markets Authority (ESMA) published a call for advice that it had received from the European Commission. In the call for advice the Commission asks ESMA to help it with the preparation of legislative proposals implementing certain aspects of the EU retail investment strategy. ESMA is invited by … Continue Reading

Call for advice to the Joint Committee of the ESAs regarding the PRIIPs Regulation

On 2 August 2021, the European Securities and Markets Authority published the call for advice that the Joint Committee of the European Supervisory Authorities (ESAs) had received from the European Commission regarding the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation). The Commission invites the Joint Committee to provide advice on the following areas … Continue Reading

FCA consults on post-Brexit divergence for PRIIPS regulation

On 20 July 2021, the FCA published Consultation Paper 21/23: PRIIPs – Proposed scope rules and amendments to Regulatory Technical Standards (CP21/23). The proposals in CP21/23 will be of particular interest to consumers, consumer organisations and those firms and individuals that manufacture Packaged Retail and Insurance based Investment Products (PRIIPs) and those who advise on … Continue Reading

FCA FAQs on Finalised Guidance on the fair treatment of vulnerable customers

On 19 July 2021, the FCA published a document that answers the most frequently asked questions (FAQs) from its earlier webinar on Finalised Guidance 21/1: Guidance for firms on the fair treatment of vulnerable customers (FG21/2). The FAQs are grouped by theme, and the FCA’s answers link to key chapters and paragraphs in FG21/2, Feedback … Continue Reading

EBA consults on draft RTS on crowdfunding

On 4 June 2021, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards (RTS) on individual portfolio management of loans offered by crowdfunding service providers under Article 6(7) of the European Crowdfunding Service Providers Regulation (ECSPR). In the consultation paper the EBA puts forward proposals with respect to disclosures and … Continue Reading

FCA statement – Publication of costs and charges data by workplace personal pension providers

On 3 June 2021, the FCA issued a statement on its website concerning the publication of costs and charges data by workplace personal pension providers. In the statement the FCA refers to its earlier consultation paper on requirements for workplace personal pension scheme providers to publish costs and charges data, and the resulting policy statement … Continue Reading

HM Treasury to extend PRIIPs exemption for UCITS funds for five years

On 1 June 2021, HM Treasury announced that the current exemption for UCITS funds from the requirements of the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation will be extended by five years to 31 December 2026. HM Treasury intends to legislate to extend the exemption. This legislation will be made under a power HM … Continue Reading

FCA publishes policy statement with final rules on general insurance pricing practices

The Financial Conduct Authority (FCA) has published the long-awaited policy statement General insurance pricing practices market study – Feedback to CP20/19 and final rules (PS21/5). The final rules address what has been described as the ‘loyalty penalty’ paid by existing general insurance product customers. The publication of the policy statement and rules follows a final … Continue Reading
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