On 15 June 2022, HM Treasury issued its response document to its October 2021 consultation on the steps the government proposes to take to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The consultation was undertaken at the same time HM Treasury issued a call…

On 15 June 2022, the Glasgow Financial Alliance for Net Zero (GFANZ) invited public comment on its draft Net-zero Transition Plan (NZTP) framework for the financial sector.

This report identifies and discusses areas that require work to enhance a global pan-sector approach to transition planning, including; adaptation and resilience; carbon credits; data challenges; a…

On 15 June 2022, the Single Resolution Board (SRB) updated its operational guidance to banks on the implementation of the bail-in tool. Specifically, the SRB has updated its guidance on bail-in playbooks, bail-in data set instructions and an explanatory note on the latter. Compared to previous documents the SRB has added more detail to the…

On 15 June 2022, the Basel Committee on Banking Supervision (Basel Committee) issued principles for the effective management and supervision of climate-related financial risks.

The 18 principles are intended to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks. They cover corporate governance,…

As we have previously reported (see here), the law on sustainability-related disclosures is an evolving area and increasingly a topic of concern in the face of regulatory enforcement and class action risk. Significant international developments have included the establishment of the International Sustainability Standards Board and the recent proposal by the US SEC for…

On 14 June 2022, the FCA published Guidance Consultation 22/2 ‘Branch and ATM closures or conversions: Updated guidance for firms’ (GC22/2). In GC22/2 the FCA proposes to update the current guidance on branch and ATM closures or conversions (Finalised Guidance 20/3 (FG20/3) and is the latest step the FCA has taken to protect access to…

On 14 June 2022, the European Banking Authority (EBA) published a final report containing draft guidelines setting out expectations of the role, tasks and responsibilities of the anti-money laundering / countering the financing of terrorism (AML/CFT) compliance officer and the management body.

In particular the draft guidelines cover:

  • The role and responsibilities of the management

…

On 14 June 2022, HM Treasury made The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022.

The draft statutory instrument makes consequential changes as a result of the Financial Services Act 2021 which introduced the framework for the UK Investment Firms Prudential Regime…

On 14 June 2022, the Financial Ombudsman Service (FOS) published a discussion paper on possible changes to its future funding model.

Following the Action Plan published last year and recommendations from an independent periodic review, the FOS is committed to consider revisions to its funding model, including those that might incentivise constructive behaviour by the…