On 29 September 2023, the FCA published Handbook Notice No 112. This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 28 September 2023. On 28 September 2023, the FCA Board made changes to the FCA Handbook, as set … Continue Reading
On 19 September 2023, the Bank of England (BoE) published a speech by Victoria Saporta, Executive Director of Prudential Policy, which was delivered at the conference on the role of financial regulation in international competitiveness and economic growth held at the BoE. In her speech, Ms Saporta highlights the following: Ms Saporta concludes by noting … Continue Reading
On 1 September 2023, the FCA published Consultation Paper 23/18 ‘Quarterly Consultation No. 41’ (CP23/18). Among other things in CP23/18 the FCA is proposing to amend Supervision Manual (SUP) 12.4.10AR to clarify that it is the principal firm that must obtain and maintain continuous professional indemnity insurance (PII) cover for the activities for which it … Continue Reading
On 29 August 2023, the FCA updated its statement on the use of the temporary transitional power to modify the UK’s derivatives trading obligation (DTO). The updated statement announces that the FCA has varied its transitional direction for the DTO under the UK Markets in Financial Instruments Regulation (UK MiFIR). The FCA explains that, with … Continue Reading
On 29 August 2023, the FCA updated its statement on the share trading obligation (STO) to announce that it has revoked its transitional direction for the STO under the UK Markets in Financial Instruments Regulation (UK MiFIR). The FCA explains that, with effect from 29 August 2023, the STO (which is set out in Article … Continue Reading
On 29 August 2023, the FCA updated its statements of policy on the operation of the MiFID transparency regime. The section on the double volume cap (DVC) has now been deleted from the document. This reflects the removal by the Financial Services and Markets Act 2023 of Article 5 of the UK Markets in Financial … Continue Reading
On 28 July 2023, the FCA published Handbook Notice No 111. The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers. On 29 June 2023, the Board of the FCA made the relevant changes to the Handbook as set out … Continue Reading
On 27 July 2023, the Prudential Regulation Authority (PRA) published a consultation paper, CP15/23: Securitisation: General requirements. The Securitisation Regulation is retained EU legislation that aims to address behavioural risks in securitisation markets. Following the enactment of the Financial Services and Markets Act 2023, HM Treasury plans that most firm-facing provisions of the Securitisation Regulation … Continue Reading
On 27 July 2023, the FCA updated its webpage on Securitisation in relation to an upcoming consultation. The webpage has been updated to include the following text: ‘On 7 August 2023, we’ll publish a consultation paper (CP) setting out our proposed rules to replace the firm-facing provisions from the UK Securitisation Regulation (UK SR) which … Continue Reading
On 26 July 2023, the Prudential Regulation Authority (PRA) published Policy Statement PS11/23 – Credit Unions: Changes to the regulatory regime (PS11/23). PS11/23 provides feedback on responses to the PRA’s Consultation Paper on the same topic (CP7/22) and also contains its final policy. In CP7/22, the PRA proposed to: Respondents generally welcomed the PRA’s proposals, … Continue Reading
On 14 July 2023, the Financial Conduct Authority (FCA) published a statement regarding its secondary international competitiveness and growth objective. The statement sets out the FCA’s view of how its work to support ‘key drivers’ of productivity will support delivery of the secondary objective and explains how the FCA plans to report on its progress … Continue Reading
On 14 July 2023, the FCA published for comment its proposed rule review framework (Framework). The Framework explains how the FCA plans to monitor and review how its rules are working in practice. This is in line with the Financial Services and Markets Act 2000 (as amended by the Financial Services and Markets Act 2023) … Continue Reading
On 6 July 2023, the Bank of England (BoE) and the Financial Conduct Authority (FCA) provided an update on their joint data transformation programme. Through the programme, the BoE and FCA are working together with industry to transform data collection from the UK financial sector. The Transforming Data Collection (TDC) joint transformation programme launched in … Continue Reading
On 4 July 2023, the FCA published Policy Statement 23/10: FCA regulated fees and levies 2023/24 (PS23/10), which includes feedback on its earlier consultation and sets out the final 2023/24 periodic regulatory fees and levy rates for the FCA, the Financial Ombudsman Service, and levies collected on behalf of government departments. In PS23/10, the FCA … Continue Reading
On 30 June 2023, the FCA published Handbook Notice No 110. The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers. On 25 May 2023, the Board of the FCA made the relevant changes to the Handbook as set out … Continue Reading
On 30 June 2023, the FCA published Policy Statement 23/8 ‘Mortgage Charter: enabling provisions’ (PS23/8). The FCA is amending its Mortgages and Home Finance: Conduct of Business sourcebook (MCOB) to support the implementation of the Government’s Mortgage Charter. The changes enable mortgage lenders to meet their commitments under the Charter, which builds on the previous … Continue Reading
On 30 June 2023, the PRA published Consultation Paper 11/23: PRA statement on the review of rules (CP11/23). Under the Financial Services and Markets Act 2023 (FSM Act), the PRA will take on wider rule-making responsibilities in areas that were previously covered by retained EU law. The PRA will become subject to additional accountability measures, … Continue Reading
On 2 June 2023, the FCA published Quarterly Consultation No 40. In Quarterly Consultation No 40 the FCA is proposing to: The deadline for comments to Quarterly Consultation No 40 is 10 July 2023.… Continue Reading
On 22 May 2023, the FCA published Consultation Paper CP23/12: Expansion of the Dormant Assets Scheme (DAS) – second phase. Introduction The DAS was initially set up to allow banks and building societies to pay dormant monies to an authorised reclaim fund, which would then put this money towards funding good causes. In February 2022, … Continue Reading
On 5 May 2023, the FCA published financial promotions quarterly data 2023 Q1. The data provides an overview of how the FCA are working to improve standards across the markets so that consumers are provided with clear and fair financial promotions which are not misleading. The data covers the period between 1 January 2023 and … Continue Reading
