News & Analysis as of

FCA and PRA consult on ring-fencing guidance

FCA and PRA are consulting on their approach to implementing ring-fencing and ring-fencing transfer schemes (RFTS)...more

FCA updates supervisory model

FCA has outlined changes it is making to its supervisory model. Changes include how it will classify firms, moving away from C1-C4 conduct categories in favour of two categories for supervisory purposes...more

FCA appoints COO

FCA has appointed Georgina Philippou as Chief Operating Officer (COO). The appointment completes FCA’s executive committee....more

FCA fines and bans former Keydata FD

FCA has published its final notice fining Craig McNeil, former Financial Director (FD) of Keydata Investment Services Limited (Keydata), £350,000 and banning him from carrying out any significant influence functions for any...more

PRA and FCA consult on Form A and controller form changes

PRA and FCA are consulting on amendments to forms that result from changes in the accountability regime. The changes are to ensure the regulators only require necessary disclosures from regulated firms, while ensuring the...more

Upper Tribunal dismisses FCA allegations of incompetence

PRA and FCA The Upper Tribunal has clarified its decision in the case of Timothy Alan Roberts and Andrew Wilkins of Catalyst Investment Limited as reported in FReD 14 August 2015. FCA has, as a result, clarified the Tribunal...more

FCA publishes consumer credit guides

FCA has published guides to help firms that are applying for permission to carry on a consumer credit regulated activity on various parts of the application form, specifically: - the application process; - the...more

Orrick's Financial Industry Week in Review

CFTC Announces Proposal to Amend the Definition of "Material Terms" - On September 10, the U.S. Commodity Futures Trading Commission Division announced that it will publish in the Federal Register a proposed amendment to...more

FCA publishes Handbook guide

FCA has published a reader’s guide to the new-look FCA Handbook, giving information on its structure and content....more

FCA feeds back on PAD

FCA has published a feedback statement following its call for input on how it should formulate the provisional UK list of services, terms and definitions under the Payment Accounts Directive (PAD). Following responses, FCA...more


FCA has created a new welcome page and location for GABRIEL, the online regulatory reporting system for the collection, validation and storage of regulatory data. ...more

FCA reports on pension freedoms

FCA has published its report on the pensions and retirement income market. In July FCA asked for information on: - consumer access to the pension freedoms; - financial advice requirements and the treatment of...more

SRA adopts consumer credit proposals

The SRA Board has adopted proposals for consumer credit regulation for solicitors. The proposals are that solicitors should be able to carry out certain consumer credit activities under SRA authorisation as long as their...more

FSCC publishes response to clone firm complaint

FSCC has published its findings following an investigation into a complaint against FCA. The claimant alleged: - the warning system on the Financial Services Register was insufficient to prevent investments being lost to...more

UK Financial Conduct Authority Regulation Round-Up

The FCA, in its September Regulation Round-up, outlined recent changes to its supervisory model. The new strategy aims to take a more holistic approach to the classification of firms, focusing increasingly on how markets work...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

FCA Scraps New RDR Rules for Nominees to Pass on Fund Information and Voting Rights on FCA Authorised Funds to Beneficial Owners - The FCA board agreed on 30 July 2015, to revoke certain new rules and guidance in its...more

FCA reviews commodities trading

FCA has published a thematic review of commodities trading (CT) in September’s Market Watch. The review has taken place following recent changes in the structure of the CT markets. It focuses on firms trading and broking...more

FCA consults on regulation of investment funds

FCA has published a consultation paper on the implementation of the UCITS Directive (UCITS V) and other changes to the Handbook affecting investment funds: - Part I consults on rules and guidance to transpose the most...more

FCA announces new financial services register

FCA launched a new financial services register on 7 September. The new register is intended to make it easier to find information on firms, individuals and other bodies that are, or have been...more

FCA issues quarterly consultation

FCA has issued its quarterly consultation paper on proposed miscellaneous amendments to the Handbook. The changes cover: - extending access to the FOS and how suitability rules apply in respect of advisory or management...more

FCA updates liquidity policy for CRD 4 investment firms

FCA has updated its webpage on CRD 4 to alert firms to a clarification on its small firms website on its liquidity policy for CRD 4 investment firms. As a result of CRD 4, FCA planned to end the domestic liquidity regime once...more

Treasury launches “red tape” consultation

Treasury has launched a review designed to improve the effectiveness of rules designed to prevent money laundering and terrorist financing (AML/CTF). The review forms part of Treasury’s aim to save businesses money by cutting...more

FCA and Ofgem Question Adequacy of Commodity Firms’ Compliance and Market Abuse Controls

In the most recent edition of its regular market conduct and transaction reporting-focused ‘Market Watch’ publication, the UK Financial Conduct Authority (“FCA”) provides a review of commodities firms’ compliance and...more

FCA creates new recovery plan template

FCA has created a suggested template for firms to submit individual and group recovery plans subject to simplified obligations....more

FCA launches new Handbook website

FCA has launched a new Handbook website which it says will make it easier for firms to use and navigate the Handbook. In addition, PRA has launched its own PRA Rulebook website....more

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