Financial Conduct Authority (FCA)

News & Analysis as of

FCA To Investigate Competition In Asset Management

The Financial Conduct Authority (FCA) published the Terms of Reference for its asset management market study on 18 November 2015. The study follows a wider review of competition in the wholesale sector launched in July 2014....more

FCA Enforcement: Recent Action Against Former Investment Analyst for “Cherry Picking”

On November 17, the UK Financial Conduct Authority (FCA) published its final notice addressed to Mothahir Miah, a former investment analyst at a large UK institutional asset manager, fining him £139,000 and banning him from...more

Treasury Publishes Payment Card Interchange Fee Regulations

Treasury has published the Payment Card Interchange Fee Regulations 2015. These appoint “competent authorities” (i.e. FCA and PSR) to monitor and enforce regulatory compliance for the purposes of the EU’s Regulation on...more

FCA speaks on culture and governance

FCA Director of Enforcement and Market Oversight, Mark Steward, spoke on firm culture and governance. He highlighted the importance of reacting appropriately and efficiently to misconduct, and said that, in order to establish...more

FCA consults on IFISA changes

FCA has published a discussion paper on the updates it plans to make to its rules and guidance on disclosure and advice relating to loan-based crowdfunding investments (peer to peer (P2P) agreements) in response to the...more

FCA consults on cloud outsourcing guidance

FCA has published a guidance consultation on its requirements on firms who outsource to the cloud and other third party IT services. The guidance includes...more

FCA bans Aviva analyst

FCA has fined Mothahir Miah, a former investment analyst at Aviva Investors Global Services Limited (Aviva), £139,000 and banned him from performing any function in relation to any regulated activity in the financial services...more

FCA publishes asset management review TOR

FCA has published the terms of reference (TOR) for its market study into competition in the asset management industry. It says that over the next year it will assess...more

PRA reminds firms of outsourcing notification expectations

PRA has noted FCA’s consultation on outsourcing guidance and reminded dual-regulated firms it would expect notification from them if they are considering outsourcing critical or important functions to a third party IT...more

Tribunal awards costs in Burns case

The Tribunal has awarded £100,000 in respect of legal costs to Angela Burns in respect of her dispute with FCA over her alleged misuse of her non-executive director position. The Tribunal awarded the amount because of FCA’s...more

Recent FCA Commentary on Internal Investigations by Firms

On November 6, the UK Financial Conduct Authority (FCA) published a speech by Jamie Symington, director in enforcement (wholesale, unauthorized business and intelligence), on FCA-regulated firms’ internal investigations of...more

Proposed Guidance for Firms Outsourcing to the "Cloud" and Other Third-Party IT Services: FCA Guidance Consultation 15/6 -...

The FCA Guidance Consultation 15/6 consults on proposed guidance to clarify various requirements imposed on firms, when outsourcing to the 'cloud.' The proposed guidance is the FCA's response to uncertainty on how the FCA...more

FCA consults on fees and levies

FCA is consulting on its policy for raising fees and levies from 2016/17. FCA is proposing to: - create a free-standing FCA “fees handbook”, separate from the PRA Handbook. PRA is carrying out a similar consultation on...more

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

HM Treasury proposes to extend Senior Managers and Certification Regime to all FCA firms - HM Treasury published a policy paper on 15 October 2015, in which it proposes to extend the senior managers and certification...more

FCA speaks on internal investigations

Jamie Symington has spoken on firms’ internal investigations of their own affairs. Mr Symington discussed the importance of early engagement with FCA so the regulator can assess the need for input accordingly, the attention...more

FCA makes transparency and disclosure rules

FCA has published Handbook Notice 27, setting out changes made to the Handbook under Disclosure and Transparency Rules Sourcebook (Transparency Directive Amending Directive) Instrument 2015. It makes changes to the Disclosure...more

Up next from FCA

The latest edition of FCA’s Policy Development updates links to its publications and highlights several publications due before the end of the year. The only significant publication is the consultation on the markets aspects...more

FCA expands Project Innovate to include regulatory sandbox

FCA has set out its plans to expand Project Innovate by implementing a “regulatory sandbox”. The sandbox will allow businesses to test out new, innovative financial products, services or business models without incurring all...more

FCA speaks on mortgage changes

FCA has spoken on changes in mortgage markets. Jonathan Davidson spoke on the likely effects not only of known changes, like the SMR and implementation of the MCD, but also of changes firms will need to assess how to address....more

ICO upholds FCA FOI disclosure refusal

ICO has upheld the FCA decision to refuse to disclose certain information under the Freedom of Information Act 2000 (FOI) relating to countries FCA deems to present a high money laundering risk. FCA had been asked to disclose...more

Tribunal backs complainant in identification case

The Tribunal has ruled in favour of Christian Bittar’s claim that FCA’s Decision Notice in respect of Deutsche Bank AG’s benchmark manipulation activities included reasons which identified him and were prejudicial to him and...more

UK Financial Conduct Authority Signals Significant Changes to the FCA Handbook arising from EU Market Abuse Regulation

Removal of the Model Code and Disclosure Rules are among the important modifications. On 5 November 2015, the UK Financial Conduct Authority (FCA) published its consultation paper addressing the changes it proposes to...more

The Financial Report - Volume 4, No. 21 - November 2015 (Global)

Discussion and Analysis On October 30, 2015, the Securities and Exchange Commission published its long-awaited rules under Title III of the Jumpstart Our Business Startups (JOBS) Act. According to the nearly 700-page...more

FCA Publishes MiFID II Conference Materials for Wholesale Firms

On October 30, the UK Financial Conduct Authority (FCA) published a webpage with detailed information regarding its October 19 conference on the revised and recast Markets in Financial Instruments Directive (MiFID) and its...more

FCA Publishes Policy Proposals and Handbook Changes Related to the Market Abuse Regulation

On November 5, the UK Financial Conduct Authority (FCA) published a consultation paper (Consultation Paper), which sets out the FCA’s proposal for the necessary changes to the FCA Handbook to implement the Market Abuse...more

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