Financial Conduct Authority (FCA)

News & Analysis as of

Proposals to Shake Up the UK IPO Timetable

The FCA seeks to improve transparency in the UK equity IPO process. The FCA is proposing significant reforms to the UK equity IPO process, in order to address its concerns that investors should be receiving better...more

PPI Complaints – FCA publishes final rules and guidance

Payment Protection Insurance (PPI) mis-selling has been a huge issue for firms. Not only has it damaged public trust and confidence but it has also been an enormous drain on resources with firms handling over 18.4 million PPI...more

Competition Law Threat to Active Fund Managers

SCM Direct ("SCM"), an investment manager based in the UK, has recently called for the Competition and Markets Authority ("CMA") and Financial Conduct Authority ("FCA") to investigate actively managed funds sector for alleged...more

FCA releases new thematic review entitled ‘Early Arrears Management in Unsecured Lending’

The FCA has released a new report into how firms are treating customers who fall into arrears, focusing in particular on how firms are interacting with customers and examining the different forbearance options that are being...more

Corporate and Financial Weekly Digest - Volume XII, Issue 11

SEC Adopts Amendment to Shorten Settlement Cycle for Securities Transactions - On March 22, the Securities and Exchange Commission adopted an amendment to Rule 15c6-1(a) that shortens the standard settlement cycle for...more

How will the Senior Managers and Certification Regime affect Consumer Credit firms

Background - In late 2015 the FCA announced that it was to abolish the Approved Persons regime and extend the Senior Managers and Certification Regime (SM&CR) currently in place for banks, building societies, credit...more

Equity Incentives Update - Spring 2017

Welcome to issue 1 of our Equity Incentives Update, dedicated to keeping companies informed about legal and regulatory developments affecting share-based incentives. In this issue we cover... Please see full...more

UK Regulator Publishes Draft Guidance on Treatment of Politically Exposed Persons

The Financial Conduct Authority has published draft Guidance on the treatment of politically exposed persons under the UK draft Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer)...more

Behaviour and Compliance in organisations – Occasional paper 24

The principal approach taken by the FCA towards ensuring firm compliance has largely been based on a detection and punishment approach. However, a new study conducted by the FCA suggests this can be complemented by changing...more

Use of Dealing Commission Remains a Top Priority for UK Financial Conduct Authority

The Financial Conduct Authority published a statement on the use of dealing commission by investment management firms, including asset managers and wealth managers. The FCA conducted a review of firms' practices from 2012 and...more

Best Execution Concerns Reiterated by the UK Financial Conduct Authority

The Financial Conduct Authority published a statement on best execution compliance by investment firms. The statement sets out the FCA's findings from supervisory work on how investment managers deliver best execution for...more

Corporate News - March 2017

A new era for the UK's capital markets? FCA publishes proposals to reform the UK's capital markets and IPO process - The FCA has published a package of measures to reshape and enhance the UK's primary markets. These are...more

Deadline Looms for Regulated Firms to Vary Their Permissions to Comply With MiFID II

MiFID II comes into effect on 3 January 2018 and brings with it several important changes for regulated firms. Among these changes is an extension of the list of investment services and activities which firms require...more

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

UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU - Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more

Swimming in dark pools

NZX has published its regulatory agenda for 2017 setting out its regulatory priorities and resourcing, and the outcomes it seeks to achieve over the coming year. In both the 2016 and 2017 regulatory agendas, NZX has flagged...more

Financial Conduct Authority Proposes Changes to UK Equity IPO Process

The Financial Conduct Authority launched a consultation on proposed changes to the availability of information in the UK equity IPO process. The consultation follows the discussion paper published by the FCA in April 2016....more

The UK Senior Managers Regime: One Year Later

On March 7, 2017, it will be one year since the U.K. Financial Conduct Authority's senior managers and certification regime came into force, heralding a new era of personal accountability in the financial sector. A...more

UK Regulator Proposes Changes to UK Listing Rules

The Financial Conduct Authority has published a consultation paper proposing amendments to the Listing Rules of the FCA's Handbook...more

Second Charge Lending – The new regulatory regime after March 2016

Second charge lending, previously only regulated under the Consumer Credit Act 1974, has now been moved into the FCA's remit and made subject to the Mortgage Conduct of Business rules. This article considers the key changes...more

UK Regulator Concerned that Loan-Based Crowdfunding Platforms may be Facilitating Loans to Lending Business that are not Properly...

The Financial Conduct Authority has published a letter addressed to the CEOs of firms operating a loan-based crowdfunding platform about concerns that the platforms may be facilitating loans to lending businesses that do not...more

UK Regulations: Urgent Action Required from Loan-based Crowdfunding Platforms

The UK’s Financial Conduct Authority (“FCA”) published a “Dear CEO” letter on 28 February 2017 that requires urgent action from firms which operate a loan-based crowdfunding platform that facilitates loans to lending...more

A win for investors? FCA consults on its proposals to improve the availability of information

On 1 March 2017, the Financial Conduct Authority (FCA) published a consultation paper: 'Reforming the availability of information in the UK equity IPO process' (CP 17/5) which sets out various proposals to improve the timing,...more

How effective are the UK's primary markets? FCA reviews the effectiveness of the primary markets and proposes technical...

Reviewing the structure of the UK's primary markets - The FCA is reviewing the structure of the UK's primary markets to ensure that they continue to meet the needs of investors and issuers. As part of its review, the...more

How effective are the UK's primary markets? The FCA asks for feedback on suggestions for market reform

On 14 February 2017, the Financial Conduct Authority (FCA) published: a discussion paper: 'Review of the Effectiveness of Primary Markets: The UK Primary Markets Landscape' (DP 17/2) which prompts a discussion on the...more

UK Definition of "Financial Advice" Set to Change from 2018

HM Treasury published its response to its late 2016 consultation on amending the definition of regulated advice under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to bring it in line with the...more

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