Financial Conduct Authority (FCA)

News & Analysis as of

Blog: HM Treasury consults on a new definition of “financial advice”

Consumers ask for advice or guidance on financial matters at different times and for different reasons. Some want to make their own investment decisions, and guidance would help. Some need limited advice on a particular...more

UK Regulator Consults on Qualification Standards for Financial Advisers

The Financial Conduct Authority published a consultation paper on proposed updates to the current appropriate qualification examination standards. Individuals within regulated firms that, for example, advise on securities,...more

UK Regulator Bans Sole Trader Investment Business from the UK Financial Services Industry  

The FCA concluded that Ms. Parry’s actions amounted to a failure to act with integrity and were therefore in contravention of Statement of Principle 1 of the FCA’s Statements of Principle. Furthermore, the FCA concluded that...more

UK’s FCA Weighs in on Insurers’ Use of Big Data

On September 21, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), released a "Feedback Statement" after completing a review of insurance industry responses to its November 2015 "Call for...more

Blog: Payment services & e-banking: is information “provided” on a “durable medium” if it’s sent by email

BAWAG PSK Bank, Austria provides e-banking services. To do this, it creates a mailbox for every BAWAG e-banking customer, which is accessible by logging on to the BAWAG e-banking system. BAWAG sometimes sends messages to...more

Spoofing, Sports and the Panama Papers: BakerHostetler Offers Mid-Year Review of Cross-Border Government Investigations and...

Halfway through 2016, the international community has seen a staggering variety of cross-border investigations and enforcement actions. Brexit, the release of the Panama Papers, allegations of widespread sports doping and the...more

Corporate and Financial Weekly Digest - Volume XI, Issue 35

BROKER-DEALER FINRA – Proposes Changes to Its Inter-Dealer Quotation System for OTC Equity Securities – The Financial Industry Regulatory Authority has proposed changes to its inter-dealer quotation system referred...more

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

FCA Chief Executive Comments on FCA Mission and Brexit - The FCA has published a speech by Andrew Bailey, FCA Chief Executive, at the FCA's 2016 annual public meeting on 19 July 2016. Mr Bailey stated that the FCA...more

CFTC Proposes New Enforcement Authority and Other Amendments in Its Whistleblower Program

Mirroring existing SEC authority, the CFTC’s proposal would allow it to impose sanctions for retaliation against whistleblowers. On August 30, 2016, the US Commodity Futures Trading Commission (CFTC) published proposed...more

Taking stock: Going public in volatile times

The third report in our Deal Dimensions series, written in collaboration with Mergermarket and launched today, reveals that a wave of IPOs could hit the global markets within the next 12 months. The study of senior executives...more

Blog: The FCA on Principals & their Appointed Representatives in the General Insurance Sector

The FCA has used a panel discussion with principal firms in the general insurance sector to explain its findings and expectations, following the publication of its Thematic Review “Principals and their appointed...more

Cloud Computing: A move towards harmonization, or continuation of a tiered service provision?

Regulators in Europe have continued to publish guidance notes designed to encourage the take-up of cloud computing services. As we report in this Alert, the views of the UK financial services regulator on the risks and...more

Time to Disrupt Insurance Regulation?

Innovators are not only disrupting the financial industry but also financial regulation as regulators weigh how to monitor financial technology (fintech) innovators and their new products and services. As they begin to...more

UK Regulator Policy Statement on Implementation of the Payment Accounts Regulations

The Financial Conduct Authority published a policy statement on changes to the FCA Handbook to implement the Payment Accounts Regulations 2015 (PAR). The policy statement summarizes feedback from its consultation on the...more

UK Regulator Publishes Second Consultation Paper on Implementation of MiFID II

The Financial Conduct Authority published a second consultation paper on implementation of the Markets in Financial Instruments Directive II and the associated proposed changes to the FCA Handbook...more

UK Regulator Introduces Financial Crime Reporting Obligations

The Financial Conduct Authority published final rules on financial crime reporting, which will introduce obligations for banks, large investment firms, building societies, mortgage lenders, large electronic money...more

Corporate and Financial Weekly Digest - Volume XI, Issue 32

SEC/CORPORATE - 2016 Amendments to Delaware General Corporation Law Highlight Two-Step Mergers and Appraisal Rights - On August 1, a number of amendments to the Delaware General Corporation Law (DGCL) went into...more

Blog: Treasury Select Committee criticizes the way the FCA treats whistleblowers

The Treasury Select Committee (TSC) and the Financial Conduct Authority (FCA) have been exchanging letters about the FCA’s treatment of whistleblowers in general, and the SME Alliance, in particular. Like the Parliamentary...more

UK Financial Conduct Authority—Regulated Firms Can Go to the Cloud

July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. When the FCA...more

FCA considers promotion, conflicts of interest and governance of dark pools in thematic review

On 21 July 2016, the Financial Conduct Authority (FCA) published the results of a thematic review, in which they examined 'dark pools' - trading venues with no pre-trade transparency, where the price and volume of all orders...more

Blog: FCA tries to encourage consumers to shop around before renewing a general insurance policy

The FCA has made a rule that it hopes will encourage consumers to shop around before deciding whether to renew a general insurance policy with their existing provider....more

Translating the success of UK fintech measures to the US

The successful growth of fintech within a region depends on myriad factors, but an unquestionably material one is the regulatory environment. Regulatory regimes that foster innovation and exercise oversight in a purposeful,...more

Open-ended property funds: a fund-amental mismatch?

On 4 July 2016, Standard Life Investments suspended trading as a result of investors flooding the gates for redemptions. Several other funds such as M&G and Aviva Investments followed suit throughout the same week. The...more

Dark Pools - The FCA’s Thematic Review

Last month the Financial Conduct Authority (“FCA”) released a report (“the Report”) detailing the findings of its thematic review into the use of UK equity market dark pools (“the Review”). To date, the use of dark pools, and...more

Whistleblowing Toolkit

In October last year, the FCA and PRA published policy statements containing new rules on whistleblowing. These are designed to encourage a culture in which individuals can safely raise concerns and challenge poor practice...more

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