HM Treasury

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UK Financial Regulatory Developments - April 2016 #24

FCA discusses advice regulation - Tracey McDermott spoke on the regulation of advice following FCA and Treasury’s Financial Advice Market Review (FAMR). She noted the high level of engagement with the review and looked...more

UK Financial Conduct Authority Consults on Changes to Implement the Market Abuse Regulation

The Financial Conduct Authority published its proposed changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for implementation of the Market Abuse Regulation. The MAR will apply directly across the...more

HM Treasury Consults on Legislation for Secondary Annuities Market

HM Treasury published a consultation paper on the UK Government’s proposed secondary market due to be introduced in April 2017. The market would extend the recently introduced pension freedoms and flexibilities to...more

UK Financial Regulatory Developments - April 2016 #20

Treasury Committee publishes systemic risk buffer dispute - Andrew Tyrie MP, Chairman of the Treasury Committee, has published correspondence from BoE’s Governor, Mark Carney, in relation to a disagreement between Sir...more

UK Government Announces Steps to Support UK FinTech Growth

The Economic Secretary to the UK Treasury, Harriett Baldwin, gave a speech at the 2016 Innovate Finance Global Summit in London. The Economic Secretary announced certain policies that the UK Government had adopted to support...more

UK Treasury Committee Commissions Maxwellisation Review

The UK House of Commons Treasury Committee wrote to the Chancellor of the Exchequer informing him that it had commissioned a report into the Maxwellisation process. Maxwellisation allows those who are going to be criticized...more

"UK Establishes New HM Treasury Office to Implement Financial Sanctions"

On March 31, 2016, the U.K. launched the new Office of Financial Sanctions Implementation (OFSI) within HM Treasury. OFSI, which assumes the financial sanctions responsibilities previously carried out by HM Treasury’s Asset...more

UK Financial Regulatory Developments - April 2016 #3

FCA considers competition powers - FCA Director of Competition, Deb Jones, spoke on FCA’s use of its competition powers. She looked at the problems faced when promoting competition without a “race to the bottom”...more

UK Payment Systems Regulator Publishes Guidance on Super Complaints

The UK Payments Systems Regulator published its final Guidance for designated representative bodies making so-called "super complaints" under the Financial Services (Banking Reform) Act 2013. The representatives can issue...more

UK Regulator Consults on Client Money Rules and the Special Administration Regime

The Financial Conduct Authority issued a discussion paper on client money rules (CASS 7) and the Special Administration Regime Review. The discussion paper is relevant to all regulated firms that hold client assets or money...more

Sharper Teeth For Sanctions Enforcement?

The current UK sanctions enforcement regime is a complicated web reflecting the requirements of UN Security Council Regulations, EU Regulations, and UK Primary and Secondary Legislation. Penalties for breaches of sanctions...more

UK Financial Sanctions Enforcement – New Powers and Tougher Sentences

The UK Government put a package of proposals to Parliament in February to increase both the type and the potential severity of consequences for persons and companies who breach EU financial sanctions. If approved, these...more

Blog: UK Government Publishes Insurance Linked Securities Consultation

HM Treasury has published an “Insurance Linked Securities: Consultation“, which describes the UK government’s initial thinking about the key features needed to attract ILS vehicles to the UK. The consultation focuses on...more

UK Government Implements Provisions of Undertakings for Collective Investment in Transferable Securities Directive V

HM Treasury published the Undertakings for Collective Investment in Transferable Securities Regulations 2016 together with an explanatory memorandum. The Regulations implement the provisions of the European UCITS V Directive...more

List of Designated Representatives Enabled as Complainants for UK Payment Systems Providers

HM Treasury published the Financial Services (Banking Reform) Act 2013 (Designated Representative Bodies) Order 2016 together with an explanatory memorandum. Under the Financial Services (Banking Reform) Act 2013,...more

UK Financial Regulatory Developments - January 2016 #13

FCA reinstates unfair contract terms library - FCA has reinstated its unfair contract terms library, which it has reorganised in the light of the Consumer Rights Act (CRA) and CMA guidance. FCA does not intend to publish...more

UK Financial Regulatory Developments - January 2016 #9

FCA updates IPRU-INV, FC and EG - FCA is updating its Handbook on its website to convert the Interim Prudential sourcebook for Investment Businesses (IPRU-INV), the Financial Crime Guide (FC) and the Enforcement Guide...more

EU Bonus Cap: EBA Publishes Guidelines on Sound Remuneration Policies and Separate Opinion on Proportionality

The EU Capital Requirements Directive (CRD) went into effect on January 1, 2014. The CRD introduced what is commonly referred to in the European Union as a “bonus cap” on individual variable remuneration when paid to...more

Treasury launches fee-free bank accounts

Treasury has announced the launch of fee-free basic bank accounts at nine major banks from 1 January 2016. The accounts are available to anyone who does not already have a bank account, is ineligible for a standard current...more

Treasury announces plans for secondary annuity market

Treasury has published its plans for creating a secondary annuity market. The plans anticipate more than five million people will be able to sell their annuity from 6 April 2017. This secondary market would:...more

Treasury publishes Banking Act report

Treasury has published its six-monthly report on arrangements which involve or may require reliance on section 228(1) of the Act, which allows Treasury to make payments from money provided by Parliament or the Consolidated...more

Treasury responds on pensions freedoms

Treasury has responded to the Work and Pensions Committee recommendations on pensions freedoms. The report explains the actions Treasury has already taken and is planning. ...more

Treasury announces RBS’s divestment of Williams & Glyn

Treasury has asked the CMA to suspend work on its advice on the implications for competition of the latest proposals for the divestment by the Royal Bank of Scotland (RBS) of Williams & Glyn as a new UK retail bank. ...more

Treasury responds on conduct and competition in SME lending

Treasury has published its response to the Treasury Select Committee report on conduct and competition in SME lending. Treasury suggests that to comply with additional regulation suggested in the report would result in a...more

Treasury consults on BRRD

Treasury is consulting on a few changes to UK law to strengthen implementation of the BRRD. The consultation covers: - default event provisions and contractual write-down or conversion: BoE and Treasury would be able to...more

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