Fighting financial crime, protecting consumers’ needs, and bolstering wholesale markets are the regulator’s key priorities for the year ahead.
On 19 March 2024, the FCA published its Business Plan for 2024/25, setting...more
The FCA found that wholesale data markets can be improved, but has ruled out a significant intervention.
The FCA has published the findings of its wholesale data market study (MS23/1.5), which examined competition in the...more
3/8/2024
/ Asset Class ,
Benchmarks ,
Competition ,
Credit Ratings ,
Data Collection ,
Enterprise Act 2002 ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSMA ,
Information Reports ,
UK ,
Wholesale
FCA finds firms have been working hard to embed the Duty, but there remains room for improvement.
On 20 February 2024, the FCA published more information on the Consumer Duty, including a publication highlighting good...more
2/29/2024
/ Compliance ,
Compliance Monitoring ,
Corporate Culture ,
Corporate Governance ,
Data Collection ,
Duty of Care ,
Fair Value Standard ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Goods or Services ,
Regulatory Requirements ,
Surveys ,
UK
The Discussion Paper on the Advice Guidance Boundary Review examines how authorised firms can provide more support to customers.
The FCA has published a Discussion Paper (DP23/5) with the government on the Advice...more
As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations.
As financial services firms digest FS2/23, the joint Feedback Statement on Artificial...more
The FCA and the PRA have published their long-awaited consultations which aim to formalise how firms approach diversity and inclusion.
On 25 September 2023, the FCA and the PRA published separate but related consultation...more
10/2/2023
/ Compliance ,
Compliance Monitoring ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
UK ,
Willful Misconduct
With the implementation deadline looming, the FCA has set out some additional guidance for firms.
With one month to go until the Consumer Duty (Duty) implementation deadline of 31 July 2023 (for new and existing products...more
What Is the Consumer Duty?
To recap, a core priority for the Financial Conduct Authority (FCA) is improving outcomes for consumers. The FCA has stated that it is concerned that, due to the way financial services markets...more
The FCA has published the findings from its review of firms’ fair value assessment frameworks and set out implementation priorities for firms.
On 10 May 2023, the FCA published a speech by Sheldon Mills, FCA Executive...more
The Consumer Duty applies to firms that materially influence consumer outcomes.
The Consumer Duty (Duty) (as set out in the FCA’s Policy Statement PS22/9 and guidance document FG22/5) will come into force at the end of...more
The Future Regulatory Framework and Consumer Duty will be key areas of focus for the coming year.
On 5 April 2023, the FCA published its Business Plan for 2023/24. The Business Plan sets out a number of priority areas...more
Consumer-facing companies face an increasingly complex UK regulatory landscape as multiple regulators place the spotlight on consumer rights and protections. A raft of new legislation is set to impact businesses and PE...more
4/5/2023
/ Buy Now Pay Later (BNPL) ,
Compliance ,
Consumer Contracts ,
Consumer Credit Protection ,
Consumer Financial Products ,
Financial Conduct Authority (FCA) ,
New Legislation ,
Portfolio Companies ,
Private Equity ,
Retail Investors ,
Sponsors ,
UK
The consultation considers what a potential regulatory regime would look like, and its proposed scope.
On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more
3/31/2023
/ Consultation ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Green Finance ,
HM Treasury ,
IOSCO ,
Rating Agencies ,
Rating System ,
Ratings ,
Regulatory Oversight ,
Third Country Entities (TCEs) ,
UK
The regulator is concerned that ESG-related disclosures are not meeting expectations.
The FCA has published a Dear CEO letter sent to benchmark administrators on 20 March 2023, expressing concerns about the quality of...more
A consultation that will remain open until 11 April 2023 offers further clarity on the proposals to regulate buy-now-pay-later products.
On 14 February 2023, HM Treasury published its consultation and accompanying draft...more
The letters ask senior management to prioritise implementing the Duty.
On 3 February 2023, the FCA published Dear CEO/Director letters underscoring the immediate (i.e., during the implementation period up until 31 July...more
2/7/2023
/ Consumer Credit Protection ,
Consumer Lenders ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Mortgage Lenders ,
Senior Managers ,
UK
The FCA has reviewed firms’ progress to embed the Duty into their businesses, providing good and poor practice examples for firms to improve and direct their implementation work.
The Consumer Duty (Duty) rules (as set...more
Many sectors, including financial services, have encountered a discernible increase in whistleblows in recent times — a trend that shows no signs of abating. Indeed, some whistleblowers have seen fit to publicise their...more
The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024.
The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more
1/23/2023
/ Competition ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services and Markets Act ,
Financial Services Industry ,
HM Treasury ,
Prospectus ,
Prudential Regulation Authority (PRA) ,
Securitization ,
Solvency II ,
UK
The FCA’s latest report into D&I highlights the need for additional metrics, social mobility, firm culture, staff development, data quality, and systematic strategies.
In 2021 and 2022, the FCA carried out a survey of...more
Latest FCA consultation focuses on remuneration, risk management and governance, and liquidity requirements.
Key Points:
The consultation:
..Sets out the FCA’s proposals for the new remuneration rules for FCA...more
4/21/2021
/ Consultation ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Investment Adviser ,
Investment Firms ,
Liquidity ,
MiFID ,
Prudential Standards ,
Remuneration ,
Risk Management ,
Senior Management Regime (SMR) ,
UCITS ,
UK
ESMA reminds firms on rules of reverse solicitation -
In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more
4/1/2021
/ Bank Holding Company ,
Banking Sector ,
Banks ,
Cloud Service Providers (CSPs) ,
CRD V ,
EU ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Retail Investors ,
Sustainable Finance ,
UK ,
UK Brexit
On 5 March 2021, the UK’s Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration...more
The Woolard Review emphasises the urgency to bring all BNPL products under FCA supervision and sets out recommendations for the unsecured credit market.
The UK government has announced that interest-free buy-now-pay-later...more
The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms.
Key Points:
..There is no need for major changes to the SMCR.
..There are...more