In the UK, 14 million people used “buy now, pay later” (BNPL) at least once in the six months leading up to January 2023. Frequent users were more than four times as likely as other consumers to have missed a payment on a...more
11/5/2024
/ Borrowers ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
HMRC ,
Lenders ,
Popular ,
Regulatory Agenda ,
Temporary Permissions Regime (TPR) ,
UK
On 12 September 2024, the UK Prudential Regulation Authority (PRA) published the second of two nearly final policy statements (PS9/24) on the implementation of revisions to the Basel 3 standards, known in the UK as Basel 3.1....more
The Prudential Regulation Authority’s (PRA’s) director of insurance supervision, Shoib Khan, recently clarified the PRA’s approach to the UK (re)insurance market, including in the following key areas...more
This episode of “Fintech Focus” picks up where our last episode “Growing a Workforce in a Regulated Environment” left off. Part Two delves further into workplace considerations for fintechs, and focuses on how they can manage...more
On 11 September 2024, the UK government introduced the Property (Digital Assets etc) Bill, which provides that digital assets can be considered to be personal property under the laws of England and Wales, and could therefore...more
As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more
9/9/2024
/ Banking Sector ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Management ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
Solvency II is organised around three core pillars of prudential regulation, which ensure the safety and soundness of (re)insurers, in line with the scale, nature and complexity of their business:
- Pillar One focuses on...more
9/4/2024
/ Capital Requirements ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
Insurance Industry ,
ORSA ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Risk Management ,
SMCR ,
Solvency II ,
UK
On 7 August 2024, the UK Financial Conduct Authority (FCA) published an update regarding its ongoing assessment of crypto firms’ adherence to the cryptoasset financial promotions rules introduced in October 2023. See our 23...more
On 17 July 2024, the Basel Committee on Banking Supervision (BCBS) finalized revisions to the prudential framework for banks’ exposures to cryptoassets. The revisions largely introduced additional requirements relating to the...more
As growth-stage fintechs manage a rapidly increasing workforce, they are faced with onboarding senior-level hires within the scope of a complex regulatory environment in the U.K. On our latest “Fintech Focus” podcast, host...more
On 30 July 2024, the Bank of England published a discussion paper on its approach to innovation in money and payments (the Discussion Paper). A recurring theme is the Bank of England’s focus on the potential use of...more
The PRA has released an important statement on its approach to funded reinsurance. Our view is that the statement endorses the conceptual principle that funded reinsurance (particularly to offshore counterparties) should best...more
8/2/2024
/ Banking Sector ,
Capital Requirements ,
Collateral Agreements ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
Life Insurance ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Reinsurance ,
Risk Management ,
Solvency II ,
Standard Contractual Clauses ,
UK
As implementation of the EU’s Digital Operational Resilience Act (DORA) approaches, financial market participants and their technology service providers (both in and out of Europe) face a critical compliance deadline. The new...more
7/19/2024
/ BaFin ,
Cybersecurity ,
Data Privacy ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Technology Sector ,
UK
The Bank of England’s Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA) recently delivered a series of speeches1 raising their concerns about the evolution of private equity financing and the...more
5/29/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank of England ,
Capital Markets ,
Conflicts of Interest ,
Financial Conduct Authority (FCA) ,
Financial Policy Committee ,
Limited Partnerships ,
Private Equity ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
UK