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Banking Sector Financial Conduct Authority (FCA)

A&O Shearman

UK Financial Conduct Authority Reports on Payment Account Access and Closures

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This new report sets out four thematic findings from the follow-up work the FCA has carried out, which are as follows: The FCA summarizes its expectations of payment account providers, including in respect of the Consumer...more

Hogan Lovells

UK "de-banking": FCA update report on payment accounts access and closures

Hogan Lovells on

The FCA has published a report setting out its findings from follow-up work on payment account access and closures, together with the results of independent research on the experiences some of the most financially excluded...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investing in Fintechs – Navigating the UK Regulatory Approval Process

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

Katten Muchin Rosenman LLP

FCA Proceeds with the ‘New’ Option for Investment Research Payments

The Financial Conduct Authority (FCA) has recently published its Policy Statement on Payment Optionality for Investment Research (PS24/9), setting out its final rules on the new option to pay for investment research and...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 13

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

A&O Shearman

UK Prudential Regulation Authority Publishes Policy Statement on Leverage Ratio Treatment of Omnibus Account Reserves

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The Prudential Regulation Authority has published a policy statement on the leverage ratio treatment of omnibus account reserves and minor amendments to the leverage ratio framework. PRA rules require firms to exclude from...more

A&O Shearman

European Commission Adopts Delegated Regulation Amending EU Capital Requirements Regulation Postponing Application Date of Own...

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The European Commission has adopted a Delegated Regulation amending the EU Capital Requirements Regulation with regard to the date of application of the own funds requirements for market risk. In addition, alongside the...more

A&O Shearman

Financial Conduct Authority Policy Statement on Rules for Access to Cash

A&O Shearman on

The Financial Conduct Authority has published a policy statement on the final rules and guidance for a new regulatory regime to support access to cash for the consumers and businesses that rely on it, along with a research...more

Hogan Lovells

Big Tech and digital wallets: UK PSR and FCA publish call for information

Hogan Lovells on

The Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have launched a joint call for information on the opportunities and risks of digital wallets for people and businesses. This comes as recent data...more

Hogan Lovells

UK retail conduct requirements: FCA launches Call for Input following introduction of Consumer Duty

Hogan Lovells on

Coinciding with the publication of its first report on how it has taken forward its new secondary UK competitiveness and economic growth objective, the FCA has published a Call for Input (CfI) on how far it may be appropriate...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 12

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

A&O Shearman

Operational resilience feedback from UK Financial Conduct Authority

A&O Shearman on

Firms have just over six months until the transition period for implementing the UK Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and the Bank of England rules and guidance on operational resilience...more

A&O Shearman

Market abuse surveillance: UK FCA shares observations on good and poor practices

A&O Shearman on

Compliance with UK MAR depends on effective systems - The UK Market Abuse Regulation (UK MAR) requires firms to identify and report instances of potential market abuse. Their ability to do this depends on the effectiveness...more

A&O Shearman

UK FCA Financial Crime Guide consultation: more obligations, or old news?

A&O Shearman on

As financial crime compliance pressures grow, the UK Financial Conduct Authority (FCA) continues to emphasise the significance of its Financial Crime Guide (FCG) as part of the overarching regulatory framework for financial...more

Hogan Lovells

House of Commons Treasury Select Committee – SME Access to Finance

Hogan Lovells on

On 8 May 2024 the House of Commons Treasury Select Committee (TSC) published its Report on SME Finance. Recognising that SMEs are a key part of the UK’s economy, the TSC Report focusses on 5 areas which may act as barriers...more

Hogan Lovells

APP fraud: UK PSR consults on CHAPS mandatory reimbursement requirement

Hogan Lovells on

The Payment Systems Regulator (PSR) is consulting on a proposal to direct banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to reimburse their customers who have...more

A&O Shearman

UK Proposes Design of the Future Entity for UK Open Banking

A&O Shearman on

On April 19, 2024, the U.K.'s Joint Regulatory Oversight Committee published proposals on the design of the future entity for UK Open Banking. The JROC is composed of the Financial Conduct Authority, the Payment Systems...more

BCLP

Former Traders Tom Hayes and Carlo Palombos LIBOR Convictions Upheld by Court of Appeal

BCLP on

R v TOM HAYES & CARLO PALOMBO [2024] EWCA 304 On 27 March 2024, the Court of Appeal (Bean & Popplewell LJJ, Bryan J) dismissed the appeals against conviction following referrals of the appeals to the Court of Appeal by the...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 10

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

A&O Shearman

UK Regulators Consult on Digital Securities Sandbox

A&O Shearman on

On April 3, 2024, the Bank of England and U.K. Financial Conduct Authority published a joint consultation paper on proposed rules for the incoming digital securities sandbox. The Financial Services and Markets Act 2023...more

Orrick, Herrington & Sutcliffe LLP

UK financial regulators issue new authority on securities “sandbox”

On April 3, the U.K.’s Financial Conduct Authority and the Bank of England released a consultation paper seeking comments on their proposal to implement the Digital Securities Sandbox (DSS), a new regime for financial firms...more

Katten Muchin Rosenman LLP

FCA Proposes ‘New’ Option for Investment Research Payments – Back to Bundled Payments?

On 10 April 2024, the Financial Conduct Authority (FCA) published a consultation paper proposing the introduction of a ‘new’ option for investment research payments, alongside the existing two options (CP24/7). In essence,...more

WilmerHale

Sexism in the City

WilmerHale on

#MeToo is still moving across the pond. On March 8, 2024, the House of Commons Treasury Committee published a report entitled “Sexism in the City” (referenced as “Report” in this article), which found that the...more

Hogan Lovells

UK Consumer Duty: FCA gives more implementation feedback and some focus areas for closed books work

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On 20 February 2024, the FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement. As well as this, the FCA also published the results of a second survey of firms on...more

A&O Shearman

Our top ten enforcement takeaways from the FCA Business Plan 2024/25

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The UK Financial Conduct Authority (FCA) has published its business plan for 2024/25. Reducing and preventing financial crime, championing consumer needs and strengthening the UK’s position in global wholesale markets all...more

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