Unlocking financial inclusion through open banking and PSD3
Highlights from our webinar on how open banking and new regulations such as PSD3 could help boost...
Highlights from the UK government's National Payments Vision
The UK government has just released the National Payments Vision, which sets out a strategic...
Removing payment frictions: how to apply for a TRA exemption
A solution that can allow PSPS to relax security measures on certain transaction types: TRA...
Operational Resilience - The FCA, PRA, and Bank of England Publish a Joint Policy Statement
Lorraine Mouat reacts to The FCA, The PRA and The Bank of England's joint Policy Statement on...
Failure to Prevent Fraud (FTP) Guidance
The Home Office have just released long-awaited guidance to organisations on the offence of Failure...
The Autumn Budget 2024: Financial Services Impact Analysis
Thistle Initiatives explore the impact of the Autumn Budget on the Financial Services and...
FCA Wake-Up Call: The CrowdStrike Outage and the Urgency of Operational Resilience in Financial Services
The recent CrowdStrike outage underscores how crucial operational resilience is in today’s...
Breaking a fraudster’s spell
As the new era of financial security is unveiling for the UK’s PSR, it is vital that payment firms...
Reforms to the Financial Services retail disclosure requirements
Following the Treasury’s consultation on replacing the EU-inherited PRIIP regime with a new...
The FCA’s Payments Consumer Duty Multi-Firm Review: A Reflection On Change
On 9th October 2024, the FCA released a crucial update for payments firms across the UK – a set of...
The FCA's 'Dear CEO' Letter on APP Fraud Reimbursement: What Firms Must Do Now
On the 7th of October, the FCA issued a ’Dear CEO’ letter outlining clear and actionable...
Explained: The FCA’s Portfolio Letter on expectations for financial advisers and investment intermediaries
Our team of experts explore the expectations for financial advisers and investment intermediaries,...
The FCA’s Consumer Duty: how can firms better consider vulnerable customers’ needs?
Rohan Chakraborty explored how we identify the needs of a customer that distinguishes them as a...
APP Fraud Reimbursement Scheme comes into effect: what will the impact be?
The APP fraud reimbursement scheme came into effect October 7th 2024, launched by the PSR to...
CP24/19: The FCA’s consultation on reform to consumer credit regulatory returns
Last month the FCA took another step towards achieving its aim of becoming a more data-driven...
Five lessons from the Starling Bank FCA Final Notice
The FCA fined Starling Bank £28,959,426 on 2nd October 2024 for failings relating to AML and...
EU DORA v UK Operational Resilience
The key differences between EU DORA and UK Operational Resilience
What the changes to the safeguarding regime mean for payments and e-money firms
Payment Services Manager, Alejandra Gorria, dives into what exactly the FCA's safeguarding changes...
Safeguarding Series: the UK
In the first of the Safeguarding Series, we explore how different regulators approach safeguarding...
A question of liabilities – four sides to APP fraud reimbursement
An exploration into the four sides of APP fraud reimbursement and what the update means for...
FCA's 2023/2024 Annual Report: Authorisation and Beyond
The FCA's has just published its 2023/24 annual report and our Head of Payment Services, Lorraine,...
Challenges with Open Banking
The key challenges that open banking faces and what they mean for the future of the financial...
Understanding Insurers' Valuation of Vehicles and Other Insured Assets
The FCA’s thematic review has highlighted concerns in the insurance industry, particularly in how...
Thematic Review Report TR24/2 explained
An expert review of the Financial Conduct Authority’s (FCA) Thematic Review Report TR24/2
The FCA's move to outcomes-based approach explained
Explainer on the FCA's move to outcomes-based approach and the concerns this move may cause.
UK Digital Payments Push: Innovation and Competition are the UK's Rocket Fuel
How innovation and competition could be the rocket fuel that will keep the UK's economy not just...
Navigating FCA Requirements: Unspoken Rules for Payment Services and E-Money Firms
A look at areas that the FCA may not explicitly emphasise but are critical for your firm’s...
Monitoring Consumer Duty Outcomes Using Management Information
Article from Huw Reynolds on how to use Management Information (MI) to monitor Consumer Duty...
It’s summer at last and things are hotting up!
We’ve mentioned on several occasions that the FCA is more proactively targeting firms with whom...
Sustainability Disclosure Requirements: Distributor Obligations
The Sustainability Disclosure Requirements apply to asset managers and will apply yo portfolio...
The Anti Greenwashing Rule
On 31st May 2024 the FCA’s Anti-Greenwashing rule came into effect.
Saudi Arabia's Consumer Protection Principles: an overview for Payment Services Providers
In the rapidly evolving financial landscape of Saudi Arabia, consumer protection has emerged as a...
The importance of firm-wide risk assessments
Why you need to consider firm-wide risk assessments for your business and how Thistle Initiatives...
Overview of Sustainability Disclosure Requirements
Overview of initiatives aimed at providing consistency in the UK Financial Sector when it comes to...
The FCA tells firms to do more to ensure fair treatment for PEPs
Following concerns about how firms in the UK are meeting due diligence requirements on PEPs, the...
An overview to Overseas Funds Regime (OFR)
In July 2024, the FCA set out in its Policy Statement PS 24/7 the final rules and guidance...
Fact Find Documents: the weakest link?
Why are so many firms using a fact find that doesn’t do the job it was intended to so? And why are...
Labour's big plans to champion financial services
Lorraine Mouat, Head of Payment Services at Thistle Initiatives explores Labour's Big Plans and the...
Information Commissioner’s Office: Cyber Security Document
The ICO’s recent report makes for informative and interesting reading.
Information for principals with overseas appointed representatives
In June 2024, the FCA issued information about the challenges and expectations for principal firms...
Thistle Initiatives Newsletters - June 2024
Here's an overview of our monthly newsletter updates of our capital sectors - June 2024
Compliance and Enforcement Monthly Newsletter June 2024
Compliance and Enforcement Monthly Newsletter 2024
Payment Services Monthly Newsletter - June 2024
Payment Services monthly newsletter - 2024
Thistle Retail Newsletter - June 2024
Thistle Retail Newsletter - June 2024
Credit and Mortgages Monthly Newsletter - June 2024
Credit and mortgages monthly newsletter - 2024
Consumer Duty View May 2024
Firms now have under 3 months to meet the 31 July 2024 deadline by which (1) firms need to have...
Insurance multi-firm review of outcomes monitoring under the Consumer Duty
Under the Consumer Duty firms must regularly assess, test, understand and evidence the outcomes...
Implementing the Consumer Duty for closed products and services by 31 July 2024
The Consumer Duty sets higher standards for retail financial services customers. It is a core part...
Investments Monthly Newsletter - June 2024
Investments monthly newsletter - 2024
FCA Publication: FCA keeps trading apps under review over gaming concerns
The FCA conducted an online experiment with over 9,000 consumers through an experimental trading...
Financial Ombudsman Service (FOS) Publication: Proactively settled complaints to continue
On 12 June 2024, the FOS announced that it would continue its proactive settlement scheme following...
FCA Publication: Our ambitious agenda for UK asset management
In a speech delivered at the Bloomberg Buy-side Forum, Ashley Alder, the FCA Chair set out the...
FCA Publication: Consumer Duty – information for firms
The FCA has updated its previous guidance on the Consumer Duty, specifically on the requirements...
Financial Crime Monthly Newsletter - June 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Payments Industry Seeks Delay in APP Fraud Rules Amid New Leadership at PSR
The Payments Association is urging for a delay in the rollout of new authorised push payment (APP)...
24 people charged in money laundering scheme involving Mexico’s Sinaloa cartel, prosecutors say
A five-year investigation by U.S. officials has uncovered a complex partnership between one of...
Update on the FCA’s review of treatment of Politically Exposed Persons
Last year, we launched a review of the treatment of domestic Politically Exposed Persons (PEPs) by...
UK Finance Annual Fraud Report
If you worked in fraud prevention last year, you’re probably still analysing the shifts and...
‘No change’ reviews – a problem?
There’s much in the financial press recently about ongoing reviews, and we’ve provided our fair...
FCA publishes Decision Notices against two individuals for acting without integrity in relation to pensions business
Both individuals have referred the Decision Notices to the Upper Tribunal. Any findings in the...
Finfluencers Charged for Unauthorised Trading Scheme Promotion
The FCA has brought charges against nine individuals in relation to an unauthorised foreign...
Three charged over CFD trading pension fraud
The FCA has charged three individuals with fraud for their alleged involvement in a high-risk...
Capacity for loss – how do you define it?
As regular readers of our articles will be aware, we’ve covered Capacity for Loss (CfL) numerous...
QR Codes: The New Age Digital Pickpocketing
So here's an interesting thing about something that is becoming more common place in all our lives...
Tap to Cash lets you pay by touching iPhones
Apple’s WWDC 2024 keynote was packed, including a number of key new updates for iOS 18. One of the...
UK payments watchdog rejects industry call to delay fraud refund plan
The interim head of the UK payments regulator, David Geale, has rejected industry calls to delay a...
DC – DC. Bigger than DB – DC?
The Pension Freedoms, as they’re called, were introduced in 2015 and when combined with...
Tick tock, tick tock…
Geoffrey Chaucer is credited with the phrase “Time and tide waits for no man” (although The Rolling...
Thistle Initiatives Newsletters - May 2024
Here's an overview of our monthly newsletter updates of our capital sectors - May 2024
Credit and Mortgages Monthly Newsletter - May 2024
Credit and mortgages monthly newsletter - 2024
Investments Monthly Newsletter - May 2024
Investments monthly newsletter - 2024
Financial Crime Monthly Newsletter - May 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Compliance and Enforcement Monthly Newsletter May 2024
Compliance and Enforcement Monthly Newsletter 2024
Thistle Retail Newsletter - May 2024
Thistle Retail Newsletter - May 2024
Payment Services Monthly Newsletter - May 2024
Payment Services monthly newsletter - 2024
FCA fines HSBC £6.2 million over treatment of customers in financial difficulty
In May 2024, the FCA fined HSBC UK Bank plc, HSBC Bank plc and Marks and Spencer Financial Services...
Key harms and drivers of harm caused by Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) that undertake credit broking
The FCA wants to improve principals’ oversight of their Appointed Representatives (ARs) and it has...
FCA Policy Statement on Consumer Credit Product Sales Data Reporting
The FCA has set out in its Policy Statement 24/3 its final rules & guidance for incorporating three...
Avoid these common errors in Asset Management authorisation
The FCA has published a list of common issues with applications between April 2023 and April 2024...
'Finfluencers’ charged for promoting unauthorised trading scheme
The FCA announced earlier this month that it was bringing charges against several individuals...
FCA confirms anti-greenwashing guidance and proposes extending sustainability framework & FG24/3: Finalised non-handbook guidance on the anti-greenwashing rule
The FCA have released finalised guidance on its anti-greenwashing rule (FG24/3), which is set to...
Dear CEO letters on Consumer Duty - closed products
In May 2024, the FCA issued six new Dear CEO letters concerning the Consumer Duty requirements for...
Facebook 'did nothing about Taylor Swift ticket hack scam'
Facebook users whose accounts were hacked and hijacked to sell fake Taylor Swift tickets have...
Payment Firms Urge UK to Scale Back Fraud Victim Refund Plan
The payments industry is pushing back against the UK’s plans to force firms to reimburse scam...
HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23
The UK has a comprehensive anti-money laundering and counter-terrorist financing (AML/CTF)...
Pair jailed for £5.7m cryptocurrency scam
Two men who stole more than £5.7m worth of cryptocurrency from victims all over the world have been...
FCA bans and fines James Lewis £120,300 for putting investors at risk
The former CEO of Shard Capital Partners has been fined £120,300 and banned by the Financial...
FCA secures £533,000 to return to investors
The FCA has recovered funds from an unauthorised deposit-taking scheme operated by Bright Managment...
Individual charged with investment fraud over unauthorised multimillion pound ‘Kube Trading’ scheme
The FCA has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for two...
Back to basics
If you read the industry press regularly you could be forgiven for thinking that the provision of...
FCA Update Financial crime is changing and so is our guidance for firms
In April 2024, the FCA consulted, in its CP 24/9, on proposed changes to its Financial Crime Guide.
Stubborn issue?
It was really just a matter of time before it happened following the implementation of Consumer...
Checkout.com Partners with Mastercard, offering Virtual Cards to Online Travel Agents
Checkout.com, the global payment service provider, has joined forces with payments giant...
BofE warns payment firms to be ready for new Operational Resilience rules
Payment firms have been warned by the Bank of England that they need to step up their preparations...
Balancing Transparency with Reputation: The FCA's Push to Name and Shame Companies Under Investigation
On Friday 26th April, the FCA made a move that sparked both support and controversy (but mainly...
How the FCA Dear CEO letter will impact the IFA M&A market?
With the introduction of the current regulatory changes such as capital and liquidity adequacy, and...
FCA confirms anti-greenwashing guidance and proposes extending sustainability framework
As we move into 2024, the raft of sustainability-related regulation continues to increase at pace...
EU expands AML regulation
In April 2024, the European Parliament passed legislation aimed at bolstering the EU's anti-money...
Thistle Initiatives Newsletters - April 2024
Here's an overview of our monthly newsletter updates of our capital sectors - April 2024
Financial Crime Monthly Newsletter - April 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Compliance and Enforcement Monthly Newsletter April 2024
Compliance and Enforcement Monthly Newsletter 2024
Investments Monthly Newsletter - April 2024
Investments monthly newsletter - 2024
FCA Market Watch 78
In Market Watch 78, the FCA has put forward its recent supervisory...
The Financial Resilience Survey data
In June 2020 the FCA launched the Financial Resilience Survey...
Payment Services Monthly Newsletter - April 2024
Payment Services monthly newsletter - 2024
Credit and Mortgages Monthly Newsletter - April 2024
Credit and mortgages monthly newsletter - 2024
Thistle Retail Newsletter - April 2024
Thistle Retail Newsletter - April 2024
Alternative investment fund manager (AIFM) hosting
AIFMs can use the host model to employ staff on secondment from a third party to help manage the...
New way of paying for investment research proposed by the financial regulator
The FCA has put forward plans for a new way to pay for investment research.
VCT fundraising dips 18% to £882m but remains third highest on record
VCT fundraising reached £882m in the 2023/24 tax year, according to data from the Association of...
Principal firms who have Credit Broking permissions: Good practice and areas for improvements
In April 2024, the FCA assessed and publicised the key harms and drivers of harm caused by...
TikTok Referred to Australian Regulator Over AML Concerns in Türkiye and Ireland
TikTok, the popular social media platform known for its short video content, is facing increased...
Europol report identifies the most threatening criminal networks in the EU
Europol’s new report, published today, entitled “Decoding the EU’s most threatening criminal...
UK Government to tackle global financial corruption
The UK Government will announce a global call to action for greater transparency on company...
Principles for Auditing a Financial Crime Risk Management Programme for Effectiveness under the Wolfsberg Factors
The Wolfsberg Group (the Group) has encouraged Financial Institutions (FIs1 ) and regulators to...
Competition Act 1998 decision: international money remittance
On 30 November 2023, we decided that 3 firms offering international money remittance services had...
FCA secures £1.6m for investors from alleged unlawful investment schemes
The Financial Conduct Authority (FCA) has secured court approval to obtain £1.6m from Argento...
Stuart Bayes found guilty of insider dealing
Mr Stuart Bayes was today found guilty of 2 offences of insider dealing, following an 8-week trial...
CFIT to chair industry-led Open Finance Taskforce announced by UK Government
The Economic Secretary to the Treasury, Bim Afolami MP, has announced a new industry-led task...
Understanding the Financial Landscape: Insights from the FCA's Latest Release
The Financial Conduct Authority (FCA) unveiled its latest report yesterday (10/4/24), shedding...
FG24/1: Finalised guidance on financial promotions on social media
We clarify our expectations on how financial promotions should be communicated on social media. We...
TR 24/1 – wider connotations?
In our previous article covering the FCA’s thematic review of retirement income advice (TR24/1) we...
FCA statement regarding motor finance firms financial resources
In April 2024, the FCA wrote to motor finance firms to remind them they must maintain adequate...
FCA researches borrowers' ability to repay and issues Policy Statement and guidance
In April 2024, the FCA issued research on and provided comments and a Policy Statement and...
Introducing the Consumer Duty – A Dynamic Journey
In the fast-paced realm of investment firms, the first half of 2023 witnessed a flurry of activity...
TR 24/1 - What did it tell us?
The long-awaited FCA Thematic Review (TR24/1) on Retirement Income Advice has finally landed (on...
Asset management: common errors when applying for authorisation
In April 2024, the FCA listed and reported on some common issues experienced with recent asset...
Exploring IFPR Insights: Unveiling the FCA's Latest Findings
If you've been following our previous Thistle Initiatives IFPR blog, you're likely to be familiar...
FCA finalised guidance on social media promotions
In March 2024, the FCA set out in its Finalised Guidance FG 24/1 how financial promotions made on...
Navigating the UK Cryptoasset Landscape: Key Regulatory Updates for Firms
The world of cryptoassets is rapidly evolving, and regulatory frameworks are adapting to keep pace.
Investments Monthly Newsletter - March 2024
Investments monthly newsletter - 2024
FCA decides on £5.95m fine and industry ban for Nailesh Teraiya in latest cum-ex case
Nailesh Teraiya has referred his Decision Notice to the Upper Tribunal. Any findings in the...
FCA updates position on cryptoasset Exchange Traded Notes for professional investors
The Financial Conduct Authority will not object to requests from Recognised Investment Exchanges...
Investors pulled £38.1bn from active funds in 2023 as cost of living pressure bites
Active funds suffered outflows totalling £38.1bn in 2023, as investors continued to favour tracker...
Credit and Mortgages Monthly Newsletter - March 2024
Credit and mortgages monthly newsletter - 2024
Review of Firms' Treatment of Customers in Vulnerable Circumstances: FCA's Findings and Expectations
In March 2024, the FCA announced that it would conduct a review into how firms are acting to...
T+1 and EU CSDR accelerate need for improved efficiency in ETF creation and redemption processes
There is an increased need for ETF creation and redemption processes to undergo automation and...
Value of London-listed ETFs surpasses £1trn for the first time
The total value of London-listed ETFs surpassed £1trn for the first time in February, according to...
Regulators Unite: FCA's Warning on Debt Collection Practices
Together with Ofgem, Ofwat and Ofcom, we've set out our expectations for firms across markets, as...
Consumer Duty firm survey – Autumn 2023
In Spring 2023, we commissioned Ipsos UK to survey 1,230 firms in scope of the Consumer Duty (the...
Payment Services Monthly Newsletter - March 2024
Payment Services monthly newsletter - 2024
Shaping Tomorrow's Financial Landscape: Your Voice Matters in the CBI's Consumer Protection Code Consultation
Yesterday (7th March 2024), the Central Bank of Ireland (CBI) took a significant stride forward by...
FCA's Recent Warning: AML Controls Under Scrutiny
Go grab a coffee - we need to chat about this very recent alarm bell being sounded by the FCA!...
SAP Announces New Commerce Cloud Payment Solution, Drawing on Vast Partner Ecosystem to Help Retailers Gain an Edge
SAP has introduced an open payments framework within its Commerce Cloud, facilitating seamless...
Financial Crime Monthly Newsletter - March 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
FCA's Warning: Addressing Anti-Money Laundering Failings in Financial Firms
We have today warned firms about common failings we have found in firms’ financial crime controls.
Improving the effectiveness of the Money Laundering Regulations
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering,...
The Payment Services (Amendment) Regulations 2024 – policy note
As part of the fraud strategy, the government committed to explore whether to allow payment service...
Compliance and Enforcement Monthly Newsletter March 2024
Compliance and Enforcement Monthly Newsletter 2024
FCA Fines Firm & Bans Advisers: British Steel Pension Scheme Scandal
The FCA has fined Inspirational Financial Management Ltd (IFM), which is in administration,...
House of Commons Treasury Committee’s ‘Sexism in the City’ report
As the Treasury Select Committee’s report sets out, there has been welcome progress on...
FCA to investigate use of personal guarantees in certain small business lending
The Financial Conduct Authority has today committed to investigate the use of personal guarantees...
FCA warns firms over anti-money laundering failings
We have written to CEOs of Annex 1 firms setting out our findings from our recent assessments of...
Cryptoasset AML/CTF Regime: Feedback on Applications - Quality Insights
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of...
CP24/4: Further consultation on the regulatory framework for pensions dashboard service firms
In March 2024, the FCA publicised that operating a pensions dashboard service is a new regulated...
FCA asks Financial Advisers to review their processes in retirement income support
In March 2024, the FCA wrote to the Chief Executives of financial advice firms asking them to...
FCA business plan for 2024/25
In March 2024, the FCA issued its Business Plan for 2024/25, which it describes as “an ambitious...
FCA joins other regulators to warn firms on debt collection
In March 2024, the FCA, together with fellow members of the UK Regulators’ Network (UKRN) Ofgem,...
Review of firms' treatment of customers in vulnerable circumstances
In March 2024, the FCA announced that it would conduct a review into how firms are acting to...
Motor finance probe accelerates as FCA chief warns it’s ‘improbable we’ll find nothing’
In March 2024, the FCA’s chief executive, Nikhil Rathi, provided, in a speech entitled “Investing...
Decrypting the UK Cryptoasset Landscape - Webinar Highlights
As the crypto market continues to innovate and grow, governments and regulators around the world...
HM Treasury open consultation: Improving the effectiveness of the Money Laundering Regulations
HM Treasury has released a consultation to enhance the effectiveness of the Money Laundering,...
Periodic Suitability Assessments - Have Elements Been Overlooked?
With all the palaver that’s going on in the industry right now and the press reporting on...
FCA Explains Common Findings Across Annex 1 AML Frameworks
In its increased monitoring of Annex 1 Firms, the FCA's scrutiny has unearthed common themes across...
Financial Crime Monthly Newsletter - 2024
Financial Crime Monthly Newsletter - Here's an overview of our monthly financial crime updates
Former Qatar Airways Chairman Sentenced For Money Laundering
Reuters reports that Former Qatar Airways chairman and Qatari Minister of Finance Ali Sharif...
AI-generated ID documents bypassing well-known KYC software
Cointelegraph reports that AI-generated fake IDs costing as little as $15 are reportedly being used...
UK Government responds to Law Commission SAR regime review
In 2017, the Home Office asked the Law Commission to review limited aspects of the anti-money...
FCA grants first crypto exchange licence since October 2023
The FCA has shared feedback on good and less good applications received under money laundering...
FCA publishes 2024 plan to reduce and prevent financial crime
The FCA recently provided an update on progress tackling financial crime, along with a preview of...
Payment Services Monthly Newsletter - 2024
Payment Services monthly newsletter - 2024
NatWest Become First UK Bank Accepted To UK Open Banking DPS
NatWest Bank has become the first UK bank to join the Crown Commercial Service’s Dynamic Purchasing...
HSBC Install First Cash Pod In Nailsea To Help With Cash Access
Ahead of the closure of the town’s last bank, HSBC UK has introduced its first standalone ‘Cash...
New Klarna Service Take On US Tech Giants After Sweden Success
Payments provider Klarna has developed and rolled out a service that allows customers to share data...
Investments Monthly Newsletter - 2024
Investments monthly newsletter - 2024
FCA Publication: Primary Market Bulletin 47
The 47th edition of the FCA’s Primary Market Bulletin provided an update on recent follow-ups from...
FCA Publications: Market Watch 76 and 77
The FCA has released two new instalments of Market Watch. Market Watch 76 covers the FCA’s...
FCA addresses concerns on treatment of customer cash balances
The FCA has sent a Dear CEO letter to 42 investment platforms and SIPP operators outlining its...
European fund managers secure long-term UK market access
The Treasury has confirmed that European fund managers will be able to submit applications to the...
BlackRock Sees Highest UK Gross Retail Sales For The Tenth Year
BlackRock has topped the table for the highest gross retail sales in the UK for the tenth...
Compliance and Enforcement Monthly Newsletter 2024
Compliance and Enforcement Monthly Newsletter 2024
GAP Insurers Suspend Sales Following FCA Concerns
The FCA has said that multiple insurance firms have agreed to pause sales of Guaranteed Asset...
FCA publishes latest authorisations service metrics
The FCA reports its authorisations metrics quarterly to provide greater transparency on its...
Firms Asked For Details About Ongoing Consumer Duty Services
The FCA is writing to a number of financial adviser firms requesting information about their...
FCA stops thousands of misleading ads and promotions
More than 10,000 financial advertisements and other promotions were withdrawn or changed in 2023...
Former LCF Director Fined Over Financial Promotions
The FCA has fined a former director of London Capital & Finance plc (LCF) £31,800 and banned him...
Thistle Retail Newsletter - February 2024
Thistle Retail Newsletter - February 2024
Ongoing review service - a service, or not?
Most advice firms will have noted that the FCA issued a communication to 20 or so of the largest...
Navigating the Advice/ Guidance Boundary
Whilst the FCA consults on the boundary between advice and guidance (DP23/5 was issued on 8th...
FCA Requests Information From Firms On Ongoing Advice Services
In February 2024, the FCA wrote to a number of financial adviser firms with a survey requesting...
FCA Publishes Update On Strategy To Reduce Financial Crime
Eighteen months into its 3-year strategy aimed at reducing and preventing financial crime, the...
Financial Crime Newsletter - January 2024
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Compliance and Enforcement Newsletter - January 2024
Compliance and Enforcement Newsletter - January 2024
Financial Services & Markets Act 2000 - Amended Order 2024
HM Treasury has published a draft of The Financial Services and Markets Act 2000 (Regulated...
Expectations of firms selling client banks
The FCA, in this article, has taken the opportunity to express its expectations around the sale of...
The Berne Financial Services Agreement
In December 2023, the UK signed the Berne Agreement with Switzerland. The agreement uses...
Investments Newsletter - January 2024
Investments monthly newsletter - January 2024
FCA Address Concerns on Treatment Of Customer Cash Balances
The FCA has written a ‘Dear CEO letter’ to 42 investment platforms and SIPP operators about its...
Most Active Equity Funds Fail To Outperform Benchmarks In 2023
Most actively managed funds and active ETFs have failed to beat their benchmarks in 2023, research...
European ETF market hits record $1.72trn
Assets under management in the European ETF market reached a record $1.72trn at the end of...
Guidance On Money Laundering Reporting Obligations
The purpose of this guidance is to set out the government position on money laundering reporting...
Cryptoasset AML/CTF Regime: Feedback On Applications
Feedback on good and poor quality applications made to us under money laundering regulations. Read...
Money Laundering Regulations To Impact Financial Institutions
In a significant move that promises to sharpen up financial crime risk management, the UK...
Credit and Mortgages Monthly Newsletter - January 2024
Credit and mortgages monthly newsletter - January 2024
The FCA Webinar on Consumer Duty: Key Takeaways and Next Steps
In January 2024, the FCA held a webinar on the Consumer Duty – Next Steps. A transcript of this...
FCA Investigates Motor Finance Commissions
In January 2021, the FCA banned discretionary motor finance commission arrangements (see the...
Dozens of EU platforms in limbo after missing ECSPR deadline
Dozens of peer-to-peer lending and crowdfunding platforms across Europe have been left in...
Payment Services Newsletter - January 2024
Payment Services monthly newsletter - January 2024
G20 Push For Faster Payments Risks Weakening Russia Sanctions
A report from the Future of Financial Intelligence Sharing (FFIS) warns that the G20's initiative...
Revolut Teams With Jabil To Scale Mobile Payment Solutions
Jabil has announced ongoing innovation between its payment solutions business unit and Revolut to...
TrueLayer first to join SEPA Payment Account Access Scheme
Open banking payments network TrueLayer has been authorised as the first participant in the SEPA...
FCA expectations for Loan-based Peer-to-Peer Lending platforms
In January 2024, the FCA issued a Portfolio Letter to peer-to-peer lending firms that outlines the...
FCA reviews motor finance commissions
In January 2021, the FCA banned discretionary motor finance commission.
Major Regulatory Shift: Money Laundering Regulations Update
In a significant move that promises to sharpen up financial crime risk management, the UK...
BNPL users charged late payment fees
In January 2024, it was reported that a survey carried out for the education charity the Centre for...
FCA Webinar - Consumer Duty: The Next Steps
In January 2024, the FCA held a webinar on the Consumer Duty – Next Steps.
Safeguarding Audits: Common Pitfalls and Best Practices
If you're a payment services provider or electronic money institution, safeguarding audits are...
Investments Newsletter - December 2023
Investments monthly newsletter - December 2023
Personal Investment: Strengthening Prudential Requirements
The FCA has announced proposals to require personal investment firms (PIFs), often referred to as...
Recruit, Change or Terminate an Appointed Representative
Principal firms that recruit appointed representatives (AR) are responsible for their activities...
Expectations Of Firms Offering Fractional Shares
Following the Treasury’s recent announcement of its plan to allow certain fractional share...
FCA publishes final report on IFPR Implementation Observations
The FCA has released a report with its observations on how firms are implementing the requirements...
Financial Crime Newsletter - December 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
World-first agreement to tackle online fraud
People across the UK will be better protected from online scams, fake advertisements, and romance...
Hundreds of firms targeted by FCA in MLRO crackdown
The FCA targeted hundreds of firms as part of a crackdown on money laundering reporting officers...
New List Of High-Risk Third Countries For Money Laundering
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations...
Credit and Mortgages Monthly Newsletter - December 2023
Credit and mortgages monthly newsletter - December 2023
FCA secures contract changes for growing BNPL customer population
New research from the FCA shows that there has been a significant increase in the use of...
Unregulated Buy Now Pay Later (BNPL) firms becoming authorised
Prior to Brexit, EEA-based firms were able to operate in the UK without direct FCA authorisation.
Financial Watchdog Sets Credit Information Market Improvements
Under proposed rule changes, the FCA says people will find their credit files better reflect their...
Payment Services Newsletter - December 2023
Payment Services monthly newsletter - December 2023
Crypto.com gains momentum with UK financial authority’s approval
The FCA has authorised Crypto.com as an Electronic Money Institution (EMI), enabling it to expand...
Instant Payment Systems To Deliver 24/7 Cross-Border Processing
Cross-border payments destined for Europe can now reach beneficiaries in seconds, seamlessly...
Latest regulatory initiatives grid published
The Financial Services Regulatory Initiatives Forum has published the seventh edition of its...
Payments review calls for open banking reform and legislation
Published on 22 November 2023, the much anticipated Future of Payments Review takes a deep dive...
Compliance and Enforcement Newsletter - December 2023
Compliance and Enforcement Newsletter - December 2023
Sustainability Disclosure & Labelling Regime Confirmed By FCA
The FCA has confirmed a substantial package of measures to improve the trust and transparency of...
FCA Proposes Regulatory Approach For Overseas Funds
In preparation for the new Overseas Funds Regime (OFR), the FCA has set out its proposals in CP...
Personal Investment Firms To Hold Capital For Redress
The FCA has announced proposals to require personal investment firms to set aside capital so that...
UK signs Berne Agreement with Switzerland
In December 2023, the UK signed the Berne Agreement with Switzerland. The agreement uses...
The PSR's Final Stand On APP Fraud Reimbursement
An announcement from the Payment Systems Regulator (PSR) on the 19th of December 2023 has confirmed...
FCA Writes To Firms About The Treatment Of Retained Interest
In December 2023, the FCA wrote a Dear CEO letter to investment platforms and SIPP operators...
Future of Payments
In November this year, HM Treasury (HMT) published a report, ‘The Future of Payments Review 2023’,...
12 months on from FCA Policy Statement 22/11
In August 2022, the FCA issued its Policy Statement PS 22/11 Improvements to the Appointed...
Webinar Q&A's - The Similarities & Differences Between FCA & DFSA Regulation
Thistle Initiatives and Clarity Consulting Solutions recently partnered to conduct an insightful...
FCA and Government seeking views on three proposals
In December 2023, the FCA and Government sought views, in Discussion Paper DP 23/5, as part of the...
3 UK Regulators Issue Paper CP 26/23 On Operational Resilience
In December 2023, the FCA, the PRA, and the Bank of England jointly issued their consultation paper...
FCA sets out credit information market improvements
In December 2023, the FCA announced in its Market Study MS 19/1 a range of measures intended to...
FCA seeks views on regulatory approach for overseas funds
In November 2023, the FCA, in preparation for the new Overseas Funds Regime (OFR), set out its...
What Do Senior Managers Need To Be Aware Of In An FCA visit?
During any visit that it makes to a firm, the FCA will expect engagement from the firm’s senior...
FCA Requires Personal Investment Firms To Hold Capital
In November 2023, the FCA announced in its Consultation Paper CP 23/24 proposals to require...
Investments Newsletter - November 2023
Investments monthly newsletter - November 2023
UK Retail Disclosure Framework
The SSR (Short Selling Regulation), applies to financial instruments admitted to trading or traded...
The Short Selling Regulations 2024
The government has issued a draft SI with an accompanying policy note setting out how it plans to...
Changes To The Financial Promotion Rules Will Have An Impact
HM treasury recently consulted on changes to the thresholds for what it means to be wealthy and how...
The Consumer Duty: A Continuous Journey Towards Better Outcomes
On the 1st November 2023 the FCA Director of Cross-Cutting Policy and Strategy, Nisha Arora, gave a...
FCA Expectations For Wealth Management And Stockbroking
On the 8th November 2023, the FCA issued a ‘Dear CEO’ letter, intended for firms that typically...
FCA publishes final report on IFPR implementation
The IFPR and the corresponding prudential standards under MIFIDPRU began on 1 January 2022. The...
Compliance and Enforcement Newsletter - November 2023
Compliance and Enforcement Newsletter - November 2023
Global regulators foster digital innovation with Project Guardian
The FCA has announced that it is partnering with regulators around the world as part of the...
FCA secures confiscation order against convicted CFO
On 2 November, Southwark Crown Court imposed a Confiscation Order of £355,369 on Timothy Coleman,...
Seriously incompetent pensions advisor handed ban and £200k fine
The FCA has banned Geoffrey Armin from advising customers on pension transfers and opt-outs and...
Credit and Mortgages Monthly Newsletter - November 2023
Credit and mortgages monthly newsletter - November 2023
General Insurance Value Measures reporting rules for firms
In PS20/9, the FCA introduced rules requiring General Insurance firms to report value measures...
Attesting Compliance With GI Pricing Practices Rules
In PS21/5, issued in May 2021, the FCA confirmed that senior managers would be required to attest...
FCA publishes consultation paper on fees
In November 2023, the FCA published its consultation paper on FCA fees CP23/22: Regulatory fees and...
Financial Crime Newsletter - November 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA issues guidance to help crypto firms comply with marketing rules
Following a recent change in legislation, cryptoassets promotions targeting UK consumers now fall...
FCA responds following AI and machine learning consultation
In Discussion Paper DP5/22 – Artificial Intelligence and Machine Learning, issued jointly with the...
Treasury responds to feedback on future regulatory regime for cryptoassets
Responding to feedback on its recent consultation and call for evidence on the future financial...
PSR publishes authorised push payments fraud performance data
Authorised push payment (APP) fraud occurs when a fraudster tricks someone into sending a payment...
Payment Services Newsletter - November 2023
Payment Services monthly newsletter - November 2023
PSR publishes APP fraud performance data
In October 2023, the Payment Services Regulator (PSR) published 2022 performance data on authorised...
FCA and Modulr agree customer onboarding restrictions
The FCA has imposed customer onboarding restrictions on payments-as-a-service provider Modulr until...
Safeguarding Your Payments and E-Money Business from FCA Enforcement Powers
In the realm of UK Payments and e-money services, an area subject to increased scrutiny from the...
The Future of Payments: Exploring the Implications of PSD3 for UK Payment Services Firms
The financial landscape is constantly evolving, and as we approach the implementation of PSD3...
What investors should expect in Jeremy Hunt's Autumn Statement
On 22nd November 2023, Chancellor Jeremy Hunt issued HM Government’s Autumn Statement, covering its...
HM Treasury amends HNW and sophisticated investor definitions for financial promotions
In November 2023, HM Treasury consulted on changes to the thresholds for categorising the...
FCA reviews its approach to secondary consumer credit brokers
In November 2023, the FCA announced that it had recently reviewed its interpretation of the...
FCA brings proceedings against unauthorised and fraudulent mortgage advisers
In November 2023, unauthorised mortgage adviser Larry Barreto was found guilty of 11 charges of...
FCA reviews firms' anti-payment fraud systems
In November 2023, the FCA reported that while its multi-firm review of firms’ fraud controls and...
FCA marketing guidance for crypto firms
In November 2023, the FCA published new non-Handbook guidance (FG 23/3) to support crypto firms in...
The FCA issue a Dear CEO letter to wealth managers and stockbrokers
In November 2023, the FCA issued a Dear CEO letter setting out its assessment of the wealth...
The FCA and Bank of England publish proposals for regulating stablecoins
The FCA and the Bank of England requested feedback on their proposed approach, set out in their...
FCA issues financial promotions quarterly data 2023
In November 2023, the FCA issued a summary of the data generated between 1 July 2023 and 30...
Economic Crime and Corporate Transparency Act: What financial institutions need to know
In October 2023, the Economic Crime and Corporate Transparency Act (the ECCTA) received Royal...
Consumer Duty: Not once and done
In November 2023, the FCA reported a speech given by Nisha Arora, its Director of Cross-Cutting...
PSR publish APP fraud performance data
In October 2023, the Payment Services Regulator published 2022 performance data covering the...
FCA secures contract charges for BNPL customers
In October 2023, the FCA announced that it had agreed deals with two buy now pay later (BNPL)...
The FCA identifies common issues with crypto marketing
In October 2023, the FCA publicised that it has been supervising crypto firms since 8 October based...
Investments Newsletter - October 2023
Investments monthly newsletter - October 2023
Our Platforms Portfolio Supervision Strategy
The FCAs key concerns about harm within the Platform Portfolio include: - Fees and charges not...
Financial Promotions for high-risk investments
In August 2022, the FCA published PS22/10, which outlined new requirements for firms promoting...
FCA issues 146 alerts in first 24 hours of new crypto marketing regime
The FCA issued 146 alerts about cryptoasset promotions on the first day of a new regime bringing...
Our supervision strategy for Corporate Finance Firms
The FCA has written a Dear CEO letter to Corporate Finance Firms (CFFs) to outline the harms to...
Compliance and Enforcement Newsletter - October 2023
Compliance and Enforcement Newsletter - October 2023
FCA premieres innovative ad ahead of GameStop movie
The FCA has adopted an innovative approach to cinema advertising as it attempts to raise awareness...
WealthTek LLP ordered to cease operations
The FCA has taken action to protect consumers after identifying serious regulatory and operational...
Two banned over British Steel Pension Scheme advice failings
Keith Dickinson and Andrew Allen of Mansion Park Limited (in liquidation) have been banned from...
Credit and Mortgages Monthly Newsletter - October 2023
Credit and mortgages monthly newsletter - October 2023
Fifty-nine firms hold EU crowdfunding licences
Fifty-nine crowdfunding and peer-to-peer lending platforms have been authorised under EU-wide...
FCA consults on proposed additional product sales data returns
The FCA is requesting feedback on the proposed inclusion of three new product sales data returns...
Financial Crime Newsletter - October 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA Fines ADM Investor Services £6.5m For Crime Control Failings
Broker ADM Investor Services International Limited (ADMISI) has been fined £6,470,600 for having...
Companies House & the Economic Crime & Corporate Transparency Bill
The Economic Crime and Corporate Transparency Bill published on 22 September 2022, proposes...
EY pays back £15m to Santander UK in dispute over AML quality
Santander UK’s fin crime consultants EY have paid back £15m and will no longer work for the lender.
Payment Services Newsletter - October 2023
Payment Services monthly newsletter - October 2023
Binance to discontinue Visa debit card services in Europe
Prominent global cryptocurrency exchange Binance is to discontinue its Visa debit card services in...
World Payments Report Finds Non-cash Transactions Are Rising
Non-cash transaction volumes have maintained their upward momentum, as consumers and businesses...
First Supervisory Notice to London Court Limited
In October 2023, the FCA issued a First Supervisory Notice imposing certain requirements on London...
FCA review of Money mules
In October 2023, the FCA publicised the key findings arising from its multi-firm review of payment...
FCA Is Making Improvements To The Authorisation Application
In October 2023, the FCA announced that it is making improvements to the application process for...
The FCA addresses the AIF and NURS regimes
In October 2023, the FCA announced, in a speech given to the Investment Association, that it has...
Financial Watchdog Fines Equifax Ltd £11 Million
In October 2023, the FCA announced that it had fined Equifax Ltd £11,164,400 for failing to manage...
FCA crypto promotion alerts
In October 2023, the FCA announced that it had issued 146 alerts about cryptoasset promotions on...
FCA fine ADM Investor Services
In October 2023, the FCA fined investment brokerage firm ADM Investor Services International...
FCA Publicises Funeral Plan Sector Priorities For 2023 - 2025
In September 2023, the FCA publicised its funeral plan firms sector priorities for 2023-2025. It...
FCA financial resilience survey - October 2023
In September 2023, the FCA asked a number of firms to complete a survey to help the regulator...
End of implementation period for debt packager referral fee ban
In October 2023, the FCA again publicised that its Policy Statement and Final Rules on the debt...
Dear CEO Letter - Supervision Strategy For Corporate Finance
The FCA issued in September 2023 a Dear CEO letter to corporate finance firms, outlining its...
Payment Services Newsletter - September 2023
Payment Services monthly newsletter - September 2023
FCA says poor-quality applications are creating log jams
The FCA has said that poor-quality applications and ‘radical innovation' are sustaining a log jam...
EC sees new opportunities in modernising payment services
The European Commission (EC) recently put forward fresh proposals for bringing payments and the...
PSR consults on APP fraud reimbursement overhaul
The UK Payment Systems Regulator (PSR) has launched two consultations ahead of the implementation...
Investments Newsletter - September 2023
Investments monthly newsletter - September 2023
Fund managers warn government over net zero target
Fund houses managing £1.5trn in assets have warned the government that confused policymaking could...
VCTs Prove Resilient Against Venture Capital Industry Decline
Venture capital trusts saw an 8% growth in capital deployment over 2022, despite a staggering 23%...
Platform industry suffers worst Q2 sales since 2010
Platform sales failed to pick up between April and June this year, leading to the worst...
Navigating CrossBorder Payment Challenges - Insights from the FSB
In today's global business landscape, diversity and inclusion have become essential pillars for...
Nine out of ten investment trusts end H1 on discount
Investment Week has found that just 20 out of 231 investment trusts (around 8.7% of trusts) ended...
Consistently underperforming equity funds total soars to 56
Bestinvest’s latest Spot the Dog report found the number of persistently underperforming funds has...
Financial Crime Newsletter - September 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
FCA Reports On Cryptoasset AML/CTF Regime Applications
The FCA has been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for...
FCA reviews UK firms’ sanctions systems and controls
The FCA has set out findings from its assessments of sanctions systems and controls in financial...
The Economic Crime and Corporate Transparency Bill
The Economic Crime (Transparency and Enforcement) Bill, which makes provision for economic crime...
Credit Monthly Newsletter - September 2023
Credit monthly newsletter - September 2023
Key takeaways from the FCA’s recently introduced Consumer Duty
At the end of August, one month on from the introduction of the FCA’s Consumer Duty for current...
FCA consults on IDD replacement rules
The FCA is asking for feedback on its proposals for transferring part of the current regulatory...
The changing face of consumer lending
The combined effect of the rising cost of living, the higher base rate, and low wage growth means...
Compliance and Enforcement Newsletter - September 2023
Compliance and Enforcement Newsletter - September 2023
Two banned and fined over pension transfer advice failings
The FCA plans to fine Toni Fox and David Price £681,536 and £632,594 respectively for their roles...
ICO fines This Is The Big Deal Limited over PECR contraventions
The Information Commissioner’s Office (ICO) has fined energy provider and switching service This Is...
FCA given new powers to protect access to cash
The Financial Services & Markets Act 2023 has granted the FCA new powers to help it maintain the...
CP23/20: Shaping Tomorrow's Financial World
In today's global business landscape, diversity and inclusion have become essential pillars for...
Ready For Crypto Assets – Will You Meet FCA Expectations?
We said that crypto assets would fall under tougher financial promotions rules when they are...
FCA Gateway For Approving Unauthorised Financial Promotions
The FCA announced in September 2023 that regulated firms approving financial promotions for...
A Review Of Later-life Mortgages Finds Poor Advice
In September 2023, the FCA reported that in a review of later-life mortgage firms, it had worked...
Regulating Crypto Assets – The FCA’s Approach To Regulation
Regulating Crypto Assets – The FCA’s approach to crypto regulation will look like from a regulatory...
FCA Review Of The Treatment Of Domestic PEPs By Financial Services Firms
Earlier this month the Financial Conduct Authority (FCA) announced that they would conduct a review...
The Consumer Duty one month on
As of the end of August 2023, the FCA's Consumer Duty has been in existence for a month for current...
Compliance and Enforcement Newsletter - August 2023
Compliance and Enforcement Newsletter - August 2023
FCA Wins Civil Case Against Care Home Investment Scheme
The High Court has ruled in favour of the FCA against Robin Forster, the director of a company...
FCA secures confiscation order against convicted money launderer
Southwark Crown Court recently imposed a confiscation order of £562,636 against Richard Faithfull...
FCA responds to NatWest Board announcement on account closures
Commenting on the NatWest Board’s announcement on allegations relating to account closures and...
FCA continues crackdown on unregistered crypto ATMs
The FCA says it has visited and inspected 34 locations across the UK this year suspected of hosting...
Credit Monthly Newsletter - August 2023
Credit monthly newsletter - August 2023
Mortgage arrears jump comes as ‘no surprise’
In the second quarter of 2023, 81,900 homeowner mortgages with arrears of 2.5% or more, a jump of...
FCA finds 60% of P2P firms not complying with new risk warning
The FCA has found that almost two-thirds of peer-to-peer lending and crowdfunding firms failed to...
Consumer Credit act to be replaced by new FCA rules
The Consumer Credit Act is set to be axed, along with Section 75. The Act will be replaced by rules...
Financial Crime Newsletter - August 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
PSR takes first step in drive to combat APP fraud
The Payment Systems Regulator (PSR) recently published a consultation on two of the draft...
Highlights from FCA and SFO 2022/23 annual reports
‘To reduce and prevent financial crime, we have a strengthened authorisation process, improved...
Consultation on cryptoasset transfers now closed
The Joint Money Laundering Steering Group (JMLSG) recently published proposed amendments to Sector...
FCA asks banks for information on account closures
After announcing that it intends to carry out a data exercise looking into the basis on which...
Investments Newsletter - August 2023
Investments monthly newsletter - August 2023
BlackRock retakes net flows crown in Q2
The latest Pridham Report found that, in the second quarter, BlackRock retook top spot for both...
Active equity funds gain ground on trackers in H1 2023
After a bleak 2022, the performance of active equity funds has seen an uptick relative to trackers...
Article 9 funds see lowest inflows on record
Dark green funds saw their lowest flows on record through the second quarter of 2023, despite...
Industry Welcomes Trio Of Reforms Including Review Of Rules
Chancellor of the Exchequer Jeremy Hunt has introduced a ‘sweeping package of UK regulatory...
One in six asset managers expected to disappear by 2027
The findings from a survey carried out by PwC suggest that 16% of asset management firms will...
Payment Services Newsletter - August 2023
Payment Services monthly newsletter - August 2023
FCA requests data from banks on account closures
After announcing that it intends to carry out a data exercise looking into the basis on which...
The digital pound
The Bank of England (BoE) recently announced that it is looking into the case for a digital pound.
Government responds to payments regulation consultation
The recent publication of the government’s Payments Regulation and the Systemic Perimeter:...
Government Fine Company £1million In Breach Of Russian Sanctions
In August 2023, the UK government fined a company £1 million for breaching Russian sanctions.
FCA Finds Fund Managers' Value Assessments Have Improved
In August 2023, following a review that it carried out of 14 authorised fund managers’ value...
FCA Sets Out Expectations For UK Cryptoasset Firms
The FCA has released its expectations that UK cryptoasset businesses will comply with the new...
Proposed rules for non workplace pensions
In December 2022, the FCA set out in its Policy Statement PS 22/15 the final rules intended to...
FCA financial promotions quarterly data 2023 - Q2
In August 2023, the FCA provided a summary of data generated between 1 April 2023 and 30 June 2023...
Consumer Duty And Carrying Out Price And Value Assessments
With the Consumer Duty now applying to all firms having a direct or indirect relationship with...
Compliance and Enforcement Newsletter - July 2023
Compliance and Enforcement Newsletter - July 2023
FCA outlines concerns about sustainability-linked loans market
Sustainability-linked loans (SLLs) aim to support sustainable economic activity and growth, with...
Regulators combine to call on firms to help struggling customers
Following a roundtable meeting with Chancellor Jeremy Hunt the FCA has joined other regulators in...
Morgan banned over British Steel Pension Scheme advice failings
The FCA has banned Denis Lee Morgan of Pembrokeshire Mortgage Centre Limited (in liquidation) (PMC)...
ClientEarth fails in judicial review against FCA
ClientEarth, an environmental charity that seeks to bring legal challenges in respect of entities...
Financial Crime Newsletter - July 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Financial Action Task Force holds third plenary meeting
Global money laundering and terrorist financing watchdog the Financial Action Task Force (FATF)...
PSR progresses new APP scam reimbursement requirements
The Payment Systems Regulator (PSR) has published a consultation on two of its draft directions...
Payment Services Newsletter - July 2023
Payment Services monthly newsletter - July 2023
PSD3: Modernising Payment Services & Opening Financial Services
The European Commission (EC) has put forward proposals for bringing payments and the wider...
Digital Identity Critical For Digital Wallet Confidence & Growth
A new report from API management and security vendor Curity has found that UK organisations and...
The fraud epidemic isn’t going anywhere. It’s time to take action
We have recently seen a slew of bad news about an alarming ongoing rise in payments fraud,...
Investments Newsletter - July 2023
Investments monthly newsletter - July 2023
Mixed reaction for LTAF retail extension
The FCA has opened up the Long-Term Asset Fund (LTAF) structure to retail investors, a move that...
Reports suggest UK set to scrap MiFID client research ban
Reports have emerged suggesting that Chancellor of the Exchequer Jeremy Hunt is set to announce an...
UK investors put £632m into fixed income funds in May
Fixed income funds saw inflows of £356m into funds during May, while institutional clients pulled...
Credit Monthly Newsletter - July 2023
Credit monthly newsletter - July 2023
Millions turning to unauthorised lenders
New research conducted by IPSOS for Fair4All Finance suggests than more than three million people...
MPs launch SME lending inquiry
Parliament’s Treasury Committee has announced plans to launch an inquiry into SME lending. This...
FCA enables firms to provide mortgage breathing space
The FCA has made changes to its rulebook to allow lenders to offer their mortgage customers...
Consumer Duty Webinar Part Four - Consumer Support
In our fourth and final webinar of this 4 part series, we looked at the Consumer support outcome...
Consumer Duty Webinar Part Three - Consumer Understanding
In our third webinar of this 4 part series, we looked at the consumer understanding outcome under...
FCA guidance consultation on social media usage
The FCA plans to take another significant step in 2023 in its work to combat illegal and...
Navigating The Impact Of Mandatory APP Fraud Reimbursement
As authorised push payment (APP) fraud continues to rise in the UK, regulatory measures are being...
FCA review of liquidity management in asset managers
In July 2023, the FCA reported on its recent multi-firm review of liquidity management in fourteen...
Financial Services & Markets Bill Proposes Changes To Legislation
The current Financial Services and Markets Bill proposes certain changes to union legislation in...
Are you ready for the cryptoasset financial promotions regime?
In July 2023, the FCA issued a letter to crypto firms entitled Cryptoasset firms marketing to UK...
Consumer Duty Webinar Part Two - Price And Value Outcome
In our second webinar of the series we examined the Price and Value outcome under the Consumer Duty...
Insider Insights: Tips For Smooth Interaction With The FCA
Navigating the FCA's regulatory landscape can be challenging, but with the right approach, it can...
Consumer Duty Webinar Part One - Products And Services Outcome
We examined the Products and Services outcome under the Consumer Duty and answered your questions...
FCA issues findings from Consumer Duty survey
In June 2023, the FCA commissioned an anonymous survey of 1,230 firms in some of the sectors in...
Compliance and Enforcement Newsletter - June 2023
Compliance and Enforcement Newsletter - June 2023
Three charged over unauthorised sale-and-rent-back schemes
The FCA has initiated criminal proceedings against three individuals for carrying out regulated...
JROC sets out next steps to help UK open banking grow
The Joint Regulatory Oversight Committee (JROC) has set out an ambitious programme of work to take...
FCA Fines Firm For Enabling Illegitimate Tax Reclaims
The FCA has fined ED&F Man Capital Markets Ltd (MCM) £17.2m for serious failings in its oversight...
Brothers guilty of taking £750k from failed investment firm
In a prosecution brought by the FCA, Peter Currie (59) was convicted at Southwark Crown Court of...
Credit Monthly Newsletter - June 2023
Credit monthly newsletter - June 2023
Bank of England set to ‘water down’ rules for lenders
The Bank of England is set to ‘water down’ changes to its post-crisis rulebook, after lenders are...
Lenders to pay out £47m to financially struggling borrowers
Following an investigation into how lenders treat borrowers who are experiencing financial...
FCA publishes mortgage lending statistics for June 2023
The FCA collects mortgage lending data via the Mortgage Lending and Administration Returns (MLARs)...
Financial Crime Newsletter - June 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
Consumer cryptocurrency trading should be regulated like gambling
The House of Commons Treasury Committee recently called for consumer trading in unbacked...
EBA Consult On Crypto-assets-related Amends To ML/TF Guidelines
The European Banking Authority (EBA) recently launched a public consultation on amendments to its...
PSR confirms new requirements for APP fraud reimbursement
The Payment Systems Regulator (PSR) has argued that new requirements for banks and payment...
Investments Newsletter - June 2023
Investments monthly newsletter - June 2023
MPs scrutinise FCA over two-year Crispin Odey probe
The FCA is under pressure from MPs over its handling of misconduct allegations against the hedge...
Consumer Confidence Boosted By £2.8bn Invested In Funds In April
The Investment Association (IA) recently released its key findings for April 2023.
EIS investment into startups hits £2.5bn all-time high
The latest figures from HM Revenue & Customs (HMRC) show more private investors than ever backing...
Payment Services Newsletter - June 2023
A new white paper from Tietoevry Banking argues that - rather than competing - card payments and...
Will the future be cards, mobile payments… or both?
A new white paper from Tietoevry Banking argues that - rather than competing - card payments and...
A2A payments now worth more than $500bn
Worldpay’s Global Payments Report revealed that account-to-account (A2A) payments are now worth...
UK consumers embrace alternative payment methods
The Global Payments Report 2023 shows UK consumers embracing alternative payment offerings like...
The Role Of Agents In The Changing Financial Landscape
An agent is a person or business which acts on behalf of regulated Payment Services Providers...
Empowering Operational Resilience: The Power Of Cyber Resilience
In today's digital landscape, organisations face a multitude of cyber threats that can disrupt...
FCA introduces new rules for marketing cryptoassets
In June 2023, the FCA announced in its Policy Statement PS 23/6 new rules that mean crypto firms...
FCA bans referral fees for debt packages
In June 2023, the FCA announced that it is banning, through its Policy Statement 23/5, certain...
Financial Crime Newsletter - May 2023
Financial Crime Newsletter - Here's an overview of our monthly financial crime updates
OPBAS Publishes Report On Legal & Accountancy Supervision
In its fourth report, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)...
Watchdog Warns Banks On Post Office Money Laundering
A series of measures designed to reduce the risk of money laundering via the Post Office have today...
Payment Services Newsletter - May 2023
Here's an overview of our monthly payment services updates from out Payment Services Compliance...
Report: The European payments landscape for 2023
Payments Cards & Mobile’s exclusive annual review of European payments data from 33 European...
European P2P sector could get €400m boost from AI this year
The continued uptake of artificial intelligence (AI) among European peer-to-peer lending platforms...
GSMA: State of the Industry Report on Mobile Money
Mobile money is now considered a mainstream financial service in many countries During the COVID-19...
Investments Newsletter - May 2023
Investments monthly newsletter - May 2023
UK Investors Poured £1.4bn Into Equity Funds In April 2023
UK investor confidence in equity funds has risen, as demonstrated by the net £1.4bn added to the...
Pridham Report: Fund sales show signs of recovery
Fund sales in the first three months of 2023 improved compared to the previous two quarters, the...
UK Venture Capital Falls To Pre-pandemic Levels
Venture capital investment in the UK tumbled back to pre-pandemic levels in the first three months...
Credit Monthly Newsletter - May 2023
Credit monthly newsletter - May 2023
Fintech to hit $1.5trn by 2030
Asia-Pacific will outpace the US and Europe to eventually become the world’s largest fintech market.
Lending to see £29bn increase
Total lending is expected to go up by 1.2% this year, a net increase of £29bn, according to EY Item...
Bank of England to “water down” rules for lenders
Regulators are therefore examining ways to lower the burden on banks when the UK adopts new...
Compliance and Enforcement Newsletter - May 2023
Compliance and Enforcement Newsletter - May 2023
FCA Issues Notice For Banque Havilland & 3 Former Employees
The FCA has decided to fine Banque Havilland £10m; its former London branch CEO, Edmund Rowland,...
FCA Announces Plan To Deliver Redress To Woodford Investors
Following an investigation by the FCA, Link Fund Solutions (LFS) has agreed to provide, with a...
Joint Committee Sets Direction For Next Phase Of UK Open Banking
Today [17/04/2023], the Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the...
The FCA To Introduce A New Principle & Code Of Conduct Rule
On 31st July 2023, the FCA will implement the Consumer Duty, which is intended to fundamentally...
FCA Will Conduct Firm Evaluations With Little To No Warning
The FCA has stated that it will conduct assessments on firms with little or no notice when it has...
Building Financial Armor: What You Need To Know About FIN073
The FCA will be replacing the Financial Resilience Survey with a new Financial Resilience...
General Data and Protection Regulation
The UK Parliament is currently reviewing a new Data Protection and Digital Information Bill with...
FCA Explains Its Consumer Duty Requirements And Key Points
With fewer than ninety days to go until the start of the Consumer Duty, the FCA has urged firms to...
The FCA’s Assessing Suitability Review (Part 2) Is Happening
Since 2015, the FCA has seen a seismic shift in people drawing their pension savings flexibly.
FCA warns of impending Consumer Duty deadline
In May 2023, with fewer than ninety days to go until the start of the Consumer Duty, the FCA has...
Recommendations for The Next Phase of Open Banking in the UK
In April 2023 the Financial Conduct Authority (FCA) and the Payment Services Regulator (PSR)...
What the Prime Minister’s Fraud Strategy means for you
In May 2023, the UK Government issued a new Policy Paper describing its fraud strategy for 2019 to...
Multi-occupany leasehold insurance reforms
In May 2023, the FCA proposed, in its Consultation Paper CP 23/8, new rights and protections for...
Changing The Scope Of The Financial Resilience Regulatory Return
In May 2023, the FCA announced that it is consulting on changes to the scope of firms that provide...
Transforming The Future Of Transactions With The Digital Pound
The Bank of England and HM Treasury have presented a consultation paper to Parliament entitled:...
Proliferation financing
Proliferation financing refers to the act of providing funds or financial services for use, in...
Payments Services With A Purpose: Embracing ESG
In its recent ‘Dear CEO’ letter, the FCA clarified its commitment to supporting the financial...
SMCR & The Expectation For FCA To Apply This To Payment Services
The impetus for introducing the Senior Managers and Certification Regime (SMCR) derived originally...
FCA Market Abuse Peer Review Of CFDs And Spread Bets
In April 2023, the FCA reported in its Market Watch publication on its recent market abuse peer...
Investments Newsletter - April 2023
Investments monthly newsletter - April 2023
Investors pull record £54bn from UK funds
Investors withdrew £53.9bn from UK funds in 2022, the biggest annual outflow ever, according to an...
European investors return to bond and equity markets
European investors have piled back into fixed-income and equity funds, with both asset classes...
European asset managers attract $54bn inflows in 2023 so far
European asset managers have seen inflows of $54bn so far in 2023, marking a reversal from 2022,...
ESMA report finds EU MMF industry worth close to €1.5tn
EU financial markets regulator and supervisor ESMA has published its inaugural market report on EU...
Costs of retail investment products continue slow decline
EU financial markets regulator the European Securities and Markets Authority (ESMA) recently...
Payment Services Newsletter - April 2023
Payment Services Compliance Newsletter from April 2023. Here's an overview of our monthly payment...
UK Open Banking market at a crossroads
A new report on Open Banking by the Coalition for a Digital Economy reports that UK Open Banking is...
Global Payments Report 2023
In 2022, account-to-account (A2A) payments continued growing across the globe, with the expansion...
Optimising payments and the transition to ISO20022
Payment models are changing radically, creating both challenges and opportunities for financial...
Credit Monthly Newsletter - April 2023
Credit monthly newsletter - April 2023
Lenders report increased default rates in Q1
Default rates on secured and unsecured loans to households and loans to small and medium-sized...
Invest & Fund Predict P2P Rebirth - Real Estate Investment Evolves
As the market sees increasing corporate ownership of housing assets, residential development...
European P2P market serves 112 countries
Research by Robo.cash suggests European peer-to-peer lenders now operate in 112 countries.
Compliance and Enforcement Newsletter - April 2023
Compliance and Enforcement Newsletter - April 2023
Four individuals face fraud charges
The FCA has started criminal proceedings against four individuals for conspiracy to commit fraud...
FCA imposes restrictions on Lisa Campbell
In April 2023, the FCA imposed conditions on Lisa Campbell's approval as a senior manager of...
FCA updates on its operating service metrics for authorisations
The FCA has published an update on its operating service metrics for authorisations timelines.
FCA welcomes publication of criminal market abuse regime review
The FCA has welcomed the UK government’s recently issued statement on the completion of the...
FCA to collect Treasury’s economic crime levy from July
The government’s new economic crime levy (ECL) will be jointly collected by HMRC, the FCA, and the...
Green mortgages present consumer vulnerability risk
David Geale, Director of Retail Banking at the FCA, gave a speech on green mortgages and consumer...
MLTF Regulations 2022 - Material Discrepancies
Money laundering and terrorist financing pose a serious threat to the global financial system, and...
DP 23/3 Review of the Senior Managers and Certification Regime
In December 2022, the Government announced, as part of the Edinburgh Reforms, that the Treasury,...
Reforms to the financial promotions exemptions
The UK government is consulting on proposals to amend the financial promotion exemptions available...
10 Things Firms Need To Consider - Fair Price & Value Outcome
The new FCA rules relating to the Consumer Duty Regulation will come into force, for firms that are...
Cryptoasset Firms To Prepare For Financial Promotions Regime
In April 2023, the FCA publicised that all cryptoasset firms marketing to UK consumers, including...
FCA sets clear plan for next 12 months
In April 2023, the FCA announced that, in the second year of its three-year strategy, it plans to...
Economic Crime Plan
In March 2023, HM Government published its second Economic Crime Plan, covering the period 2023 to...
Payment Services Newsletter - March 2023
Payment Services Compliance Newsletter - Here's an overview of our monthly payment services updates
Cards used for half of payments for first time last year
Card payments accounted for half (51 percent) of all payments in the UK in 2019. Remote banking...
The Future Development Of Open Banking In The UK - Final Report
More than 6.5 million consumers and SMEs in the UK already use open banking-enabled products and...
Britcoin: UK government reveals ‘digital pound’ plans
A central bank digital currency (CBDC) is currently being explored by the Treasury and the Bank of...
The European payments landscape for 2023
Payments Cards & Mobile’s exclusive annual review of European payments data from 33 European...
Interview: The transformation of the UK payments landscape
Jana Mackintosh is Managing Director for Payments and Innovation at UK Finance. She is experienced...
Investments Newsletter - March 2023
Investments monthly newsletter - March 2023
Investment trusts have worst year since 2008
The closed-ended space had its worst calendar year since 2008, but Winterflood analysts are hopeful...
Consolidated VCT sector sees investment boom
The venture capital trust sector underwent a consolidation last year while managing to increase its...
Asset Managers Prepare For Staff Reductions & Streamlined Offerings
Asset managers have continued to record outflows, underperformance, and declining revenues in the...
European ETFs see 12% drop in AUM despite inflows
European ETFs saw $87bn in net new assets throughout 2022, despite seeing a drop in assets under...
Top performing funds fail to repeat success
Investors have been warned against chasing annual best performing fund lists, after new data...
Credit Monthly Newsletter - March 2023
Credit monthly newsletter - March 2023
How will the property downturn impact P2P lending?
Investing in property-backed peer-to-peer lending can be a brilliant way to access the housing...
Eurocrowd launches pan-European working group
The European Crowdfunding Network (Eurocrowd) has launched an internal working group for platforms...
P2P business sector booms as consumer lending drops
Peer-to-peer business lending in Europe grew by 76 percent year-on-year to reach €300m (£266m) in...
Compliance and Enforcement Newsletter - March 2023
Compliance and Enforcement Newsletter - March 2023
FCA Takes Further Action Against Unregistered Crypto ATMs
The FCA has used its powers to inspect several sites in East London suspected of hosting illegally...
FCA To Tackle Competition Problems With The Trade Data Market
A new Financial Conduct Authority report has found that competition in some parts of the wholesale...
FCA To Compensate Consumers Following Unlawful CFD Forex Trading
The FCA has secured money that will be paid to consumers that were subject to illegal contracts for...
FCA Takes Action Against Unregistered Crypto ATM Operators
The Financial Conduct Authority has used its powers to enter and inspect several sites around Leeds...
FCA starts court process to recover money for investors
The FCA has commenced High Court proceedings against an unauthorised investment firm and its sole...
FCA Annual Financial Crime Reporting (REP-CRIM) support
Banks, building societies, companies engaged in MiFID activity, and companies dealing in...
Dear CEO Letter - Payment Services Firms Need To Listen Up
On March 16, 2023, the FCA published a Dear CEO Letter sending a strong message to payment services...
Mortgage lending statistics
The FCA collects mortgage lending data via the Mortgage Lending and Administration Return (MLAR)1...
Implementing the Consumer Duty in credit brokers
In March 2023, the FCA issued five Dear CEO letters to credit sector firms concerning the...
FCA confirms help for mortgage borrowers struggling with payments
In March 2023, the FCA confirmed its final mortgage guidance in FG 23/2, setting out the ways...
Fast-growing firms multi-firm review
In March 2023, the FCA summarised its findings and set out its expectations of fast-growing FCA...
Is Your Regulatory Control Framework Getting Stuck?
On 10 March, 2023, the FCA set out its expectations of FCA solo-regulated fast growing firms to...
Does Your Firm Need Help With Its Client Assets Arrangements?
The FCA’s client money and custody assets rules, known as CASS, have been a particular focus for...
The FCA's Asset Management Supervision Strategy – Dear CEO letter
In March 2023, the FCA issued its first Dear CEO letter to asset management firms since it launched...
Creating Or Advising On High-risk Products? You'd Better Read On
In August 2022, following its consultation (CP 22/2), the FCA published its Policy Statement 22/10...
Payment Services Newsletter
Payment Services Compliance Newsletter - Here's an overview of our monthly payment services updates:
Predicted payments trends for 2023
Our lives are becoming increasingly digitised, as connected devices and services proliferate.
Cash still the most frequently used means of payment at POS
The European Central Bank (ECB) has published its latest study on consumer payment attitudes across...
The future of UK consumer payments
A new forecast from UK Finance predicts that debit cards will be the preferred means of payment for...
Investments Newsletter
Investments monthly newsletter
Fewer UK active managers outperformed in 2022
A study by Hargreaves Lansdown has found that the proportion of UK active managers who outperformed...
Investment trusts with biggest discounts in 2022
Investment trust discounts are at their highest level since the global financial crash in 2008, but...
UK fund flows record second positive month of 2022 in November
UK fund flows reached £389m in November 2022, the second month of positive flows for the year,...
Equity fund flows fall to weakest in eight years
Outflows from equity funds reached £6.3bn in 2022, the lowest figure since 2014, with...
2022, the year that proved troubles come in threes
Managers of UK-focused investment trusts are optimistic for 2023. So says, Nick Britton, head of...
Credit Monthly Newsletter
Credit monthly newsletter
More crowdfunding firms approved under new EU rules
The EU crowdfunding regulator has approved more platforms under the new pan-European crowdfunding...
Paying with BNPL leads to 72% higher transaction values
A study from Erasmus University Rotterdam (EUR) found that consumers spend on average 72% more per...
What does ECSPR mean for UK P2P platforms?
The newly introduced European Crowdfunding Service Providers Regulation (ECSPR) presents an...
Robo.cash predicts 6% growth in P2P volumes for 2023
Robo.cash is predicting that the European peer-to-peer (P2P) lending market will grow 6% during...
Compliance and Enforcement Newsletter
Compliance and Enforcement Newsletter
FCA issues statement of objections to three money transfer firms
In a recently issued statement of objections, the FCA alleged that three money transfer firms fixed...
Michael Nascimento Sentenced After Not paying Confiscation Order
Michael Nascimento has been sentenced to almost four additional years in prison for failing to pay...
TSB fined £48.6m for operational resilience failings
The FCA and the PRA have fined TSB Bank plc a total of £48.6m over operational risk management and...
FCA Observes On How Firms Are Implementing ICARA Requirements
The FCA has published its initial observations on how firms are implementing its requirements for...
FCA seeks views on updating asset management regulation
In February 2023, the FCA announced in its Discussion Paper DP 23/2 that it is seeking views on...
FCA's Executive Director Briefs Firms On The Consumer Duty
In February 2023, the FCA advised that some firms are using inappropriate tactics in an effort to...
Review and Call for Evidence
In January 2023, HM Treasury released its statutory review of the Payment Services Regulations 2017...
FCA Issues Letter To Debt Advice & Other Debt Services Firms
In February 2023, the FCA issued two Dear CEO letters to debt advice firms and firms in debt...
Dear CEO Letter To Payment Services Firms On The Consumer Duty
In February 2023, the FCA issued a Dear CEO letter to firms authorised under the Payment Services...
Ensuring Compliance In The Digital Age: ECE Audits
The electronic communications industry has grown rapidly in recent years, and with it, the...
FCA Censures Amigo For Failing To Conduct Affordability Checks
In February 2023, the FCA publicly censured Amigo Loans Ltd, via a Final Notice, for failing to...
Buy Now Pay Later (BNPL) Consultation
In February 2023, HM Treasury launched its long-anticipated consultation on the future regulation...
Regulatory returns and the importance of a timely submission
We all know, that for a payment services firm it is critical to stay compliant with the rules of...
Consumer Duty Events For Retail Investment & Mortgage Firms
As firms continue to prepare for the implementation of the Consumer Duty regulation in July 2023,...
FCA Requirements Of Firms To Change Or Discontinue Promotions
In February 2023, the FCA announced in its data analysis of 2022 financial promotions, that it had...
FCA Dear CEO Letters For Firms To Prepare For The Consumer Duty
In February 2023, as firms prepare for the implementation of the Consumer Duty in July 2023, the...
FCA Plans To Make Financial Advice More Accessible - Update
In November 2022, the FCA, as part of its consumer investment strategy, set out in its Consultation...
HMT Launches Financial Services Regulatory Regime For Crypto
In February 2023, the UK government committed itself to introduce a new regulatory regime for...
FCA Proposes To Ban Debt Packager Referral Fees
In February 2023, the FCA announced that it would progress previous proposals to ban debt packager...
Credit Monthly Newsletter January 2023
Credit monthly newsletter January 2023
What will P2P look like in 2023?
There’s no doubt that 2022 was another transformative time for peer-to-peer lending. The past...
EU agrees new rules on online credit
European parliamentarians have reached an agreement on updated consumer credit rules designed to...
EU Readies For Newly Licenced P2P & Crowdfunding Firms Influx
The new European Crowdfunding Service Provider Regulation (ECSPR) has been effective since November...
New EU rules could see lenders expand to UK
The new European Crowdfunding Service Provider Regulation (ECSPR) could make the UK peer-to-peer...
Payment Services Newsletter January 2023
Payment Services Compliance Newsletter January 2023 - Here's an overview of our monthly payment...
How acquirers can solve the payments puzzle
A new paper from Tribe Payments outlines huge opportunities for acquirers in the digital economy.
Payment platform problems – fix or switch?
Today’s leading financial institutions still operate outdated card and payment platforms dating...
Contactless mobile payments to surpass a billion users in 2024
A new study has found that the total number of unique contactless mobile payment users will top a...
Investments Newsletter January 2023
Investments monthly newsletter January 2023
Industry Faces Mounting To-do List As Regulatory Equivalence Drifts
Regulatory teams face another tough year in 2023, as further divergence between the EU and UK...
Dividend payouts forecast to hit record highs in 2023
Total dividend payments from the FTSE 100 are forecast to hit a new record in 2023, with a...
Private markets to face reality check in 2023
The resilience of private markets is set to be tested as short-term woes permeate the space; but...
One in five sustainable funds falls short of SFDR standards
Almost 20% of Article 9 sustainable funds are breaching ‘do no harm’ standards, according to new...
Funds Delivering Top-quartile Returns Hit A New Low In Q3
According to Columbia Threadneedle Investments Multi-Manager FundWatch, the number of funds...
Compliance and Enforcement Newsletter January 2023
Enforcement monthly newsletter January 2023
FCA Publishes Decision Notices Against Bond Traders
The FCA has published Decision Notices for market abuse that have been issued to bond traders Diego...
FCA issues Final Notice on Carlo Palombo
The FCA has issued a Final Notice prohibiting Carlo Palombo from performing any function in...
Newly Authorised Firms Get FCA Support On Financial Promotions
The FCA has created a new function to help newly authorised firms adapt to its supervision as they...
FCA Concern Over Problem Behaviours Linked To Trading App Design
The FCA has warned stock trading app operators to review design features such as game-like elements...
Final Notice To Former CEO For Anti-money Laundering Failings
The FCA has publicly censured Mohammad Ataur Rahman Prodhan, the former Chief Executive Officer of...
FCA’s Review Of Retirement Income Advice – Look Back To 2015
The FCA announced in January 2023 that it will be kicking off its long-awaited thematic review of...
Cryptoasset AML CTF Regime Feedback On Applications Quality
Only 15% of firms applying under the FCA’s MLR cryptoasset regime have made it through to the other...
FCA Highlights Focus Areas For Firms Implementing Consumer Duty
With six months to go before the Consumer Duty regulation comes in, the FCA has published a...
Consultation on the section 21 gateway
In January 2023, the FCA reminded the industry that, subject to legislation, a new authorisations...
FCA To Issue Financial Resilience Survey (Covid-19 Impact Survey)
In February 2023, the FCA will ask a wide range of firms to complete a Financial Resilience survey...
FCA thematic review of retirement income advice
In January 2023, the FCA announced that it will be undertaking a thematic review assessing the...
FCA issues portfolio letter to wholesale brokers
In January 2023, the FCA set out in a letter issued to wholesale brokers its new strategy for...
The necessity of compliance - Toqio
One of the hottest topics in fintech right now is related to processes that need to occur prior to...
Portfolio Strategy: Claims Management Companies
In January 2023, the FCA wrote to claims management companies to set out its updated view of the...
Fines issued by the FCA more than doubled in 2022
In January 2023, it was reported that the number of fines issued by the FCA had more than doubled...
Creditspring financial stability tracker
In December 2022, Creditspring, a lender specialising in small no-interest loans, published its...
The mental shift required for the Consumer Duty
We’ve seen, in recent years, our industry becoming more focused on adhering to the abundance of...
TSB Fined £48.65m For Operational Resilience Failings
In December 2022, the FCA and the PRA fined TSB Bank plc £48,650,000 (£29,750,000 by the FCA and...
FCA follows up on High Risk Investments
In late 2022, the FCA engaged with firms, via roundtable sessions, in the run-up to the...
FCA refuses authorisation to two funeral plan providers in 2022
In July 2022, the FCA issued a Decision Notice to One Life Funeral Planning Ltd, refusing the...
FCA tells firms to change behaviour ahead of the Consumer Duty
It has been reported the FCA has begun telling firms to change their behaviour ahead of the...
UK Treasury consults on Consumer Credit Act reforms
For almost fifty years, the Consumer Credit Act 1974 (CCA) has ensured effective regulation for...
Credit Monthly Newsletter December 2022
Credit monthly newsletter December 2022
FCA ‘Loophole’ Threatens BNPL Firms With Jail Time
The FCA has written to buy-now pay-later (BNPL) chiefs warning that they could face up to two years...
£12m compensation to be paid to thousands of struggling borrowers
The FCA expects lenders to learn the lessons from examples of good and poor practice seen during...
One in eight UK consumers has experienced BNPL fraud
New research shows that only a third of Brits trust buy-now-pay-later (BNPL) services to protect...
P2P investing stands out in a record year for alternatives
Peer-to-peer lending has stood out amongst alternative investments, offering more transparency,...
Investments Newsletter December 2022
Investments monthly newsletter December 2022
UK bonds see £1.3trn drop in value since start of 2022
A research report by Collidr Asset Management has found that, by late October, more than £1.3trn...
VCT fundraising behind schedule due to late offer openings
By October, venture capital trusts (VCTs) had raised fewer funds in the current tax year than in...
UK funds suffered largest outflows on record in September
According to Investment Week September saw the largest redemptions on record from UK focused funds,...
UK investors flee equity funds in record-breaking dash
UK equity funds saw the highest level of outflows on record during August, according to data from...
Retail Investors To Drive Wave Of Alternatives AUM Growth
A report by data provider Preqin suggests that private capital assets under management (AUM) are...
Compliance and Enforcement Newsletter December 2022
Enforcement monthly newsletter December 2022
FCA Obtains Judgement Against Unauthorised Mortgage Brokers
The FCA has obtained a judgment against London Property Investments (U.K.) Limited (LPI) and NPI...
FCA bans director with violent criminal conviction
The FCA has banned Ashkan Zahedian from working in financial services after he was convicted of...
FCA progresses market abuse claim against Globo Plc chiefs
The FCA has commenced civil proceedings against the former CEO and CFO of Globo Plc for alleged...
FCA Prosecutes 5 People Over 'All-or-nothing’ Investment Scheme
Following an application at Southwark Crown Court on 31 October 2022, two prosecutions for alleged...
FCA cancels Umuthi Healthcare Solutions shares
Earlier this year, the FCA issued Umuthi Healthcare Solutions PLC (UHS) with a First Supervisory...
Payment Services Newsletter December 2022
Payment Services Compliance Newsletter December 2022 - Here's an overview of our monthly payment...
Digital Wallet Users To Exceed 5.2 billion Globally By 2026
A new study has found that the total number of digital wallet users will exceed 5.2 billion...
How does the future look for embedded payments?
A long article in Payments Cards & Mobile looked at what embedded payments are - and what the...
World Payment Report 2022
The latest edition of the World Payment Report 2022 is now live. As we can all acknowledge, work,...
75% Of EU banks To Move Parts Of Payments Value Chain To SaaS
A new study from Tietoevry Banking reveals that European banks will accelerate outsourcing in...
Review Of Senior Managers & Certification Regime Launched
In December 2022, the Chancellor of the Exchequer announced a set of reforms, referred to as the...
Portfolio Strategy Letter For Financial Advisers & Intermediaries
In December 2022, the FCA issued a portfolio strategy letter to the CEOs of financial advisers and...
Payment services authorisation update Dec 22
During a recent regulatory compliance forum, a keynote speech made by Nicholas Webb, the manager of...
Mortgage lending statistics - December 2022
The FCA collects mortgage lending data via the Mortgage Lending and Administration Return (MLAR)...
FCA reveals plans to make financial advice more accessible
In November 2022, the FCA, as part of its consumer investment strategy, set out in its Consultation...
FCA Fines Pembrokeshire Mortgage Centre Ltd £2.4m For Failings
In December 2022, FCA fined Pembrokeshire Mortgage Centre Limited (trading as County Financial...
FCA sets out how mortgage firms should be supporting borrowers
In December 2022, the FCA set out ways that mortgage firms can help customers worried about or...
FCA Proposes Stricter Regulations To Protect Consumers
In December 2022, the FCA proposed new measures to clamp down on illegal, unfair or misleading...
First Supervisory Notice to Lilium Markets Ltd
In November 2022, the FCA issued a First Supervisory Notice explaining its decision, taken the...
FCA Highlights Concerns About Problem Firms In The CFD Sector
On 1st December 2022, the FCA issued a Dear CEO letter to CFD providers outlining its expectations...
Improvements Needed To The Credit Information Market
In November 2022, the FCA set out its proposals in the interim report forming part of its Market...
8th December 2022 Deadline - Stronger FCA Oversight Of ARs
In December 2021, the FCA issued a consultation paper, CP 21/34 on improving the appointed...
FCA review of stock trading app operators
The FCA has warned stock trading app operators to review design features in their apps, including...
Credit Monthly Newsletter November 2022
Credit monthly newsletter November 2022
BNPL – Not such a great idea after all?
In this article we look at the effect of an economic slowdown on payment choices and ask whether...
90pc of European platforms applying for EU-wide licence
90 per cent of European crowdfunding platforms say they have already started working on the...
Four platforms authorised under new EU crowdfunding rules
Lendahand and Crowdcube are among the first cohort of crowdfunding platforms to be authorised under...
Payment Services Newsletter November 2022
Payment Services Compliance Newsletter November 2022 - Here's an overview of our monthly payment...
Swift accepts community request to delay ISO 20022 migration
Swift says it has worked extensively with its global community to prepare for the start of the ISO...
The EBA Fraud Taxonomy is now publicly available
To match the speed of instant payments and their increasing adoption throughout Europe, fraud...
Payments industry continues strong post pandemic recovery statistics
A new report on the recovery of the payments industry suggests the global payments industry...
Investments Newsletter November 2022
Investments monthly newsletter November 2022
Investors set to prioritise healthcare amid demographic shift
Healthcare is set to get a boost after the sector was identified as ‘significantly attractive’ by...
Demand for investment trusts remains resilient in Q2 despite market turmoil
Purchases of investment companies on adviser platforms remained resilient in the second quarter of...
Outflows slow to £129 million in July amidst continued uncertainty
UK savers took £129 million out of funds in July 2022, down from £4.5 billion in June, according to...
European fund selectors shift towards private markets
A new survey has found that 27% of fund selectors say that their firm is shifting investment...
Investors eye absolute return despite continued poor performance since Brexit
Uncertain market conditions and increased correlation between asset classes have more investors...
Compliance and Enforcement Newsletter November 2022
Enforcement monthly newsletter November 2022
‘Biggest cyber risk is complacency, not hackers’ – UK Information Commissioner issues warning as construction company fined £4.4 million
The UK Information Commissioner has warned that companies are leaving themselves open to cyber...
FCA begins criminal proceedings against five individuals involved with Worthington Group plc
The FCA has begun criminal proceedings against five individuals involved with Worthington Group...
FCA Authorisations Update October 22
This update covers our progress on service standards for authorisations case work, outlining any...
FCA strategy for firms providing high-cost lending products
This letter sets out our updated view on the key risks of harm we believe high-cost firms pose to...
FCA fines Sigma Broking Limited £530,000 and bans and fines its former directors following market abuse reporting failures
Sigma Broking Limited has been fined £531,000 for failing to make reports crucial in fighting...
FCA warns BNPL firms about misleading promotions - Update
In August 2022, in its Dear CEO letter, the FCA warned firms and merchants offering Buy Now Pay...
Operational resilience
At the end of 2019, the PRA and FCA publicised a joint Consultation Paper on Operational...
FCA about to clamp down on the marketing of high-risk investments to consumers
In August 2022, the FCA finalised, in its Policy Statement 22/10, stronger rules to help tackle...
FCA obtains High Court judgment against unauthorised mortgage brokers
In November 2022, the FCA announced that it had obtained a High Court against London Property...
TPR Deadline Nov 22
In its October 2022, regulation roundup, the FCA announced that EEA-based firms in the temporary...
Appointed Representatives 165 request
As part of the improved reporting requirements, the FCA will be sending principal firms a Section...
Temporary permission regime deadline
In its October 2022, regulation roundup, the FCA announced that EEA-based firms in the temporary...
Appointed Representatives 165 request Nov 22
In its October 2022, regulation roundup, the FCA reminded firms that new rules for Appointed...
Gatehouse - was their Anti-money laundering fine avoidable?
On 12 October 2022, the FCA (“the Authority”) issued a Decision Notice, whereby they imposed a...
One in eight consumers have experienced BNPL fraud in UK
In November 2022, the specialist fraud prevention firm Call sign issued a study of 2,000 UK...
Changes to crypto regulation on the horizon
On 20 July 2022, the Financial Services and Markets Bill was introduced into Parliament. As the...
Financial promotions quarterly data 2022
When it issued its Q3 2022 financial promotions quarterly data in November 2022, the FCA disclosed...
£12 million compensation to be paid to thousands of struggling borrowers
The FCA expects lenders to learn the lessons from good and poor practices during the coronavirus...
Avoiding the pitfalls on the path to FCA authorisation
In February 2022, the FCA sent a letter to credit rating agencies outlining its view of risks in...
Overcoming the challenges of payment services compliance
The way we all pay for goods and services has changed radically over the past few decades. The...
Investments Newsletter October 2022
Investments monthly newsletter October 2022
Global dividends reach record high in Q2
Recent figures from the Janus Henderson Global Dividend Index showed global dividends reaching a...
Flows into sustainable strategies slow as equities continue to suffer
Net inflows into sustainable strategies cooled during July, as broader equities continued a trend...
Funds see £4.5bn outflows in June amidst economic uncertainty
The Investment Association (IA) has reported that UK savers took £4.5bn out of funds in June, the...
Commodities and gold are the only assets showing positive returns
Commodities and gold were the only asset classes providing positive returns to Sterling investors...
Broadening retail access to the long-term asset fund
A recent FCA consultation, Consultation Paper CP22/14, could see Long Term Asset Funds (LTAFs)...
Enforcement Newsletter October 2022
Enforcement monthly newsletter October 2022
FCA sets out potential reforms to multi-occupancy buildings insurance market
The FCA recently set out a range of recommendations and potential remedies designed to give...
FCA to impose £50m fine on Link Fund Solutions over Woodford failings
The FCA has issued Link Fund Solutions with a draft Warning Notice proposing a £50m penalty fee in...
FCA announces Consumer Duty webinars
The FCA announced in July that it was planning to introduce a new Consumer Duty setting higher and...
Credit Monthly Newsletter October 2022
Credit monthly newsletter October 2022
Fintech’s opportunity to help consumers with the cost of living crisis
As consumers’ worries multiply by the week, entrepreneurs in the digital finance space have an...
European P2P returns 12% in the year to July
European peer-to-peer lending investments returned an average of 12% in the year to July, making...
UK BNPL market continues to grow as banks join the party
Despite the growing economic storm and voices warning against such a move, UK banks continue to...
Payment Services Newsletter October 2022
Payment Services compliance - Here is a combination of all our Payment Services blogs.
The Verizon Business 2022 Payment Security Report
For more than a decade, Verizon has documented compliance trends in the evolving payment security...
Upgrading payments infrastructure could boost UK GDP by $3.8bn by 2026
Upgrading the UK’s ageing payments infrastructure and increasing real-time payments adoption will...
Faster Payments and mobile banking continue stellar growth
Faster Payments and mobile banking remained popular in the UK in 2021, with 86% of all UK adults...
Global payments card spending reaches $42 trillion
New research shows that worldwide expenditure on payment cards reached over $42 trillion in 2021, a...
Dear CEO credit rating agencies
In October 2022, the FCA issued a Dear CEO letter in relation to its thematic findings on the...
FCA Consumer Investments Strategy - 1 year update
In Oct 2022, the FCA provided an update on its progress against the workstreams and outcomes that...
FCA authorisations update October 2022
In October 2022, the FCA issued an authorisations update. This update covers the regulator’s...
Credit Information Market Study
In October 2022, the FCA issued an update on its now restarted Credit Information Market Study (MS...
High cost lenders
In October 2022, the FCA issued a Dear CEO letter that sets out the regulator’s updated view on the...
Market Watch 70
In its Market Watch 70, the FCA outlines some recent observations on the transaction reporting and...
Consumer Duty – information for firms
In October 2022, in an update intended to help firms implement the Consumer Duty, the FCA explained...
FCA Consumer Duty webinars
In September 2022, the FCA announced that it is hosting a series of sector-based webinars in...
Notice of upcoming FCA mandatory information request – Wealth Management & Stockbroking
In September 2022, the FCA provided advanced notice of a mandatory (section 165) information...
Critical Third Parties to the financial services sector
In August 2022, the Bank of England, the PRA and the FCA published a joint discussion paper, DP...
First Supervisory Notice to Morgan Ingram Associates Limited
In January 2022, the FCA publicised a First Supervisory Notice (FSN) issued to Morgan Ingram...
FCA commentary on mortgage lending statistics Q2 2022
The FCA and the PRA jointly publish mortgage lending statistics every quarter; in September 2022,...
FCA issues online survey to principal firms of AR networks
In October 2021, the FCA issued an on-line survey to a sample of principal firms of AR networks....
Early and high growth oversight financial promotions webinar
The FCA’s Early and High Growth Oversight team within Authorisations is hosting a series of...
Top 8 Requirements for FCA Approved PSP Compliance - Comply Advantage blog series
All financial institutions that operate in the UK must be authorized by the Financial Conduct...
FCA launches its new Consumer Duty, with an initial milestone for firms in October 2022
In July 2022, the FCA confirmed in its publications PS 22/9 and FG 22/5 its plans to bring in a new...
FCA warns BNPL firms about misleading promotions
In August 2022, in its latest Dear CEO letter, the FCA warned firms and merchants offering Buy Now...
Alternative Supervisory Strategy Dear CEO letter
In August 2022, the FCA issued a Dear CEO letter to firms operating in the alternatives sector that...
FCA Redress Scheme and Dear CEO Letter – British Steel Pension Scheme
In December 2021, the FCA’s Board asked for a consultation to be prepared on a redress scheme under...
The Bank of England’s Financial Policy Committee withdraws its affordability test recommendation
In 2014, the Bank of England’s Financial Policy Committee introduced 2 recommendations to guard...
What are the key risks and requirements for firms dealing with vulnerable customers?
The FCA published in 2021 its final guidance FG 21/1, clarifying its expectations of firms in...
Advertising Standard Authority Ruling on the Golden Leaves
In August 2022, the Advertising Standards Authority (ASA) investigated two issues in relation to a...
FCA whistleblowing quarterly data
In August 2022, the FCA issued data showing the number of new whistleblowing reports received...
FCA confirms new rules to improve oversight of Appointed Representatives
In August 2022, the FCA confirmed in its Policy Statement PS 22/11 new rules to make principal...
FCA clamps down on marketing of high-risk investments to consumers
The FCA has finalised stronger rules to help tackle misleading financial promotions that may...
FCA refuses authorisation to funeral plan provider
The FCA recently issued a Decision Notice to One Life Funeral Planning Ltd, refusing the firm’s...
Financial promotions quarterly data 2022 Q2
The FCA has issued data, covering 1 April to 30 June 2022, concerning its most recent action...
Upper Tribunal Crypto exchange
It was announced in July 2022 that the Treasury Committee has launched an inquiry into cryptoassets...
Treasury Committee launches inquiry into cryptoassets
The business of Vladimir Consulting Limited (VCL) involves trading in cryptocurrency such as...
The TJM Partnership Limited is fined £2 million by the FCA for financial crime control failings
In July 2022, the FCA fined The TJM Partnership Limited (in liquidation) £2,038,700 for failing to...
Money Laundering Regulations Changes
HM Treasury conducted a consultation between 22 July and 14 October 2021, inviting views and...
Making Buy Now Pay Later terms clearer and fairer
Early in 2022, the FCA reviewed the customer contracts of a small sample of Buy Now Pay Later...
FPC removal of affordability assessment requirement
In 2014, the Bank of England’s Financial Policy Committee (FPC) introduced two recommendations to...
FCA supervisory strategy for debt advice firms
In June 2022, the FCA issued a Dear CEO letter outlining its supervisory strategy for the debt...
The FCA’s 2021 whistleblowing campaign – just how effective has it been?
In March 2021, the FCA launched a campaign called ‘In confidence, with confidence’, intended to...
Regulation of Buy-Now Pay-Later response to consultation
In October 2021, HM Treasury published a consultation paper setting out the policy options to...
FCA supervisory strategy for lifetime mortgage providers
In June 2022, the FCA issued its supervisory strategy for lifetime mortgage providers. The FCA has...
The FCA has issued Consultation Paper CP 21/36 on its proposed Consumer Duty
In December 2021, the FCA issued its Consultation Paper CP 21/36 on the proposed Consumer Duty,...
P2P firms: Are you ready for an FCA audit?
The P2P market has been a roller-coaster the past few years, with a combination of several market...
The FCA is using advanced analytics and new sources of data to identify inappropriate financial adverts
In June 2022, the FCA provided an update on its data strategy, showing the progress it has made in...
FCA supervisory strategy for mainstream consumer credit lenders
In June 2022, the FCA issued a Dear CEO letter in which it explained that it had reviewed the key...
FCA issues First Supervisory Notice on Colbourne & Company
On June 2022, the FCA issued a First Supervisory Notice imposing a number of restrictions on...
Permission Buster: A guide to the FCA authorisation process for investment firms
For financial institutions looking to become directly authorised as investment firms by the...
Funeral Plan Regulations
In March 2021, the FCA launched a consultation on its proposal for introducing regulation to the...
Understanding the FCA’s Threshold Conditions - ComplyAdvantage blog series
Authorisation from the Financial Conduct Authority (FCA) is the most crucial step for early-stage...
Lenders offering Buy-Now Pay-Later (BNPL) and related products to be FCA regulated
In June 2022, HM Treasury announced that lenders offering Buy-Now Pay-Later (BNPL) products, which...
New Payments Architecture
The New Payments Architecture (NPA) is intended to create a retail payment infrastructure that will...
The FCA fines TFS Loans Limited
In June 22, the FCA announced in a Final Notice that it had fined TFS Loans Ltd (a firm in...
FCA policy statement PS 22/6 on Claims Management Companies
In June 2022, the FCA issued its Policy Statement PS 22/6 in relation to claims management...
HM Treasury BNPL (buy-now-pay-later) regulation consultation closed
In October 2021, HM Treasury published a consultation paper setting out the policy options to...
The Secrets of an AML Audit - ComplyAdvantage blog series
An anti-money laundering (AML) audit is often viewed as a source of stress for compliance teams,...
FCA issues Market Watch 69
In its Market Watch 69, issued in May 2022, the FCA discusses firms’ arrangements for market abuse...
FCA to speed up removal of firms that do not use their regulatory permission
The FCA announced in May 2022, with the issue of its Policy Statement PS22/5, that it is to use new...
European Commission taking the temperature of whether PSD2 is still fit for purpose
As at May 2022, the European Commission is seeking market feedback on open finance rules1 and...
Questionable practices by firms around reverse solicitation
The ESMA, the EU’s securities markets regulator, issued in Jan 2020 a Public Statement to remind...
Navigating financial regulation and compliance with ease - Currencycloud blog series
Navigating the world of the UK’s financial services regulation and compliance can be a daunting...
UK Government to revoke EU financial regulations
In May 2022, the UK Government announced its plans to revoke EU financial services regulations and...
The FCA's investment platform costs and charges review May 22
The FCA believes that consumers should be able to easily identify and understand their investment...
FCA warns businesses to stop misleading credit adverts
In its Dear CEO letter issued in May 2022, the FCA has warned lenders and credit brokers to stop...
FCA Early and High Growth Oversight approach
The FCA announced following a successful pilot with 32 newly authorised firms across a range of...
Lessons to be learnt from the FCA’s recent Financial Crime control review
The FCA published its most recent review of financial crime compliance controls observed as part of...
FCA warns it intends to look at the equity release and lifetime mortgage advice market
The FCA warns that it intends to look again at the equity release/lifetime mortgage advice market...
FCA launched its new strategy for 2022 to 2025
In April 2022, the FCA launched its new strategy for 2022 to 2025, intended to improve outcomes for...
TR22/1 Observations on wind-down planning liquidity, triggers & intragroup dependencies
Thematic Review TR22/1 reiterates FCA’s expectation that firms will have adequate financial &...
HM Treasury confirms regulation of stablecoin use
New legislation to bring certain stablecoins into the UK payments framework, as well as projects to...
EU lawmakers back tougher crypto AML rules
The European Parliament voted in favour of the Transfer of Funds Regulation, which would outlaw...
ESG investing – what are the regulatory options? - update
The increasing popularity of sustainable and responsible investing has resulted in regulatory and...
FCA announces launch of Innovation Pathways and CryptoSprint
New FCA unified firm support service ‘Innovation Pathways’ will play key role in ensuring...
FCA fines GAM International Management and former Investment Director Timothy Haywood
The FCA fined asset manager GAM International Management Limited £9,103,523 for failing to conduct...
FCA announces an extension to 31 March deadline – Temporary Registration Regime (TRR) for crypto firms
The FCA announces an extension to the 31 March 2022 deadline for certain Temporary Registration...
The Wholesale Markets Review
On 1 March 2022, HM Treasury published its response to its consultation on the Wholesale Markets...
British Steel Pension Scheme – FCA Redress Scheme
In 2021, the FCA’s Board had asked for a consultation to be prepared on a redress scheme under s404...
FCA confirm changes to PRIIPs regulation
The FCA confirmed in its PS 22/2 certain changes to the Packaged Retail & Insurance-based...
FCA operational resilience (PS 21/3) - deadline 31 March 2022
The FCA published a shared final policy summary on requirements to strengthen operational...
FCA CP22/2: Strengthening financial promotion rules for high risk investments, including cryptoassets
In November 2021, the Advertising Standards Authority (ASA) announced that it was investigating...
FCA custody and fund services supervision strategy
In March 2022, the FCA issued a Dear CEO letter outlining its supervision strategy for custody and...
CMA clarifies definition of VRPs for sweeping
In March 2022, the Competition and Markets Authority clarified what Sweeping can and cannot be used...
What important changes does your BNPL firm need to action right now ahead of upcoming regulation?
BNPL regulation changes are incoming! HM Treasury closed its consultation on 6 Jan 2022 and...
Government to act against paid-for scam ads online
UK Government announced a crackdown on paid-for internet scam advertisements, as part of its wider...
Russian invasion of Ukraine: operational and cyber resilience
FCA points for firms to consider regarding operational & financial services cyber security...
First credit rating agencies portfolio letter
The FCA issued the letter to all firms in the CRA portfolio to communicate what it expects CRAs to...
First credit rating agencies portfolio lette
In Feb 2022, the FCA issued its first portfolio letter to credit rating agencies (CRAs). The FCA...
FCA consumer investments data review
FCA's 3rd consumer investments data review, covering the period from Apr to Sep 2021 and provides...
FCA whistleblowing data 2021 Q4
Data issued by the FCA in Mar 2022 shows number of new whistleblowing reports it had received...
Employee fraud increases
KPMG’s latest published biannual UK Fraud Barometer disclosed that cases of fraud by employees rose...
UK announces a tranche of sanctions in relation to Russia
UK announces a tranche of sanctions in relation to Russia. Full details available on the Foreign,...
How are you coping with the FCA’s new Form A (and supporting documentation)?
Some firms, apparently, not made aware of additional assessment requirements applying to Senior...
FCA Announcement and Dear CEO Letter – British Steel Pension Scheme
FCA’s Board asked for consultation on a redress scheme... for former members of the BSPS who...
Development of the Pensions Dashboard
FCA proposed, in its CP 22/3, new rules requiring FCA regulated pension providers to connect &...
FCA focuses on social media influencers
The FCA issued a financial promotions compliance update describing its action taken in 2021 against...
Regulation For Cryptoasset Providers - What You Need To Know
Following the implementation of 5MLD, bringing with it the first steps in crypto regulation, there...
What the FCA expects from heads of compliance and MLRO applicants
The FCA issued guidance, based on its experience of Senior Manager applications, intended to help...
FCA transforming data collection
FCA reporting is seen as one of the most demanding parts of regulation & the quality of data...
FCA appropriateness test changes cost impact on P2P lenders
FCA issued its CP 22/2 consultation on financial promotions for high-risk investments, which...
FCA authorisation for temporary permissions regime (TPR) firms
FCA issued in Jan 2022 an update on its website in relation to FCA authorisation requirements under...
FCA to strengthen financial promotions rules
FCA issued, its CP 22/2 on the promotion of high-risk financial products. We can help with...
Help with FCA authorisation and compliance support
The 2021 regulatory approach shows points of interest both for firms intending to apply for FCA...
New FCA authorisation, registration and Variation of Permission (VoP) application fee structure
The FCA set out, in its PS 22/1, the new structure for FCA authorisation application fees that will...
HM Treasury is preparing for the future regulation of BNPL (buy-now-pay-later) products
HM Treasury published a CP setting out the policy options to achieve a proportionate approach to...
FCA Investment Firms Prudential Regime webinar recap
The Investment Firms Prudential Regime (IFPR) is the new prudential regime for FCA investment...
IFPR Exempt CAD MiFID firms FCA prudential category - January 2022 update
The Investment Firm Prudential Regime (the IFPR) is intended by the FCA to simplify and harmonise...
FCA Decision Notice against hedge fund for conflicts of interest failings
The FCA Supervision has also imposed a requirement on BlueCrest to pay redress to clients who have...
ASA bans ‘misleading’ and ‘irresponsible’ crypto ads
In Nov 2021, the Advertising Standards Authority (ASA) announced that it was investigating various...
AML warnings raised at a third of UK EMIs as ‘major gateway’ for illicit funds
The anti-corruption campaigning organisation Transparency International UK warned in its published...
FCA fines increase nearly four-fold
In December 2021, law firm RPC released data showing that FCA fines had increased nearly fourfold...
TCFD: FCA publishes finalised proposals on climate-related disclosure rules
TCFD: The FCA published in June 2021 new proposals on climate-related disclosure rules for listed...
HM Treasury consultation on financial promotions exemptions
In Dec 2021, HM Treasury published a consultation on the financial promotions compliance exemptions...
2020 AML penalties hit $2.2 billion - crackdown on financial crimes
Financial crime compliance - Kroll’s annual Global Enforcement Review 2021, issued in December...
FCA issues Consultation Paper CP 21/36 on proposed Consumer Duty
FCA issued its Consultation Paper CP 21/36 on the proposed Consumer Duty, intended to ensure a...
Funeral plan regulation – December 2021 update
Funeral plan regulation: The FCA published on its website more information for funeral plan (FP)...
90% of UK crypto exchanges’ FCA authorisation applications are ‘withdrawn or refused’
In December 2021, it was reported in the financial press that the FCA chief executive Nikhil Rathi...
Are you ready for the Investment Firms Prudential Regime (IFPR)? – Part Two
There is no matched principal exemption under the Investment Firms Prudential Regime (IFPR), so...
The Financial Ombudsman Service launches an action plan to change and improve consumer complaint handling
The Financial Ombudsman Service (FOS) plays a significant role in the UK’s financial system; since...
Restricting claims management companies’ charges for financial products and services claims
In November 2021, the FCA set out in its Policy Statement 21/18 new rules for claims management...
FCA plans to increase the minimum periodic fee for regulation
In November 2021, the FCA set out in its Consultation Paper 21/33 its plans to increase the fees...
90% of UK crypto exchanges FCA authorisation apps withdrawn or refused
Cryptoasset compliance: Report in the financial press - 90% of FCA authorisation applications from...
Changes to UK MiFID firms’ conduct and organisational requirements
MiFID firms: In Nov 2021, the FCA announced, in its PS 21/20, changes intended to ensure that the...
Financial Ombudsman Service action plan: consumer complaint handling
Financial Ombudsman Service is intended to be a one-stop service for consumer complaints, providing...
FCA & Practitioner Panel publish findings from their 2021 joint survey
In December 2021, the FCA and the Practitioner Panel published a report from their 2021 joint...
Restricting claims management companies’ charges - financial products
In Nov 2021, the FCA set out in its PS 21/18 new rules for claims management companies (CMCs),...
Concerns over advice firms with claims management permissions
Concerns over advice firms with claims management permissions, in an article published in November...
Are you ready for the Investment Firms Prudential Regime (IFPR)? – Part One
The Investment Firms Prudential Regime (IFPR) introduced a single prudential regime for all MiFID...
Emoney compliance - Final rules for SCA-RTS
Emoney compliance - The FCA set out final rules for its Regulatory Technical Standards on Strong...
FCA issues Policy Statement 21/16 to tackle consumer harm
The FCA issued in November 2021 its Policy Statement PS 21/16, Issuing statutory notices – a new...
FCA Authorisation - FCA issues PS 21/16 to tackle consumer harm
FCA Authorisation - The FCA issued in Nov 2021 its PS 21/16, Issuing statutory notices – a new...
HM Treasury is preparing for the future regulation of buy-now-pay-later products
HM Treasury has published a consultation paper setting out the policy options to achieve a...
Funeral plan regulation - November update
The FCA has published more information for funeral plan (FP) providers and intermediaries. The...
FCA proposes ban on debt packager referral fees to protect consumers
In November 2021, the FCA proposed, in its consultation paper CP 21/30, banning debt packager firms...
FCA First Supervisory Notice to Marvell Enterprises Limited
In a First Supervisory Notice issued in November 2021, the FCA announced with immediate effect the...
FCA fines Sunrise Brokers LLP for serious financial crime control failings
In November 2021, the FCA fined interdealer broker Sunrise Brokers LLP over £600,000 for deficient...
FCA consults on guidance for the funeral plans sector
The FCA had consulted on its draft rules and guidance for the funeral plans sector and proposed...
FCA Investment Firms Prudential Regime webinars
The Investment Firms Prudential Regime (IFPR) is the new prudential regime for FCA investment firms.
Financial Crime update November 2021
Top credit institutions are at it again but the FCA is on to them. NatWest and Credit Suisse have...
REP-CRIM data results: the good, the bad and the ugly
Since 2017, the FCA has been requesting firms to provide an annual Financial Crime Data return,...
How can my firm become FCA regulated in the UK?
The Financial Conduct Authority (FCA) is the conduct regulator for around 51,000 financial services...
FCA DP 21/4 labelling ESG Investment products - Thistle Initiatives
In Nov 2021, the FCA published its Discussion Paper DP 21/4, inviting views on potential criteria...
FCA reporting - six-monthly complaints data - Thistle Initiatives
FCA reporting - In October 2021, the FCA published its six-monthly complaints data. The FCA...
European Commission proposes new harmonised rules for non-EU firms
In November 2021, the European Commission proposed new harmonised rules for non-EU firms (banks and...
FCA publishes Discussion Paper DP 21/4 - labelling ESG Investment products
FCA publishes Discussion Paper DP 21/4 - labelling ESG Investment products
Regulatory Technical Standards on Strong Customer Authentication and Secure Communication
Regulatory Technical Standards on Strong Customer Authentication and Secure Communication
FCA issued online survey to principal firms of AR networks
The FCA issued an on-line survey to a sample of principal firms of Appointed Representatives...
FCA published its climate change adaptation report
The FCA has published its climate change adaptation report. Setting out what the FCA has seen the...
IFPR Exempt CAD MiFID firms FCA prudential category update
The forthcoming Investment Firm Prudential Regime (IFPR) is intended by the FCA to simplify and...
FCA Perimeter Report calls for legislative change to protect consumers
Key points identified in the report are around appointed representatives, SMCR compliance and...
FCA fined Credit Suisse for serious financial crime compliance failing
The FCA fined Credit Suisse over £147m for serious financial crime compliance due diligence...
Omar Hussein pension switching advice failings
FCA prohibits Omar Hussein former director at CWL from working in financial services. We can help...
Remote or hybrid working expectations for firms
The FCA set out its expectations concerning working in a remote environment and firms adapting...
Senior Managers & Certification Regime update
Senior Managers & Certification Regime, implemented for solo-regulated firms, firms should consider...
FCA publishes its six-monthly complaints data
FCA publishes its six-monthly complaints data
FCA prohibits IFA & mortgage adviser for fitness & propriety failings
September 2021, the FCA prohibited financial adviser Anthony George from performing any regulated...
Key regulatory changes in 2021 follow up
In this blog, we have provided our follow up, where available, to the key regulatory changes...
FCA sets out plan to tackle investment harm
FCA authorisation - the FCA published a new strategy aimed at giving consumers the confidence to...
UK data protection law reform advocates ‘privacy management’
The Department for Digital, Culture, Media and Sport issued a public consultation on potential...
First Supervisory Notice to Sentor Solutions Commercial Limited
FCA issued a First Supervisory Notice in relation to Sentor Solutions Commercial Ltd (SSCL) in Sep...
EU and UK move towards the “travel rule” implementation for cryptoassets
The European Commission published a proposed cryptoasset compliance regulation on the transfer of...
Becoming a PSD or EMD Agent – What you need to know & how we can help!
Our team have a proven track record of assisting multiple companies with payment services...
FCA to move faster to remove unused firm permissions
FCA draft guidance in CP 21/28 on new power that allows faster removal of regulatory FCA...
Periodic review of pension transfers redress guidance
FCA Finalised Guidance 17/9 sets out how firms should calculate pension transfers redress to be...
Green finance and financial inclusion
Fintech Week London, held in July 2021, highlighted the key areas of green finance and financial...
Loan-based Peer-to-Peer platforms FCA Dear Board of Directors letter
FCA published Dear Board of Directors letter (originally issued in May 2021) to Boards of...
Lead generation firm Lead Technologies Ltd secures FCA authorisation
Lead Technologies (Europe) Ltd trading as Lead Tech, a Yorkshire-based lead generation company,...
FCA Portfolio strategy letter on investment-based crowdfunding
In August 2021, the FCA issued a Dear CEO letter to firms that it believes are active in the...
Whistleblowers make 2,754 allegations of financial misconduct to FCA
In August 2021, data on whistleblowing report cases drawn from the FCA's Annual Report and Accounts...
FCA Decision Notice against Markos Markou for lack of oversight
The FCA published a Decision Notice in respect of Markos Markou, the Director and Chief Executive...
FCA Digital Sandbox second phase
FCA Digital Sandbox - The FCA is running a second phase of the Digital Sandbox with the City of...
Funeral plan regulation update
Funeral plan regulation - The FCA has consulted on its draft rules and guidance for the funeral...
Amendments to the MLRs 2017 Statutory Instrument 2022
HM Treasury amendments to Money Laundering, Terrorist Financing & Transfer of Funds Regulations...
FCA stops BDSwiss offering contracts for differences to UK customers
FCA acted to stop Cyprus-based trading firm, BDSwiss Holding Plc & other members of BDSwiss Group...
First Supervisory Notice to Cavendish Incorporated Limited
First Supervisory Notice - FCA imposed a requirement on Cavendish Incorporated Limited, with...
Financial promotions quarterly data 2021 Q2
Financial promotions quarterly data - The FCA issued data showing the number of financial...
Matched Principal exemption
The Matched Principal exemption from the regulated activity of dealing as principal will no longer...
FCA takes action against debt packager firms
Following an FCA review of the practices of debt packager firms, it was announced in July 2021 that...
FCA consults on post-Brexit divergence for PRIIPS regulation
The FCA set out, in its CP 21/23, proposals to change disclosure documents provided to retail...
Guiding principles of ESG & sustainable investment funds
The FCA issued a letter to the chairs of AFMs, setting out its expectations on the design, delivery...
FCA Business Plan 2021/22
The FCA Business Plan 2021/22, issued on 15th July 2021. It's the first annual plan since Nikhil...
IFPR Exempt CAD MiFID firm FCA prudential category
Forrthcoming Investment Firm Prudential Regime (IFPR) intended to simplify & harmonise capital &...
Fund managers falling short on assessing the value of their funds
FCA announced review of 18 fund managers identified most had not implemented Assessments of Value...
Consumer credit information sheets updated by FCA
The FCA has published revised consumer credit information sheets on its webpage. Section 86A of the...
Due diligence for onboarding an agent or third-party provider
Firms licensed to undertake regulated activities must conduct appropriate due diligence when...
The Markets in Financial Instruments (Capital Markets) Regulations
On 30 June 2021, the Markets in Financial Instruments Regulations 2021 were published on the...
Google Policy Update Financial Services Advertising in the UK
Google will be updating its Google Ads Financial Products & Services policy in Aug 2021 to...
Framework for Approval of Financial Promotions Consultation Response
HM Treasury issued in June 2021 its Regulatory Framework for Approval of Financial Promotions...
FCA published new proposals on climate-related disclosure rules
The FCA has published in June 2021 new proposals on climate-related disclosure rules for listed...
Authorised Fund Management firms governance and operations
Authorised Fund Management - FCA require host Authorised Fund Managers (AFMs) to improve standards...
FCA announce credit broking survey
Credit broking survey - The FCA announced in June 2021 that its pilot survey sent to 300 credit...
FCA says 60 firms in line for DB past business reviews
It was reported that the FCA had identified nearly 60 advice firms which it says should carry out...
Dear CEO letter on AML control failures
AML control failures - Dear CEO letter to retail banks concerning common themes noted in the FCA’s...
ICO gets powers to conduct financial investigations
Financial investigations - The Information Commissioner’s Office (the ICO) is beginning to flex its...
New power to vary or cancel regulatory permission
FCA CP 21/16, to amend Handbook as it relates to the variation and cancellation of regulatory...
FCA extends Temporary Registrations Regime deadline for crypto firms
FCA announced that it is extending the end date of the Temporary Registrations Regime (the TRR) for...
FCA stops EverFX offering Contract for Differences (CFDs) to UK
FCA First Supervisory Notice to stop ICC Intercertus Capital and other members of EverFX from...
PRIIPs regulation has now been onshored
The FCA confirmed that the Packaged Retail and Insurance-Based Investments Products Regulation (the...
Regulation of investment consultants
FCA consulting on recommendation issued by Competition & Markets Authority (CMA) to bring...
The FCA has issued a Dear Board of Directors letter to P2P platforms
Dear Board of Directors letter addressed to the boards of P2P lending firms in order to set out its...
FCA will no longer be accepting Change of Legal Status applications
From 1 June 2021, the FCA will no longer be accepting Change of Legal Status applications. Instead,...
Deadline extension for Strong Customer Authentication
The FCA extended its deadline for implementing Strong Customer Authentication (SCA) for e-commerce...
All reporting firms moved to FCAs new data collection platform RegData
In May 2021, RegData fully replaced Gabriel as the FCA’s data collection platform after a lengthy...
Dear CEO Letter ensure customers understand how money is protected
Customer money - FCA Dear CEO letter to the CEOs of e-money firms, asking them to write to their...
FCA proposes stronger protection for consumers in financial markets
In May 2021, the FCA set out in its consultation paper CP 21/13 its plans for a new non-statutory...
Greensill Capital Founder apologises for collapse of firm
FCA has disclosed that it is investigating how two Greensill Capital companies failed, and how one...
FCA to issue Credit Broking Permission Survey
The FCA will send a survey to all firms holding the credit broking permission & will help in its...
FCA consultation on fund to support investment in long-term assets
FCA consultation on proposals for a new category of authorised fund, the long-term asset fund...
FCA fines Sapien Capital for financial crime control failings
Financial crime control failings - FCA fined Sapien Capital £178,000 for failings leading to the...
FCA sets out proposals to strengthen its financial promotion rules for high-risk investments
Following feedback to its Call for Input on Consumer Investments, the FCA has in April 2021...
Regulation of non-transferable debt securities
The Government is consulting on proposals to bring the issuance of non-transferable debt securities...
FCA to strengthen financial promotion rules for high-risk investments
FCA proposes to strengthen its financial promotion rules for high-risk investments in order to help...
Changes to UK MiFID’s conduct and organisational requirements
Consultation Paper CP 21/9, covers changes to two areas of the conduct and organisational rules in...
Social Entrepreneurship Fund & Registered Venture Capital funds
Onshored version of EU’s EuVECA, EuSEF & ELTIF Regulations apply to UK Alternative Investment Fund...
Firm with FCA authorisation will have to use it or lose it
FCA authorisation - Charles Randell underlined in his speech that the FCA needs to make sure that...
FCA commences criminal proceedings for fraud and unauthorised business
FCA criminal proceedings - In April 2021 the FCA commenced criminal proceedings against Larry...
UK adds Pakistan to 21 high-risk states list
UK Government has added Pakistan to the list of 21 high-risk countries with unsatisfactory money...
FCA bans and fines financial adviser for lacking honesty and integrity
The FCA fines and bans Simon Varley from working in financial services for knowingly performing a...
Passporting into Gibraltar – the state of play
Passporting into Gibraltar: Firms that previously benefited from outward passports into other EU...
FCA publicly censures Alsford Page & Gems Limited (APG)
FCA publicly censured Alsford Page & Gems (APG). The firm will pay compensation to customers who...
FCA stops FXVC offering CFDs to UK customers
In Apr 2021 the FCA acted to stop Cyprus-based firm, Finteractive Limited (trading as FXVC), from...
ESG investing – what are the regulatory options?
ESG investing - In the not too distant past, environment, social and governance (ESG) and...
Finalised guidance for advising on pension transfers
New FCA guidance provides non-Handbook guidance to help advisers understand the expectations of...
Increase in whistleblowing reports to the FCA
Whistleblowing reports - The number of whistleblower reports made to the FCA regarding activities...
Financial promotions quarterly data
Quarterly data released by the FCA in April 2021 shows the number of financial promotions amended...
New FCA online fees portal
New FCA online fees portal launched on 12 April 2021 for users to access their invoices and arrange...
Final rules on building operational resilience published
In December 2019, the FCA consulted in its consultation paper CP19/32 on proposed changes to how...
Extension of Annual Financial Crime Reporting Obligation
The FCA’s Policy Statement PS 21/4, proposes to increase the number of firms that need to submit...
Digital payments company Wirex anti-money laundering controls
Wirex has voluntarily paused the onboarding of new UK clients at the request of the FCA in order to...
What are the key market abuse risks for firms using remote working?
Market abuse risks: The report shows that before the coronavirus crisis, just over 4 per cent of...
Why is culture and remuneration a key issue for regulated firms?
FCA update on culture & remuneration: Andrew Bailey, the former CEO of the FCA, commented in a 2019...
24HR Trading Academy unlawfully advised on investments
In March 2021 the High Court delivered a summary judgement in proceedings commenced by the FCA,...
FCA publishes Decision Notice against Jon Frensham
The FCA published in March 2021 a Decision Notice in respect of Jon Frensham, an IFA and the sole...
FCA announces new whistleblowing campaign
A new FCA whistleblowing campaign called In Confidence With Confidence, intended to encourage...
Trade-based money laundering risk indicators
FATF joined forces with Egmont Group to release a report highlighting key indicators around...
FCA warns of risks facing new generation of DIY investors
The FCA has warned, in March 2021, that younger and more inexperienced investors are taking on...
Flexibility on RTS 27 reports and 10% depreciation notifications
The FCA is, from March 2021, putting in place temporary measures with respect to RTS 27 reports and...
NatWest money laundering enforcement
Money laundering enforcement: Criminal proceedings against National Westminster Bank in respect of...
FCA imposed restrictions on Dolfin Financial (UK) Ltd
The FCA imposed a number of restrictions, on Dolfin Financial (UK) Ltd, stopping the firm from...
The implications of increasing the contactless payments limit to £100
The FCA has confirmed it is changing its rules to increase the single-transaction contactless...
Key regulatory changes expected to be implemented in 2021
We have researched and summarised some of the key regulatory changes relevant to various types of...
Final notice: Premier FX case study - part 2
Premier FX case study - part 2: Premier FX was approved to undertake solely money remittance...
Chancellor Rishi Sunak announces The UK 2021 Budget
On 3rd March 2021, Chancellor Rishi Sunak MP presented the 2021 Budget. We have identified the key...
Premier FX case study - part 1
We are publishing a series of five short case studies based on the final notice published by the...
The Kalifa Review of UK FinTech
The Kalifa Review of UK FinTech, an independent review produced by Ron Kalifa, a Bank of England...
FCA product governance review
The FCA’s MiFID II product governance review, the findings from which were published in February...
FCA publicly censured money remittance firm Premier FX Limited
The FCA publicly censured money remittance firm Premier FX Limited in February 2021 for failing to...
What are the key risks for firms dealing with vulnerable consumers?
The FCA published its final guidance FG 21/1, clarifying its expectations of firms in relation to...
What are the regulatory risks for firms in implementing technology?
We can help you with your technology governance and risk management approach. Call us on 0207 436...
How the UK Financial Conduct Authority assesses international firms
UK regulator (FCA) published in Feb 2021 its approach to authorisation & supervision of...
Key conduct risks for investment firms dealing with consumers
Investment firms: In Feb 2021, the FCA issued its annual Consumer Investments Data Review for 2020....
Consumer credit regulation update – major changes may be on the way
Consumer credit regulation update: The FCA published, in Feb 2021, a report on change & innovation...
What next for fintech regulation in 2021?
In this update, we preview some of the key fintech-related regulation likely to be rolled out over...
FCA consultation paper CP21-3: changes to the SCA-RTS
The FCA is, in Feb 2021, proposing in its CP21-3, various changes to the Strong Customer...
Regulatory due diligence: vital in acquiring an FCA-regulated business
A look back in time at payday lender Wonga’s 2018 demise serves as a reminder of how important...
Half of reporting firms moved to FCA’s new data collection platform
New FCA data collection platform: The FCA reported in Jan 2021 that 50% of firms are now using...
FCA reminds firms to regularly review regulatory permissions
The FCA reminded firms of their obligation to regularly review their regulatory permissions to...
HM Treasury consultation on cryptoassets and stablecoins
HMT consultation - On 7 January 2021, HM Treasury published its consultation paper on the UK...
FCA Market Watch 66
In its most recent Market Watch 66, published in Jan 20, the FCA sets out its expectations for...
Financial resilience surveys: significant number of firms could fail
The FCA published in January 2021 the results of its coronavirus financial resilience surveys sent...
The EEA states’ post-Brexit temporary permissions regimes
After the end of the Brexit transition period, some EEA member states have been specific about the...
FCA fines Charles Schwab UK £8.96 million
In December 2020, the FCA fined Charles Schwab UK Ltd (CSUK) £8.96 million for failing to...
Response to FCA independent reviews
FCA independent reviews: In Dec 2020, the FCA responded to the two recently issued independent...
5MLD temporary crypto regime
FCA established, from 16 Dec 2020, a 5MLD temporary crypto regime to allow existing cryptoasset...
Financial Advisers Capital Adequacy Information Request
Financial Advisers Capital Adequacy Information Request: Following its Coronavirus Financial...
FCA consultation on new prudential regime
The FCA’s new consultation paper, CP 20/24, is the first of three in preparation for the UK...
The FCA confirms speculative mini-bond mass-marketing ban
The FCA has confirmed in its PS 20/15, issued in Dec 2020, its earlier proposals to permanently ban...
The RegTech Forum - a series of online events hosted by the FCA
The RegTech Forum aims to bring together the RegTech ecosystem to explore relevant issues and...
FCA announces benefits of new data collection platform RegData
RegData will at the end of 2020 replace Gabriel as the FCA’s data collection platform. Read more...
FCA to charge for SM&CR changes and hike new firm fees
The FCA is set to increase application fees & also to begin charging for change of control...
Review of adviser capital adequacy
The FCA is asking for details of outstanding FOS complaints & potential legal liabilities as part...
Nausicaa Delfas speech on Brexit implications for firms
As firms will know, the Brexit transition period is due to end on 31 Dec, with potentially...
FCA Authorised Corporate Directors (ACDs) conflicts probe
It was identified in Nov 20 that the FCA is investigating eleven fund firms as part of its review...
FCA bans 3 individuals from working in the financial services industry
In Nov 2020, the FCA banned former Approved Persons Russell David Jameson, Mark Horsey & Frank...
Changes to open banking identification requirements
The FCA announced changes to open banking services, permitting UK-based third-party providers...
FCA will maintain a directory of certified and assessed persons
Under the SM&CR, the FCA will publish and maintain a directory of certified and assessed persons on...
The Money Laundering Regulations are now applicable to cryptoasset firms
The Money Laundering Regulations are now applicable to cryptoasset firms, specifically to exchange...
The FinCEN files have branded the UK financial industry to be a high-risk jurisdiction
A considerable amount of controversy has arisen from the FinCEN files leak. Read our blog to find...
How firms should focus their anti-market abuse work during the pandemic
A speech given on 12 Oct by Julia Hoggett, Director of Market Oversight, conveying the FCA’s view...
New rules banning the sale of crypto derivatives
The FCA has published, in its Policy Statement PS 20/10, final rules banning the sale to retail...
New FCA Brexit transition period rules
The FCA has published an updated version of its Handbook to show the rules that will apply at the...
New FCA data collection platform RegData replaces GABRIEL
RegData is the new FCA data collection platform, replacing the GABRIEL system and is intended to...
SM&CR annual reporting
The SM&CR introduced a new annual reporting requirement which firms must complete and submit to the...
FCA announced proposals to ban the marketing of speculative illiquid securities, including mini-bonds
We've helped a number of companies to ensure that any financial promotions for mini-bonds & the...
New CBDF rules
The CBDF rules (CBDF Directive) introduced a new harmonised definition for "pre-marketing" in the...
FCA DB transfer feedback
The FCA is undertaking thirty enforcement investigations arising from concerns identified in the...
Assessment of Value reports
The FCA is holding discussions with fund firms to ascertain whether they are complying with the...
Dear CEO Letter: increased client money balances
The FCA issued a Dear CEO letter to firms in relation to their client money holdings, under the...
How are you preparing for your firm’s SM&CR and conduct rules training?
If you’d like to know more about how we can help you with your SM&CR and conduct rules training,...
Will you comply with the FCA’s best practice guidance on vulnerable consumers?
The FCA issued in early August new best practice guidance (GC 20/3) for firms to do more to protect...
Could your fintech firm be involved in driving the recovery from coronavirus?
The FCA and the City of London Corporation will collaborate on the pilot of a digital sandbox to...
Did you know that the FCA will soon have extended powers to cancel firms’ authorisations?
The Government will grant new powers to the FCA which will overhaul the way it can cancel...
Are you ready for the new financial promotions rules?
HM Treasury is consulting on how the FCA deals with financial promotions for unauthorised firms by...
Need help in understanding the FCA’s supervision and enforcement methods?
If you’d like to know more about how we can help with your FCA supervision and enforcement...
Do you need to review your authorisation as an AIF manager?
Asset management firms (AIF) may need fresh authorisation to continue to manage UK collective...
Are you ready for an FCA review of fund managers’ distributors?
In January 2020, Andrew Bailey said that the FCA intended to examine how firms are implementing the...
FCA portfolio strategy letter sent to authorised payment institutions & e-money issuers
The FCA has issued a Dear CEO portfolio strategy letter to APIs and EMIs, explaining how it expects...
Are you familiar with the SM&CR implementation periods for solo-regulated firms?
The deadline for solo-regulated firms to undertake the first assessment of the fitness and...
Is your investment or payment services firm up to date on ICT and security risk management?
On 28 Nov 19, the EBA published final guidelines on ICT & security risk management for credit...
Are you preparing for the FCA’s new data collection platform, RegData?
The FCA is now preparing to gradually move firms across to its new data collection platform,...
Is your understanding of the FCA’s capital adequacy requirements up to date?
The FCA has published a discussion paper, DP 20/2, on a proposed prudential regime for UK...
How well do you assess your customers’ creditworthiness?
The FCA recently started an investigation into Amigo Loans to examine whether its assessments of...
FCA fines Commerzbank London over anti-money laundering failures
FCA fined Commerzbank’s London branch £37,805,400 for failing to put adequate anti-money laundering...
FCA permanently bans promotion of mini-bonds to retail investors
The FCA announced proposals to make permanent its ban on the marketing of speculative illiquid...
How well do you assess the adequacy of your firm’s financial resources?
The FCA is publishing its final guidance (FG 20/1) on a framework to help financial services firms...
Responding to the FCA’s payment services safeguarding consultation
The FCA proposed temporary guidance on strengthening payment firms’ Prudential Risk Management and...
Cryptocurrency regulation: threat or opportunity?
All firms engaging in cryptocurrency related activities must now embed adequate AML controls for...
Are your mini-bond oversight arrangements up to scratch?
Firms dealing with mini-bond promotions directly or via a principal/AR relationship need to be...
Are your staff’s CPD arrangements up to date and comprehensive?
The FCA will temporarily allow firms to let individuals in defined and exceptional circumstances...
Are your FCA authorisation applications up to scratch?
We advise on FCA applications for all types of firms across most areas of activity & as a result,...
Are you preparing for the FCA Directory?
The FCA Directory is the new publicly available register for checking the details of key people...
Are you preparing for the FCA Regulatory Initiatives Grid?
The Financial Services Regulatory Initiatives Forum has launched an initiative to help firms...
Is your complaints handling up to scratch?
The FCA has recently issued a statement clarifying its position on firms’ complaints handling in...