Measures to protect loyal home and motor insurance customers
The FCA has published a policy statement setting out measures to improve competition and protect home and motor insurance customers from...
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Virtual sanity: PRA sets out steps to counter cyber risk
There are still "too many instances of failures in basic cyber hygiene".
That is the view of Lyndon Nelson, Deputy CEO of the PRA. His...
Measuring the EU banking sector’s ‘greenness’
The results of the EBA’s first climate risk-mapping pilot for banks are finally with us. At a high-level (and among others), these include:
Business interruption claims. Could we be looking at 'the next PPI'?
After the FCA's test case, UK policyholders have been claiming against their business interruption insurance. The amount has totalled...
Ratings shopping: ESMA consults on CRAR disclosures
ESMA has today published a consultation paper proposing guidelines on disclosure requirements for credit rating agencies (CRAs) on...
Back to "Business as Usual": The PRA's 2021-22 Business Plan
In its Business Plan for 2021-22 the PRA looks to move past a year dominated by Covid-19 and return its focus to "business as usual",...
FOMO investing: is regulation ready?
After all the attention Reddit users trading Gamestop gave to so-called "meme stocks" earlier this year, it seems that now crypto...
You have been warned: the FCA’s messages to banks and social media about online scams
The proliferation of online scams and frauds won’t be news to anyone: we’ve all seen the online adverts, received the text messages and...
Not fully engaging with all creditors is a risky tactic as UK Court and the FCA say "Adios" to Amigo's proposed rescue plan
Amigo, markets itself as an alternative lender welcoming those with a less than perfect credit score but its door is only open for those...
Annual check-ups for payment firms
It is a year since the FCA first aired its expectation that payment firms which are required to be audited should arrange specific annual...
The FCA's expectations regarding firms' review of legacy outsourcing arrangements
Outsourcing, and its monitoring, is something that firms across the spectrum of the financial services universe have to contend with....
Reading on regulation of household credit before the financial crisis
Following my presentation last week at the LSE on the regulation of household credit before the financial crisis, I had a request for...
Court of Appeal ruling in Adams v Options provides limited clarity on client’s best interests rule
In April, the Court of Appeal handed down its judgment in Adams v Options UK, with the claimant partially successful in appealing the...
Sorry... who is this? Phase 2 for Confirmation of Payee
With losses reportedly totaling in the region of £479million in 2020, more needs to be done to protect the thousands of individuals and...
Non-financial misconduct: FCA talks the talk but expects firms to walk the walk
The FCA has stated clearly that "non-financial misconduct is misconduct", and followed this up with publicised enforcement action...
Strengthening the Financial Promotion Rules for High Risk Investments
At the end of last month, the FCA released a discussion paper seeking views on changes to its financial promotions rules to address harm...
Are you authentic? Maybe not until March 2022
The FCA has announced an additional six-month extension for e-commerce-related transactions being subject to PSD2 strong customer...
UK sanctions regime introduces new weapon to combat extraterritorial corruption
On 26 April 2021, the UK Government introduced the Global Anti-Corruption Sanctions Regulations 2021, the latest addition to the...
The most common root causes of cyber and tech incidents - they're not what you might think
The media often widely reports cyber attacks and harm suffered by retail customers, and consumers often hear from the FCA and firms alike...
Private investments for all: FCA consults on new Long-Term Asset Fund
Following the Chancellor's statement in November last year committing to the UK's first Long-Term Assets Fund (LTAF) being up and running...
Basel III, the leverage ratio and monetary policy
The leverage ratio was introduced (alongside enhanced Pillar 1 and new liquidity requirements) as part of the package of measures under...
FCA upskills on cyber
The FCA has sent over 4,000 of its employees on compulsory cyber and information security training over the past two years, in an effort...
From the ashes no more: FCA ban on claims management phoenixing
Imagine a financial advice firm goes out of business. The managing director had provided inadequate advice to consumers and is barred...
Digivault: Digital asset custodian is first of its kind
On 14 May 2021, Digivault became the first stand-alone digital asset custodian to receive approval from the FCA to register as a...
What is the future for Bitcoin?
Striking a balance between creating a business environment ripe for innovation and growth on the one hand and providing a regulatory...
Tales from the Crypto - too volatile to handle?
After we have seen a succession of record highs for Bitcoin in 2021, more than doubling in value since the start of the year, May saw the...
Selling goods and services on credit? You might want to do a spring clean on your credit-broking activities
We are all familiar with the interest-free or low-cost credit offers used to entice us towards that larger purchase whether it is a new...
You're an e-money firm - not a bank!
Following the well-publicised failure of Premier FX, the FCA continues to be concerned that e-money firms are marketing themselves as an...
Cum-Ex: if the Court stays your action against one firm for misconduct, just enforce against another for systems and controls failures instead
FCA Enforcement has 14 ongoing Cum-Ex investigations into firms and 8 into individuals - 3.8% of its total caseload (FCA FOI responses,...
What went wrong with the regulation of household credit before the financial crisis?
The Labour Party's 1997 manifesto said "we will reject the boom and bust policies which caused the collapse of the housing market." As...
New Rules for the ‘[New] Kids on the Block’? The FCA Consults on SPACs
Although they may have been around as long as the late 80s-early 90s boy band, special purpose acquisition companies (SPACs) have risen...
![New Rules for the ‘[New] Kids on the Block’? The FCA Consults on SPACs featured image](https://images.passle.net/fit-in/860x860/Passle/60746e77e5416b13f482811b/SearchServiceImages/2021-05-19-14-06-45-069-60a51b75fac91e0ae8b0f89c.jpg)
How likely is it that any given SMF holder is under FCA investigation? Only about 0.02%
The number of open FCA investigations into Senior Management Function (SMF) holders is growing, as you might expect.
But does that tell...
In the fight against financial fraud, the FCA is turning up the heat on firms
Protecting consumers from harm at the hands of financial fraudsters has long been a real headache for the FCA: there is understandable...
NFM and whistleblowing - a global priority?
Much has been said in the UK about the FCA's focus on the way in which regulated firms deal with 'non-financial misconduct' and the...
The long shadow of Wirecard
The Wirecard incident breaking in June last year was a story interesting for its intrigue as much as for its regulatory implications. The...
Holding firms to account for diversity and inclusion at senior levels
Diversity and inclusion are important issues to all businesses and it appears the FCA is considering how it can best use its power as a...
(Line of) Consumer Duty: New FCA Consultation Paper
The FCA published a consultation paper today setting out its proposals for a new "Consumer Duty".
The FCA continues to see practices by...
Keeping up with the Cryptos
It is hard not to notice how cryptoassets are increasingly moving towards everyday usage. Exchanges, such as Coinbase, have made it...
Are we there yet? FCA set to decide on the fate of insurance loyalty penalties
The FCA is expected to announce its final decision on whether to ban loyalty penalties (also known as "price walking") in home and motor...
Protecting access to cash when the nature of cash use and everyday banking is changing
As technology evolves it is important to maintain good access to cash, particularly for those consumers who are cash reliant and vulnerable.
SMCR Reasonable steps - simple in theory, challenging in practice
'Reasonable steps' has now become a part of the vocabulary of the regulators and senior managers alike. But what may appear to be a...
Who will be the Colonial Pipeline of payment services?
The payments sector likes to use the terminology of utilities. Payments are the “plumbing” of the financial system. Market participants...
Wise up: FCA to require pension providers to offer Pension Wise sessions for savers
It's little over seven years since the then-Chancellor set out radical reforms to the pension system to give savers more choice and...
New FCA guidance for insolvency practitioners of regulated firms
The FCA has published finalised guidance for insolvency practitioners on how to approach insolvencies of regulated firms. The guidance...
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