Whither payments now?
This month, UK finance published its UK Markets Summary 2021 and it is and interesting read. Â Cash payments continue to decline,...
Financial Regulation Insights
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FCA's ban on Binance
The FCAÂ has banned Binance Markets Limited from undertaking any regulated activities in the UK, and in so doing, took the...
FCA review finds weaknesses in AFM governance and operations
The FCA has published the findings of its review of "host" Authorised Fund Managers (AFMs) today, highlighting weaknesses in governance...
Retail banks’ AML frameworks: mind the gap (analysis)
The FCA has now published its Dear CEO letter sent last month to Retail Bank CEOs which sets out common weaknesses it has observed in...
'Willing to take the [legal] risk': the FCA on taking action and consumer protection.
In their latest set of board minutes (dated 29 April 2021), the FCA have confirmed that 'willingness to take legal risk, especially in...
!['Willing to take the [legal] risk': the FCA on taking action and consumer protection. featured image](https://images.passle.net/fit-in/860x860/Passle/60746e77e5416b13f482811b/SearchServiceImages/2021-06-28-15-34-01-584-60d9ebe9fac91e0cecf81401.jpg)
How level should the regulatory playing field be?
The report of the The Expert Group on Regulatory Obstacles to Financial Innovation set up by the European Commission recommended:
"The...
Non-financial misconduct: in Germany, "reliability" is key
Different jurisdictions control non-financial misconduct in financial services in different ways, as our multi-jurisdictional survey of...
Why operational resilience is the new tool in the regulators’ toolkit
There’s something very satisfying about finding you have the right tool for the job. For a regulator, the tools of their trade are the...
Football Index: widening the (regulatory) net
Football Index’s high-profile collapse could prove to be another lesson in how novel online products can fall through regulatory gaps....
Come one, come all (to the UK) but only if you play nicely
In a speech delivered at City Week 2020 published yesterday, FCA CEO Nikhil Rathki set out three ways in which the FCA will build a...
A Grand Design: The PRA considers UK Solvency II architecture with a Quantitative Impact Study
In a very interesting speech, Anna Sweeney (Executive Director, Insurance, PRA), highlights the thoughts behind the 'Grand Design'...
PRA investigators didn't break much new ground in 2020-21 - will they come roaring back this year?
The PRA published its 2020-21 annual report last week along with its latest enforcement and Skilled Persons statistics. Â And it's...
Payer beware! Standard of Care or Reasonable Basis for Belief?
It is a sad fact that there is always someone out their looking for opportunities to scam those who (we hope) less savvy than us. With...
How cryptic is crypto?
Following previous quantitative and qualitative studies since 2018, the FCA has now published its latest research on cryptoasset...
Did remote working really cause a drop in whistleblowing reports to the FCA?
A recent FOI response revealed that 2020 saw a 9 per cent drop in whistleblower reports to the FCA. Â
Various industry publications...
Strong and Stable… and Safe: The Bank of England consider Stablecoin Regulation needs
In a very interesting speech by Christina Segal-Knowles (the Bank of England's Executive Director for Financial Markets Infrastructure),...
People are complaining about FCA process and delays - will this put pressure on the FCA to improve?
The FCA is, according to its Chair Charles Randell, engaged in an "ambitious transformation programme". This involves, among other...
More on criminal corporate liability...
The Law Commission has published a discussion paper seeking views on  whether, and if so, how, the law relating to corporate...
Listen to our podcast episode on US approaches to non-financial misconduct and whistleblowing
Non-financial misconduct and whistleblowing in financial services are both attracting increasing regulatory scrutiny globally. But...
Fit and Proper - raising the bar
The ECB has launched a public consultation on a draft Fit and Proper Guide and Fit and Proper Questionnaire, with a public hearing due to...
TIGRR, TIGRR, burning bright
Prime Minister Boris Johnson set up a task force to recommend regulatory reforms in the wake of newfound regulatory freedom in the UK...
It looks like Covid-19 lockdowns affected FCA Enforcement as much as the rest of us
FCA Enforcement's public messaging has stressed its capacity to hold market participants to account during, and despite, the Covid-19...
A new payments strategy consultation - and it's on YouTube!
COVID-19 has been disastrous for many, but for the payments sector it has accelerated the digital agenda by some years. We have seen a...
Keeping up with Cryptoassets - the Basel Committee on Banking Supervision consults
As crypto markets continue to grow, and some cryptoassets exhibit a high degree of volatility, regulators are forced to consider the...
The FCA's proposed financial services consumer duty: striking a delicate balance…
The financial services industry is a complex ecosystem. There are numerous niches for a plethora of consumers, all built on an intricate...
Remember the Criminal Finances Act 2017? HMRC does.
The Corporate Criminal Offences (CCO) for the failure to prevent the facilitation of tax evasion were introduced by Part 3 of the...
Balancing the books - can the offloading of non-performing loans really lead to good consumer outcomes?
On 7 June 2021, political agreement was reached between the European Parliament and the EC on the proposals for a Directive on Credit...
Launch of the Taskforce on Nature-related Financial Disclosures
In key news for businesses, investors and the ESG world: the Taskforce on Nature-related Financial Disclosures (TNFD) officially launched...
No Crypto Consumer Protection on the Moon
Some crypto investors hope to 'HODL' their assets 'to the moon'. However, the FCA has once again confirmed that, like oxygen, there will...
Zero commission brokers under review by EU
The recent influx of retail investors into trading and increasing popularity of trading apps has brought the zero-commission models...
Eight-month homework extension for crypto businesses
The FCA has only given the green light to five of the hundreds of crypto businesses which have applied for AML registration. So it's no...
The necessity of using supervisory technology
'With the banking sector embracing digitalisation, banking supervisors must also adapt'. These are the words of Pentti Hakkarainen,...
Clear as clay - FCA clarifies costs and charges data disclosure for workplace pension providers
One of the more innocuous curiosities at this year's French Open, which comes to a head this week, was seeing Roger Federer - who at...
UK consumers complained about banking and payments, credit and loans much more during the pandemic (surprise, surprise!)
The FOS has released its latest quarterly and annual complaints data, showing that interactions with the FOS about banking and payment...
Dear Chief Risk Officer: the regulators turn their attention to Delivery versus Payment clients
On 2 June 2021, the PRA and the FCA issued a joint letter to Chief Risk Officers of regulated firms to share observations of good...
Sumer is icumen in - and so is a new focus on treating customers fairly
When you have been around as long as I have, you get used to the fact that today's news is often nothing more than history repeating...
Bank of England's Bailey gets real on tackling climate change
Andrew Bailey's recent speech on tackling climate change "for real" drives home the importance of transition to a net-zero economy - but...
All change please. The FCA's change of legal status application terminates here.
As of 1 June, the FCA will no longer be accepting the old change of legal status application (COLS). So if you are looking to change the...
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