09 Apr, 2024 The BoE and PRA are getting ready to enforce against more firms. Are you impacted? By Duncan Campbell The Bank of England and PRA are preparing to take enforcement action against a wider range of firms. They've proposed new enforcement...
09 Feb, 2024 Financial services interventions and enforcement trends for 2024 By Nikunj Kiri Sara Cody Duncan Campbell In the next couple of months we'll see the FCA enforcement heads articulate their vision and direction for interventions and enforcement...
02 Feb, 2024 PRA issues second largest fine for historic failings: what can we learn from this week’s action? By Clare McMullen Joseph Richmond Saurabh Gupta Stephen Clipsham +1 more... Show less On the day it confirmed a change to its penalty policy that many expect will lead to larger penalties, the PRA issued its second largest...
29 Jan, 2024 PRA consults on plans to bolster insurers' solvent exit planning By Jimi Piggott-Bader The PRA has opened a consultation (CP2/24) on how insurers prepare to execute solvent exits. All PRA-regulated insurers – other than...
19 Jan, 2024 Feeling the pressure: the FCA is asking firms about non-financial misconduct and NDAs By Elizabeth Dowd Duncan Campbell The Treasury Committee this week in its “Sexism in the City” inquiry expressed concern that the industry is falling short on...
16 Jan, 2024 New SMCR fine: right-sizing controls to your business risk (and SMF delegations) By Joseph Richmond Duncan Campbell Saurabh Gupta Bit by bit, enforcement actions are giving us more clarity on what “reasonable steps” means for senior managers. The latest news: the...
14 Dec, 2023 PRA and FCA consult on updates to guidance on the prudential assessment of acquisitions and increases in control By Jimi Piggott-Bader The PRA and the FCA have opened a consultation (CP25/23) on plans to replace the EU's non-binding guidelines on the prudential assessment...
07 Dec, 2023 Get ready: Principles-based regulation is coming to (some) tech firms By Duncan Campbell Financial services firms are familiar with the UK financial services regulators' Principles-based regulation. And with the most optimal...
04 Oct, 2023 PRA to run dynamic general insurance stress test in 2025 with a "significant shift" from previous exercises By Premlata Fagan The PRA has announced that it intends to run a dynamic general insurance stress test in 2025. Little detail has been provided at this...
13 Apr, 2023 PRA takes the UK's first enforcement action for breach of the Senior Manager Conduct Rules By Duncan Campbell We now have our first enforcement action against a Senior Manager under the SMCR for breaches of the Senior Manager Conduct Rules. And...
06 Feb, 2023 Five key messages from the FCA's feedback on firms' Consumer Duty implementation plans By Sara Cody Duncan Campbell The FCA has given firms feedback on their Consumer Duty implementation plans. This feedback contains valuable messages for firms as they...
23 Dec, 2022 Happy Holidays. Have some fines. By Duncan Campbell It isn't just you. The FCA and PRA enforcement teams have been unusually busy this December. The busiest they've been at any time of...
03 Nov, 2022 Consumer Duty scoping and implementation: use our insights to put your best foot forward By Sumit Indwar Sara Cody James Morris Duncan Campbell Clare Wiles +2 more... Show less With Boards signing off Consumer Duty implementation plans in October, it's now time to kick off your implementation work. Many firms...
17 Aug, 2022 There are hidden trends in the FCA's Interventions and Enforcement reporting - and they could surprise you By Sara Cody Duncan Campbell The FCA's latest annual report contains operating service metrics on its Interventions and Enforcement work. These are more comprehensive...
22 Jul, 2022 House divided - FPC withdraws mortgage affordability test recommendation By Jimi Piggott-Bader The Financial Policy Committee (FPC) has confirmed it will withdraw its affordability test recommendation on 1 August, following its...
30 May, 2022 The UK Supreme Court's CMA v Flynn decision is unlikely to change the Upper Tribunal's approach to costs against the financial services regulators By Duncan Campbell Recent legal commentary has exaggerated the practical implications of the UK Supreme Court's decision in CMA v Flynn Pharma [2022] UKSC...