LATEST NEWS

This following lists some of the latest announcements and articles relating to compliance within the financial services sector. It is built from many RSS feeds and is updated daily. The page can get quite large so if you are looking for a particular topic we suggest you use your browser's find bar.

Financial Conduct Authority

Direct Trading Technologie (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
17 October 2019, 4:49pm

FCA seeks compensation for Park First investors
The FCA has started proceedings against Park First Limited, its senior managers, including its chief executive officer and a number of other companies connected to the Park First group. The FCA is seeking compensation orders in favour of investors in respect of losses they have suffered in the Park First scheme.
17 October 2019, 11:06am

FCA data show 4.29m complaints for first half of 2019
The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the first half of 2019. The data showed an increase in complaints from 3.91m in the second half (H2) of 2018 to 4.29m for the first half (H1) of 2019.
17 October 2019, 10:07am

Quilter Cheviot Investment Management (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
16 October 2019, 3:30pm

FCA today announces future work on climate change and green finance
The FCA has today published a feedback statement setting out its proposals to improve climate change disclosures by issuers and information to consumers on green financial products and services.
16 October 2019, 10:15am

PPI complaints handling update
We are aware that the volume of PPI checking enquiries and complaints sent to firms increased significantly during August 2019 in the run-up to the complaints deadline on 29 August. As a result, firms will not be able to meet their normal complaint handling times.
16 October 2019, 10:00am

Pello Capital (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
15 October 2019, 4:17pm

Connaught independent review invites individuals to get in touch
Independent Reviewer Raj Parker has announced that the independent investigation (the Review) into the FSA/FCA’s regulatory approach to, implementation and oversight of the Connaught Income Fund Series 1 (the Fund) invites affected individuals to get in touch.
15 October 2019, 3:42pm

HYCM Option (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
15 October 2019, 11:37am

Update on the LF Woodford Equity Income Fund
On 15 October 2019, Link Fund Solutions Ltd (LFS), the Authorised Corporate Director (ACD) of the LF Woodford Equity Income Fund (WEIF) announced that it will not seek to re-open the WEIF and instead, it will look to wind-up the fund as soon as practicable. LFS considers the winding-up of the WEIF to be in the best interests of all investors and will enable the return of cash to investors at the earliest opportunity. LFS expects the winding-up to begin in mid-January, subject to regulatory approvals. LFS will now request formal approval from the FCA to wind-up the fund.
15 October 2019, 7:35am

FCA acts to protect those buying motor finance
The Financial Conduct Authority (FCA) has today announced plans to ban the way in which some car retailers, and other brokers in the motor finance sector, receive commission.
15 October 2019, 7:00am

Cryptos888 (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
14 October 2019, 1:30pm

Gabriel users share suggestions for our new data collection platform
Our online survey was completed by Gabriel users. The feedback will be used to improve the user experience.
14 October 2019, 10:00am

McBride Corporate Partners
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
14 October 2019, 9:20am

Bautista, De La Cruz and Partners
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
14 October 2019, 8:37am

Ellis Finance
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
11 October 2019, 5:27pm

Bancorp Finance
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
11 October 2019, 2:24pm

FCA sets out latest expectations for firms on Brexit
The FCA and regulated firms have been taking steps to prepare in the event the UK leaves the EU on 31 October 2019 without a deal. Today the FCA has issued an update on steps certain firms need to take.
11 October 2019, 12:39pm

Building better bridges: a world-leading investment industry around outcomes customers need
Speech by Charles Randell, Chair of the FCA, delivered at the the Investment Association annual dinner, Mansion House.
11 October 2019, 9:09am

The FCA fines Tullett Prebon £15.4 million
The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA.
11 October 2019, 7:06am

Norton Rose Fulbright

Financial services: Regulation tomorrow

The European Commission and the UK Government agree the text of a new Brexit deal
On 17 October 2019, the European Commission reached an agreement at negotiator level with the UK on a revised Protocol on Ireland / Northern Ireland and a revised Political Declaration on the framework of the future EU-UK relationship. The revised Protocol is no longer an insurance policy that applies unless and until the EU and...… Continue Reading
17 October 2019, 5:48pm

FCA publishes Feedback Statement on Climate Change and Green Finance
On 16 October 2019, the Financial Conduct Authority (FCA) published its Feedback Statement on Climate Change and Green Finance (FS19/6), setting out a summary of responses to its discussion paper and next steps. Background The Feedback Statement follows the FCA’s Discussion Paper (DP18/8) on Climate Change and Green Finance, published in October 2018, which sought...… Continue Reading
17 October 2019, 4:58pm

BoE and FCA joint report on machine learning in UK financial services
On 16 October 2019, the Bank of England (BoE) and the FCA published a joint report on machine learning (ML) in UK financial services. The report was created following the responses received in a joint survey of 300 financial institutions. The survey questioned firms on the nature of deployment of ML, the business areas where...… Continue Reading
17 October 2019, 4:49pm

Council note comparing trilogue positions on crowdfunding legislation
On 16 October 2019, the Council of the EU (Council) published a note (dated 15 October 2019) from the General Secretariat of the Council to the Delegations attaching the following addenda: a three-column table setting out the opening positions of the European Commission (Commission), the Council and the European Parliament (Parliament) in respect of the...… Continue Reading
17 October 2019, 4:47pm

EBA consults on guidelines on the application of structural FX under CRR
On 16 October 2019, the European Banking Authority (EBA) launched a consultation on draft guidelines on the application of the structural FX provision under Article 352(2) of the Capital Requirements Regulation (CRR). Article 352(2) allows Member State competent authorities (NCAs) to authorise, on an ad hoc basis, the exclusion of FX risk positions deliberately taken...… Continue Reading
17 October 2019, 4:44pm

EBA consults on draft ITS on supervisory reporting under CRR
On 16 October 2019, the European Banking Authority (EBA) launched a consultation on new implementing technical standards (ITS) on supervisory reporting requirements for financial institutions governed by the Capital Requirements Regulation (CRR). The new ITS reflect a mandate given to the EBA under Article 430 of CRR which aims to: reflect amendments to the CRR...… Continue Reading
17 October 2019, 4:42pm

BCBS progress report on implementation of Basel III
On 16 October 2019, the Basel Committee on Banking Supervision (Basel Committee) published its seventeenth progress report on the adoption of the Basel III regulatory framework. The updated progress report provides a high-level view of Basel Committee members’ progress in adopting Basel III standards as of end-September 2019. The report is based on information provided...… Continue Reading
17 October 2019, 4:39pm

EBA opinion on the deadline for the migration to SCA for e-commerce card-based payment transactions
On 16 October 2019, the European Banking Authority (EBA) published its latest opinion on the deadline for the migration to strong customer authentication (SCA) under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions. Earlier this year the EBA published an opinion providing a non-exhaustive list of the authentication approaches currently observed in...… Continue Reading
17 October 2019, 4:33pm

Joint Statement on the inaugural meeting of joint EU-Japan financial regulatory forum
On 15 October 2019, the European Commission (Commission) and the Financial Services Agency of Japan (JFSA) published a joint statement (dated 11 October) on the inaugural meeting of the joint EU-Japan regulatory forum held in Tokyo. Senior officials present at the meeting included representatives from the Bank of Japan, the European Central Bank, the European...… Continue Reading
17 October 2019, 4:24pm

Joint Committee of ESAs consult on amendments to PRIIPs Delegated Regulation
On 16 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper setting out proposed amendments to existing rules underpinning the key information document (KID) for packaged retail and insurance-based investment products (PRIIPS). The main aims of the review are to: address issues that have been identified by stakeholders and...… Continue Reading
17 October 2019, 4:21pm