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

Gulf FX (clone)
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’. 
18 December 2018, 12:21pm

General Partner Finance Limited
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.
18 December 2018, 8:38am

FCA announces proposals to fundamentally reform the way banks charge for overdrafts and extends protections for other high-cost credit products
The Financial Conduct Authority (FCA) has today announced the next package of measures forming part of its high-cost credit review. It has announced proposals to change how banks charge for overdrafts, which would bring to an end to banks charging higher prices for unarranged overdrafts. Alongside this the FCA has published the results of its review into the retail banking market.
18 December 2018, 7:01am

The financial services contracts regime
The Government has published draft legislation for the financial services contracts regime (FSCR). If the UK leaves the EU without a withdrawal agreement, this will enable firms who do not enter the temporary permissions regime to wind down their UK business in an orderly fashion.
17 December 2018, 5:26pm

Creditstar UK Limited (clone)
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 December 2018, 12:31pm

New rules for claims management companies to boost consumer protection and professionalism
The Financial Conduct Authority (FCA) today published new rules and fees that will apply to all claims management companies (CMCs) from April 2019. That’s when the FCA takes over responsibility for regulating the firms, which help thousands of people every year.
17 December 2018, 12:08pm

FCA introduces new rules on handling complaints about Authorised Push Payment fraud
The Financial Conduct Authority (FCA) has today published new rules allowing victims of Authorised Push Payment (APP) fraud to complain to the payment services provider (PSP) receiving their payment.
14 December 2018, 11:07am

FCA and PSR Boards appoint new members to decision-making committees
The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) Boards have appointed new members to three decision-making committees: the FCA’s Competition Decisions Committee (CDC) and the PSR’s Competition Decisions Committee and Enforcement Decisions Committee (EDC). These three committees are responsible for taking certain competition law and regulatory decisions when a settlement cannot be reached. Lesley Ainsworth, Simon Polito, David Thomas and Tim Tutton have been appointed as members of the PSR’s EDC and the FCA and PSR’s CDCs. Alasdair Smith has been appointed a panel member of the FCA’s CDC. Charles Randell, Chairman of the FCA and PSR, commented: 'The candidates all have considerable competition and regulatory experience in a variety of sectors, and will enable these decision-making committees of the FCA and PSR to maintain high standards in their important work.' Notes to editors  Lesley Ainsworth has been appointed as a member of the PSR’s EDC and the FCA and PSR’s CDCs. She is currently a Panel Member of the Competition and Markets Authority (CMA), a role she has held since July 2013. During her time at the CMA she has served on the panels for energy market investigation and investment consultants. Lesley has over 30 years of experience working in the legal sector, including as a competition lawyer and partner at Hogan Lovells. She also holds voluntary positions as Vice Chair of governors at St Albans School and a member of the governing body of St Albans School for Girls. Simon Polito has been appointed a Panel Member of the FCA and PSR’s CDC and the PSR’s EDC. He is a competition law specialist, with over 35 years’ experience working at Hogan Lovells. After leaving Hogan Lovells in 2011, Simon became Deputy Chairman of the Competition Commission. He then became Inquiry Chair at the CMA, a role he held for four years. Whilst at the CMA, he chaired Phase 2 mergers inquiries, payday lending market investigation and four Case Decision Groups. Alasdair Smith has been appointed a Panel Member of the FCA’s CDC. He is currently a Member of the Determinations Panel at The Pensions Regulator, a Commissioner at the Scottish Fiscal Commission, and Emeritus Professor of Economics and Member of UK Trade Policy Observatory at the University of Sussex. As a Deputy Chair at the Competition Commission, and an Inquiry Chair at the CMA between 2012 and 2017 Alasdair chaired nine merger inquiries and the market investigations in private motor insurance and retail banking. Alasdair has also recently been appointed as Senior Adviser within the PSR. David Thomas has been appointed as a member of the PSR’s EDC and the FCA and PSR’s CDCs. He has 34 years of experience in regulated sectors as both an accountant and economist and is currently a Specialist Panel Member at the Competition and Markets Authority. He is also a member of the Consumer Panel at the Civil Aviation Authority. David started his career at PwC and has held roles at Ofcom and KPMG, before starting his economic consultancy company, DT Economics in 2016. During his career, he has advised over 150 operators and regulators on matters such as competition, regulatory pricing, cost modelling and customer engagement. Tim Tutton has been appointed as a Panel Member of the FCA and PSR’s CDCs and the PSR’s EDC. He is currently a Panel Member of the CMA, a Non-Executive Director at Bristol Water plc, an Honorary Lecturer in Economics at City University and a freelance adviser on economic and regulatory issues. As a Panel Member at the CMA, he sat on the panel which conducted a market investigation of the payday lending industry and is currently on the panel investigating the market in investment consultants. Tim has over 30 years’ experience in economic regulation. During his career, he has worked as a Senior Adviser at Oxera, a UK Director of Regulation and Director of the Transmission Price Control Review at National Grid and was Director of UK Utility Regulation at PWC. About the FCA: On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. Find out more information about the FCA. About the PSR: The PSR has three statutory objectives: to promote effective competition in the markets for payment systems and for services provided by those systems, including between operators, payment service providers and also infrastructure providers, in the interest of service-users; to promote the development of innovation in payment systems, includes in particular the infrastructure used to operate payment systems, in the interest of service-users; and to ensure that payment systems are operated and developed in a way that considers and promotes the interests of service-users. The PSR is the regulator and concurrent competition authority for payment systems in the UK and all participants in those payment systems (payment service providers, operators and infrastructure providers to those payment systems). Find out more information about the PSR.
14 December 2018, 10:16am

FCA bans Angela Burns from acting as a non-executive director and fines her for her failure to declare conflicts of interest
The Financial Conduct authority (FCA) has banned Angela Burns from acting as a non-executive director (NED) and fined her £20,000 for failing to act with integrity at two mutual societies.
14 December 2018, 9:00am

Statement on London Capital & Finance plc
The Financial Conduct Authority has directed London Capital & Finance plc (LCF) to withdraw all of its existing marketing materials in relation to LCF’s Fixed Rate ISA or Bond.
13 December 2018, 4:42pm

Regulation round-up December 2018
Regulation round-up is our monthly email to all regulated firms, updating you on the latest news that affects your sector.
13 December 2018, 3:00pm

Insight Managed Funds (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’. 
13 December 2018, 1:35pm

PPI campaign response update
We publish PPI campaign response data during months when we have had live advertising.
13 December 2018, 9:30am

FCA seeks re-trial in insider dealing case
After failing to reach a verdict in a trial at Southwark Crown Court brought by the Financial Conduct Authority (FCA), the jury was discharged. The FCA has confirmed to the court that it will be seeking a re-trial of Fabiana Abdel-Malek and Walid Anis Choucair on five counts of insider dealing.
12 December 2018, 4:33pm

Update on preparing your firm for Brexit
We have published further information on how firms may be affected by Brexit by building on information we have already made available to firms. This will help firms to consider the implications for their business and their customers, and to plan accordingly.
12 December 2018, 11:30am

FCA proposes changes to facilitate investment in patient capital
The Financial Conduct Authority (FCA) has today proposed changes to further enable retail investors to invest in patient capital through unit-linked funds. The FCA is also exploring how UK authorised funds can be used to invest in patient capital.
12 December 2018, 10:57am

FCA response to the CMA’s final report on its investigation of investment consultancy and fiduciary management services
Today the Competition and Markets Authority (CMA) published the final report and remedies for its market investigation of investment consultancy and fiduciary management services.
12 December 2018, 9:31am

KBW Associates Ltd files for liquidation
KBW Associates Ltd has informed us it has filed for liquidation. Any client who is considering submitting a claim should contact the Financial Services Compensation Scheme (FSCS) to discuss how to register a claim. Clients who have already complained to the Financial Ombudsman Service should speak to their case handler to discuss next steps, including whether their complaint will be transferred to the FSCS for consideration.
11 December 2018, 1:26pm

Westerman Consultancy Ltd
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 December 2018, 11:17am

The Pension Assessment Agency Ltd
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 December 2018, 9:27am

Norton Rose Fulbright

Financial services: Regulation tomorrow

Draft Commission Delegated Regulation on the specification of a single electronic reporting format
On 17 December 2018, the European Commission published a draft Delegated Regulation supplementing the Transparency Directive (as amended) with regard to regulatory technical standards on the specification of a single electronic reporting format. The draft Delegated Regulation specifies the single electronic reporting format, as referred to in Article 4(7) of the Transparency Directive (as amended),...… Continue Reading
18 December 2018, 12:42pm

Commission proposes to extend equivalence for Swiss share trading venues for six months
On 17 December 2018, the European Commission issued a press release stating that it is proposing to extend for six months its decision to recognise trading venues in Switzerland as eligible for compliance with the trading obligation for shares set out in MiFID II and MiFIR. The Commission is currently consulting Member States on the...… Continue Reading
18 December 2018, 12:41pm

2019 SEPA scheme rulebooks – EPC implementation guidelines
On 17 December 2018, the European Payments Council published the following implementation guidelines relating to the Single Euro Payments Area (SEPA) direct debit (SDD) core rulebook and the SDD business-to-business (B2B) rulebook: SDD core scheme customer-to-bank implementation guidelines (EPC130-08); SDD core scheme e-mandate service implementation guidelines (EPC002-09); SDD core scheme interbank implementation guidelines (EPC114-06); SDD...… Continue Reading
18 December 2018, 12:40pm

FCA Market Watch 58
On 17 December 2018, the FCA published Market Watch 58. In this issue of Market Watch the FCA reports on its review of industry implementation of the Market Abuse Regulation (MAR). It also considers ‘manufactured credit events’ in the credit default swap market. Among other things the FCA states that complying with MAR is more...… Continue Reading
18 December 2018, 12:05pm

ECB guidance on white team’s roles and responsibilities in TIBER-EU test
On 17 December 2018, the European Central Bank (ECB) published guidance on a white team’s roles and responsibilities in a TIBER-EU test. The Threat Intelligence-based Ethical Red Testing (TIBER-EU) Framework enables European and national authorities to work with financial infrastructures and institutions to put in place a programme to test and improve their resilience against...… Continue Reading
18 December 2018, 12:01pm

EBA final guidelines on disclosure of non-performing and forborne exposures
On 17 December 2018, the European Banking Authority (EBA) published final guidelines on disclosure of non- performing and forborne exposures. The aims of the guidelines are to ensure the provision of meaningful information to market participants on credit institutions’ asset quality and to gain a better insight into the distribution and level of collateralisation of...… Continue Reading
18 December 2018, 11:57am

Update on Brexit statutory instruments
On 17 December 2018, a draft of The Collective Investment Scheme (Amendment etc) (EU Exit) Regulations were laid before Parliament.  Our blog of 10 October 2018 discusses the Regulation. On the same date a draft of The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 were also laid before Parliament. Our blog of 20 November...… Continue Reading
18 December 2018, 11:54am

Germany: Update regarding outsourcing by German fund management companies to UK asset managers following a hard Brexit
Subject to certain conditions set out in the AIFM- and UCITS-Directives, as transposed into domestic law, German fund management companies may outsource tasks to service providers. Such outsourcing is particularly relevant for the popular business model of the so-called “Master-KVG”-structure in Germany: Fully compliant with the prohibition of a letter box, the German fund management...… Continue Reading
18 December 2018, 10:53am

India amends anti-corruption law
Earlier this year, the Indian Parliament enacted the Prevention of Corruption Act (Amendment) Act 2018 (the Act) in July, effecting a raft of changes to the Prevention of Corruption Act 1988 (PCA). Those set out below are worthy of particular note for businesses operating in India. It is now an offence for any person to...… Continue Reading
18 December 2018, 10:17am

AFM: insufficient knowledge to prevent anti-money laundering at investment firms
On 17 December 2018, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published a news item on the outcome of its periodical investigation into investment firms and their compliance with the Act on the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en financiering van terrorisme, Wwft)...… Continue Reading
18 December 2018, 9:37am