On 11 June 2019, HM Treasury published the Terms of Reference for the new Joint Authorities Cash Strategy (JACS) Group. The JACS Group will be chaired by HM Treasury and will also involve the FCA, the Payment Systems Regulator and the Bank of England. The goal of the JACS Group is to inform and co-ordinate members’ activities related to cash. The JACS Group has four objectives, namely to: bring its members together in a collaborative…

On 4 June 2019, UK Finance, a trade association for the UK financial services sector, published its principles for exiting a customer – which have been developed with input from the FCA. The principles are designed to improve how banks communicate with customers when they cannot offer, or continue to provide, banking facilities. The principles set out the approach that a bank should adopt when communicating a decision to a customer that it cannot offer,…

On 7 June 2019, the FCA published its latest Quarterly Consultation (No. 24). The Quarterly Consultation provides for the following proposed changes to the FCA Handbook: chapter 2 – modifications to General Provision (GEN) and fees and levy rate rules (FEES) for 2019/20 in relation to Gibraltar based firms; chapter 3 – the introduction of new notification procedures for changes to the management body; chapter 4 – amending Handbook form SUP10C Annex 10D: Statement of…

On 7 June 2019, the PRA published Consultation Paper 12/19: Strengthening individual accountability: resolution assessments and reporting amendments (CP12/19). In CP12/19 the PRA proposes amending: Rule 4.1.(10) in the Allocation of Responsibilities Part of the Rulebook so that the senior manager who is assigned the prescribed responsibility for recovery plans and resolution packs would, for in scope firms, have an additional equivalent responsibility for resolution assessments. This amendment would be applicable only to firms with…

On 4 June 2019, the FCA published a Dear CEO letter setting out its expectations of claims management companies (CMCs) when they carry out financial promotions and/or act for their customers. The FCA notes that recently it has seen a number of issues regarding: CMCs acting for their customers without getting their appropriate consent or completed letters of authority; CMCs submitting letters of authority and claims in fictitious customer names; no relationship existing between the…

On 4 June 2019, the FCA published Policy Statement 19/14: Loan-based (‘peer-to-peer’) and investment-based crowdfunding platforms: Feedback to CP18/20 and final rules (PS19/14). In PS19/14 the FCA summarises the feedback it received to its consultation last year on loan-based crowdfunding platforms (P2P platforms) (our blog is here) and sets out the final policy positions it has reached taking into account the feedback it received. It also contains the final rules, which implement the policy…

On 3 June 2019, HM Treasury published a consultation on its proposed regulation of pre-paid funeral plans. Under the current regulatory framework, entering into a funeral plan contract as a provider is a regulated activity. However, a provider is excluded from carrying on this regulated activity if the plans into which it enters are either insurance or trust-backed and meet certain conditions. As a result, since the regulated activity was introduced, the Financial Services Authority/FCA…