FCA CEO Nikhil Rathi looks to the future of financial services regulation.
FCA future gazing
Latest from UK Finance Disputes and Regulatory Investigations Blog
New FCA Consumer Duty confirmed and explained
With a new Consumer Principle, clarified outcomes and phased implementation, the FCA released the final rules and guidance on a new Consumer Duty at the end of July: one of the biggest changes in the retail consumer regulatory landscape in
Use it or lose it: FCA accelerates crack down on unused regulatory permissions
The Financial Conduct Authority’s new powers to more swiftly cancel or change firms’ regulatory permissions have now come into effect. These powers are particularly aimed at firms that have permissions they are not using. Firms can be required to
Banks’ Quincecare duty in APP fraud Cases potentially extended
In March the Court of Appeal overturned an earlier High Court judgment and held that the application of Quincecare duty does not depend on the fact that the bank is instructed by an agent of the customer of the bank.
Cryptoasset firms and sanctions
The FCA has stressed recently that it expects the cryptoasset sector to play its part in ensuring that Russian sanctions are complied with, and highlighted that the financial sanctions regulations do not differentiate between cryptoassets and other forms of assets.
High-risk investments: FCA consults on strengthening financial promotion rules
The FCA perceives that since the start of the COVID-pandemic there has been a rapid growth in the proportion of consumers holding high‑risk investments. In response, the FCA is planning a revamp of the financial promotion regime, and has recently
FCA consults on guidance for firms who seek to limit their liabilities
The Financial Conduct Authority has published proposed guidance on the use by firms of compromises to manage their liabilities. Compromises include arrangements with creditors and/or shareholders, such as Schemes of Arrangement, Part 26A Restructuring Plans, and Creditors Voluntary Arrangements (CVAs).
FCA stepping up competition law enforcement
The UK’s Financial Conduct Authority (FCA) is stepping up competition law enforcement in the financial sector, over which it has concurrent competition law enforcement powers alongside the Competition and Markets Authority (CMA).
A ‘Fundamental Shift’ in Financial Regulation – Further FCA Consultation on New Consumer Duty
2022 looks set to be a busy year for regulated firms dealing with retail customers. Following its initial consultation in May 2021, on 7 December 2021 the FCA issued a further consultation (CP21/36), announcing its desire to “
The FCA Perimeter Report 2020/21 – Key Points for Firms
The scope of the FCA’s powers and remit is not a simple matter, as the FCA readily acknowledges. The FCA’s regulatory “perimeter” derives primarily from from FSMA and the universe of secondary legislation surrounding it, particularly the Regulated Activities Order