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
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
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.
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.
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
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).
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).
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 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
The Prudential Regulation Authority (PRA) recently a Dear CEO letter titled “Thematic Findings on the reliability of the regulatory reporting“, outlining the current inadequacy of finance firms’ regulatory reporting procedures and the importance of comprehensive processes. The letter
