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  • FCA sets out cryptoasset business registration and fee requirements

    On 15 October 2019, the Financial Conduct Authority (“FCA”) published consultation paper CP19/29: Recovery of costs of supervising cryptoasset businesses under the proposed anti-money laundering regulations: fee proposals (“CP19/29”).  
  • Brexit news for financial services firms - from 5 October 2019 to 11 October 2019

    Commentary Writing on the weekend of 11/12th October and as the Hallowe’en deadline approaches, it seems to get more, rather than less, difficult to predict the Brexit flightpath and the ultimate destination. Of the multitude of possibilities, virtually none, if any, can now be ruled out. The UK may or may not leave the EU. If it leaves, it may do so under an Article 50 Withdrawal Agreement (WA)...
  • FCA consulting on discretionary commission models and disclosure in motor finance

    Following the publication in March this year of the findings from its review of the motor finance sector, the FCA has today opened a consultation on plans to: implement a ban on discretionary commission arrangements in the motor finance sector; and update the commission disclosure requirements in the Consumer Credit Sourcebook (“CONC”), part of the FCA handbook, for all providers of consumer...
  • EBA comments on the implementation of its new Outsourcing Guidelines

    EBA says progress has been slow and more needs to be done by banks to be operationally resilient and resolution ready.
  • FCA publish rules in relation to Overdraft Pricing and Competition Remedies

    As part of its review into high-cost credit, the FCA has published new rules designed to simplify and improve transparency of overdraft pricing. The rules, coming into force on 6 April 2020,  require firms to publish a range of overdraft pricing details – with a view to increasing consumers’ awareness of firms’ overdraft charging structures. Firms will be under an obligation to publicise, on a quarterly...
  • Brexit news for financial services firms -from 28 September 2019 to 4 October 2019

    RegZone reporting on Brexit for financial services firms Until May of this year, RegZone published a weekly email update with Brexit news and commentary. Over the summer we have produced a fortnightly Brexit news report which was on the RegZone website (but not sent out by email). You can access the previous reports here. As promised, we are now reverting to a weekly commentary distributed by emai...
  • Pricing practices in the FCA spotlight

    On 4 October 2019, the FCA published the interim findings of its market study into general insurance pricing practices.  The FCA’s interim report concludes that the home and motor insurance markets are not working well for consumers, finding that 6 million policy holders paid high prices in 2018, at a total estimated cost of £1.2bn. The FCA has taken particular issue with personalised pricing (and...
  • Brexit news for financial services firms - from 14 September 2019 to 27 September 2019

    FCA: Temporary transitional powers Further to the directions made on 28 March 2019, FCA has updated and published draft directions and updated its explanatory note providing guidance on the use of the TTP.
  • SMCR and regulatory references- what can solo regulated firms learn from the banking sector?

    Three years have passed since the banking sector implemented the Senior Managers & Certification Regime (SMCR) and two years since the regulatory references regime came into force.  From 9 December 2019, solo regulated firms will also become subject to these rules.  Can any lessons can be learned from the banking sector’s bedding in period? 
  • Germany: BaFin issues an explanatory note regarding the conduct of reinsurance business by US reinsurers in Germany

    BaFin issues an explanatory note with regard to US reinsurers that want to conduct reinsurance business in Germany without having a German licence.