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  • FCA and PRA fines highlight firms' accountability for failures of their outsourcing providers

    04/06/2019
    The importance the financial regulators place on effective oversight and management of outsourcing arrangements has been highlighted by both the PRA and the FCA in the fines they have imposed totalling £1,887,252 on R.Raphael & Sons plc (the “Bank”) for failing to manage its outsourcing arrangements properly. Effective management of ...
  • Brexit news for financial services firms – from 10 May 2019 to 24 May 2019

    29/05/2019
    1. PRA: Speech by Sam Woods: Stylish regulation Text of this speech, given on 16 May 2019 follows, in which Sam Woods considers the UK system of regulation post-Brexit, including comparing the UK and EU approaches to regulation. He sets out six principles for an effective regulation framework and suggests ...
  • Recommended response to FCA warning to firms operating in general insurance sector

    10/05/2019
    This article first appeared on Practical Law, and is published with the permission of the publishers. Overview On 10th April 2019, the FCA issued three publications concerning the general insurance (GI) sector, alongside a clear warning to firms operating in this sector. These publications comprise the FCA’s findings of its ...
  • Brexit news for financial services firms - from 26 April 2019 to 9 May 2019

    10/05/2019
    1. HoC European Scrutiny Committee: 64th Report of Session 2017-19 Section 7 of the report discusses recent developments with regard to the powers of the EU’s supervisory authorities. Although the matter is no longer under scrutiny by the Committee, it has referred the matter to the attention of TSC. The ...
  • Brexit news for financial services firms from 13 April 2019 to 25 April 2019

    29/04/2019
    1. FCA: THE FUTURE OF FINANCIAL CONDUCT REGULATION A speech delivered by Andrew Baily on 23 April 2019 discussing, amongst other things, Brexit. The full speech can be accessed here. “Our regulatory landscape can be viewed as comprising two spaces, an EU and a non-EU one. By this I mean ...
  • Belgian regulatory framework for MGAs now in force

    25/04/2019
    On 21 November 2018 and 7 March 2019, we issued newsletters (respectively available here and here) regarding the Belgian proposal to create a new regulatory framework for managing general agents (“MGAs”) in Belgium (“Proposal”). The Proposal was included in the Belgian law of 3 April 2019 regarding the withdrawal of ...
  • Brexit update for financial services firms - week ending 12 April 2019

    18/04/2019
    In outline: On 11th April the EU published the text of the decision of the European Council in response to the UK’s request for a further extension of the Article 50 notice period (see Document 1 below and the UK acceptance at Document 2 below). The decision provides a second ...
  • Warning to firms operating in the general insurance sector

    11/04/2019
    On 10th April 2019, the FCA issued three publications concerning the general insurance (“GI”) sector alongside a warning to firms operating within this sector. The clear message from the FCA is that it will not hesitate to intervene where it considers that a firm has not shown appropriate regard to ...
  • Brexit update for financial services firms - week ending 5 April 2019

    09/04/2019
    In outline: The flow of Brexit related FS publications has slowed as we await the outcome of the UK’s application for a further extension of the Article 50 notice period (see Other publications below) and the special European Council on 10 April. The House of Commons European Scrutiny Committee published ...
  • Brexit update for financial services firms - week ending 29 March 2019

    01/04/2019
    In outline: This was due to be the week of the UK's departure from the EU and, despite the postponement of Brexit, there was a flurry of activity to complete the financial services (FS) regulatory regime for a no-deal scenario (the ND regime). Most of the measures were on the ...