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24/10/2019
The FCA has opened its application process for firms wishing to join cohort 6 of its regulatory sandbox (“Sandbox”). The FCA will be accepting applications from now until 31 December 2019.
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24/10/2019
Commentary
This week saw the successful conclusion of negotiations over the revised Withdrawal Agreement (“WA”) (see Document 2 below) and the Queen’s Speech (see Document 1 below). However, the outcome of the Brexit process remains uncertain and the new domestic legislative program is overshadowed by the prospects of a general election.
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16/10/2019
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”).
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15/10/2019
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)...
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15/10/2019
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...
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14/10/2019
EBA says progress has been slow and more needs to be done by banks to be operationally resilient and resolution ready.
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08/10/2019
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...
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30/09/2019
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?
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23/09/2019
The PRA has reminded credit unions of its expectations regarding operational risk and resilience, cyber security and outsourcing issues in the published findings of its 2019 annual assessment of the credit union sector.
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13/09/2019
The revised Payment Services Directive (PSD2) brought about a number of fundamental changes to the payments market in the EU, including imposing a requirement for certain payment services providers (PSPs) to apply strong customer authentication (SCA) where a payment service user: