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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
1. EIOPA highlight risks of a no-deal Brexit
The Joint Committee of the European Supervisory Authorities published its latest report on Risks and Vulnerabilities in the EU Financial System. The report highlights uncertainties surround the UK's exit from the EU. It states ‘Although there seems to be a “Brexit fatigue” in the financial sector, supervisors continue to encourage institutions to prepare...
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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:
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19/08/2019
Anti-money laundering, terrorist financing, and know your client obligations
FCA-authorised firms are required, pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on Payer) Regulations 2017 (“MLRs”), to implement anti-money laundering (“AML”) measures.
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15/08/2019
Systems and control
FCA-authorised firms must have appropriate systems and controls in place taking into account the nature, scale, and complexity of the business. This creates numerous obligations, primarily relating to:
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12/08/2019
Suitability assessment obligations
An online advice platform will need to consider whether an investment is suitable for a client when providing investment advice.