The FCA has published Policy Statement (PS) 19/20: Optimising the Senior Managers & Certification Regime (SMCR). PS19/20 summarises the feedback the FCA received to Consultation Paper 19/14 and its response to the feedback, setting out changes to the SMCR. The main changes to the existing rules discussed in the PS include: confirming that the Head […]

The Financial Conduct Authority has launched a consultation on proposed guidance for firms on the fair treatment of vulnerable customers. The guidance sets out the FCA’s view of what the FCA Principles require of firms to ensure that vulnerable consumers are consistently treated fairly across financial services sectors. The draft Guidance is set out in […]

The European Securities and Markets Authority has published Consultation Paper on guidelines on certain aspects of the revised Markets in Financial Instruments Directive (MiFID II) compliance function requirement. ESMA’s proposals for guidelines in this area are aimed at helping firms to increase the effectiveness of the compliance function, enhance clarity and to foster convergence on […]

The Financial Conduct Authority has announced that it has started work to improve the way it collects data from firms and plans to move to a new platform for its data collection systems which will replace Gabriel. This work is central to the FCA’s Data Strategy, which is designed to help the FCA deepen it’s […]

HM Treasury publishes an updated advisory notice on money laundering and terrorist financing controls in overseas jurisdictions. The document contains advice issued by HM Treasury about risks posed by unsatisfactory money laundering and terrorist financing controls. HM Treasury advises firms to consider the following: • Consider as high risk and apply counter measures and enhanced […]

The Financial Conduct Authority has published Consultation Paper CP19/22 on restricting the sale to retail clients of investment products that reference cryptoassets. They are consulting on banning the sale, marketing and distribution of derivatives and exchange traded notes (ETNs) reference certain types of unregulated, transferable cryptoassets to all retail clients by firms in, or from, […]

The Financial Conduct Authority has published Policy Statement PS19/18 on restricting contract for difference products sold to retail clients. The FCA has finalised rules restricting how CFDs and CFD-like options are sold, marketed and distributed to retail consumers. In the PS, the FCA requires firms that offer CFDs and CFD-like options to retail clients to: […]

The Financial Conduct Authority has published Policy Statement PS19/19 on the proposed 2019/20 regulatory fees and levies. The FCA published the summary and their response in the PS and the 2019/20 periodic fees and levies for: Financial Conduct Authority (FCA) Financial Ombudsman Service general levy Money and Pensions Service Devolved Authoritites Illegal money lending (IML) […]

The Financial Stability Board (FSB) has published its sixth progress report: Implementing the FSB Principles for Sound Compensation Practices and their Implementation Standards (P&S). The P&S were developed by the FSB in the aftermath of the global financial crisis to promote sound compensation practices and align compensation with prudent risk-taking, particularly at financial institutions that […]