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June Regulatory Update

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Assessing adequate financial resources – FCA Consultation Paper (CP19/20)  The FCA has published a Consultation Paper (CP19/20) on the purpose of, and the FCA’s approach to, its assessment of adequate financial resources for FCA solo-regulated firms. The Consultation Paper sets out: (i) the role of assessing adequate financial resources in minimising harm; (ii) what the […]

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May Regulatory Update

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FCA publishes final report in relation to RBS GRG The Financial Conduct Authority (FCA) has today published the final report on its investigation into Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). While admitting it “clearly fell short of the standards its customers […]

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Regulatory Bulletin: New rules for P2P platforms

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FCA confirms new rules for P2P lenders In brief On 4th June 2019, the FCA published Policy Statement 19/14: Loan-based (‘peer-to-peer’) and investment-based crowdfunding platforms: Feedback to CP18/20 and final rules (PS19/14). The policy statement sets out the final policy positions the FCA have reached, taking into account feedback received in response to CP18/20. It also […]

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April Regulatory Update

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Our Regulatory Update is a monthly digest of significant regulatory developments affecting FCA-regulated firms. FCA changes mortgage advice rules to encourage consumer choice The FCA has recently published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part […]

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Regulatory Bulletin: FCA consults on Guidance for the Insurance sector

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FCA consults on Guidance for the Insurance sector In brief The FCA has proposed non-handbook guidance for insurance product manufacturers and distributors – see GC19/2. Insurance intermediaries, as product distributors, should consider the impact that their distribution strategy has on the overall value of the product to the customer. What does this mean? Product value in general insurance (GI) is an increasing […]

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Are you ready for PSD2?

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Are you ready for PSD2? Introduction The revised Payment Services Directive (PSD2) represents perhaps the most significant evolution of the way payment services are regulated in Europe; in short, it is expected to revolutionise the way we make payments online. In contrast to the majority of financial services legislation passed since 2008, PSD2 represents an […]

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Regulatory Bulletin: ICOs

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How are Initial Coin Offerings (ICOs) regulated? WHAT is it?  ICO, or Initial Coin Offering is a fundraising mechanism, which allows people to sell crypto-tokens in exchange for bitcoin and ether (which are cryptocurrencies). To understand how this works it is important to make sure you understand how cryptocurrencies came about in the first place, […]

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Regulatory Bulletin: Money Laundering Regulations 2017

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MONEY LAUNDERING REGULATIONS 2017: what you need to know WHAT is it? The Money Laundering Regulations 2017 are effectively the UK government’s transposition of the new measures introduced by the 4th EU Anti-Money Laundering Directive (4th EU AML Directive). The legislation does not represent a major overhaul of businesses’ Anti-Money Laundering (AML) and Counter-Terrorist Financing […]

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Regulatory Bulletin: Senior Managers and Certification Regime

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Senior managers and certification regime WHAT is it? Senior Manager’s and Certification regime (SM & CR) is a series of measures aimed at improving standards of financial services through increasing accountability of the most senior individuals within banks and financial institutions. WHO will it affect? During 2017 the FCA has proposed to extend the scope […]

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