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August Regulatory Update

By Simon Hill | Uncategorized | 0 Comments

FCA updates Handling of Complaints statement for firms – 31 July 2020 The FCA has published an updated version of the statement it originally published in May, to clarify its position on complaints handling during the Covid-19 pandemic. The regulator clarifies its position regarding: Complaint handling capacity and priorities Vulnerable consumers Maintaining the quality of […]

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July Regulatory Update

By Simon Hill | Uncategorized | 0 Comments

FCA publishes statement on its expectations for Benchmark Administrators and firms using Appointed Representatives regarding the Appointed Persons Regime (APR) – 30 June The FCA stated that it recognises that firms may need longer periods of temporary arrangements if, for example, an Approved Person is absent because of coronavirus, or if recruitment to replace an […]

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How to Assess Adequate Financial Resources

By Simon Hill | Uncategorized | 0 Comments

Introduction Following the consultation on its guidance in June 2019, in June 2020 the Financial Conduct Authority (FCA) has published the Finalised Guidance (FG20/1) on a framework for financial services firms ensure they have adequate financial resources. The guidance applies to all FCA-solo-regulated firms. We summarised the key information to take away from this guidance […]

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June Regulatory Update

By Joseph Paice | Uncategorized | 0 Comments

Financial Ombudsman Service publishes 2019/20 complaints data and future strategy Following the FOS’s consultation on it’s future strategy (published Dec 2019) it has published it’s 2019/20 annual complaints data alongside its future strategy looking ahead to 2025 and beyond. The 2019/20 annual complaints data shows that the FOS received over 270,000 new complaints relating to […]

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May Regulatory Update

By Kayne Osbourne MCSI | Uncategorized | 0 Comments

  FCA Published Letter to mortgage lenders and administrators managing closed mortgage books The FCA published a letter, in light of the Coronavirus circumstances, addressed to firms with customers who took out mortgages, with higher risk characteristics before the financial crisis, to review the interest rates charged to such customers as a matter of urgency. […]

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April Regulatory Update

By Rosie Bileva | Uncategorized | 0 Comments

Joint FCA and PRA statement Senior Managers and Certification Regime (SM&CR) and coronavirus (Covid-19): expectations of dual-regulated firms The statement reaffirms the expectation that firms directly affected by coronavirus will need to keep their governance arrangements under review. The obligation on firms to update and resubmit a Statements of Responsibilities (SoRs) if there are ‘significant […]

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March Regulatory Update

By Rosie Bileva | Uncategorized | 0 Comments

Outsourcing in the life insurance sector FCA Published Findings from а review of outsourcing and third-party service providers The review is of interest to: life insurers who outsource key business functions outsourced service providers (OSPs) To ensure life insurers meet the requirements in the existing rules and guidance, they are encouraged to consider whether the […]

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Business Continuity & Covid-19

By Kayne Osbourne MCSI | Uncategorized | 0 Comments

Business Continuity & Covid-19 In light of the global coronavirus pandemic, the FCA has issued a statement reminding firms that it expects them to have contingency plans in place to deal with major events. The FCA is now actively reviewing the contingency plans of a wide range of firms, including assessments of operational risks, the […]

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February Regulatory Update

By Rosie Bileva | Uncategorized | 0 Comments

ESMA ISSUES OPINIONS ON POSITION LIMITS UNDER MIFID II The European Securities and Markets Authority (ESMA) published on 7th of February, seven opinions on position limits, regarding commodity derivatives under MiFID II/MiFIR.The opinions agree with the proposed position limits regarding: ICE Endex Dutch TTF Gas contracts; EEX Phelix DE Base Power contracts; EEX Capesize TC5 Freight contracts; […]

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New capital requirements for investment firms

By Kayne Osbourne MCSI | Uncategorized | 0 Comments

New Capital requirements for investment firms Investment Firm Directive/Investment Firm regulation In December 2017 the European Commission adopted a proposal for a regulation and a proposal for a directive to amend the current EU prudential rules for investment firms. This review aimed to introduce more proportionate and risk-sensitive rules for investment firms. With this new […]

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