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September Regulatory Update

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The FCA fines Tullett Prebon £15.4 million The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA. Tullett Prebon, now […]

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August Regulatory Update

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Guidance for firms on the fair treatment of vulnerable customers The FCA  are currently consulting on Guidance to give firms involved in the supply of retail products or services clarity on how they should treat vulnerable customers fairly. The FCA’s Financial Lives survey found that 50% of adults show characteristics of potential vulnerability and thus […]

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July Regulatory Update

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EBA publishes thematic report on the impact of fintech on payment and e-money institutions The EBA has conducted a thematic review on the impact financial technology has on the business models of payment and e-money institutions. The report, published July 8th, covers current key trends shaping institutions’ business models, the different approaches to financial technology […]

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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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