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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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January 2020 regulatory update

By Joseph Paice | Uncategorized | 0 Comments

Implementing CRD IV: capital buffers An updated version of the supervisory statement was released and took effect on 23 January 2020, following PS2/20 ‘Pillar 2 capital: Updates to the framework’. In CP5/13, the Prudential Regulation Authority (PRA) set out proposals for implementing the Capital Requirements Directive (CRD IV) provisions on capital buffers. The PRA’s rules on […]

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December Regulatory Update

By Joseph Paice | Uncategorized | 0 Comments

NCA issues tasking to improve responses to fraud On the 20th December 2019 the National Crime Agency (NCA) issued a voluntary tasking under the Crime and Courts Act 2013 to improve enforcement authorities’ responses to fraud. The tasking – only the fourth ever issued by the NCA, is focused on “improving the intelligence picture on […]

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Money Laundering Regulations 2019

By Joseph Paice | Uncategorized | 0 Comments

The FCA has published an update for the Government’s Money Laundering Regulations with new rules coming into force on 10th January 2020. The new standards update the UK’s AML regime to incorporate international standards set by the Financial Action Task Force (FATF) and to transpose the EU’s 5th Money Laundering Directive. The primary objective of […]

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