HMT Financial Services Future Regulatory Framework Review: call for evidence on regulatory coordination

HM Treasury (“HMT“) has launched the first phase (a call for evidence on regulatory coordination) in its Future Regulatory Framework Review (“the Review“), originally announced by the then Chancellor in his Spring Statement and more recently repeated in his 2019 Mansion House speech. This Review is focused on improving the coordination between the various regulators/government … Read more

Regulators extend transitional direction powers in line with Brexit delay

The Financial Conduct Authority (“FCA”), Bank of England (“BoE”) and Prudential Regulation Authority (“PRA”) yesterday announced measures to extend certain UK-specific Brexit transitional relief provisions for a further six months until 31 December 2020, in line with the extension of Exit Day until 31 October. This is generally in line with industry expectations and does … Read more

The month ahead in financial services regulatory developments…

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation for June 2019. 3 Jun Deadline for responses to FCA call for input on the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) evaluation; FCA to conduct ongoing research to gather … Read more

The BoE approach to Solvency II

Geoff Maddock,  partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner A speech by Sam Woods of the Bank of England (BoE) says a lot about its approach to Solvency II and leaves a lot more unsaid. Woods said that he wanted to dispel two myths: that the BoE plans … Read more

UK: Fair and Effective Markets Review publishes its final report

The Fair and Effective Markets Review (FEMR) has published its final report, setting out 21 recommendations to help restore trust in the wholesale Fixed Income, Currency and Commodity (FICC) markets.  The report follows the consultation which concluded on 30 January 2015.  The BoE has launched an open forum which will build on aspects of the … Read more

UK: Cyber-security – what level of security will be sufficient to meet a firm’s regulatory obligations?

Firms’ confidential information, and the personal data of their customers, is increasingly being recognised as a valuable commodity, attracting the attention of sophisticated organised criminals.  As custodians of what is often their customers’ more sensitive personal data, not to mention, in many cases, their assets, banks and other financial services firms make an obvious target.  … Read more