In the wake of the 2007/08 financial crisis, Neelie Kroes, EU Competition Commissioner, pithily summarised diversity and inclusion (D&I) shortcomings in the financial services industry with reference to a mythical ‘Lehman Sisters’ which, she said, would have weathered the storm better than the real Lehman Brothers.
Tag: FCA
Regulation in Focus Podcast Episode 4 – March 2021
The FCA’s recently released guidance on protecting vulnerable customers is the subject of our latest podcast. It features Karen Anderson, Cat Dankos and Ben Goodman from our contentious financial services regulatory practice in London, discussing how the guidance will further the FCA’s aim of ensuring that vulnerable consumers experience outcomes as good as other consumers and receive consistently fair treatment across all FCA regulated firms and sectors.
LIBOR Discontinuation: FCA non-representativeness announcement
The FCA today made its much anticipated announcement that all LIBOR settings will either cease to be provided by any administrator or will no longer be representative:
- immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and
- immediately after 30 June 2023, in the case of the remaining US dollar settings.
March 2021: 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 which are expected for March 2021.
FCA publishes technology change management review
On 5 February 2021, the Financial Conduct Authority (FCA) published a report titled ‘Implementing Technology Change’, which sets out findings from its review into how financial services firms manage technology change, the impact of change failures, and industry practices to help reduce the impact of incidents resulting from change management. Continue reading
HM Treasury consultation on IFPR implementation and Basel 3 standards
HM Treasury has published a consultation paper seeking views on the exercise of its delegated powers under the Financial Services Bill (FS Bill) to ensure the effective implementation of the Investment Firm Prudential Regime (IFPR) and outstanding Basel 3 standards. The consultation also seeks views on the scope of application of the resolution regime for FCA-regulated investment firms. Continue reading
FCA confirms proposals to prohibit “price-walking”
The FCA’s Final Report on general insurance pricing practices concludes that retail home and motor insurance markets are not working well for all consumers and confirms proposals to prohibit “price walking”. Continue reading
February 2021: 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 which are expected for February 2021. Continue reading
Supreme Court hands down judgment in FCA’s Covid-19 Business Interruption Test Case
The Supreme Court has today handed down judgment in the Covid-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills acted for the FCA who advanced the claim for policyholders. Continue reading
Climate-related disclosures for issuers: FCA publishes final rules
The Financial Conduct Authority (FCA) has published a Policy Statement (PS20/17) and final rules and guidance in relation to climate-related financial disclosures for UK premium listed companies.