The Financial Conduct Authority (FCA) has published its Consultation Paper CP21/25 on a new approach to decision making in the issuing of statutory notices, as had previously been foreshadowed in the 2021/2022 Business Plan. Continue reading
Tag: FCA
August 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 August 2021.
FCA CEO sets out transformational agenda for the regulator and the regulated – the 2021/22 FCA Business Plan
On 15 July, the UK Financial Conduct Authority (FCA) published its 2021/22 Business Plan. The FCA’s – still fairly new CEO – Nikhil Rathi took the opportunity to deliver an ambitious and wide ranging statement. He set out the new and existing challenges that the FCA faced as well as the clear changes he, and his executive team, were looking to make to the way in which the regulator operates. Continue reading
Bank of England and HMT announce CBDC Taskforce amid new plans to accelerate digitalisation of UK financial services
Yesterday the Bank of England (BoE) and HM Treasury (HMT) released a statement announcing the joint creation of a Central Bank Digital Currency (CBDC) Taskforce. The Chancellor has also announced ambitious and complementary plans to encourage growth of UK fintechs and “cement the UK’s position as the world’s pre-eminent financial centre.”
As the FCA identifies a culture dividend from diversity and inclusion, firms should prepare for more scrutiny
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.
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