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Final FCA guidance published on forbearance options for mortgage lenders
The regulator has confirmed itsfinal guidanceon the treatment of existing mortgage borrowers with cost-of-living issues.
Online Published Date:
10 March 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
Compliance challenges loom as Chancellor loosens pension limits for high-earners
The Chancellor has given a boost to the financial advice sector through his Budget changes on pensions.
Online Published Date:
16 March 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
Spotting red flags for green crime
Environmental crime prevention is still in its infancy and business that is tainted by violations may be extremely difficult for financial institutions to spot.Maria Evstropovahighlights indicators which should prompt further scrutiny, along with risk management precautions.
Online Published Date:
16 March 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
"Poor" standards among ESG benchmarks push sector closer to FCA regulation
Benchmark administrators are being warned that the FCA will take action against them unless they improve the quality of their ESG benchmarks.
Online Published Date:
20 March 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
Terrorism officer and FCA long-server appointed to lead Enforcement team
The Financial Conduct Authority is increasing its emphasis on enforcement by appointing two people as executive directors of Enforcement and Market Oversight - replacing Mark Steward who leaves on 13 April.
Online Published Date:
24 March 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
Firms urged to feed concerns into SMCR reviews
Reviews of the SMCR by the Treasury, FCA and PRA are expected to explore three areas in particular - the compliance requirements for authorising the appointment of new senior managers, the varying levels of scrutiny applied to different firms, and the interaction with other regulatory regimes.
Online Published Date:
31 March 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
US$ settings given LIBOR leeway over fears of market risk
Users of one, three and six-month US dollar LIBOR settings have been warned by the FCA that publication of these settings will continue only "for a short period after 30 June 2023" - probably ceasing on 30 September 2024.
Online Published Date:
04 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
New topics could trigger section 166 reviews
At a conference for skilled person panels in November, the Financial Conduct Authority gave presentations on the Consumer Duty, ESG, as well as diversity and inclusion - indicating some areas that will receive regulatory scrutiny going forward. Neasa MacErlean examines the use of section 166 reviews in recent years and stresses that the compliance officer has a key role to play.
Online Published Date:
05 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
Stumbling towards the Consumer Duty
A flurry of Dear CEO letters to sectors within the financial services industry have set out the Financial Conduct Authority's concerns in the lead-up to commencement of the Consumer Duty on 31 July. But Adam Samuel fears that lack of effective enforcement could leave the virtuous running up their consulting and staff bills while others carry on as ever.
Online Published Date:
05 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
The AI regulation challenge
Use of artificial intelligence is transforming many operations within financial services. Yet, while AI delivers game-changing benefits, its potential harms are the subject of increasing regulation. Minesh Tanna outlines the onerous regime proposed by the European Union and warns that compliance with AI laws is not straightforward.
Online Published Date:
05 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
How financial institutions should prepare for crypto regulation
While regulation is unlikely to take effect before 2024/2025, financial institutions must consider their strategy for engaging in the crypto market and ensure that they have appropriate controls for anti-money laundering and sanctions compliance, writes Bernadine Reese.
Online Published Date:
05 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
Digital Operational Resilience: requirements expand for EU financial services firms
'DORA' establishes extensive and broader requirements for the management of ICT risk and third-party ICT risk by in-scope financial services firms in the European Union. It also establishes, for the first time, a regime for the direct oversight of certain 'critical' ICT providers in the EU financial services sector. Charlotte Hill and Clare Reynolds explore what the new requirements mean for in-scope firms and how they can start preparing ahead of DORA's application in January 2025.
Online Published Date:
05 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
MPs lambast fraud reimbursement proposals
"Victims of APP fraud have been waiting more than long enough." A cross-party committee of parliamentarians has berated proposals for the Payment Systems Regulator to hand over the APP fraud reimbursement scheme to industry body Pay.UK, claiming this would cause further unacceptable delays, conflicts of interest and issues with enforcing the scheme. Denis O'Connor reports.
Online Published Date:
05 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
Fintech and crypto in the Cayman Islands: an offshore alternative
The Cayman Islands Government has introduced a bespoke legislative regime to attract cryptoasset and other fintech businesses to its shores, writes Ian Mason.
Online Published Date:
05 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023
PRA takes first 'Large Exposure Limits' action against Gupta Family Group bank
Wyelands Bank plc has become the first firm to have action taken against it by the PRA for breaching the "large exposure limits" of the European Union Capital Requirements Regulation - with sums equal to more than 25 per cent of its capital on loan to group companies and connected parties.
Online Published Date:
06 April 2023
Appeared in issue:
Vol 35 No 7 - 03 April 2023