Compliance Monitor

Over 8,000 funds that are based overseas but are currently recognised in the United Kingdom could be able to use a streamlined online application form. This will become available when the current Temporary Marketing Permissions (TMR) system is replaced by a new system, the Overseas Funds Regime (OFR), at the end of 2025.

The regulator has warned money transfer firms in Glasgow against breaking competition law after it fined three firms for fixing prices between them on the exchange rates they offered clients who were converting sterling into rupees to send to Pakistan.

Technology consultants and other CTPs (Critical Third Parties) which provide services to regulated firms could be required to adhere to a general statement of their obligations from late 2024 or 2025.

Up to 15 large banks and buildings societies are expected to become 'designated entities' that might need to fill in 'gaps in access to cash' following branch closures, under rules being consulted upon by the FCA. The regulator expects its rules to be finalised by Q3 next year but the start date of the new regime depends on the Government.