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The Edinburgh Reforms six months on
It's now over six months since the Chancellor announced a package of measures to take forward the Government's vision of an "open, sustainable and technologically advanced" financial services sector, as well as to build on the reforms proposed in the Financial Services and Markets Bill. So, where are we now? Emma Radmore tracks developments since the changes were announced.
Online Published Date:
04 July 2023
Appeared in issue:
Vol 35 No 10 - 08 June 2023
Understanding compensation for pension transfers - hail DISP App 4
Ghosts of pension scandals past and present continue to haunt the regulator. With a new appendix to the FCA Handbook setting out how to calculate redress for mis-sold transfers from defined benefit occupational pensions into defined contribution schemes, Adam Samuel welcomes "some degree of clarity on an extremely complex subject".
Online Published Date:
04 July 2023
Appeared in issue:
Vol 35 No 10 - 08 June 2023
MiCA milestone - EU adopts crypto regulatory framework
Firms that obtain authorisation under MiCA will be able to operate across the EU under a single set of rules, while investors are to benefit from greater certainty and protection. Charlotte Hill and Melissa Whitley examine the impact of MiCA on crypto firms and key takeaways.
Online Published Date:
04 July 2023
Appeared in issue:
Vol 35 No 10 - 08 June 2023
Report finds whistleblowers have little confidence in FCA
High levels of dissatisfaction with the financial regulator's confidential hotline call the effectiveness of this vital process into question - especially with regard to the feedback being supplied to whistleblowers. Is it time to consider a US-style award system? asks Denis O'Connor.
Online Published Date:
04 July 2023
Appeared in issue:
Vol 35 No 10 - 08 June 2023
Renewed focus on market abuse controls
A fit-for-purpose market abuse risk assessment is crucial in order to avoid problems further down the line, while a shortage of compliance expertise is another consistently-cited issue. Monica Rodriguez examines the latest expectations expressed by the regulator.
Online Published Date:
04 July 2023
Appeared in issue:
Vol 35 No 10 - 08 June 2023
The FCA Business Plan - power to the people?
The regulator's consumer protection focus breaks new ground this year as the Consumer Duty comes into force, while a discernible political influence runs throughout its activities. Charlotte Longman and Andrew Poole analyse what's on the agenda and what's missing.
Online Published Date:
04 July 2023
Appeared in issue:
Vol 35 No 10 - 08 June 2023
Asset managers ordered to improve liquidity frameworks
The FCA isremindinga "minority" of asset managers that they face regulatory intervention if they do not quickly remove their "serious gaps in managing liquidity risk".
Online Published Date:
07 July 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
Motor and home insurers found wanting in run-up to Consumer Duty
The FCA has found motor insurers breaching its rules by offering less than fair market value to customers after write-offs.
Online Published Date:
07 July 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
Banned pension transfer adviser agrees £850,000 compensation payment
A Birmingham-based financial adviser has been banned and required to pay most of his remaining assets in compensation after he tried to hide the goodwill value of his business and put it out of reach of the FCA.
Online Published Date:
07 July 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
Plans announced for high-speed data tape on bonds trading - with equities likely to follow
The FCA is planning to set up high-speed reporting streams giving trading data on prices and volumes for bonds and equities.
Online Published Date:
07 July 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
FCA fines fifth firm over cum-ex trading, as other investigations continue
The regulator has penalised its fifth firm in relation to cum-ex trading of Dutch and Belgian equities, and has ongoing investigations into other cases.
Online Published Date:
17 July 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
FCA spotlights finfluencers in update of guidance for social media promotions
Firms using social media need to be sure that any influencers they use understand the products they are promoting.
Online Published Date:
26 July 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023
Credit Suisse incurs PRA's biggest fine, for record four breaches
The Swiss global investment bank has received the highest-ever penalty from the Prudential Regulation Authority, of £87,082,000, for a record four breaches of PRA Fundamental Rules.
Online Published Date:
26 July 2023
Appeared in issue:
Vol 36 No 1 - 07 July 2023