Auteurs

Charlotte Hill

Associé

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Charlotte Witherington

Associé

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Daniel Hirschfield

Senior Counsel – Knowledge

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Auteurs

Charlotte Hill

Associé

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Charlotte Witherington

Associé

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Daniel Hirschfield

Senior Counsel – Knowledge

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9 mai 2024

Financial services update – 2 de 54 Publications

Financial services matters - May 2024

  • In-depth analysis

In this month's update: 

  • FCA updates its perimeter report.
  • FCA speech on navigating the UK's digital regulation landscape.
  • PRA and PSR publish their 2024/25 business plans.
  • FCA updates on review of motor finance complaints.
  • FCA consults on changes to its Financial Crime Guide.
General financial services regulation

FCA consults on regulatory fees and levies for 2024/25

On 9 April 2024, the FCA published a consultation paper (CP24/6) on its regulatory fees and levies for 2024/25.

The consultation paper consults on rules that enable the FCA to raise regulatory fees and levies in 2024/25 to fund both itself and the Financial Ombudsman Service (FOS). It also covers rules that enable the FCA to collect certain levies on behalf of government departments.

The paper sets out details of proposals concerning:

  • The FCA's annual funding requirement (AFR) and its allocation across fee-blocks.
  • Periodic fees for authorised firms.
  • Allocating the FOS general levy between industry blocks.
  • Consequential changes to rules in the FEES manual due to proposals in CP24/6.

The deadline for responses to the consultation is 14 May 2024. Feedback and final rules will be published in July 2024.

FCA updates its perimeter report

On 5 April 2024, the FCA updated its perimeter report webpage, which sets out what it does and does not regulate.

While there are no new areas of focus or concern, there are some noteworthy developments since the report was last updated in July 2023, which include:

  • The FCA's plans to consult on proposals to amend Senior Managers Certification Regime in Q2 2024.
  • The FCA's disagreement with the reversal of the changes to the financial promotion exemptions.
  • Work that the FCA is doing with Ofcom to develop a shared understanding of platforms’ obligations under the Online Safety Act and financial promotions legislation.
  • The ongoing work of the FCA with HMT on the new crypto regime.
  • The new regime for ESG ratings providers.

The FCA also notes that it is designing a framework for when buy-now pay-later (BNPL) providers come within its remit.

FCA publishes results of last Financial Resilience Survey 

On 4 April 2024, the FCA published the results of the Financial Resilience Survey, which it issued in October 2023.

Over the last three years, the FCA collected financial resilience data from approximately 23,000 regulated firms. This helped to develop its understanding of financial resilience, which is measured by assessing whether a firm holds enough resources to meet their ongoing obligations. 

The results provide an insight into the impact of recent crises, such as the Covid-19 pandemic and the cost-of-living pressures. The FCA says that the data enables it to respond to risks more quickly, and that it has identified and addressed concerns in hundreds of firms.

FOS publishes its plans and budget for 2024/25

On 4 April 2024, the Financial Ombudsman Service (FOS) published its plans and budgets for 2024/25, alongside an accompanying press release

The press release highlights key aspects of the plans and budgets, which includes:

  • The FOS expects a higher demand for new cases in the coming year, and anticipates a caseload of 210,000 complaints.
  • The FOS commits to resolving complaints faster, and has set a target to resolve 90% of cases within six months. 
  • The FOS commits to resolve to 17% more cases in 2024/25, up from 195,000 to 225,000.
  • The FOS will reduce the case fees and levy charges, which will reduce the cost to industry by over £60 million.
Fintech and digital assets

FCA publishes a speech by Nikil Rathi,  on navigating the UK's digital regulation landscape 

On 22 April 2024, Nikil Rathi, FCA Chief Executive, delivered a speech at the Digital Regulation Cooperation Forum (DCRF).

Mr Rathi announced the FCA's plans to examine how Big Tech firms’ unique access to large sets of data could unlock better products, more competitive prices and wider choice for consumers and businesses. The speech also outlined the FCA’s response to the Government’s White Paper on Artificial Intelligence.

Key points include:

  • Leading a co-ordinated and effective effort to make the most of the opportunities of Big Tech, whilst mitigating the risks, will be a priority of DRCF.
  • The FCA’s recent Call for Input shows that it needs to remain vigilant about data asymmetry or risk putting off incumbents and innovators from retail financial services.
  • The FCA is examining the case for developing a commercially viable framework for data sharing in Open Banking and Finance.
  • Collaboration, including with industry, through fora such as the DRCF AI and Digital Hub is key to making sure its approach is proportionate and supports innovation.
 

IOSCO publishes updated workplan for 2024-2025

On 12 April 2024, the International Organization of Securities Commissions (IOSCO) published its updated workplan for March 2024-March 2025.

It updates on the milestones achieved in 2023 and builds in the 2024 deliverables of the Financial Stability Engagement Group (FSEG), the Fintech Task Force (FTF), the Sustainable Finance Task Force (STF), as well as other selected initiatives being conducted as part of the overall Work Programme.

In the Addressing New Risk in Sustainability and Fintech workstream update, IOSCO stated that risks in sustainability and fintech remain prominent. Following the publication of policy recommendations on Crypto and Digital Assets and Decentralized Finance (DeFi), and in line with the FTF's mandate on Fintech issues, the FTF will focus on monitoring policy implementation and work on other technological developments in financial markets relating to the use of Artificial Intelligence and Financial Asset Tokenisation. These will be carried out through three new FTF workstreams.

ESA to run a dry run exercise to prepare industry for the next stage of DORA implementation

On 11 April 2024, the Joint Committee of the European Supervisory Authorities (ESAs) published a press release, announcing that, in May, they will launch a voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities. The ESAs also published a fact sheet which provides more information. 

Under the Digital Operation Resilience Act (DORA), starting from 17 January 2025, financial entities will have to maintain comprehensive registers of information regarding their use of ICT third-party providers. During the dry run exercise, this information will be collected from financial entities through their competent authorities and will help financial entities prepare for the implementation and reporting of registers of information under DORA.

Financial entities wishing to take part are invited to contact their NCA by 31 May. NCAs may also reach out directly to financial entities and invite them to participate. Financial entities taking part will be asked to submit their register of information to the ESAs between 1 July and 30 August.

BoE and FCA publish joint consultation paper on implementing and operating Digital Securities Sandbox

On 3 April 2024, the Bank of England (BoE) and the FCA jointly published a consultation paper (CP24/5) which sets out their proposed approach to implementing and operating the Digital Securities Sandbox (DSS). It will be overseen by both regulators.  

The DSS regime, which will last for five years, will allow firms to use developing technology, such as distributed ledger technology (DLT), in the issuance, trading and settlement of securities such as shares and bonds. The firms which successfully apply will be able to operate under rules and regulations that have been modified to facilitate this.

The consultation paper outlines the joint approach to:

  • Implementing and operating the DSS.
  • The application process to enter the DSS.
  • Using rule-making powers.
  • Managing financial stability and market integrity risks in the DSS.
  • Supervision and enforcement.

The deadline for comments on the proposals is 29 May 2024. Following the review period, the regulators will issue a formal response, and they aim to publish their final rules and guidance and open the DSS for applications during summer 2024.

ESMA publishes update on DLT Pilot Regime implementation

On 3 April 2024, ESMA published a letter from Verena Ross, ESMA Chair, to Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union (CMU).

The letter provides an update on the uptake of distributed ledger technology by financial market infrastructures in the context of the DLT Pilot Regime (Regulation (EU) 2022/858), and the main challenges ESMA has observed during its interactions with national competent authorities (NCAs) and applicants.

Four applications have been submitted. ESMA concluded that the novelty of the pilot regime may explain its slow uptake, alongside some challenges which are identified in the Annex to the letter. ESMA suggests further clarification by the Commission on the issues identified might increase uptake.

ESG

FCA publishes finalised guidance on anti-greenwashing rule and consults on extending the SDR regime to portfolio managers

On 23 April 2024, the FCA published finalised guidance (FG24/2) on its new anti-greenwashing rule, as well as a consultation paper (CP24/8) on extending the sustainability disclosure requirements (SDR) and investments labelling regime to portfolio managers.

The guidance aims to help firms better understand the FCA's expectations under its new anti-greenwashing rule and other, associated requirements. The rules apply when firms make claims about the sustainability of a product or service, or when firms communicate a financial promotion, to a person in the UK.

The guidance will come into force on 31 May 2024, which is when the anti-greenwashing rule will come into force.

The FCA also proposes to extend the SDR and investment labels regime to all forms of portfolio management services. The regime will include:

  • Product labels to help consumers understand what their money is being used for.
  • Naming and marketing requirements so products can only be described as having positive outcomes on the environment and/or society when those claims can be backed up.

CP24/8 closes to comments on 14 June 2024. The FCA intends to publish its final rules in the second half of 2024.

For an overview of the FCA's sustainability disclosure framework, please read our article here.

IOSCO publishes updated workplan for 2024-2025 

On 12 April 2024, the International Organization of Securities Commissions (IOSCO) published its updated workplan for March 2024-March 2025.

It updates on the milestones achieved in 2023 and builds in the 2024 deliverables of the Financial Stability Engagement Group (FSEG), the Fintech Task Force (FTF), the Sustainable Finance Task Force (STF), as well as other selected initiatives being conducted as part of the overall Work Programme. 

Under the Promoting Regulatory Cooperation and Effectiveness workstream, IOSCO will begin developing an enhanced Capacity Building Programme, to respond to the needs and priorities identified by IOSCO members, which will help members enhance their regulatory capabilities and implement international standards. It includes new programs being developed relating to sustainable finance, FinTech, regulatory roles and market development.

Postponement of European sustainability reporting standards: European Parliament formally adopts directive

On 10 April 2024, the European Parliament voted to postpone by two years, until 30 June 2026, the deadline for adopting European sustainability reporting standards (ESRS) for certain sectors and for certain third-country undertakings.

More information can be found in this press release

UK TPT publishes sector specific guidance

On 9 April 2024, the UK Transition Plan Taskforce (TPT) published final sector guidance on seven sector-specific "deep dives" and sector summary guidance, which was announced in a press release.

The summary guidance supports preparers and users of private sector climate transition plans (TPs) by providing key information and guidance sources. The deep dive guidance provides sector specific guidance and covers asset managers, asset owners, banks, electric utilities and power generators, food and beverage, melts and mining, and oil and gas.

The TPT consulted on the sector guidance in November 2023 (as covered in our December 2023 update).

EU Platform on Sustainable Finance publishes report on monitoring capital flows to sustainable investment

On 4 April 2024, the EU Platform on Sustainable Finance published an intermediate report on monitoring capital flows to sustainable investment, together with annexes.

The report proposes a methodological framework to measure the effective contribution of finance towards the objectives of the European Green Deal. The methodology proposed mainly rests on capital flows, namely capital expenditures in real economy entities, and flows in and from financial markets. It leverages EU sustainable finance regulatory data and definitions where available, which will be complemented by market definitions and data until the regulatory frameworks are fully developed.

Payment services and systems

PSR consults on its approach to supervision 

On 24 April 2024, the Payment Systems Regulator (PSR) published a Call for views on its proposed approach to supervision.

The consultation follows the PSR's establishment of a Supervision team to set out its regulatory expectations of payment systems operators (PSOs) and to manage its relationship with them. The primary focus will be the PSR's regulatory relationship with PSOs, but this scope may widen in the future. 

The consultation closes on 7 June 2024.

PSR consults on compliance and monitoring under FPS APP scams reimbursement requirement 

On 17 April 2024, the Payment Systems Regulator (PSR) published a consultation paper (CP24/3) on its proposals for compliance and monitoring under the Faster Payments System (FPS), which closes for comments on 28 May 2024.

Pay.UK, the operator of Faster Payments, will monitor payment service providers (PSPs) compliance with the FPS reimbursement requirement, which comes into force on 7 October 2024.

Pay.UK has also been developing its compliance monitoring regime, in consultation with the industry as well as the PSR. It has submitted it to the PSR for review; subject to approval, the regime will be published by 7 June 2024.

The Payment Systems Regulator (PSR) publishes its annual plan and budget for 2024/25

On 9 April 2024 the Payment Systems Regulator (PSR) published its annual plan and budget for 2024/25, alongside its workplan.

The plans outline the PSR's key aims and activities, as well as their operating costs. Key projects include:

  • Assessing PSR strategy.
  • Market review of cross-border interchange fees.
  • Market review of scheme and processing fees.
  • ATMs and digital payments.
  • Tackling authorised push payment (APP) scams.
  • Unlocking account-to-account payments. 

On 9 May 2024, the PSR will hold an event to hear stakeholders' views on its annual plan. 

PSR publishes letter to Pay.UK on NPA work programme

On 11 April 2024, the Payment Systems Regulator (PSR) published a letter (dated 11 March 2024) from Chris Hemsley (PSR Managing Director) to Mark Hoban (Pay.UK Chair).

Following a number of developments relevant to the new payments architecture (NPA) work programme, the letter was sent in recognition of regulatory processes being ongoing, the uncertainty and delay created by the government announcing its intention to consider the NPA’s role as part of the National Payments Vision and Pay.UK’s subsequent decision to pause the NPA programme.

These events have delayed Faster Payments Scheme (FPS) migration, so FPS will likely be operational for significantly longer than originally envisaged. The letter suggests Pay.UK begin discussions at the earliest opportunity with Vocalink to determine an appropriate scope and cost for:

  • required additional resilience-related investment needed for FPS; and
  • potential options for increased capability that might now be justified.

The letter also asks Pay.UK for information to help inform the PSR's approach to investment in the current FPS system.

Bank of England speech on modernising UK payments 

On 15 April 2024, the Bank of England (BoE) published a speech by Sarah Breeden, BoE Deputy Governor, Financial Stability.

The speech sets out how the BoE seeks to deliver trust and support innovation, both as a provider and as a regulator of retail and wholesale money. It also discusses the first-order threats and opportunities facing central banks and the private sector, covering topics such as:

  • Stablecoin regulation.
  • Exploration of retail central bank digital currency (CBDC).
  • Increased focus on wholesale innovation.
  • Payments innovation by banks.
  • Future discussion papers which the BoE intend to publish.
Consumer credit and mortgages

FCA publishes update on review of motor finance complaints and Dear CEO letter

On 12 April 2024, the FCA published a statement on motor finance firms' financial resources, and a letter to CEOs of motor finance firms.

The FCA initiated a review into the historical use of motor finance discretionary commissions arrangements (DCAs) and has observed that firms have taken different approaches to account for the potential impact of previous use of DCAs on their financial resources. Alongside reminding firms that they must maintain adequate financial resources at all times, the FCA states that they expect firms to:

  • Assess the adequacy of their financial resources.
  • Ensure the accuracy of financial statements and regulatory reporting.
  • Make adequate disclosures to the FCA.
  • Make adequate disclosures to group stakeholders (if applicable).
  • Continue to deal with DCA complaints and subject access requests appropriately.

FCA published a policy statement on strengthening protections for consumer credit and mortgage borrowers in financial difficulty

On 10 April 2024, the FCA published a policy statement (PS24/2) on strengthening protections for consumer credit and mortgage borrowers in financial difficulty.

The FCA:

  • Consulted on incorporating aspects of its tailored support guidance (TSG) into its Consumer Credit (CONC) and Mortgages and Home Finance: Conduct of Business (MCOB) sourcebooks CP23/13.
  • Proposed further, targeted changes to support customers in financial difficulty.

The changes to CONC and MCOB will come into force on 4 November 2024. The FCA will withdraw the TSG.

FCA updates guidance for firms supporting mortgage borrowers impacted by rising living costs

On 10 April 2024, the FCA published an updated version of its finalised guidance (FG24/2) for firms supporting their existing mortgage borrowers impacted by rising living costs.

The guidance was updated to reflect changes introduced by the FCA's policy statement on strengthening protections for borrowers in financial difficulty (PS24/2).

The finalised guidance, which will come into force on 4 November 2024, explains how firms can comply with the FCA's updated Rules, Guidance and Principles.

Banking and insurance

PRA publishes its Business Plan and an overview of its budget for 2024/25, as well as a consultation paper on its regulated fees and levies rates

On 11 April 2024, the PRA published its Business Plan for 2024/25, which sets out the workplan to support delivery of its strategic priorities for the coming year as well as an overview of its budget for 2024/25. The PRA's provisional budget of £350 million is an increase of £34 million (11%) on the 2023/24 budget. 

The PRA's strategic priorities for 2024/25, the same as those set out in the PRA's 2023/24 plan, are to:

  • Maintain and build on the safety and soundness of the banking and insurance sectors and ensure continuing resilience.
  • Be at the forefront of identifying new and emerging risks and developing international policy.
  • Support competitive and dynamic markets, alongside facilitating international competitiveness, in the sectors it regulates.
  • Run an inclusive, efficient and modern regulator within the central bank (the Bank of England (BoE)).

The PRA also published a consultation paper on its regulated fees and levies rates for 2024/25 (CP4/24). 

FCA report on post-implementation review of travel insurance signposting rules

On 11 April 2024, the FCA published a report following its post-implementation review of the travel insurance signposting rules for consumers with more serious pre-existing medical conditions (PEMCs).

In February 2023, to improve access to travel insurance for consumers with PEMCs, the FCA introduced rules in PS20/3 which it expected would improve access and lower prices for some consumers with PEMCs.

In its review, the FCA considered firms' implementation of and compliance with the rules, and indicators of the impact of the FCA's investigation. The review found that its signposting intervention had a positive impact, but it was lower than expected (21,000 policy sales compared to 32,600 estimated). The rules were generally implemented as intended and complied with by most firms. The FCA will continue to monitor the travel insurance market and will follow-up with firms where it identified non-compliance.

FMLC report responding to UK bank ring-fencing reforms

On 2 April 2024, the Financial Markets Law Committee (FMLC) published a report on a smarter ring-fencing regime.

In September 2023, HM Treasury published a consultation on near-term reforms relating to the bank ring-fencing regime. The changes it proposed, to address areas of legal uncertainty that the FMLC previously highlighted, were welcomed. In the recent report, the FMLC highlighted legal uncertainties in the ring-fencing regime which would merit further consideration in the Government's proposals for reform. These are:

  • Excluded activities.
  • Financial institution exposures.
  • Liquidity management for ring-fenced banks.
  • Identification of the Account Holder.
  • Trade finance activities.
  • Tax Exposures.
Securities, investments, and markets

IOSCO publishes updated workplan for 2024-2025

On 12 April 2024, the International Organization of Securities Commissions (IOSCO) published its updated workplan for March 2024-March 2025.

It updates on the milestones achieved in 2023 and builds in the 2024 deliverables of the Financial Stability Engagement Group (FSEG), the Fintech Task Force (FTF), the Sustainable Finance Task Force (STF), as well as other selected initiatives being conducted as part of the overall Work Programme.

Under the supporting market effectiveness workplan, IOSCO will assess concerns related to transparency and liquidity issues in the single name Credit Default Swaps (CDS) market. It will also initiate a project to assess and mitigate vulnerabilities which have been observed in pre-hedging practices by market intermediaries, and finalise its good practices regarding market outages and post-trade risk reduction services in 2024.

ESMA publishes a follow-up report to its peer review into supervisory actions aimed at enhancing the quality of data reported under EMIR (648/2012)

On 11 April 2024, ESMA published a follow-up report to the peer review into supervisory actions aiming at enhancing the quality of data reported under EMIR.

The report provides an update on the actions that National Competent Authorities (NCAs) and ESMA or Trade Repositories have undertaken to address the issues identified in the ESMA 2019 peer review. Five NCAs were assessed, of which a mixed picture was presented, and it was noted that the NCAs were at very different stages of their supervisory journey regarding the supervision of EMIR data quality. ESMA was assessed as broadly or fully meeting expectations in its role of supervisor.

EBA final report on guidelines on group capital test for investment firm groups under IFR

On 11 April 2024, the EBA published a final report (EBA/GL/2024/03) on guidelines on the application of the group capital test (GCT) for investment firm groups under the Investment Firms Regulation ((EU) 2019/2033) (IFR).

The EBA has noticed that National Competent Authorities (NCAs) have interpreted GCT under Articles 8(1) and 8(4) of the IFR differently, so wants to develop guidelines to ensure a harmonised interpretation and implementation. The guidelines set objective thresholds and criteria that NCAs should consider for the purpose of assessing the simplicity of the group structure and the significance of the risk posed to clients and the market.

The guidelines will apply from 1 January 2025.

IOSCO consultation report on evolution in operation, governance and business models of exchanges

On 4 April 2024, IOSCO published a consultation report (CR/05/2024) on the evolution in the operation, governance and business models of exchanges.

In a press release, IOSCO states that the report analyses the structural and organisational changes within exchanges, focusing on business models and ownership structures. It highlights a shift towards more competitive, cross-border, and diversified operations as exchanges integrate into larger corporate groups.

The report focuses on equities listing trading venues, but its content may be relevant to non-listing trading venues and derivatives trading venues and trading in other classes of financial instruments. The report does not cover single dealer systems or broker crossing facilities.

The deadline for comments on the major trends and risks, and the proposed good practices outlined in the report, is 3 July 2023. 

Funds and asset management

FCA publishes new webpage to assist asset managers applying for authorisation 

On 15 April 2024, the FCA published a new webpage which sets out a non-exhaustive list of errors made by asset managers when applying for authorisation, which have reduced firms’ chances of success or caused delays when the FCA determine applications.

The common errors to avoid include:

  • Senior management lacking experience or qualifications.
  • Non-UK office locations.
  • Exposing clients to risk.
  • Underestimating accountability when outsourcing.
  • Failing to identify conflicts of interest.
  • Avoiding appropriate redress schemes protecting consumers.

FCA consults on payment optionality for investment research

On 10 April 2024, the FCA published a consultation paper (CP24/7) on a new way of paying for investment research. 

The FCA is consulting on rules to introduce a new option to pay for investment research, and is considering creating an option for paying for research using a bundled payment for trade execution and research. It proposes a new regime that would allow firms to bundle payments for third-party research and execution services, subject to the FCA's proposed guardrails.

Comments can be made until 5 June 2024.

ECON publishes adopted Directive on retail investment protection

On 2 April 2024, the European Parliament's Economic and Monetary Affairs Committee (ECON) published the adopted text of its report on the proposed Directive on retail investment protection (2023/0167(COD)). We previously reported this in our April 2024 update.

Investigations and enforcement

FCA publicly censures Link Fund Solutions and issues warning notice statement on future action

On 11 April 2024, the FCA published the final notice it issued to Link Fund Solutions Ltd (LFS) publicly censuring it for its management of the Woodford Equity Income Fund (WEIF) (now the LF Equity Income Fund).

The FCA considers that LFS failed to act with due skill, care and diligence in carrying out its role as Authorised Corporate Director (ACD) of the WEIF, and thereby breached Principle 2 (skill, care and due diligence) and Principle 6 (fair treatment of customers) of the FCA's Principles for Businesses. It found that, between 31 July and WEIF's suspension on 3 June 2019, LFS failed to properly manage WEIF and to protect investors' interests, which resulted in losses for investors in the fund when it was suspended.

The FCA has also published a warning notice statement (24/3) about its proposed action against Neil Woodford and Woodford Investment Management (WIM).

FCA agrees settlement to recover funds for investors from alleged unauthorised investment activity

On 4 April 2024, the FCA published a press release announcing it has secured approval in the High Court to recover investor funds linked to alleged unauthorised investment schemes.

The FCA previously commenced proceedings against Argento Wealth Ltd (AWL) and its sole director Mr Daniel Willis, who promoted two alleged unlawful investment schemes, to recover investor funds. The FCA secured undertakings to freeze AWL's and Mr Willis' assets, and the High Court has approved a consent order, with the intention that the money is returned to investors in the schemes.

FCA publishes infringement decision following imposition of fines on three money transfer firms for international money transfer price fixing in Glasgow

On 4 April 2024, the FCA published the full text of its November 2023 decision where it found that Dollar East (International Travel & Money Transfer) Limited, Hafiz Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited (trading as Small World) (each, a Party, together the Parties) had breached the Chapter I prohibition of the Competition Act 1998.

The FCA found that the Parties colluded to restrict competition for the supply of in-store, retailer-adjusted foreign exchange remittance services for the UK to Pakistan remittance corridor, by co-ordinating pricing of the retail exchange rate to in-store customers for UK to Pakistan remittances, and by fixing the level of transaction fee charged to in-store Small World customers when making the UK to Pakistan remittances.

The FCA imposed fines of £3,600 on Dollar East, £11,200 on Hafiz Bros, and £139,500 on Small World following settlement of the investigation.

Economic crime

JMLSG consults on revisions to Part II of AML and CTF guidance on wholesale markets

On 30 April 2024, the Joint Money Laundering Steering Group (JMLSG) published a press release announcing its consultation on proposed amendments to chapter 18 (wholesale markets) in Part II of its guidance for the financial services sector.

The proposed changes include:

  • Customer due diligence: a new sub-section on authorised personnel acting on behalf of the customer.
  • Wholesale subscription finance in private capital funds: a new section.

The deadline for responses is 1 July 2024. 

FCA consults on changes to Financial Crime Guide 

On 25 April 2024, the FCA published a consultation paper (CP24/9) on the proposed changes to its Financial Crime Guide. 

It forms part of the FCA's effort in tackling financial crime. The FCA proposes changes to the following areas:

  • sanctions
  • proliferation financing (PF)
  • transaction monitoring
  • cryptoassets
  • Consumer Duty
  • consequential changes.

Comments can be made until 27 June 2024. The FCA also welcomes feedback on chapters or areas not addressed in CP24/9 relating to financial crime that the industry considers it should focus on in the future.

European Parliament adopts proposed AML Regulation, AMLA Regulation and MLD6

On 24 April 2024, the European Parliament published a press release announcing that is has adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing.

The regulations adopted are:

  • The proposed Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (2021/0239(COD)) (AML Regulation).
  • The proposed Regulation establishing the Anti-Money Laundering Authority (AMLA) (2021/0239(COD)) (AMLA Regulation).
  • The proposed Sixth Money Laundering Directive (2021/0250(COD)) (MLD6).

The European Parliament has published the following legislative resolutions containing the adoptive texts:

The European Commission also published a press release on the anti-money laundering and countering the financing of terrorism legislative package.

The next step is for the Council of the EU to formally adopted the laws, then they will be published in the EU's Official Journal.

This month's question

The answer to last month's question: According to the FCA's 2024/25 Business Plan, the FCA is planning to invest £1.2 million in its regulatory work relating to Open Banking/Open Finance.

As noted above, the FOS expects to receive around 210,000 cases in 2024/25. How many of these does it expect to relate to banking and consumer credit?

  • 47,400
  • 12,800
  • 149,200
  • 600.

Dans cette série

Réglementation des services financiers

Financial services matters - June 2024

6 June 2024

par plusieurs auteurs

Réglementation des services financiers

Financial services matters - May 2024

9 May 2024

par plusieurs auteurs

Réglementation des services financiers

Financial services matters - April 2024

10 April 2024

par plusieurs auteurs

Réglementation des services financiers

Financial services matters - March 2024

13 March 2024

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - February 2024

7 February 2024

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - January 2024

11 January 2024

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - December 2023

7 December 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - November 2023

2 November 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - October 2023

5 October 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - September 2023

4 September 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - August 2023

3 August 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - July 2023

6 July 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - June 2023

8 June 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - May 2023

4 May 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - April 2023

6 April 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - March 2023

6 March 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - February 2023

2 February 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services matters - January 2023

13 January 2023

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - December 2022

1 December 2022

par Daniel Hirschfield, Charlotte Hill

Réglementation des services financiers

Financial services regulatory update - November 2022

2 November 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - October 2022

7 October 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - September 2022

1 September 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - August 2022

4 August 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - July 2022

11 July 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - June 2022

9 June 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - May 2022

12 May 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - April 2022

7 April 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - March 2022

3 March 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - February 2022

3 February 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - January 2022

13 January 2022

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - December 2021

2 December 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - November 2021

4 November 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - October 2021

7 October 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - September 2021

20 September 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - August 2021

5 August 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - July 2021

1 July 2021

par Daniel Hirschfield, Charlotte Hill

Réglementation des services financiers

Financial services regulatory update - June 2021

3 June 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - May 2021

6 May 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - April 2021

1 April 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services regulatory update - March 2021

4 March 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - February 2021

4 February 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - January 2021

14 January 2021

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - December 2020

3 December 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - November 2020

5 November 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - October 2020

1 October 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - September 2020

3 September 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - August 2020

6 August 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - July 2020

2 July 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - June 2020

4 June 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - May 2020

7 May 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - April 2020

2 April 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - March 2020

5 March 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update – February 2020

6 February 2020

par Charlotte Hill, Daniel Hirschfield

Réglementation des services financiers

Financial services update - January 2020

8 January 2020

par Charlotte Hill, Daniel Hirschfield

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