The Standard Formula Podcast | Developments on the Horizon for the UK Change-in-Control Regulatory Regime
Brexit & Financial Services: Preparing for the End of the Transition Period
Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more
“The first rule of enforcement club is that you do in fact talk about enforcement club”; so Therese Chambers, the UK Financial Conduct Authority’s (FCA) joint executive director of enforcement and market oversight, announced...more
The FCA plans to streamline its approach to enforcement and publicise investigations at an early stage. On 27 February 2024, the FCA published a Consultation Paper (CP24/2) on its proposed new approach to publicising...more
Financial regulators in the UK have been interested for some years in the question of how personal behaviour can affect the risk profile of a financial institution. A recent SEC case suggests that US regulators may now be...more
“The wholesale insurance market in particular has a long way to go in having an inclusive culture...areas for improvement include...preventing and handling non-financial misconduct,” stated the Financial Conduct Authority...more
In the build-up to his appointment as chief executive of the Financial Conduct Authority (FCA) in 2020, Nikhil Rathi stated that his vision for the regulator involved “a stronger, prompter approach to enforcement”. This...more
Non-financial misconduct in financial services firms is back at the top of the agenda following the concurrent publication of the FCA’s Consultation Paper 20/23 (Diversity and inclusion in the financial sector – working...more
The FCA and the PRA have published their long-awaited consultations which aim to formalise how firms approach diversity and inclusion. On 25 September 2023, the FCA and the PRA published separate but related consultation...more
On 25 September, the Financial Conduct Authority (FCA) published its consultation paper CP23/20: Diversity and inclusion in the financial sector – working together to drive change alongside a similar consultation paper...more
The FCA is continuing to crack down on firms and ‘finfluencers’ using social media for non-compliant and illegal financial promotions and this week has announced plans to update its existing guidance on social media and...more
Regulator clarifies that existing FCA rules will continue to apply but will also reflect the evolving landscape of financial promotions on social media. On 17 July 2023, the FCA published a guidance consultation (GC23/2)...more
In our Alert Marketing Cryptoassets and Services in and Into the UK: Shifting Regulatory Sands, we noted the policy statement issued by HM Treasury (HMT) on cryptoasset promotions and the Financial Conduct Authority (FCA)...more
On 1 February 1 2023, HM Treasury (HMT) issued a further policy statement on cryptoasset promotions in the UK, "Government approach to cryptoasset financial promotions regulation policy statement”. It updates HMT’s January...more
A key outcome of the UK’s Financial Conduct Authority’s (“FCA”) ESG strategy is the promotion of integrity within the ESG-labelled securities market, supported by the growth of effective service providers. To that end, in...more
In December 2021, the United Kingdom’s Financial Conduct Authority (FCA) issued a consultation paper publishing a revised proposed new Consumer Duty that would govern FCA-regulated firms’ interactions with retail clients. The...more
In a widely-anticipated development, HM Treasury (“HMT”) has announced its intention to widen the scope of the financial promotions regime in so far as it applies to cryptoassets. Hot on its heels, the Financial Conduct...more
FCA makes clear that it expects a cultural shift in how firms focus on consumers. On 7 December 2021, the FCA published its second Consultation Paper (CP21/36) on introducing a new Consumer Duty....more
At the end of July 2021, the FCA published a consultation paper, CP21/25, setting out proposals to reduce the decision-making remit of its quasi-independent Regulatory Decisions Committee (“RDC”) and instead bring those...more
UK rules will diverge from the much-criticised EU framework. On 20 July 2021, the FCA published a Consultation Paper (CP21/23) on amending the UK PRIIPs Regulation. The FCA has long held concerns about the PRIIPs...more
Discussion Paper opens debate on potential new rules to improve diversity in financial services. On 7 July 2021, the FCA, the PRA, and the Bank of England published a joint Discussion Paper on diversity and inclusion in...more
The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers. On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure...more
New regulatory requirements, including registration and customer disclosure requirements, apply to regulated and unregulated persons carrying on relevant cryptoasset business. On 20 December 2019, the UK government published...more
On 23 January 2019, the FCA published a Consultation Paper (CP19/4) concerning further amendments to the Senior Managers and Certification Regime (SMCR). For private banks which are already subject to the SMCR, the...more
Following its consultation in late 2018, the Financial Conduct Authority (“FCA”) has published its new policy statement, which confirms that it will increase the limits on the awards that the Financial Ombudsman Service...more
The FCA recently released the latest in a long series of papers relating to the Senior Managers and Certification Regime (“SMCR”). FCA Consultation Paper CP19/4 sets-out new measures designed to “optimise” the SMCR ahead of...more