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Apr 29, 2024 | 
regulationtomorrow.com | Anita Edwards |Simon Lovegrove
On 29 April 2024, the House of Lords’ International Agreements Committee issued its 9th Report, which considers the UK-Switzerland Agreement on the Mutual Recognition of Financial Services. The Agreement, which was signed on 21 December 2023 and laid before Parliament on 13 March 2024, aims to facilitate cross-border trade in wholesale financial services. This is achieved by each country recognising the regulatory and supervisory regimes of the other as achieving equivalent outcomes to their own.
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Apr 29, 2024 | 
regulationtomorrow.com | Anita Edwards |Simon Lovegrove
On 26 April 2024, the Financial Conduct Authority (FCA) published Handbook Notice 118, which describes changes made to the FCA Handbook and other material by the FCA Board under its legislative and other statutory powers within the past month. The changes described in Handbook Notice 118 are those set out in:The Consumer Credit and Mortgages (Tailored Support) Instrument 2024 (these changes were made on 28 April 2024 following CP23/13).
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Apr 29, 2024 | 
regulationtomorrow.com | Anita Edwards |Simon Lovegrove
On 29 April 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/3 on Consumer Credit: Product Sales Data Reporting, in which it sets out its final rules and guidance for incorporating three new Product Sales Data (PSD) returns into Chapter 16 of its Supervision manual (SUP 16).
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Apr 29, 2024 | 
regulationtomorrow.com | Anita Edwards |Simon Lovegrove
On 25 April 2024, the Financial Conduct Authority (FCA) published Consultation Paper CP24/9 on proposed changes to its Financial Crime Guide (the Guide). The proposed updates relate to sanctions, proliferation financing and transaction monitoring. In addition, the FCA is proposing to add references to cryptoassets and the Consumer Duty, along with consequential changes throughout the Guide.
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Apr 29, 2024 | 
regulationtomorrow.com | Hannah Meakin |Katie Stephen |Anita Edwards |Simon Lovegrove
On 22 April 2024, the House of Lords Financial Services Regulation Committee published a letter to Nikhil Rathi, Chief Executive of the Financial Conduct Authority (FCA), regarding the FCA’s Consultation Paper CP24/2 on its approach to publicising enforcement decisions. The FCA published CP24/2 on 27 February 2024 and is seeking feedback on its proposals by 30 April 2024. For more information on the proposals, please see our recent briefing.
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Apr 26, 2024 | 
regulationtomorrow.com | Simon Lovegrove |Anita Edwards
On 24 April 2024, the Payment Systems Regulator (PSR) published a Call for Views on its proposed approach to supervision. BackgroundThe PSR established a Supervision and Compliance Monitoring division last year, with the aim of driving compliance with the PSR’s requirements. Ensuring compliance has become increasingly important for the PSR as it uses its powers to boost competition, increase choice and tackle payment fraud.
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Apr 26, 2024 | 
mondaq.com | Anita Edwards |Simon Lovegrove |Hannah Meakin
On 22 April 2024, the Financial Conduct Authority
(FCA) published a speech by its chief executive, Nikhil Rathi,
entitled 'Navigating the UK's Digital Regulation Landscape:
Where are we headed?'. In the speech, Mr Rathi announced the
FCA's plans to focus on Big Tech, which are included in Feedback Statement FS24/1 (published alongside
the speech).
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Apr 24, 2024 | 
lexblog.com | Hannah Meakin |Simon Lovegrove |Anita Edwards
On 22 April 2024, the Prudential Regulation Authority (PRA) and the Bank of England (BoE) published a joint letter to the Secretary of State for Science, Innovation and Technology, Michelle Donelan, and the Economic Secretary to the Treasury, Bim Afolami. The letter is a response to a joint letter, dated 1 February 2024, regarding the PRA’s and BoE’s work on delivering safe and responsible Artificial Intelligence (AI) and Machine Learning (ML) within their regulatory remit.
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Apr 23, 2024 | 
regulationtomorrow.com | Anita Edwards |Simon Lovegrove
On 22 April 2024, a statutory instrument – the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 (the SI) – was published. The Financial Services and Markets Act 2023 (FSMA 2023) introduced several new legislative powers which work together as a set of tools as the Government repeals assimilated law to deliver a Smarter Regulatory Framework (SRF) for financial services.
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Apr 23, 2024 | 
lexblog.com | Anita Edwards |Simon Lovegrove |Hannah Meakin
On 22 April 2024, the Financial Conduct Authority (FCA) published a speech by its chief executive, Nikhil Rathi, entitled ‘Navigating the UK’s Digital Regulation Landscape: Where are we headed?’. In the speech, Mr Rathi announced the FCA’s plans to focus on Big Tech, which are included in Feedback Statement FS24/1 (published alongside the speech).
