Elizabeth Budd

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Articles

UK financial services will see a year of change in 2025

Jan 8, 2025 | pinsentmasons.com | Elizabeth Budd

Some of the changes will merely pull former EU law properly into UK regulatory rulebooks with minor tweaks, but other proposals are new and significant and include a number of new regulated activities. With the Financial Services and Markets Act 2023 (FSMA 2023) now law and a new government in place, firms can look to how the UK’s smarter regulatory framework will be built – a framework which will apply for years to come.
UK financial regulators issue guidance on authorised person changes in control

Nov 11, 2024 | pinsentmasons.com | Elizabeth Budd

Financial services experts Elizabeth Budd and Josie Day were commenting after the joint policy statement (PS18/24) - PS18/24 – Supervisory statement – Prudential assessment of acquisitions and increases in control | Bank of England - was published. The guidance is to assist potential controllers of an FCA or PRA authorised person better understand the regulators’ expectations for identifying controllers and the change in control process.
UK financial firms require robust non-financial misconduct systems

Oct 28, 2024 | pinsentmasons.com | Chris Evans |Elizabeth Budd

Elizabeth Budd, financial services regulation expert at Pinsent Masons, was commenting after the FCA of its comprehensive survey on culture and non-financial misconduct within the UK’s financial services sector. The survey, which gathered data from over 1,000 investment banks, brokers, and wholesale insurance firms, highlights significant trends and areas for improvement in workplace culture and conduct.
UK financial firms can expect more auditor challenges following FCA investigations

Aug 20, 2024 | pinsentmasons.com | Anthony Harrison |Elizabeth Budd

An FCA investigation revealed that between 2015 and 2019, Macintyre Hudson LLP (MHA) failed to prepare four client asset reports to the required standards. These reports, which are crucial for ensuring firms comply with the FCA’s client assets sourcebook (CASS) rules, were found to be deficient in several areas. The auditor failed to identify and report 25 breaches of the CASS rules by two regulated firms.
King’s Speech: changes afoot for UK’s financial services sector, further details awaited

Jul 22, 2024 | pinsentmasons.com | Elizabeth Budd

The King’s speech last week outlined the Labour government’s legislative priorities. The Bank Resolution (Recapitalisation) Bill contains proposals for broadening the Bank of England’s response capabilities for bank failures. The bill focuses on smaller institutions, with proposals for enabling the Bank of England to request Financial Services Compensation Scheme (FSCS) funds for use in the resolution of failing small banks, and for the FSCS to recover such funds from the banking sector.
FCA publishes framework for the implementation of the overseas funds regime

Jul 22, 2024 | pinsentmasons.com | Elizabeth Budd

The OFR will be open for new scheme applications on 2 September, and the first landing slot for firms in the Temporary Marketing Permissions Regime (TMPR) will open from 1 October. The FCA’s framework (66 pages / 932 KB) enables non-UK domiciled funds to be marketed to UK retail investors, subject to a successful application to the FCA, aiming to foster a more diverse investment landscape.
FCA roadmap provides welcome clarity on new UK overseas funds regime

May 8, 2024 | pinsentmasons.com | Elizabeth Budd

Published following consultation by the FCA, the document (10-page / 299KB PDF) sets out rules and guidance which will support the OFR – the new framework allowing funds established outside the UK to be recognised by the FCA. The OFR is expected to go live later this year and will replace the short-term temporary marketing permission regime (TMPR) that was put in place following the UK’s exit from the EU.
TCFD-aligned climate reporting in the UK

Jul 31, 2023 | pinsentmasons.com | Elizabeth Budd |James Dunham

Without the right information, investors and others may incorrectly price or value assets, leading to a misallocation of capital. Climate change presents financial risk to the global economy. Financial markets need clear, comprehensive, high-quality information on the impacts of climate change. The Task Force on Climate-Related Financial Disclosures (TCFD) was created by the G20’s Financial Stability Board with the aim of improving and increasing reporting of climate-related financial information.
Real-time financial market data will make UK more attractive to do business’

Jul 12, 2023 | pinsentmasons.com | Elizabeth Budd

The systems, known as ‘consolidated tapes’ or ‘ticker tapes’, collate market data, such as prices and volumes. Major exchanges like the New York Stock Exchange already use consolidated tapes to report trades and quotes – but there are no consolidated tapes used in the UK. The proposal is limited to post-trade data for bonds.
Proposed reforms to UK asset management regime welcomed

Feb 24, 2023 | pinsentmasons.com | Elizabeth Budd

According to a new discussion paper (49 pages / 712KB PDF), the FCA has suggested that a more tailored regime would improve asset management regulation and better meet “the needs of UK markets and consumers”. It follows proposals in the government’s Future Regulatory Framework (13 pages / 232KB PDF) to make the FCA responsible for oversight of the sector – including whether to diverge from EU asset management regulations that were retained in UK law after Brexit.