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2 months ago | 
mondaq.com | Jonathan Herbst |Hannah Meakin |Matthew Gregory |Katie Stephen
In this article we look at key regulatory topics for 2025 thatwill have a significant impact on institutions operating in the UKfinancial services space. We have not attempted to list everysingle reform expected this year but rather pick out the topreforms in both the wholesale and retail space, as well as the keyregulatory enforcement developments to be aware of.
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Nov 18, 2024 | 
mondaq.com | Katie Stephen
In oral evidence before the House of Lords Financial Services
Regulation Committee on Wednesday, the FCA gave an update on its
'name and shame' proposals confirming that it is not going
to move forward with the proposals as constituted and that it will
come back in the next week or so with fundamentally reshaped
proposals. Key takeaways as follows:
No decisions on the proposals have been or will be taken until
Q1 2025, when revised proposals will go to the FCA Board.
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Nov 13, 2024 | 
mondaq.com | Katie Stephen
Failure To Prevent Fraud: Government Guidance Published And Countdown To New Offence Begins The government has today published general guidance on the new failure to prevent fraud offence and has confirmed the offence will come into effect on 1 September 2025. As expected, the guidance covers...
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Sep 25, 2024 | 
mondaq.com | Katie Stephen
Therese Chambers has given a speech today confirming next steps
on the FCA's proposals to announce investigations (originally
set out in CP24/2), following some particularly strong push back
from the industry and government ministers (the FCA notes that it
received over 130 responses and the regulated community was
"overwhelmingly against" the plan).
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Jul 18, 2024 | 
mondaq.com | Jonathan Herbst |Katie Stephen |Rebecca Dulieu |Simon Lovegrove
In the sixth podcast in our DE&I series, Jonathan Herbst,
Katie Stephen, Rebecca Dulieu and Simon Lovegrove discuss
non-financial misconduct including previous FCA enforcement action,
the FCA's proposals in CP23/20 and the practical steps that
firms can take in this area. The podcast is the first in a planned
mini-series that will focus on this complex and evolving topic.
Spotify/Apple
The content of this article is intended to provide a general
guide to the subject matter.
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Jul 16, 2024 | 
mondaq.com | Katie Stephen |Catherine Pluck
Earlier this year the UK Financial Reporting Council
(FRC) published
its plan and budget for 2024-25 (the 24-25
Plan), setting out its revised strategic objectives. The
FRC is aiming for a year of “consolidation and
prioritisation”, with a key priority being to further embed
the FRC's ‘growth duty' into all regulatory
decision making. This briefing considers the enforcement aspects of
the 24-25 Plan, including the FRC's key enforcement
deliverables for the months ahead.
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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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Mar 15, 2024 | 
regulationtomorrow.com | Katie Stephen |Hannah Meakin |Matthew Gregory |Catherine Pluck
On 8 February 2024, the FCA published a statement confirming that the Upper Tribunal (UT) had decided not to suspend restrictions that the Financial Conduct Authority (FCA) has placed on e-money firm Nvayo Limited (Nvayo). These restrictions, which appear on the FCA’s register, include restrictions on the business the firm can do. They were imposed by the FCA as a result of serious concerns it had about the firm, including its compliance with anti-money laundering (AML) rules.
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Mar 13, 2024 | 
regulationtomorrow.com | Katie Stephen |Hannah Meakin |Haney Saadah |Lizzie Cox
On 5 March 2024, the Financial Conduct Authority (FCA) issued a warning to firms about common failings it has identified in firms’ financial crime controls. It wrote to CEOs of Annex 1 firms, setting out the findings from its recent assessments of how firms are complying with anti-money laundering (AML) regulations.
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Feb 20, 2024 | 
mondaq.com | Katie Stephen |Rebecca Dulieu
On 7 February 2024 the FCA published a letter to all regulated Lloyd's managing
agents, London market insurers and Lloyd's and London market
brokers and MGAs (dated 6 February 2024), requesting information
relating to incidents of non-financial misconduct. Culture and
non-financial misconduct clearly remain focus areas for the
FCA.
