General Regulatory News

Compliancy Services Directors
Our Directors and Consultants share their insights and opinions on general regulatory issues facing the UK financial services sector.

 

Featured Article

Stay informed with our Monthly Newsletter

 

Regulatory Updates

Click to Expand

Individual Accountability: Extending the Senior Managers & Certification Regime
26th July 2017 - Financial Conduct Authority

After the financial crisis, Parliament recommended the development of a new accountability system that was more focused on senior managers and individual responsibility.

From these recommendations, the FCA created a new Senior Managers and Certification Regime (the ‘SM&CR’).

This was applied to banks, building societies, credit unions and PRA-designated investment firms from March 2016 and replaced the Approved Persons Regime for them.

The FCA is now replacing the Approved Persons Regime with the Senior Managers and Certification Regime in almost all financial services firms, not just banks.

This consultation paper does not affect insurers or approved persons

Login to the online compliance management system to read the full detail.

ICO publishes International Strategy
4th July 2017 - Information Commissioner

The Information Commissioner’s Office (ICO) has published its first ever International Strategy to help it meet overseas data protection challenges including increased globalism, changing technology, GDPR and Brexit.

The strategy aims to enhance privacy protection for the UK public, no matter where in the world potential threats and risks emanate from. It also commits the ICO to learning about new ideas and developments emerging from other countries.

Login to the online compliance management system to read the full detail.

HMT Regulatory Innovation Plan
4th April 2017 - Her Majesty's Treasury

The Regulatory Innovation Plan, from HMT, shows how financial services regulators are ensuring their approach to regulation supports innovation.

The innovation plan covers a number of actions financial services regulators are undertaking to create a more supportive regulatory and enforcement framework for new business models and disruptive technologies while breaking down barriers to entry and boosting productivity in financial services.

Login to the online compliance management system to read the full detail.

FCA Handbook Notice - 42
31st March 2017 - Financial Conduct Authority

The FCA regularly issues Handbook Notices setting out changes it is intent on making. This Handbook Notice also provides feedback on FCA consultations that will not have a separate Policy Statement.

Login to the online compliance management system to read the full detail.

GDPR Data Protection Guidance – what to expect and when
3rd February 2017 - Information Commissioner

The Information Commissioners Office (ICO) has provided a further update on its work towards the General Data Protection Regulation (GDPR) which will apply in the United Kingdom from 25th May 2018.

The ICO consider that they are now moving from Phase 1 to Phase 2; indicating previously that these would overlap.

The ICO will continue to work on three main areas:

  1. European level guidance in the form of Article 29 Working Party (WP29) guidelines
  2. ICO guidance
  3. Other policy work

Login to the online compliance management system to read the full detail.<

Final changes to enhance enforcement decision-making processes
1st February 2017 - Financial Conduct Authority

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have published final changes in a Policy Statement (PS) aimed at strengthening the transparency and effectiveness of their enforcement decision-making processes.

The consultation and policy recommendations covered the full lifecycle of an investigation.

Login to the online compliance management system to read the full detail.

Transparency International Corruption Perceptions Index 2016
25th January 2017 - Other

The latest Corruption Perceptions Index has been released by Transparency International. This is an annual event and one that forms a major part of a firms geographical risk assessment.

Login to the online compliance management system to read the full detail.

European Supervisory Authorities consult on 'Big Data'
19th December 2016 - Other

The Joint Committee of the European Supervisory Authorities comprising of the EBA, EIOPA, and ESMA (ESAs) have launched a public consultation about the potential benefits and risks of 'Big Data' for consumers and financial firms to determine whether any further regulatory or supervisory actions may be needed.

Login to the online compliance management system to read the full detail.

FOS News - Mental Health Issues - Financial Services
8th December 2016 - Other

The Financial Ombudsman Service has produced ‘Ombudsman-News 138’ and in this issue the Ombudsman concentrates on mental health issues.

Aside from the debilitating aspects of mental health it seems that not all firms are taking into consideration the possibility that their client or potential client may be suffering from mental health difficulties before providing financial facilities or during the course of any contract.

Login to the online compliance management system to read the full detail.

FSCS Outlook - Supplementary Levy - December issue 2016
1st December 2016 - Other

The Financial Services Compensation Scheme (FSCS) has produced its December issue of Outlook.

Below we summarise the proposal to impose / refund  a supplementary levy on some classes of business:

  • General Insurers - a new supplementary levy

  • Life and Pensions Advisers - a new supplementary levy

  • Home Finance Intermediaries - a new supplementary levy

  • Investment advisers - £60m refund

The FSCS may need to spend more from the approved management budget and expect to make a final decision on all matters in January next year.

Login to the online compliance management system to read the full detail.

Capping early exit pension charges for consumers
15th November 2016 - Financial Conduct Authority

The Financial Conduct Authority (FCA) has announced its final rules on capping early exit charges for consumers eligible to access the government’s pension reforms from age 55.

  • From 31st March 2017, early exit charges will be capped at 1% of the value of existing contract-based personal pensions, including workplace personal pensions

  • Early exit charges that are currently set at less than 1% may not be increased

  • Firms will not be able to apply an early exit charge to personal pension contracts entered into after these rules take effect

Login to the online compliance management system to read the full detail.

The FCA Mission – a consultation
26th October 2016 - Financial Conduct Authority

The Financial Conduct Authority (FCA) launched on the 26th October 2016 a consultation on its Mission, which is designed to provide a guiding set of principles around the strategic choices the FCA makes. It will inform the FCA’s strategy and day-to-day work over the coming years.

In developing the Mission, the FCA will be seeking engagement across the breadth of its stakeholders. Consultation with these groups will have a fundamental impact on the shape of the final strategy.

Login to the online compliance management system to read the full detail.

Solvency II: Reporting of National Specific Templates – CP37/16
25th October 2016 - Prudential Regulation Authority

In Policy Statement (PS) 2/15 ‘Solvency II: a new regime for insurers’, the Prudential Regulation Authority (PRA) published National Specific Templates (NSTs) and accompanying LOG files. The templates are currently published in Excel format.

In this Consultation Paper (CP), the PRA proposes changes to the NST file type and reporting format and presents a number of reporting clarifications and technical corrections relating to the accompanying NST LOG files.

Login to the online compliance management system to read the full detail.

How the ICO will be supporting the implementation of the GDPR
24th October 2016 - Information Commissioner

The government has now confirmed that the UK will be implementing the General Data Protection Regulation (GDPR).

This overview is for those who have day-to-day responsibility for data protection and highlights the key themes of the General Data Protection Regulation to help organisations understand the new legal framework in the EU. It explains the similarities with the existing UK Data Protection Act 1998 (DPA), and describes some of the new and different requirements.

Login to the online compliance management system to read the full detail.

Working together for an ‘ethical lift’ across finance
20th October 2016 - Bank of England

Bank of England Deputy Governor Minouche Shafik and Executive Director James Proudman spoke at the New York Federal Reserve’s conference on the 20th October 2016 ‘Reforming Culture and Behaviour in the Financial Services Industry: Expanding the Dialogue’.

Login to the online compliance management system to read the full detail.



 

New Broad Street House 35 New Broad Street London EC2M 1NH

Tel: 020 7060 4499 Email: info@compliancy-services.co.uk

Copyright © 2015 Compliancy Services Ltd     Company Registration Number: 04954156

Registered Office: 69 Hermitage Road, Hitchin, Hertfordshire SG5 1DB

Please note that calls may be recorded for training and monitoring purposes