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

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.

Guidelines on remuneration practices under UCITS and AIFMD
14th October 2016 - European Securities and Markets Authority

The European Securities and Markets Authority (ESMA) has published two sets of Guidelines:

  • Guidelines on Sound Remuneration under UCITS (UCITS Remuneration Guidelines) and

  • Guidelines on Sound Remuneration under the AIFMD (AIFMD Remuneration Guidelines)

This follows the ESMA final report on Guidelines on sound remuneration policies under the UCITS Directive and AIFMD in March of this year. The Guidelines apply from 1st January 2017.

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

Applying conduct rules to all non-executive directors in the banking and insurance sectors
29th September 2016 - Financial Conduct Authority

The FCA are consulting on applying their Code of Conduct sourcebook (COCON) to *standard non-executive directors (NEDs) in banks, building societies, credit unions and dual-regulated investment firms (relevant authorised persons - RAPs) and insurance firms.

*For the purposes of this CP, ‘standard NEDs’ means those NEDs who are not subject to regulatory pre-approval under the Senior Managers Regime (SMR) for RAPs or the Prudential Regulation Authority’s (PRA) Senior insurance Managers Regime (SIMR) and the FCA-revised Approved Persons Regime for insurance firms.

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

Guidance on the duty of responsibility: CP16/26
29th September 2016 - Financial Conduct Authority

The FCA are consulting on proposals to amend the Decision Procedure and Penalties Manual (DEPP) that will give guidance on how they will enforce the ‘duty of responsibility’ which came into force on 10th May 2016.

Under the duty of responsibility, the FCA and the PRA can take enforcement action against Senior Managers if they are responsible for the management of any activities in their firm in relation to which their firm contravenes a regulatory requirement, and they do not take such steps as a person in their position could reasonably be expected to take to avoid the contravention occurring or continuing.

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

Senior Management Function - Overall responsibility and the legal function
28th September 2016 - Financial Conduct Authority

The purpose of this Discussion Paper is to clarify how and why the legal function is currently captured under the SMR, and to consider whether the legal function should continue to be part of the SMR going forwards.

Should the FCA need to take forward any further policy proposals, they will issue a Consultation Paper in due course.

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

FCA proposes new measures to maintain firms’ focus on culture
28th September 2016 - Financial Conduct Authority

The Financial Conduct Authority (FCA) will mark six months since the implementation of the Senior Managers’ and Certification Regime by providing feedback on implementation so far and proposing measures to further strengthen the regime.

The proposed rules will reinforce the importance of individual accountability at the most senior level of organisations. The new measures are part of the FCA’s continued focus on culture and build on initiatives which further help the FCA identify and assess key senior individuals.

The FCA has confirmed final rules on regulatory references, which clarify the information that firms are required to share with one another as part of recruiting to key roles. The FCA have also issued a suite of documents for consultation which we will bring to you through our regulatory update system in due course.

The Senior Managers’ and Certification Regime will be extended to all regulated financial services firms from 2018’.

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

Amending the definition of financial advice
20th September 2016 - Her Majesty's Treasury

As announced at Budget 2016, the government is consulting on amending the UK definition of financial advice.

This, say the government, will give firms the confidence to develop better and more tailored guidance services to help customers make informed financial decisions and in particular consumers that have relatively straightforward financial needs or small amounts to invest. For such consumers, the cost of full regulated advice may outweigh the benefits, or it may be uneconomic for firms to provide them with regulated advice.

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



 

New Broad Street House 35 New Broad Street London EC2 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