The Bank of Russia published a list, 1st June 2021, of over 1,800 organisations and internet projects, where they have “identified signs of a financial pyramid, an illegal creditor or a professional securities market participant”. Bank of Russia publishes list of companies with signs of illegal activity | Bank of [...]

Written by Mike Dalmiras – Consultant The implementation of the new Investment Firms Prudential Regime (IFPR) is at the top of the UK regulatory agenda for this year. The new regime, which is for firms authorised under the Markets in Financial Instruments Directive (EU/2014/65) (“MiFID”), is set to come into [...]

On 26 April 2021, the Global Anti-Corruption (GAC) sanctions regime was established via The Global Anti-Corruption Sanctions Regulations 2021. The primary legislation underpinning the Regulations is the Sanctions and Anti-Money Laundering Act 2018. The GAC sanctions regime allows the UK government to impose sanctions in response to serious corruption around [...]

On 6 May 2020, following a trial, the High Court ordered the payment of nearly £3.62 million in restitution to members of the public who bought shares that were promoted unlawfully. The defendants (Lee Skinner, Tyrone Miller, Clive Mongelard and Karen Ferreira) failed to satisfy this order. Subsequently, the FCA made applications [...]

The Investment Firm Prudential Regime (IFPR) introduces a new prudential regime for MiFID investment firms regulated by the FCA. It will create a single, proportionate regime that reflects firms’ size and business.  The regime focuses prudential requirements on the potential harm to consumers, clients, and the market. It includes the amount of [...]

On 20 April 2021, the FCA announced that it would publish its 2021/22 Business Plan in July, rather than April. The Business Plan will be published alongside its 2020/21 Annual Report and Accounts, and will include an update on its plans for transforming the FCA. https://www.fca.org.uk/news/statements/fca-business-plan-2021-22 [...]

On 29 April 2021, following feedback to its Call for Input (CFI) on Consumer Investments, the FCA has published proposals to strengthen its financial promotion rules for high-risk investments to help retail investors make more effective decisions. The discussion paper focuses on 3 main areas where the FCA intends to [...]

On 30 April 2021, the FCA launched a consultation on proposed changes to its Listing Rules for certain special purpose acquisition companies (SPACs). In CP21/10, the FCA proposes amending rules to allow an alternative approach for listed SPACs that are able to demonstrate the higher levels of investor protection that [...]

On 15 April 2021, the FCA banned Simon Varley from working in financial services and fined him £68,300 for knowingly performing a controlled function without approval and for providing investment advice to retail customers when he knew he was not qualified or approved to do so. The FCA also found [...]

On 23 April 2021, the FCA published a new webpage on climate change and sustainable finance. The FCA states that its sustainable finance strategy is based on 3 themes: Transparency – promoting good disclosures along the investment chain. Trust – ensuring that the market delivers sustainable finance instruments and products [...]

On 22 April 2021, Charles Randell, Chair of the FCA, gave a speech to the Finance & Leasing Association. The highlights were: To be effective in the new world of financial services that coronavirus has brought forward, the FCA must enforce the gateway to authorisation; focus on the basics; focus [...]

On 13 April, the FCA published a speech delivered by Nausicaa Delfas (Executive Director of International and Interim Chief Operating Officer) on regulating the UK as a global financial centre. Extracts of the speech are set out below. Regulating for UK markets Post-Brexit, in the wholesale market, the FCA is [...]

On 26 April 2021, the FCA published a speech delivered by Mark Steward (Executive Director of Enforcement and Market Oversight) on 31 March 2021, on compliance, culture and evolving regulatory expectations. Extracts from the speech are set out below. The speech highlights: The Senior Managers Regime (SMR) has changed the [...]

written by William Jamieson – Manager, Regulatory Services. The COVID-19 Pandemic demonstrated two things. First, we humans are relatively good at adapting to changed circumstances and trying to carry on as best we can. Second, criminals will find opportunity even in adversity and will exploit it mercilessly. Nowhere is this [...]

Written by Peter Wilson – Manager Appointed Representatives (ARs) are a common way for principal firms to grow their business without the need to go through the sometimes costly and time-consuming FCA authorisation process. The principal and AR relationship also provides the opportunity for the AR to grow a brand [...]

Speaking at the Personal Investment Management & Financial Advice Association (Pimfa) Virtual Fest V2, FCA director of life insurance and financial advice Debbie Gupta the FCA admitted that admitted the Financial Services Compensation Scheme (FSCS) levy is unsustainable. She added that the regulator shares the frustration of wealth managers and [...]

On 16 March 2021, the FCA announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under the Money Laundering Regulations 2007 (MLR 2007). The FCA alleges that NatWest failed to adhere to the requirements of regulations 8(1), 8(3) and 14(1) of MLR [...]

The FCA has confirmed changes to its rules to allow for an increase in the single transaction contactless payment threshold from £45 to £100. The contactless threshold for multiple transactions will also increase from £130 to £300. These changes will allow the industry to increase the limit for contactless payments [...]

Mortgages The FCA’s Mortgages Tailored Support Guidance sets out its expectation that firms should not enforce mortgage repossessions, except in exceptional circumstances, before 1 April 2021. The FCA published updated draft guidance for firms from 1 April 2021, to ensure that mortgage customers whose homes may be repossessed are treated [...]