With its deadline in January earlier this year, the Investment Firms Prudential Regime (IFPR) has brought in a number of significant changes for FCA authorised firms. The changes, which apply to all firms authorised by the FCA under MiFID (the Markets in Financial Instruments Directive) as well as those firms [...]
FCA Consumer Duty rules provide stronger focus on what consumers need to make good financial decisions The introduction of the new FCA consumer duty rules will ensure financial services firms recognise the impact their services and products have on the consumer and provide a safeguard from exploitation. The FCA has [...]
Last month features the release of the revised AML/CTF FATF Guidance for the real estate sector. The update, which was first agreed in June 2021, addresses the required risk-based approach for the sector, given how appealing the sector is to the criminal fraternity. Further, data gathered by FATF during its [...]
Last week we have seen the introduction of New Russian sanctions measures continuing to be introduced. Some of the restrictions have come into immediate effect, whilst others have forward reaching implementation dates. The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 (the “Amending Regulations”) came into force on 21 [...]
In September 2021, the UK Government launched its public consultation exercise, “Data: A new direction”, to help inform its intended development and proposals of how it wished to reform the UK’s data protection laws. Part of the Government’s 10 Tech Priorities, the consultation included some revolutionary ideas with the intention [...]
You may have seen an article we wrote in March this year on the risks associated with mobile messaging and how regulating record keeping practices in financial services firms is slowly becoming a priority amongst the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Additionally, [...]
In the “Corruption Crackdown: Amending the Economic Crime Bill” article we published on the 21st March 2022, we explained how changes were on their way for the Office for Financial Sanctions Implementation (OFSI). With the new Economic Crime (Transparency and Enforcement) Act 2022 these changes came to fruition, in particular [...]
The government is to strengthen the regulation of interest-free Buy-Now Pay-Later agreements, in order to protect the millions of Britons currently utilising this service to manage their finances by spreading costs. The announcement, that Buy-Now Pay-Later Credit firms will need to become FCA Authorised, comes as a result of the [...]
From the end of July 2022, it will be a criminal offence for funeral plan providers to sell funeral plans unless they are authorised by the FCA. Up until the 29th of July, funeral plan activities are exempt from regulation under the Regulated Activities Order, meaning the market is only [...]
All regulated or supervised firms are covered by the requirements of the Proceeds of Crime Act 2002 (as amended) and its requirements to report to the relevant Financial Intelligence Unit (FIU). In the case of the UK, this is the National Crime Agency (NCA). A regulated or supervised firm should [...]
The fast, no-fuss, easy to access and control accounts that challenger banks claim to be offering are attractive to the consumer who desires speed and agility. However, this also seems to be attracting the attention of criminals—specifically those who intend to set up “money mule networks”. In order to capture [...]
Banks that have failed to apply even the most minimal of checks when handing out loans will be challenged. That is the message from the British Business Bank which has promised to investigate and condemn any banks that have taken taxpayer money to recoup losses from fraudulent Covid loans without [...]
Historically, Financial Action Taskforce (FATF) evaluations focused on their member countries having implemented the recommendations. Now, the evaluations focus much more heavily on the effectiveness of the implementation. This is a firm move away from it being acceptable to have simply put procedures in place; now, countries also have to [...]
The FCA has recently set out its proposals for Early and High Growth Oversight. This scheme is an acknowledgement that newly-authorised firms “can face challenges in meeting their regulatory obligations in the first few years after authorisation.” As such, following a successful pilot, the FCA is launching the Early and [...]
The recent call from HM treasury to make the UK “a global cryptoasset technology hub” has sent ripples throughout the financial technology (fintech) industry. However, the Chancellor’s aspirational ‘sales pitch’ for the UK is out of step with the more cautious views expressed by figures from the Financial Conduct Authority [...]
Fraud-related losses of £1.9bn were reported to Action Fraud, the UK reporting centre for fraud and cybercrime, between November 2020 and December 2021. These recently released findings follow increasing reports of online fraud, and a call from Baroness Morgan, chair of the Lords Committee on the Fraud Act 2006 and [...]
Regulating record-keeping practices, whilst important, has not always been a top priority for financial services regulators around the world—especially as the monitoring of such activity (to a greater or lesser degree) is examined through the lens of data protection legislation. However, regulatory approaches are changing: the U.S. Securities and Exchange [...]
According to Transparency International’s 2016 Report ‘Corruption on your Doorstep’, London acts as a “safe haven” for corrupt capital stolen from around the world because anti-money laundering checks can be bypassed, making London the preferred option “not only for legitimate business but also for embezzled, stolen, or illegally gained wealth”. [...]
After the UK left the EU on 31 January 2020 (“Brexit”), the United Kingdom started following new rules under its own Sanctions and Anti-Money Laundering Act. No longer subject to EU directives related to anti-money laundering (AML), the UK gained a flexible margin that allowed legislators to create a domestic [...]
On 20 July 2021, the EU Commission put forward an ambitious new AML (anti-money laundering) package which consists of three new Regulations and a Directive to strengthen the current EU AML/CTF (counter-terrorist financing) regime. The proposals aim to bring about a more consistent and harmonised approach across the EU. This [...]
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