Complyport is pleased to have presented our webinar ‘Implementing Vulnerable Customers policies and processes that work’, held on 2 August 2021. This webinar was presented in collaboration with the London Governance & Compliance Academy (LGCA). This session was delivered by Peter Wilson, a manager at Complyport and inhouse specialist on [...]

The FCA has fined LBGI (Lloyds Bank General Insurance Limited, St Andrew’s Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax General Insurance Services Limited) £90,688,400 for failing to ensure that language contained within millions of home insurance renewals communications was clear, fair and not misleading. Between January 2009 and [...]

On 7 July 2021, the FCA, the PRA and the Bank of England published a discussion paper on regulatory plans to improve diversity and inclusion in financial services. In the discussion paper, the regulators have set out policy options including, among others, the use of targets for representation, measures to make [...]

On 29 June 2021, the FCA published Policy Statement PS21/6 which is the first of the Policy Statements issued to introduce the UK Investment Firms Prudential Regime (IFPR). IFPR is a new prudential regime for UK firms authorised under the Markets in Financial Instruments Directive (MiFID).  This is the first [...]

On 28 June 2021, the FCA announced that it had fined claims management company, Crosfill & Archer Claims Limited, £110,000. This fine was for making unsolicited telemarketing calls to people who registered not to receive this type of sales call, where the firm had no evidence they had consented to [...]

On 30 June 2021, the FCA published its review of host Authorised Fund Management firms.  The FCA wanted to test the viability of the host Authorised Fund Manager (AFM) business models and assess whether conflicts of interests were being effectively managed. The FCA included a range of AFMs that delegate [...]

On 17 June 2021, the FCA published research estimating that 2.3 million adults now hold cryptoassets (up from 1.9 million last year). 78% of adults have now heard of cryptoassets, up from 73% in a year. The consumer research shows that as holding cryptoassets has become more common, attitudes to [...]

On 3 June 2021, the FCA announced it would extend the end date of the Temporary Registrations Regime (TRR) for existing cryptoasset businesses from 9 July 2021 to 31 March 2022. The TRR was established last year to allow existing cryptoasset firms that applied for registration before 16 December 2020, [...]

On 5 July 2021, the FCA confirmed the rules funeral plan providers will have to follow when they come under regulation from 29 July 2022. The new rules will introduce high standards in the funeral plans market and require firms to ensure that plans are sold fairly, perform as expected [...]

On 6 July 2021, the FCA published a review of 18 fund managers between July 2020 and May 2021, covering different business models and sizes, and found most had not implemented Assessments of Value (AoVs) arrangements that met FCA standards. The FCA requires Authorised Fund Managers (AFMs) to carry out [...]

In July 2021, the Financial Action Task Force (FATF) issued recommendations on Opportunities and Challenges of New Technologies for Anti-Money Laundering/Countering the Financing of Terrorism. New technologies can improve the speed, quality and efficiency of measures to combat money laundering and terrorist financing. They can help financial institutions and supervisors, [...]

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 [...]