PRA’s business plan for 2020/2021

On 9 April 2020, the PRA published its business plan for the year ahead. The PRA confirms that it has had to reassess its plans in light of COVID-19 and re-prioritise work and resources. In addition to cancelling the annual cyclical scenario stress test, delaying certain skilled person reviews and [...]

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FCA Business Plan 2020/21

On 7 April 2020, the FCA set out its business priorities for the year ahead, with a specific focus on the challenges presented by the Covid-19 pandemic. Throughout the pandemic, the FCA aims to: (i) protect the most vulnerable, ensuring that they can get the financial services and the help [...]

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PRA BOE Operational Resilience: Impact tolerances for important business services PS6/21

On 29 March 2021, the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), and the Bank of England (‘the Bank’) in its capacity of supervising financial market infrastructures (FMIs), collectively ‘the supervisory authorities’ jointly issued a paper on Operational Resilience. A key priority for the supervisory authorities is to [...]

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FCA Building operational resilience

On 29 March 2021, the FCA published its final rules and guidance on new requirements to strengthen operational resilience in the financial services sector – PS21/3. In December 2019, the FCA consulted – in CP19/32 – on proposed changes to how firms approach their operational resilience. The FCA developed these [...]

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Basel Committee proposes amendments to rules on haircut floors for securities financing transactions

On 26 January 2021, the Basel Committee on Banking Supervision published for consultation two technical amendments to the standard on minimum haircut floors for securities financing transactions (“SFTs”). The technical amendments seek to address an interpretative issue relating to collateral upgrade transactions and correct for a misstatement of the formula [...]

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FATF Plenary 22 to 25 February 2021

The Financial Action Task Force (“FATF”) held a Plenary meeting between 22 and 25 February 2021.  Delegates representing the 205 members of the Global Network and observer organisations, such as the IMF, the United Nations and the World Bank, worked through a full agenda to strengthen global safeguards to detect, [...]

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The Kalifa Review of UK FinTech

On 26 February 2021, HM Treasury published an independent report on the UK Fintech sector by Ron Kalifa OBE.  At the Budget 2020, the Chancellor asked Ron Kalifa OBE to conduct an independent review to identify priority areas to support the UK’s fintech sector. The Review formally launched in July [...]

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FCA consultation paper on Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money – Our Approach’ and the Perimeter Guidance Manual

On 28 January, the FCA published a consultation paper which proposed amendments to the SCA‑RTS, as well as updates and additions to its published guidance in the Regulatory Technical Standards, Perimeter Guidance Manual and the Approach Document. The FCA notes that it is proposing changes to the SCA‑RTS to support [...]

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FCA review on Implementing Technology Change

On 5 February 2021, the FCA published its review on Implementing Technology Change.  This review sets the FCA’s findings from its cross-Financial Services change management review which looked at how financial firms manage technology change, the impact of change failures and the practices utilised within the industry to help reduce [...]

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FCA launches new online fees portal

On 12 April 2021, the FCA is launching a new online invoicing portal for users to access their invoices and arrange payment of their fees. Firms should continue using the existing invoicing online portal for now.  The existing portal will no longer be available after 31 March 2021.  There will [...]

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