FCA to regulate pre-paid funeral plans

The sale of pre-paid funeral plans is currently regulated by the Funeral Planning Authority (“FPA”), a self-regulatory body, rather than the Financial Conduct Authority (“FCA”). Due to concern about the potential risk to consumers within this sector, the UK government is intending to bring all pre-paid funeral plans within the [...]

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FCA Data on UK Financial Crime

Of relevance to: All firms In a speech by Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the Financial Conduct Authority (“FCA”), delivered at the Anti-Money Laundering TechSprint event on 22 May 2018, the FCA revealed that 2,100 firms, including all the major banks and life [...]

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Data Protection Act 2018

Of relevance to: All regulated firms Key dates: Royal Assent 23 May 2018 The Data Protection Act 2018 replaces the Data Protection Act 1998 and provides a comprehensive legal framework for data protection in the UK, supplemented by the General Data Protection Regulation (“GDPR”) until the UK leaves the European [...]

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FCA and PRA multi-firm review on Algorithmic Trading Compliance in Wholesale Markets

Of relevance to: All firms carrying out algorithmic trading in wholesale markets The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have been reviewing firms’ algorithmic trading activity and issued supervisory publications. For firms solo-regulated by the FCA, please refer to the FCA supervisory publication. Firms regulated by the [...]

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FCA Business Plan and Outlook

Around this time of the year the FCA publishes its Risk Outlook (identifying the most important areas of focus) and its Business Plan (setting out the Regulator’s priorities for the year ahead). In a break with tradition the FCA has decided to  combine the two in the publication of its [...]

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Hedge Funds and Systemic Risk

The FSA has published the findings from the latest Hedge Fund Survey (HFS) and Hedge Fund as Counterparty Survey (HFACS). As will be known from earlier Regulatory Roundups e.g. issue 9, the FSA carry out these surveys every six months or so in order to analyse the systemic risk posed [...]

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Derivative Risk

The FSA has published proposed guidance on derivative risk management practices following a survey of twelve asset managers. Although a ‘derivative risk management process’ is normally associated with authorised funds (COLL 5.2.24), the thematic review looked beyond COLL (‘taking a holistic and outcomes approach ..’) with the survey taking in [...]

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Financial Risk Outlook

Somewhat later than usual the FSA has published its 2010 Financial Risk Outlook. The FSA’s 2010/11 Business Plan (‘BP’) will follow in the next few days. It should cover the period 1/4/10 to 31/3/11, although page 73 of the FRO does refer to 2011/12. The purpose of the FRO is [...]

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Digestif

And to round off a heavy FRO 2010 the FSA recommend the Asset Management Sector Digest 2010. There are nine key messages in the publication, four of which are deemed ‘priority risks’ being: Controls over client money and assets; The valuation of assets in funds; Platforms; and (of course) The [...]

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Hedge Funds and Systemic Risk

Neatly following on from the latest developments in the ongoing AIFM saga is the publication by the FSA on ‘Assessing possible sources of systemic risk from hedge funds’. The FSA conducts two different surveys every six months: Hedge Funds as Counterparties Survey (“HFACS”) – which has been running for 5 [...]

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