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 publishes draft rules on how it will regulate Claims Management Companies

The Financial Conduct Authority (“FCA”) has published draft rules outlining how it will regulate Claims Management Companies (“CMCs”) when regulation passes to it on 1 April 2019. At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs. The claims management industry has grown substantially [...]

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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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ICO: Data Protection registration and fees

Of relevance to: All firms processing personal data, including data controllers currently registered with the ICO Key date: Applicable from 25 May 2018 The General Data Protection Regulation (“GDPR”) removes the requirement for data controllers to register with the Information Commissioner’s Office (“ICO”). However, new UK regulations, with effect from [...]

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GDPR – Are you ready?

Of relevance to: All firms Key date: Are you ready for 25 May 2018? Are you ready? On 25 May 2018, the General Data Protection Regulation (“GDPR”) will come into effect for all firms operating within Europe as well as firms outside of Europe which have data come in from, [...]

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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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SM&CR: FCA to consult on proposals to make information available on a wider range of individuals at authorised firms

Of relevance to: All FCA-regulated firms not currently within the Senior Managers & Certification Regime Key date: Summer 2018 The Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”) currently maintain a public Financial Services Register (“the FS Register”) of the firms they regulate and the individuals they have [...]

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FCA Review: Suitability

Of Relevance to: Firms providing personal recommendations to retail customers The FCA seems happy with the outcome of a review of suitability it undertook last year which captured 1,142 individual pieces of advice given by 656 firms. The review looked at pension and investment personal recommendations delivered by firms to [...]

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