Money Market Funds Regulations 2018

The Money Market Funds Regulations 2018 (the “UK MMF Regulations”) are made in relation to EU Regulation 2017/1131 on money market funds (“MMF Regulation”) which will apply in the UK from 21 July 2018. They make amendments to ensure that the Financial Conduct Authority (“FCA”) is able to authorise money [...]

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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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FCA retires Finalised Guidance 12/15 and 14/1 on describing advice services and inducements

Of relevance to: All firms providing advice on or distributing retail investment products and financial instruments to retail clients Key date: With immediate effect Two Finalised Guidance publications (FG12/15: Retail Distribution Review: independent and restricted advice and FG14/1: Supervising retail investment advice: inducements and conflicts of interest) and a factsheet [...]

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ESMA provides one-stop company portal

Of relevance to: All financial service providers authorised within the EU Investors seeking information on whether a financial service provider is authorised within the European Union (“EU”) will now be able to do so on the new companies’ portal provided by the European Securities and Markets Authority (“ESMA”). The ESMA [...]

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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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FCA warns general insurance firms failing to clearly show last year’s insurance premium at renewal time

Of relevance to: All general insurance firms Key date: Immediate action required The Financial Conduct Authority (“FCA”) has warned it will take action against general insurance firms which are failing to properly implement rules introduced to increase transparency and encourage shopping around at renewal time. Rules introduced in April 2017 [...]

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