The government is to strengthen the regulation of interest-free Buy-Now Pay-Later agreements, in order to protect the millions of Britons currently utilising this service to manage their finances by spreading costs. The announcement, that Buy-Now Pay-Later Credit firms will need to become FCA Authorised, comes as a result of the [...]
The fast, no-fuss, easy to access and control accounts that challenger banks claim to be offering are attractive to the consumer who desires speed and agility. However, this also seems to be attracting the attention of criminals—specifically those who intend to set up “money mule networks”. In order to capture [...]
Complyport is delighted to announce that it has been included in the Financial Conduct Authority (FCA)’s Skilled Person Panel for Prudential – Adequate Financial Resources for FCA solo-regulated firm. ‘Skilled persons’ are external sources used by the UK Regulator when they need to source additional expert views or additional analysis [...]
Authorised and registered firms must have heads of compliance and Money Laundering Reporting Officers (MLROs). These firms are required to have an FCA-approved Senior Management Function (SMF) holder to carry out these roles (per the FCA Handbook’s entries for SMF16 and SMF17). However, there is more to this than simply [...]
The temporary permissions regime (TPR) relates solely to EEA firms previously passported into the UK who are now preparing to obtain full FCA authorisation in order to continue longer-term operations in the UK. The FCA has recently set out clearly how it plans to deal with TPR firms that don’t [...]
As of 24 January 2022, a new structure for FCA Authorisation Application Fees has come into force. The new arrangements apply to all FCA fee-payers and to any business considering applying for FCA Authorisation or registration. In most cases the application fee has increased. Alongside this, in a bid to [...]
A premium service led by Cybersecurity, Risk, and Organisational Resilience experts helps firms prepare for new expectations from UK financial regulators. LONDON –With a new policy from the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England due to come into effect on 31 [...]
The release of the FCA’s Operational Resilience Policy (PS 21/3) outlines new rules coming into force on 31 March 2022. Firms that fall within scope must have identified their important business services, set impact tolerances for the maximum tolerable disruption, and conducted adequate mapping and testing. Operational Resilience Framework The [...]
In 2018 the FCA launched an investigation into Swiss asset management firm – GAM International Management Limited (GIML). The investigation was prompted by allegations concerning Timothy Haywood, former head of GAM’s Absolute Return unit, and his risk management and record keeping issues. Following the FCA’s investigation, GIML received a financial [...]
In December 2021, the FCA published its Policy Statement: ‘PS21/21: The stronger nudge to pensions guidance: feedback on CP21/11 and final rules and guidance’. This statement summarises the feedback received from May’s Consultation Paper (CP 21/11) and provides final rules and guidance for firms to help implement Parliament’s desire to [...]
The FCA has recently published a Dear CEO letter providing an update of its view of the key harms faced by the financial services industry, their expectations from firms and an overview of the work they are planning to do. Whilst the letter was aimed at the wealth management and [...]
There has been significant movement in Anti-Money Laundering (AML) and Terrorist Financing regulation over recent months. A Dear CEO letter in May 2021, issued by the FCA to retail banks, discussing the weaknesses within the AML Framework, alongside an HM Treasury led Consultation (Link). The UK Treasury has also made [...]
Written by Mike Dalmiras The Bank of England together with the FCA have written a letter to CEOs of insurance firms to remind them on the importance of being prepared for the end of the Brexit transitional period, which is set to end on the 31 December 2020, to minimise [...]
Written by Paul Grainger, CEO, Complyport. Many financial services firms face risks relating to Brexit that could prove costly and damaging. The larger banks, insurance companies and financial institutions have assessed Brexit risks and acted upon them where able to do so. However, this accounts for a small fraction of [...]
Leading compliance and regulatory consultant, CEO of Complyport Paul Grainger, calls on lessons to be learnt from the collapse of Wirecard AG, “fundamental flaws” in the supervisory roles of regulators. Wirecard AG went into administration in Germany, the FCA in the UK instructed the UK arm, Wirecard Card Solutions, to [...]
The UK financial services industry is now headed for a “Hard Brexit” on the 31 December 2020 following the UK Government decision not to request an extension to the Transitional Period by the deadline of 30 June. Complyport’s CEO, Paul Grainger, Chairs the Brexit Working group of the Association of [...]
The FCA and HM Treasury has agreed to delay, from 9 December 2020 until 31 March 2021, the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons (Certification Staff). This delay has been implemented to give firms that have been [...]
The FCA has proposed the extension of certain temporary measures that were put in place to support consumer credit customers who are facing financial difficulties due to the Coronavirus crisis. For customers yet to request a payment freeze or an arranged interest-free overdraft of up to £500, the time to [...]
Leading regulatory and compliance expert warns new FCA CEO of the need to grasp immediately the issue facing financial services firms in the UK. The appointment of Nikhil Rathi as CEO of the Financial Conduct Authority comes at a crucial time for the UK economy; with the prospects of the [...]
Following the temporary ban that was introduced in January 2020, the Financial Conduct Authority released proposals to put a permanent ban on the mass-marketing of speculative mini-bonds and other products with similar features to retail investors. The new consultation paper introduces a set of small changes and clarifications to the [...]
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