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AI in Financial Services

AI and its impact in financial services Artificial Intelligence (AI) has the potential to bring huge benefits, or, in some cases, significant risks. In the financial services sector, the possibilities […] [...]

FCA PS24/10: Expansion of the Dormant Assets Scheme – Second Phase

Overview The Dormant Assets Scheme The Dormant Assets Scheme (DAS) is a UK government initiative designed to reunite people with their dormant financial assets, such as bank accounts, insurance policies […] [...]

Corporate Finance Authorisation in the UK

The Corporate Finance regime in the UK consists of firms that offer various financial services and provide financial advisory services to corporate clients, such as companies, businesses and institutional investors. […] [...]

FCA Proposed Changes to Consumer Credit Regulatory Returns

The FCA is proposing significant changes to consumer credit regulatory returns, targeting firms involved in activities like credit broking, debt adjusting, debt counselling and providing credit information services. These proposed […] [...]

Upcoming Retail-Disclosure Requirements Reform

Introduction On 19th September 2024 the Financial Conduct Authority (“FCA”) announced its commitment to reform the retail disclosure requirements, moving away from the EU-inherited consumer cost disclosure regulations. The reform […] [...]

Key Messages for Firms – Consumer Duty Fair Value Assessment

Introduction We are now a little over a year into the full implementation of the Consumer Duty, on 31st July 2023, with closed products now also subject to the rules. […] [...]

The FCA Digital Securities Sandbox

The Digital Securities Sandbox (DSS) Following its launch in December 2023, and the joint Bank of England and FCA Consultation Paper in April 2024, the DSS is now open for […] [...]

Understanding FCA Mortgage Authorisation in the UK

The UK mortgage industry is tightly regulated to protect consumers and maintain high standards of financial services. Central to this regulatory framework is the Financial Conduct Authority (FCA) which ensures […] [...]

The UK’s Struggle with Financial Crime Reaches Institutional Heights

On 23rd September 2024, the Financial Conduct Authority (FCA) revealed that none of the 25 Professional Body Supervisors (PBS) under its supervision were fully effective in Anti-Money Laundering (AML) controls. […] [...]

FCA: Assessing Firms’ Compliance with Cryptoasset Financial Promotions Rules

In June 2023, the FCA introduced new requirements for promoting qualifying cryptoassets to retail clients, known as the ‘back end’ rules. These rules aim to enhance consumer protection and ensure […] [...]

FCA CP24/20: Safeguarding Reforms for Payments and E-Money Firms

The FCA has published a Consultation Paper (“CP24/20”) on proposed significant changes to the safeguarding regime for payments and e-money firms. With these changes, the FCA aims to strengthen its […] [...]

FCA Quarterly Consultation No. 45 (CP24/18) – Chapter 3: Facilitating LTAF investment

On 6th September 2024, the FCA published its Quarterly Consultation Paper No. 45 (CP24/18) on proposed miscellaneous amendments to the FCA Handbook. These are relatively minor changes, however, the Regulator […] [...]

UK Ranked Second in Global Money Laundering Offences

Silver medal for UK in Money Laundering Offences The United Kingdom has been ranked second globally for money laundering offences, according to the latest report by Smart Search. The report […] [...]

Good Practice and Areas to Improve – Appointed Representative Principals

Introduction On 8th December 2022 the Financial Conduct Authority (“FCA”) set out new rules and enhanced expectations for Principal firms in PS22/11. For more information on the changes made by […] [...]

ComplyCrypto Depository Limited Granted FCA Registration for Cryptoasset Exchange Services

ComplyCrypto Depository Limited is pleased to announce that the Financial Conduct Authority (FCA) approved its registration as a cryptoasset exchange provider under the Money Laundering, Terrorist Financing and Transfer of […] [...]

Digital Operational Resilience Act: 4 Months Away

What is DORA? The Digital Operational Resilience Act (DORA) is a significant EU regulation designed to bolster the digital resilience of the financial sector. Effective from January 16th 2023, DORA […] [...]

Treatment of PEPs – an FCA Guidance Consultation

Proposed Amendments The FCA’s latest Guidance Consultation paper GC24/4 outlines proposed changes to its guidance (FG17/6) regarding the treatment of politically exposed persons (PEPs) under the Money Laundering, Terrorist Financing […] [...]

Sustainability Disclosure Requirements – An Update

Introduction The Sustainability Disclosure Requirements (“SDR”) rules were published in November 2023 and were set out in the FCA’s policy statement PS23/16. These rules look to create transparency in the […] [...]

Crypto-asset Promotions: Navigating the New Regulatory Landscape

In June 2023, the Financial Conduct Authority (“FCA”) issued Policy Statement 23/6 (the “Policy Statement”), outlining the financial promotion rules for cryptoassets. The new regime took effect on October 2023, […] [...]

FCA Says that Principal Firms are Still Not Meeting Expectations

Two years have passed since the FCA introduced its new rules aimed at improving standards in the Appointed Representative (“AR”) sector (https://www.fca.org.uk/publication/policy/ps22-11.pdf) – prompted by the FCA’s view that the […] [...]

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