Financial Services Regulation

In a speech on the growth of UK insurance entitled “Meeting the growth challenge”, Martin Wheatley, Chief Executive of the Financial Conduct Authority, announced the launch of a thematic review of the claims process in the insurance market...

Has the Financial Conduct Authority in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls for high risk customers...

The third Scotland analysis paper highlights the benefits of UK consumer protection measures for savers and pensioners in Scotland...

This weekly update summarises new developments as reported by the FSA, the UKLA, the Upper Tribunal, the Financial Ombudsman Service and the London Stock Exchange...

On 1 May 2013, the Financial Conduct Authority published a press release to clarify the 12 month transitional period for authorised firms to update their regulatory status in relation to their business stationery and any electronic equivalents...

The FCA have published this statement in order to warn investors against dealing with unauthorised firms...

The FCA has published its policy statement and final rules which confirm that it will ban payments from product providers to platforms, and cash rebates of product charges by product providers to consumers, in respect of sales of retail investment products...

The FCA has published an update on its approach to last August’s consultation on proposed restrictions to the marketing of unregulated collective investment schemes and close substitutes...

Commenting on announcement by Martin Wheatley, Chief Executive, Financial Conduct Authority (FCA) that the FCA will be conducting a thematic review of claims handling in personal insurance, Maggie Craig, Director of Financial Conduct Regulation at the Association of British Insurers, said: "Millions of individuals and businesses rely on the vital financial protection insurance provides, with insurers paying over £28 million to customers every day for household and motor claims alone. Insurers want to offer products that do what they say on the tin, with clear policy language and a straightforward claims process..."

Speech by Martin Wheatley, Chief Executive, the FCA, at the British Insurance Brokers’ Association conference, ExCel Centre, London; 15 May 2013...

The FCA have published this statement in order to warn investors against dealing with unauthorised firms...

Help is on the way for hundreds of Millom & District Credit Union savers after it went into liquidation. The FSCS is stepping in to protect members of the credit union based in Millom, Cumbria...

The FCA have published this statement in order to warn investors against dealing with unauthorised firms...

Topics in this issue:

Regulation
European Union
European Parliament consults on ways to further enhance the coherence of EU financial services legislation
ESMA issues peer review on Money Market Fund rules
France
AMF opens AIFM pre-authorisation desk and publishes Q&A
Luxembourg
CSSF issues circular 13/564 and BCL issues Circular 2013/231 on the statistical data collection or money markets funds and investment funds
Switzerland
Consultation on FINMA Circular “Distribution of collective investment schemes”
UK
FCA publishes its Annual Funding Requirement for 2013/14
FCA publishes policy and rules for platforms and cash rebates
International
IOSCO Consultation Paper - Principles for Financial Benchmarks
IOSCO Consultation - Regulation of Retail Structured Products

The FCA have published this statement in order to warn investors against dealing with unauthorised firms...

This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union...

Attestation requests have already emerged a key feature of the FCA's regulatory toolkit. This article explores the regulatory risks faced by individuals required to provide attestations to the FCA and suggests some practical mitigants...

The heightened regulatory focus on senior individual accountability has prompted a number of regulated firm boards to re-assess the duality of their respective legal and regulatory responsibilities. This article explores how the apparent divergence between legislative requirements and prevailing regulatory expectations in this context might be addressed in practice...

This weekly update summarises new developments as reported by the FSA, the UKLA, the Upper Tribunal, the Financial Ombudsman Service and the London Stock Exchange...

For the reasons set out in this Final Notice, the Authority hereby takes the following action against Montague Capital Limited...

FSCS protects your savings up to £85k or £170k for joint accounts. That will cover about 98% of people...

Topics in this issue:

Financial Industry Developments
FHFA Common Securitization Infrastructure
FHFA GSE Viability Reports
FSOC Annual Report
SEC Proposed Rules for Cross-Border Swaps
Rating Agency Developments

RMBS Litigation
Court Issues Summary Judgment Ruling in MBIA�s RMBS Action Against Countrywide
Second Circuit Ruling Applied to Revive MBS Claims
MBIA and Flagstar Settle

European Financial Industry Developments
Directors Remuneration: Enterprise and Regulatory Reform Act 2013 Published
FCA Urges Firms to Update Status Disclosures to Reflect Creation of the FCA and PRA