The Senior Management Regime (SMR) and Certification Regime (CR) is to apply to all FSMA-authorised firms from 2018.   HM Treasury forecasts that the proposed extension of the SMR will bring 42,000 consumer credit firms, 17,200 investment firms and 580 insurers within its remit and significant challenges. What is the Senior Management Regime (SMR) and Certification […]

The FCA has published a decision notice against Andrew Tinney, formerly Chief Operating Officer of Barclays Wealth and Investment Management (BWA). The FCA announced its finding that Mr Tinney should be publicly censured and banned from carrying out any senior management or significant influence functions in any regulated financial service provider. A third party consultancy […]

Key developments expected in September 2016 include the following: September 2016. FCA to PUBLISH CONSULTATION paper on updating and clarifying consumer credit reporting provisions. 7 September 2016. Date by which firms within the scope of the senior manager’s regime (SMR) MUST COMPLY with the new whistleblowing rules. 7 September 2016. Date by which companies within […]

July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. http://www.fca.org.uk/static/fca/article-type/news/fg16-5.pdf When the FCA talks about the cloud, it is referring to the full range of cloud solutions which have evolved (such […]

The FCA has made a rule that it hopes will encourage consumers to shop around before deciding whether to renew a general insurance policy with their existing provider. In “Consultation Paper 15/41** Increasing transparency and engagement at renewal in the general insurance markets”, the FCA proposed a new rule. http://bit.ly/2bhHyBU If made, that rule would […]

FCA anti-money laundering annual report for 2015/16 Findings and outcomes of our supervisory work On 12 July 2016, the FCA published its anti-money laundering (AML) annual report 2015/16 – the following extract is taken from section 3 Findings and outcomes of our supervisory work Findings The findings from some recent SAMLP reviews have been encouraging, […]

On 12 July 2016, the FCA published its anti-money laundering (AML) annual report 2015/16. In its report, the FCA explains how it has sought to achieve certain objectives over the past year, ensuring that: Firms have adequate safeguards to prevent themselves from being used for financial crime, in particular from money laundering. Firms’ financial crime […]

On 12 July 2016, the FCA published its enforcement annual performance account for 2015/16, which is the FCA’s assessment of whether it is operating fairly and effectively in investigating suspected misconduct and in bringing criminal, civil and administrative proceedings where it is appropriate to do so. Among other things, the report summarises some of the […]