FCA imposed restrictions on Dolfin Financial (UK) Ltd
The FCA imposed a number of restrictions, on Dolfin Financial (UK) Ltd, stopping the firm from...
The implications of increasing the contactless payments limit to £100
The FCA has confirmed it is changing its rules to increase the single-transaction contactless...
Key regulatory changes expected to be implemented in 2021
We have researched and summarised some of the key regulatory changes relevant to various types of...
Final notice: Premier FX case study - part 2
Premier FX case study - part 2: Premier FX was approved to undertake solely money remittance...
Chancellor Rishi Sunak announces The UK 2021 Budget
On 3rd March 2021, Chancellor Rishi Sunak MP presented the 2021 Budget. We have identified the key...
Premier FX case study - part 1
We are publishing a series of five short case studies based on the final notice published by the...
The Kalifa Review of UK FinTech
The Kalifa Review of UK FinTech, an independent review produced by Ron Kalifa, a Bank of England...
FCA product governance review
The FCA’s MiFID II product governance review, the findings from which were published in February...
FCA publicly censured money remittance firm Premier FX Limited
The FCA publicly censured money remittance firm Premier FX Limited in February 2021 for failing to...
What are the key risks for firms dealing with vulnerable consumers?
The FCA published its final guidance FG 21/1, clarifying its expectations of firms in relation to...
What are the regulatory risks for firms in implementing technology?
We can help you with your technology governance and risk management approach. Call us on 0207 436...
How the UK Financial Conduct Authority assesses international firms
UK regulator (FCA) published in Feb 2021 its approach to authorisation & supervision of...
Key conduct risks for investment firms dealing with consumers
Investment firms: In Feb 2021, the FCA issued its annual Consumer Investments Data Review for 2020....
Consumer credit regulation update – major changes may be on the way
Consumer credit regulation update: The FCA published, in Feb 2021, a report on change & innovation...
What next for fintech regulation in 2021?
In this update, we preview some of the key fintech-related regulation likely to be rolled out over...
FCA consultation paper CP21-3: changes to the SCA-RTS
The FCA is, in Feb 2021, proposing in its CP21-3, various changes to the Strong Customer...
Regulatory due diligence: vital in acquiring an FCA-regulated business
A look back in time at payday lender Wonga’s 2018 demise serves as a reminder of how important...
Half of reporting firms moved to FCA’s new data collection platform
New FCA data collection platform: The FCA reported in Jan 2021 that 50% of firms are now using...
FCA reminds firms to regularly review regulatory permissions
The FCA reminded firms of their obligation to regularly review their regulatory permissions to...
HM Treasury consultation on cryptoassets and stablecoins
HMT consultation - On 7 January 2021, HM Treasury published its consultation paper on the UK...
FCA Market Watch 66
In its most recent Market Watch 66, published in Jan 20, the FCA sets out its expectations for...
Financial resilience surveys: significant number of firms could fail
The FCA published in January 2021 the results of its coronavirus financial resilience surveys sent...
The EEA states’ post-Brexit temporary permissions regimes
After the end of the Brexit transition period, some EEA member states have been specific about the...
FCA fines Charles Schwab UK £8.96 million
In December 2020, the FCA fined Charles Schwab UK Ltd (CSUK) £8.96 million for failing to...
Response to FCA independent reviews
FCA independent reviews: In Dec 2020, the FCA responded to the two recently issued independent...
5MLD temporary crypto regime
FCA established, from 16 Dec 2020, a 5MLD temporary crypto regime to allow existing cryptoasset...
Financial Advisers Capital Adequacy Information Request
Financial Advisers Capital Adequacy Information Request: Following its Coronavirus Financial...
FCA consultation on new prudential regime
The FCA’s new consultation paper, CP 20/24, is the first of three in preparation for the UK...
The FCA confirms speculative mini-bond mass-marketing ban
The FCA has confirmed in its PS 20/15, issued in Dec 2020, its earlier proposals to permanently ban...
The RegTech Forum - a series of online events hosted by the FCA
The RegTech Forum aims to bring together the RegTech ecosystem to explore relevant issues and...
FCA announces benefits of new data collection platform RegData
RegData will at the end of 2020 replace Gabriel as the FCA’s data collection platform. Read more...
FCA to charge for SM&CR changes and hike new firm fees
The FCA is set to increase application fees & also to begin charging for change of control...
Review of adviser capital adequacy
The FCA is asking for details of outstanding FOS complaints & potential legal liabilities as part...
Nausicaa Delfas speech on Brexit implications for firms
As firms will know, the Brexit transition period is due to end on 31 Dec, with potentially...
FCA Authorised Corporate Directors (ACDs) conflicts probe
It was identified in Nov 20 that the FCA is investigating eleven fund firms as part of its review...
FCA bans 3 individuals from working in the financial services industry
In Nov 2020, the FCA banned former Approved Persons Russell David Jameson, Mark Horsey & Frank...
Changes to open banking identification requirements
The FCA announced changes to open banking services, permitting UK-based third-party providers...
FCA will maintain a directory of certified and assessed persons
Under the SM&CR, the FCA will publish and maintain a directory of certified and assessed persons on...
The Money Laundering Regulations are now applicable to cryptoasset firms
The Money Laundering Regulations are now applicable to cryptoasset firms, specifically to exchange...
The FinCEN files have branded the UK financial industry to be a high-risk jurisdiction
A considerable amount of controversy has arisen from the FinCEN files leak. Read our blog to find...
How firms should focus their anti-market abuse work during the pandemic
A speech given on 12 Oct by Julia Hoggett, Director of Market Oversight, conveying the FCA’s view...
New rules banning the sale of crypto derivatives
The FCA has published, in its Policy Statement PS 20/10, final rules banning the sale to retail...
New FCA Brexit transition period rules
The FCA has published an updated version of its Handbook to show the rules that will apply at the...
New FCA data collection platform RegData replaces GABRIEL
RegData is the new FCA data collection platform, replacing the GABRIEL system and is intended to...
SM&CR annual reporting
The SM&CR introduced a new annual reporting requirement which firms must complete and submit to the...
FCA announced proposals to ban the marketing of speculative illiquid securities, including mini-bonds
We've helped a number of companies to ensure that any financial promotions for mini-bonds & the...
New CBDF rules
The CBDF rules (CBDF Directive) introduced a new harmonised definition for "pre-marketing" in the...
FCA DB transfer feedback
The FCA is undertaking thirty enforcement investigations arising from concerns identified in the...
Assessment of Value reports
The FCA is holding discussions with fund firms to ascertain whether they are complying with the...
Dear CEO Letter: increased client money balances
The FCA issued a Dear CEO letter to firms in relation to their client money holdings, under the...
How are you preparing for your firm’s SM&CR and conduct rules training?
If you’d like to know more about how we can help you with your SM&CR and conduct rules training,...
Will you comply with the FCA’s best practice guidance on vulnerable consumers?
The FCA issued in early August new best practice guidance (GC 20/3) for firms to do more to protect...
Could your fintech firm be involved in driving the recovery from coronavirus?
The FCA and the City of London Corporation will collaborate on the pilot of a digital sandbox to...
Did you know that the FCA will soon have extended powers to cancel firms’ authorisations?
The Government will grant new powers to the FCA which will overhaul the way it can cancel...
Are you ready for the new financial promotions rules?
HM Treasury is consulting on how the FCA deals with financial promotions for unauthorised firms by...
Need help in understanding the FCA’s supervision and enforcement methods?
If you’d like to know more about how we can help with your FCA supervision and enforcement...
Do you need to review your authorisation as an AIF manager?
Asset management firms (AIF) may need fresh authorisation to continue to manage UK collective...
Are you ready for an FCA review of fund managers’ distributors?
In January 2020, Andrew Bailey said that the FCA intended to examine how firms are implementing the...
FCA portfolio strategy letter sent to authorised payment institutions & e-money issuers
The FCA has issued a Dear CEO portfolio strategy letter to APIs and EMIs, explaining how it expects...
Are you familiar with the SM&CR implementation periods for solo-regulated firms?
The deadline for solo-regulated firms to undertake the first assessment of the fitness and...
Is your investment or payment services firm up to date on ICT and security risk management?
On 28 Nov 19, the EBA published final guidelines on ICT & security risk management for credit...
Are you preparing for the FCA’s new data collection platform, RegData?
The FCA is now preparing to gradually move firms across to its new data collection platform,...
Is your understanding of the FCA’s capital adequacy requirements up to date?
The FCA has published a discussion paper, DP 20/2, on a proposed prudential regime for UK...
How well do you assess your customers’ creditworthiness?
The FCA recently started an investigation into Amigo Loans to examine whether its assessments of...
FCA fines Commerzbank London over anti-money laundering failures
FCA fined Commerzbank’s London branch £37,805,400 for failing to put adequate anti-money laundering...
FCA permanently bans promotion of mini-bonds to retail investors
The FCA announced proposals to make permanent its ban on the marketing of speculative illiquid...
How well do you assess the adequacy of your firm’s financial resources?
The FCA is publishing its final guidance (FG 20/1) on a framework to help financial services firms...
Responding to the FCA’s payment services safeguarding consultation
The FCA proposed temporary guidance on strengthening payment firms’ Prudential Risk Management and...
Cryptocurrency regulation: threat or opportunity?
All firms engaging in cryptocurrency related activities must now embed adequate AML controls for...
Are your mini-bond oversight arrangements up to scratch?
Firms dealing with mini-bond promotions directly or via a principal/AR relationship need to be...
Are your staff’s CPD arrangements up to date and comprehensive?
The FCA will temporarily allow firms to let individuals in defined and exceptional circumstances...
Are your FCA authorisation applications up to scratch?
We advise on FCA applications for all types of firms across most areas of activity & as a result,...
Are you preparing for the FCA Directory?
The FCA Directory is the new publicly available register for checking the details of key people...
Are you preparing for the FCA Regulatory Initiatives Grid?
The Financial Services Regulatory Initiatives Forum has launched an initiative to help firms...
Is your complaints handling up to scratch?
The FCA has recently issued a statement clarifying its position on firms’ complaints handling in...
AIMA requests clarification from FCA over AIFM transition period
The AIMA mailed the FCA, to secure clarity on the implications of the end of the Brexit transition...
Is your understanding of FCA Gabriel reporting good enough?
In view of the impact of coronavirus, the FCA has introduced some temporary measures for firms...
The funds industry may be set for a fresh regulatory wave and the advent of 'systematic importance'
The funds industry may be set for a fresh regulatory wave and the advent of 'systematic...
What is the FCA looking for from firms today?
In this blog, we look at some of the key issues facing firms today & those currently attracting the...
Have you seen the FCA Business Plan and fees consultation?
The FCA has recently set out in its 2020/21 Business Plan its priorities for the year ahead, with a...
Dear CEO Letter: Coronavirus - firms providing services to retail investors
The FCA issued its latest Dear CEO letter to retail firms at the end of March, providing...
Are you ready for the FCA's new data collection platform?
The FCA’s new data collection platform will replace the current platform Gabriel and is intended to...
The coronavirus (COVID-19) pandemic
As the coronavirus (COVID-19) pandemic advances in the UK, we’ve made suggestions on how regulated...
Financial Ombudsman Service award limit adjustment from 1 April 2020
The FCA has stated that, from 1 April 20, it will adjust both Financial Ombudsman Service award...
Are you ready for the FCA’s new Form A?
Are you ready for the FCA’s new assessment requirements on SM&CR Firms and their Senior Managers,...
FCA firm resilience information requests
The FCA’s Client Assets and Resolution department issued an e-mailed resilience information request...
The Forthcoming Overseas Funds Regime
The Government is now proposing a streamlined regime for overseas funds, based on an equivalence...
COVID-19 prompts FCA scrutiny of firms’ contingency plans
FCA announced it's working with the Bank of England & Treasury to ensure financial services sector...
Sector Views analysis: How does the FCA see your sector?
Sector Views is an annual analysis by the FCA looking at changes in the regulated financial...
ICO Codes of Conduct & Certification schemes: firms data accountability
In February 2020, the ICO published guidance for firms looking to develop GDPR Codes of Conduct or...
ICO Codes of Conduct & Certification schemes: firms data accountability
The Information Commissioner’s Office (ICO) recently launched two services designed to help firms...
Are you protecting your firm against hacking?
Hacking is an ever-present threat for businesses of all types & sizes. Our specialist payment...
Are you ready for the FCA’s Financial Services Directory?
The FCA’s public-facing online directory of professionals working in financial services (Financial...
eIDAS certificates deadline now just weeks away
The ‘adjustment period’ granted by the FCA that gave TPPs and ASPSPs extra time to implement Strong...
FCA warns asset managers on poor governance and failure to deliver value
In a Dear CEO letter to asset managers issued on 23 Jan, the FCA suggests asset managers are not...
FCA warns financial advisers over inadequate financial resources and PII cover
A Dear CEO letter published on 21 January argues that, by their failure to hold adequate financial...
Is your cryptoasset business now prepared for regulation?
The FCA is now the AML and CTF supervisor for businesses carrying out certain cryptoasset...
Gabriel is being replaced: How will this affect your firm?
The FCA’s Gabriel platform is over a decade old and it is showing its age. Its 120,000 individual...
FCA’s approach to AML regulation of firms’ cryptoasset activity
From 10 January 2020, the FCA will be the anti-money laundering and counter-terrorist financing...
The promotion of speculative mini-bonds to retail consumers
The FCA has announced it will ban mass marketing of “speculative” mini-bonds to retail customers....
FCA takes on AML supervision for Cryptoassets sector
The EU’s 5MLD comes into force on the 10 January 20. The Treasury has charged the FCA with AML...
Is your business Brexit-ready?
With the latest Brexit deadline of Oct 31, 2019, now just days away, it’s hard to offer any...
The FCA puts P2P firms on notice
Are you a P2P firm? The FCA has sent a letter to more than 60 peer-to-peer lenders warning them to...
The EBA’s new outsourcing guidelines - What do they mean for your business?
There are new outsourcing guidelines issued by the European Banking Authority (EBA) that come into...
FCA confirms new rules for P2P platforms
The FCA is introducing rules [via PS 19/14] designed to prevent harm to investors, without stifling...
FCA cuts payment services firms some slack on SCA rules
The FCA announced that payment services providers have a little longer to prepare for certain...
Mandatory annual Connect update for all firms is coming
Mandatory annual Connect update of authorised firms’ details in line with their accounting ref date...
FCA guidance on current cryptoassets regulation
On 31st July 2019, the FCA published its Final Guidance PS 19/22, which sets out the cryptoasset...
Cryptoassets regime, FCA is to supervise in the future
A cryptoasset regime will be established with support from the FCA to create one of the most...
What can we learn from the FCA’s consultation paper on CP19/20?
The FCA recently issued a consultation paper on its proposed approach to assessing adequate...
Crypto-derivatives sales ban proposed by the FCA
FCA is proposing in its Consultation Paper CP 19-22, issued in July 2019, rules to address harm to...
Fintech Start-ups: Are you ready willing and organised?
So you have your business idea, you’ve done the groundwork, putting in the hours day and night –...
Wealth Management and Stockbroking - FCA Priorities
In its latest Dear CEO letter (featuring wealth management and stockbroking regulation), the FCA...
Property Lending Sector: FCA Regulatory Review
The FCA has recently focused its gaze on property finance firms (property lending sector) in the...
Capital markets money laundering risk gets the thematic review treatment
The FCA has completed a thematic review looking at money laundering risks and vulnerabilities in...
Asset managers face new rules on shareholder engagement
We provide compliance support for asset managers to meet the new FCA PS 19/13 requirements which...
Senior Managers: Are you Fintech fit enough?
Fintech Approved Person - what does the FCA actually mean when it requires and assesses whether...
The FCA and misleading financial promotions
The FCA has written to regulated firms about how seriously it treats the misleading financial...
£102 million FCA fine for failings in Anti-Money Laundering (AML)
The FCA has imposed a £102,163,200 fine on Standard Chartered Bank for Anti-Money Laundering (AML)...
FSCS Compensation - Have You Made Appropriate Changes?
If a firm becomes insolvent, the FSCS compensation scheme may be able to compensate its clients for...
How to sell insurance add-ons compliantly
Don’t be put off selling insurance add-ons, we can help you develop a compliant sales process and...
P2P firms – have you thought about your wind-down arrangements?
The FCA have published their latest ‘Dear CEO’ letter, targeting P2P firms and their wind-down...
UPDATE - Brexit briefings for regulated firms
The FCA will shortly be hosting two March briefings for regulated firms in preparation for the UK...
FCA Policy Statement 19/4
Policy Statement 19/4 is set to improve the quality of information available to investors in...
CASS Update
There are no significant CASS regulatory changes in the pipeline however it is important for firms...
MiFID II - A Year On
A year on since it's implementation, here are the biggest challenges firms have faced so far in...
The Five Common Mistakes Made By Fintech Startups
Our fintech team have recognised five key mistakes which can adversely impact any Fintech start-up...
Fund managers face forthcoming limited partnerships reform
Fund managers will need to alter their existing practices to comply with reforms to UK limited...
CP 18/21 - improving conduct standards & comms in the Payment Services and E-Money sectors
The FCA's CP 18/21 consults on rules and guidance intended to improve conduct standards and...
Autumn Budget 2018
The Autumn Budget 2018 includes various issues relating to Thistle clients; Brexit, taxations, PFI...
The FCA’s Green FinTech Challenge
The FCA’s Green Fintech Challenge is aimed at firms developing green solutions that need specific...
EMI Thematic Review
In October 2018, the FCA published its EMI thematic review into money laundering and terrorist...
Data breach sanctions imposed in October 2018
This month saw two noteworthy data breaches highlighted by significant regulatory sanctions,...
ESMA CFD Update
The latest ESMA update agrees to renew the restriction on the marketing, distribution or sale of...
FCA Live & Local restarts in September
From September 2018, the FCA live & local events will take place aross the UK for regulated firms...
Data Breach Over-Reporting
Many businesses are disclosing minor personal data breaches to it in the mistaken belief that they...
Brexit letters from overseas regulators
Pending a late Brexit agreement, all outward passports will become unavailable and firms will need...
Track My Application (TMA)
Track My Application (TMA) will help Connect users keep track of their FCA application and...
New P2P Lending Rules Proposed
The Financial Conduct Authority has proposed new P2P lending rules in its Consultation Paper CP...
SPI Re-Registration Key Considerations
Small Payment Institutions re-registration deadline is 12th October 2018. SPI re-registration key...
Dear CEO Brexit letter
The FCA has said UK firms will be given some flexibility when deciding how best to ensure that they...
The Global Financial Innovation Network
The FCA has announced the creation of the Global Financial Innovation Network (GFIN), building on...
Market Abuse Controls in Asset Management Firms
Certain asset management firms have been asked to respond to an online FCA questionnaire regarding...
Small Payment Institutions Re-Registration
SPIs re-registration application is due by 12/10/2018. We can support you with the application...
FCA Investment Platform Review
Competition is working well for most consumers using investment platforms, according to the interim...
Revised FCA Approach Document
The FCA has published version 2 of its Approach Document on payment services and electronic...
Fund Manager Value Statements
With over a year to go until the FCA’s deadline, fund groups are already lining up how they will...
FCA Sandbox Cohort 4
The FCA announced on 3rd July 2018 the 29 firms that were successful in their applications to begin...
Investment Suitability Controls
The suitability of firms’ investment advice and portfolio management decisions remains a hot topic...
LEI Transition Period Ends
ESMA have confirmed the LEI transition period allowing for a smooth introduction of the use of...
FCA Change of Address
The FCA’s registered address will formally change on 1st July 2018, please use this address when...
FCA Adviser T&C Review
The FCA has recently written to adviser firms asking for details of their training, competence and...
GDPR Update
Some recently issued industry research shows that some advisers may be underprepared for the...
FCA Asset Management Costs and Charges Template
The template set up by an FCA panel for the disclosure of asset management transaction costs and...
AIFMD Cross-Border Marketing Update
The EC recently published a proposed Directive and a proposed Regulation amending the AIFMD and...
FCA Business Plan 2018/19
The priorities in this year’s FCA Business Plan reflect the high level of resource the FCA needs to...
ESMA CFD and Binary Options Update
The European Securities and Markets Authority has introduced a series of measures to restrict the...
Passporting Update
Greater certainty and stability offered to financial markets by the Brexit transition agreement...
European Commission Crowdfunding Regulation
The European Commission published a draft new regulation on European crowdfunding service providers...
European Commission Brexit Notices to Stakeholders
The EC Brexit notice covers a wide range of sectors including investment managers and MiFID...
PSD2 Firms – Operational and Security Risk
The FCA is consulting on proposals under the Payment Services Regulations 2017, relating to...
FCA Regulatory Return Letter
The FCA issued Dear CEO letters in February 2018 to investment firms concerning the quality of the...
FCA and ICO Joint GDPR Update
The EU General Data Protection Regulation will apply in the UK from 25 May 2018. It is an essential...
FCA Algorithmic Trading Review
The FCA has recently published a report on the supervision of algorithmic trading in wholesale...
PRIIPs KID Performance Scenarios
The FCA has recently issued a statement related to concerns raised by the industry about the...
The EU Benchmarks Regulations
Financial institutions could be fined if they do not comply with the EU Benchmarks Regulations,...
PRIIPs Policy Statement (Updated)
FCA Policy Statement 17/6, sets out how disclosure requirements have changed to reflect the...
FCA Impose Financial Penalty on Interactive Brokers UK
The FCA imposed a financial penalty on Interactive Brokers UK in the amount of £1,049,412 for...
FCA Response to ESMA’s Public Statement on LEIs
The European Securities & Markets Authority issued a public statement to support the introduction...
AIS and PIS Applications
The majority of the updated PSD 2 regime will apply from 13/01/2018 and certain payments businesses...
FCA Considerations for AR Principals
The FCA issued an alert following an increase in cases of introducers having an inappropriate...