Category: UK

The future of financial services regulation: FCA insights

Posted by Michael McKee
On 25 October 19
Duty of care, FCA, Financial Services, Regulation

On 21 October 2019, Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA), delivered a speech discussing the ‘Future of Regulation’ (Speech). The Speech explores how regulation can evolve to adapt to changing consumer needs and attitudes. Nowadays consumers are faced with many more options regarding their finances (such as […]

Posted by Michael McKee
On 23 October 19
EBA, NCA, PSD2, Strong customer authentication

On 16 October 2019, the European Banking Authority (EBA) published an Opinion on the deadline and process for the completion of the migration to Strong Customer Authentication (SCA) under the revised Payment Services Directive 2015/2366 (PSD2) for e-commerce card-based payment transactions (Opinion). Although the Opinion is directed towards NCAs, it will also be useful to […]

Posted by Michael McKee
On 22 October 19
Artificial intelligence, Bank of England, FCA, Machine learning

On 16 October 2019, the Financial Conduct Authority (FCA) and the Bank of England (BoE) published a research note highlighting their findings from a joint survey (Survey) undertaken by a total of 106 industry respondents. The Survey was conducted to provide an indication as to the current use of machine learning (ML) in the UK […]

Posted by Tony Katz
On 15 October 19
FCA, Financial advice, Financial Regulation, Motor finance

The Financial Conduct Authority (FCA) announced on 15 October 2019 that it plans to ban discretionary commission models where the amount received by the broker is linked to the interest rate of the loan and which the broker has the power (under the agreement with the lender) to set or adjust. This is designed to […]

Posted by Michael McKee
On 8 October 19
Brexit, ESMA, FCA, Market Watch, MiFID II, Transparency

On 7 October 2019, the FCA published their Market Watch issue 61 which was released in preparation for a no-deal Brexit scenario which may occur on 31 October 2019. The edition is aimed towards providing firms with information to ensure that they are both better equipped to handle and are aware of the possible implications […]

Posted by Mark Daley
On 4 October 19
EBA, STS, Synthetic securitisation

An initial reaction to reading the 3 months overdue 24 September EBA discussion paper “Draft report on STS Framework for Synthetic Securitisation” is to ask: why? In the bad old days before 2009, the investor herd was buying sometimes horribly complex securitisation paper on the basis of a rating and no significant due diligence without […]

Posted by Mark Daley
On 4 October 19
Contract law, Currency bonds

Lehman Brothers International (Europe) v Exotix Partners is a 9th September judgment of Hildyard J which is not easy to read, and the Judge admits it was not easy for him to decide. Those of you who are keen on the nuances of English contract law relating to mistake, implied terms, unjust enrichment, rectification and impossibility […]

Posted by Michael McKee
On 3 October 19
Bank of England, FCA, NURS, Open Ended Funds

On 30 September 2019, the Financial Conduct Authority (FCA) published a press release confirming new rules relevant to specific forms of open-ended funds, which invest heavily in inherently illiquid assets (such as property). The rules were established in an effort to make sure that individuals investing in illiquid assets were appropriately protected, principally during times […]

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Category: UK

The future of financial services regulation: FCA insights

EBA publishes Opinion on the deadline and process for SCA migration for e-commerce card-based payment transactions

The Bank of England and FCA conduct survey on the use of machine learning in UK financial services

FCA plans to ban discretionary commission models in the motor finance market

FCA publish Market Watch Issue 61

STS for synthetic securitisation?

Lehman Brothers International (Europe) v Exotix Partners

FCA confirms new rules for non-UCITS retail schemes investing in inherently illiquid assets