Regulation round-up November 2015

Published: 26/11/2015     Last Modified: 27/11/2015

Regulation round-up is our monthly email to all regulated firms, updating you on the latest news that affects your sector.

Read or download the full Regulation round-up: November 2015

Subscribe to Regulation round-up

Introduction: Jonathan Davidson, Director of Supervision – Retail and Authorisations

Welcome to the November edition of Regulation round-up. This is my first contribution to Regulation round-up so I thought I would take the opportunity to reflect on the key strategic forces that are changing financial services and creating a degree of uncertainty. These are legislation; technology; macroeconomics; and demographics.

Read more

 

Hot topic: Enforcement and use of restriction and suspension power

At our recent Treasury Select Committee appearance, we explained that we would use restrictions and suspensions in enforcement actions where they would be more effective than financial penalties in changing behaviour.

Our power to restrict or suspend authorised firms and approved persons came into force on 8 June 2010. It is a disciplinary sanction primarily for deterrence, rather than a protective measure for addressing the harm caused by a breach.

Read more

 

Hot topic: Firms applying to operate an electronic platform in relation to lending

Firms previously regulated by the Office of Fair Trading (OFT) before the transfer of consumer credit regulation on 1 April 2014 could get our interim permission to cover them until we invited them to apply for authorisation. This included P2P firms and, at 1 April 2014, 185 firms registered with us for interim permission for P2P activities. 

Many of these firms don't actually offer P2P services, and our initial analysis suggests just 42 firms will apply to us for authorisation for P2P activities.

Read more

 

In your sector…

Banks and building societies

Senior Managers Regime: Grandfathering notification

DP: Innovative Finance ISAs

OP: Methods for analysing mortgage markets

Speech: Trust in banking

Read more

 

Investment managers and stockbrokers (retail and wholesale)

Recovery and Resolution Directive

Asset Management Market Study: terms of reference

MiFID II Wholesale Conference: videos available

MiFID II: Implementation Roundtable

Read more

 

Financial advisers

MiFID II Wholesale Conference: videos available

MiFID II: Implementation Roundtable

Pensions market update

DP: Innovate Finance ISAs

Asset Management Market Study: terms of reference

Read more

 

Wealth managers and private bankers

Asset Management Market Study: terms of reference

Recovery and Resolution Directive

MiFID II Wholesale Conference: videos available

MiFID II: Implementation Roundtable

Read more

 

Mortgage brokers

Speech: Changes in mortgage regulation

OP: Methods for analysing mortgage markets

Read more

 

General insurance and insurers

Pensions market update

Speech: Moving towards a sustainable model of regulation

Call for input: Big Data

Read more

 

Consumer credit

Credit card market

CashEuroNet to provide £1.7m redress to customers

CP: Proposals in response to CMA's recommendations

Dollar to provide £15.4m of redress

Read more

 

Credit unions

Improving individual accountability: Workshops for credit unions

Regulating consumer credit for credit unions

Senior Managers Regime: Grandfathering notification

Read more

 

Read or download the full Regulation round-up: November 2015

Subscribe to Regulation round-up

Back to top >