Text of Tulip Siddiq’s speech of 29 November 2024 follows in which she discusses aspects of the Mansion House speech.

FCA has published details of instruments passed at its board meetings on 31 October 2024 (additional) and 28 November 2024.  These are: Long-Term Investment Fund (Amendment) Instrument 2024/37; Markets in Financial Instruments (Non-Equity Transparency Rules) Instrument 2024/38; Markets in Financial Instruments (Non-Equity Transparency Technical Standards) Instrument 2024/39; Critical Third Parties (Statement of Policy Relating to Disciplinary Measures) Instrument 2024/40; Critical Third Parties Instrument 2024/41; Pensions Dashboard Service Instrument 2024/42; Financial Crime Guide (Amendment) Instrument 2024/46; Access to Cash Sourcebook (Consequential Amendment) Instrument 2024/47.

The SI sets out additional consequential amendments required for cryptoasset investigations and other asset forfeiture investigations to ensure that search and seizure powers can be exercised for the purposes of investigating criminal cryptoassets.  (Date in force: 29 November 2024)

BoE has published the results of the stress test.  BoE notes that it has identified some very extreme but plausible scenarios that may present a risk to CCPs, and will follow-up with CCPs to probe how they capture the risks identified by these hypothetical scenarios via their own stress testing.

FCA has set out proposed changes to the way it will raise fees from 2025/26, and the way it will collect levies payable to FOS and FSCS.  Responses are required by 24 January 2025.

BoE has published the FSR and Record of FPC’s meeting on 15 November 2024.

Further to CP24/9, FCA has published feedback and final guidance.  FCA has drafted changes in the guidance relating to the following areas: sanctions; proliferation financing; transaction monitoring; cryptoasset businesses, and the Consumer Duty.  Respondents requested examples of AI and machine learning in detecting financial crime in future updates.  FCA states that it is exploring these technologies’ safe integration and impact on markets, and whether future updates may be needed.

OPBAS has set out its views on money laundering risk in UK property transactions and requests that professional body supervisors who supervise conveyancing activities within underlying populations review the contents of this letter and reassess current risk-based approaches to identify any implementable opportunities to increase effectiveness.

BoE’s system-wide exploratory scenario exercise explores how the UK financial system would respond to a market shock and is described as the first exercise of its kind globally. The aim is to enhance understanding of the risks to and from NBFIs, and the behaviour of NBFIs and banks in stress, including what drives those behaviours; and investigate how these behaviours and market dynamics can amplify shocks in markets and potentially pose risks to UK financial stability.

BoE has set out its approach to stress testing the UK banking system from 2025 onwards.  BoE expects to carry out a bank capital stress test every other year and, in the intervening years, BoE expects to use stress testing when appropriate to supplement its assessment in a way that is less burdensome, such as desk-based exercises.  BoE will continue to use exploratory exercises as a means of assessing other risks, including structural and emerging risks that are not closely linked to the financial cycle.