Banking and finance

Recent Articles

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  13.03.2023

  Gov­ern­ment con­sulta­tion on reg­u­la­tion of cryptoassets deals with is­su­ance and dis­clos­ures of cryptoassets with­in the UK

  On 1st February 2023, His Majesty’s Treasury (“HMT”) published a comprehensive consultation paper (“Consultation Paper”) that sets out the UK Government’s (“Government”) intention to bring cryptoassets and cryptoasset related activities within the scope of the UK financial services regulatory regime, marking the next phase of the Government’s approach to regulating cryptoassets. We have published a summary of the Consultation Paper here, with the proposals including a new regulatory regime for the creation, issuance and distribution...

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  09.03.2023

  Ap­plic­a­tion of the FCA Con­sumer Duty to Mo­tor Fin­ance Pro­viders

  On 1 March 2023, the FCA published a portfolio letter on “Implementing the Consumer Duty in the Motor Finance Providers Portfolio”. The letter introduces a more outcomes-focused approach to consumer protection and reiterates that the FCA expects implementing the Consumer Duty to be a top priority for the CEO (or directors) personally. They need to ensure that good outcomes for customers are at the heart of the firms' strategy and business objectives, and firms' boards and senior management should embed the interests of customers into the culture and purpose of their firms....

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  01.03.2023

  Reg­u­la­tion of BN­PL

  On 14th February 2023, HM Treasury (“HMT”) opened a consultation on the government’s draft legislation to regulate certain types of currently exempt interest-free “Buy-Now Pay-Later” (“BNPL”) products. This follows an initial announcement in February 2021 of the intention to regulate, and the first consultation launched in October 2021, to gather stakeholder views on a proportionate regulatory approach.The government’s proposed legislation will bring these products under the regulatory regime of the Financial Conduct Authority (“FCA”)....

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  25.01.2023

  UAE Cab­in­et is­sues de­cision re­gard­ing vir­tu­al as­sets reg­u­la­tion with­in the UAE

  Objectives As set out in the Decision, the objectives of the new regime will be to: formulate legislation to govern the VA sector and its service providers; create a licensing regime for VAs; align with local AML and CTF legislation; encourage investment within the sector and ensure that the UAE is an attractive environment for companies within this space; and protect investors from illegal practices. Scope of the Decision The Decision applies throughout the VA sector in the UAE and captures virtual asset service providers (“VASPs”). The Decision does not apply to the regulation...

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  21.12.2022

  FCA out­lines plans for the in­tro­duc­tion of a reg­u­lat­ory gate­way for firms which ap­prove fin­an­cial pro­mo­tions

  Background Under section 21 of FSMA, currently any firm that is authorised under the Financial Services and Markets Act 2000 (FSMA), may approve a financial promotion by another unauthorised person. However, the government is concerned that the current framework is no longer sufficient and gives rise to risks. The FCA is particularly concerned with the promotion of high-risk investments and ‘Buy-Now Pay Later’ (BNPL) products. The FCA has seen examples of promotions that do not warn consumers of the risks, such as the taking on of debt, missed payments and other consequences. The FCA...

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  15.12.2022

  FCA - Un­der­stand­ing ap­proaches to D&I in fin­an­cial ser­vices

  The FCA conducted its review via 12 regulated firms – 8 with large gender pay gaps and 4 with relatively small pay gaps. The average pay gap for the financial services market is 26.6%, which is far higher than the average for the wider UK market which is 12.1%. In conducting its review, the FCA asked each firm for some basic information including about their D&I policy and strategy, target setting initiatives and D&I data used. The FCA also requested a 90-minute structured interview with a senior individual and any relevant specialists at each firm. It is clear from the review that...

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