Section 5(5) of the Crime and Courts Act 2013 (c. 22) gives the Director General of NCA the power to direct that certain persons perform a task.  Article 3 of this Order amends s5(5) of the Act to add the Director of SFO to the list of persons who can be directed under this power. Article 4 specifies that a direction can only be given to the Director of SFO if it appears to the Director General of NCA that the matter involves serious or complex fraud. Article 5 specifies that a direction cannot be made in respect of the prosecution functions of the Director of SFO.  (Date in force: 10 May 2024)

The Bill passed at third reading on 10 May 2024 and has now been sent to HoC.  A link to the transcript of the third reading debate follows.

FCA has now published this letter setting out results for 2022/23 which notes that over half of the AML/CTF reports from professional body supervisors were found to be clearer and improved compared to the previous period.  No reports had declined in overall quality and positively, for the first time, several of the reports were assessed to effectively meet all the suggested criteria.  The letter also sets out areas for further improvement.

TSC has published the transcript of the hearing held on 8 May 2024 attended by Nikhil Rathi and Ashley Alder.  Topics include: FCA’s enforcement consultation; debanking; motor finance; the Consumer Duty; MiFID II; access to cash; bank branch closures; pensions.

Text of Emily Shepperd’s speech of 9 May 2024 follows in which she discusses the building societies sector.

FCA has now published the minutes of the meeting held on 29 February 2024.  Topics under discussion include: PRA and PSR updates.

Further to recent correspondence with FCA, the Committee is now seeking views on the proposals contained in FCA’s consultation on publicising enforcement investigations ahead of taking evidence from the FCA on these proposals.  Responses are required by 4 June 2024. 

FOS has provided an update on how it is handling car finance commission complaints.  FOS states that it currently has around 20,000 open complaints related to car finance commission and notes ongoing legal proceedings and FCA’s review of the historical use of motor finance discretionary commission arrangements.

At the midpoint review of its five-year strategy, PSR is asking for stakeholder views on its progress in a survey, to be completed by 5 June 2024.

Section 1 of FSMA 2023 revokes assimilated law which is referred to in Schedule 1. These Regulations bring into force on 31 December 2024 the revocation of the instruments listed in regulation 2(b) to (d) and in the Schedule to these Regulations, and 1(1) FSMA 2023 so far as it relates to those instruments.  Regulation 2 lists certain instruments which are subordinate legislation revoked by Part 2 of Schedule 1 to FSMA 2023.