Around one fifth of global banking activity is undertaken in the UK. Almost half of the banking assets in the UK are held by international banks and the PRA currently supervises approximately 250 international banks, both branches and subsidiaries, which are part of around 180 international groups.
For financial services firms, a 2020 priority was preparing for a no-deal scenario while obtaining the appropriate licences to continue to service clients in the EU. This meant keeping up with the complexities of a regulatory regime in transition - with some EU rules continuing to apply during the transition period and uncertainty on whether the UK would continue to align with EU requirements...
In October 2020, the Financial Conduct Authority (FCA) started replacing Gabriel regulatory reporting system with RegData, with the first group of firms transitioning from mid-October.
After the publication of the FCA Regulatory Initiative Grid of September 2020, the industry raised concerns about the general volume of regulatory reforms scheduled for 2021. What are these reforms? What should firms be compliant with between now and the end of 2021? Which regulatory points should firms start planning for in 2021? We are going to tackle these three key questions over a series...
There is currently a proportionality problem for small firms as they, just like larger ones, incur significant costs for understanding, interpreting and operationalising prudential requirements.
Over the summer, the UK Government and Regulators shared their views on the European Union’s new prudential regime for MiFID investment firms, and more importantly gave indications of what could happen in the UK.
The cross-sector priorities for the FCA have been subject to little change in the past few years: read our review of the 2019/2020 Business Plan to see if this is set to change
The FCA began its consultation on proposed changes to the way in which firms provide advice to consumers and the sales process.
The most recent CEO letter from the Financial Conduct Authority (FCA)in relation to non-financial misconduct and culture failings highlights some worrying behaviours within the insurance industry.
In this, our Autumn Regulatory Radar, we cover some of the key developments in Q3 2020 including Brexit as well as the renewed focus on consumer protection measures.
Exceptional measures to deal with Covid-19 dominated this quarter - download the full Q2 2020 report.
Welcome to the first 2020 edition of our re-vamped quarterly regulatory Radar. Here you will find an ‘at a glance’ summary of Q1 developments covering Prudential, Conduct, Financial Security, Market Developments, Sustainable Finance and Innovation.
The regulators have adopted a co-ordinated approach in their proposals outlining the detailed requirements on firms to maintain an Operational Resilience framework. These will have far-reaching implications across the financial sector.
From 10 January 2020, UK cryptoasset businesses must comply with the UK’s updated Money Laundering and Terrorist Financing (Amendment) Regulations 2019 and now fall into the Financial Conduct Authority’s (FCA) supervisory responsibility for the first time.
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