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FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

FCA consultation paper tracker—2019 [Archived]

FCA consultation paper tracker—2019 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2019, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/Handbook Notice BrexitAuthorisation, approval and supervisionComplaints, compensation and claims managementRegulation of capital marketsPayment services and systems Regulation of personal pension and stakeholder products CP19/33: Quarterly Consultation No 26 The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), in which it consults on proposed miscellaneous amendments to the FCA Handbook:—clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals—changes to the Listing Rules’ requirements, which cross-refer to the Prospectus Regulation, for information to...

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Home reversion plans and home purchase plans—flowchart

Home reversion plans and home purchase plans—flowchart Background to and scope of this flowchart A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For more information on the implications of a person carrying on a regulated activity, see Practice note: The general prohibition and implications of its breach. For more information about what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For more information about exemptions and exclusions that may be applicable, see Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction. In December 2005, the Regulation of Financial Services (Land Transactions) Act 2005 (RFS(LT)A 2005) was enacted which enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services Authority (FSA), to regulate activities that are similar...

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Tier 1 (Investor): investment requirements for pre-6 November 2014 Rules applicants at indefinite leave to remain [Archived]

Tier 1 (Investor): investment requirements for pre-6 November 2014 Rules applicants at indefinite leave to remain [Archived] This Practice Note looks at the eligibility requirements in relation to money and investments that will be relevant for a Tier 1 (Investor) migrant applying for indefinite leave to remain, where their last leave was granted under the pre-6 November 2014 Immigration Rules covering the category and they are applying before 6 April 2022. This includes what investments will qualify (including relevant restrictions), how the qualifying investments should be maintained, and the evidence needed to show that the qualifying investments and, if relevant, any balancing funds have been maintained over the relevant specified continuous period. It should be read in conjunction with Practice Note: Tier 1 (Investor): applying for indefinite leave to remain. As this route was closed to any further initial applications on 17 February 2022, through Statement of Changes in Immigration Rules CP 632, in part due to the concerns the route facilitated the transfer of illicitly obtained...

Joint investigations by the FCA and the PRA

Joint investigations by the FCA and the PRA Financial Services Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are separate legal entities that operate with different objectives, with separate investigatory and enforcement powers, but with arrangements in place for investigations to be conducted jointly. Both the FCA and the PRA have similar processes for decision making with some differences. Both regulators' procedures include scope for early settlement with an individual or firm under investigation. There have been several examples of the FCA and the PRA agreeing to take enforcement action jointly. Generally, this has proved efficient and effective with the regulators successfully coordinating outcomes announced around the same time and based on...

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Executive service agreement

Executive service agreement This Agreement is made on [date] Parties 1 [Name of company], a company incorporated in England with registered number [number] whose registered office is at [address] (the Company); and 2 [Name of employee], of [address] (you). The parties agree: 1 Definitions and interpretation 1.1 In this Agreement the following expressions will, unless the context otherwise requires, have the meanings set opposite them: Basic Salary • the meaning given to it in Clause 8.1; [Board • [the directors of the Company present at a meeting (i) of directors of the Company or (ii) of a duly appointed committee of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies Act 2006] OR the directors of the Company present at a meeting of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies Act 2006] ];]...

Executive service agreement (Scotland)

Executive service agreement (Scotland) This Agreement is made on [date] Parties 1 [Name of company], a company incorporated in [Scotland] with registered number [number] whose registered office is at [address] (the Company); and 2 [Name of employee], of [address] (you). The parties agree: 1 Definitions and interpretation 1.1 In this Agreement the following expressions will, unless the context otherwise requires, have the meanings set opposite them: Basic Salary • the meaning given to it in Clause 8.1; [Board • [the directors of the Company present at a meeting: (i) of directors of the Company or (ii) of a duly appointed committee of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies Act 2006] OR the directors of the Company present at a meeting of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies...

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When appointing an administrator under paragraph 22 of Schedule B1 to the Insolvency Act 1986, what is the effect of a failure to obtain the consent of the Financial Conduct Authority or the Prudential Regulatory Authority to the appointment?

When appointing an administrator under paragraph 22 of Schedule B1 to the Insolvency Act 1986, what is the effect of a failure to obtain the consent of the Financial Conduct Authority or the Prudential Regulatory Authority to the appointment? There are a number of conflicting cases regarding the effect of failure to obtain prior Financial Conduct Authority (FCA)/Prudential Regulatory Authority consent and whether this amounts to a curable or incurable defect. In M.T.B Motors, His Honour Judge Hodge QC concluded that the failure to lodge the consent of the relevant regulator (then the Financial Services Authority) rendered the purported appointment void and not capable of being cured under either Insolvency Rules 1986, SI 1986/1925, reg 7.55 nor paragraph 104 of Schedule B1 to the Insolvency Act 1986 (IA 1986). However, His Honour Judge Arnold in Re Ceart Risk Services Ltd considered that the lack of regulator consent was not so fundamental so as to invalidate the appointment but that the appointment took effect from the date consent was...

For the purposes of Principle 71 of the Lending Code, what constitutes a merchant agreement? Would it include an agreement from a finance company to a car dealership pursuant to which the finance company makes credit available to the Dealer with which to acquire new and/or used motor vehicles?

For the purposes of Principle 71 of the Lending Code, what constitutes a merchant agreement? Would it include an agreement from a finance company to a car dealership pursuant to which the finance company makes credit available to the Dealer with which to acquire new and/or used motor vehicles? The Lending Code is a voluntary code of practice, setting standards for banks, building societies, credit card providers and their agents dealing with certain types of their customers (individuals, micro-enterprises and small charities) in the UK. The Lending Code was initially issued by the British Bankers' Association (BBA), the Building Societies' Association (BSA) and the UK Cards Association on 11 March 2011. It was most recently revised on 28 September 2015 when the BSA withdrew as one of its sponsors owing to the diminishing presence of building societies in markets covered by the Lending Code. The Lending Code does not provide a definition of a ‘merchant agreement’ in the glossary, in fact Principle 71 is the only mention of...

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FCA acted ‘irrationally’ over mis-selling redress, MPs say

Law360, London: A London court on 10 December 2024 began a judicial review of the Financial Conduct Authority's (FCA) decision not to rethink its treatment of consumers blocked from a bank mis-selling redress scheme after a challenge brought by a cross-party group of parliament.

UK payments regulator sees competitiveness objective introduced via the backdoor

MLex: Until now, the UK's payments regulator has avoided the additional scrutiny that a competitiveness and growth remit brings with it. Following a letter from the finance minister to the Payment Systems Regulator (PSR) on 14 November 2024, that appears to have changed. In executing its functions, the PSR must now have regard to the government's growth and competitiveness strategy. That is likely to prove a flashpoint for the fintech sector, which has been irked by the PSR over its handling of fraud reimbursement rules.