The SFO has published its 5-year strategy document (the Strategy Document), highlighting a number of areas of focus, from international coordination with counterparts to capitalising on technology and incentivising their workforce. This follows Director of the SFO, Nick Ephgrave’s, speech in February 2024 setting out key priorities (see our recent Investigations and Enforcement horizon scanning article here). The Strategy Document highlights that fraud is now the UK’s most prevalent crime and poses a significant threat.  The focus on fraud is consistent with the SFO’s messaging over the p ..read more

On 19 April 2024, the Joint Regulatory Oversight Committee (JROC) published a report containing its recommendations for the open banking future entity. The report follows a consultation with industry through the Future Entity Working Group, which presented its findings to the JROC in December 2023. In the report the JROC is consulting on various recommendations about the journey to the future entity, as well as recommendations around the immediate creation of an interim entity. The interim entity will exist in an interim regulatory phase, before the full transition to the future entity occurs ..read more

Global N/A EU 26 April 2024 – On 11 April 2024, the European Securities and Markets Authority published its 2023 report on the quality and use of data. A webinar to present the report in more detail will be held on 26 April from 11:00 -12:00 CET. UK 26 April 2024 – On 29 February 2024, the Economic Crime and Corporate Transparency Act 2023 (Commencement No. 2 and Transitional Provision) Regulations 2024 were made. These Regulations are the second commencement regulations made under the Economic Crime and Corporate Transparency Act 2023. They commence certain provisions in Parts 1 to 5 of ..read more

On 18 April 2024, the Financial Conduct Authority (FCA) and the Bank of England (BoE) (exercising its prudential regulation functions) published an updated Memorandum of Understanding (MoU). The MoU sets out the high-level framework the FCA and the Prudential Regulation Authority (PRA) use to coordinate and cooperate in carrying out their respective responsibilities. The updated version replaces the previous MoU, which was adopted on 2 July 2019. The MoU outlines: The purpose and scope of the MoU and of the two regulators. The regulatory objectives of the FCA and PRA. Respective roles with re ..read more

On 18 April 2024, the European Supervisory Authorities (ESAs) issued a consultation paper containing a draft regulatory technical standard (RTS) on the harmonisation of conditions enabling the conduct of the oversight activities under Article 41(1) point (c) of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). Specifically, the draft RTS is aimed at specifying the criteria for determining the composition of the joint examination team, their designation of tasks, and working arrangements. A consultation paper covering the RTS under Article 41(1) points ..read more

On 18 April 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation establishing the European Deposit Insurance Scheme (EDIS). MEPs approved the report with 26 votes to 18 and 3 abstentions. The file will be followed up by the new European Parliament after the 6-9 June European elections. The EDIS proposal builds on the system of national deposit guarantee schemes (DGS) regulated by Deposit Guarantee Directive. The scheme will develop in different stages and the contributions of EDIS will prog ..read more

On 18 April 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation on a framework for financial data access (FIDA). MEPs approved the report with 43 votes to 1 and 5 abstentions. The file will be followed up by the new European Parliament after the 6-9 June European elections. The FIDA proposal seeks to enable consumers and firms to control access more efficiently to their financial data beyond payments thereby allowing them to benefit from financial products and services that are tailored to ..read more

The recent Federal Court decision in ASIC v Auto & General Insurance Company Limited [2024] FCA 272 is the first decision to apply the unfair contract terms (UCT) regime in the context of insurance since its expansion to insurance policies on 5 April 2021. On 22 March 2024, Jackman J delivered a judgment in favour of Auto & General Insurance Company Ltd (Auto & General), holding that a term requiring policyholders to disclose any changes to their home and contents is not unfair. The judgment also considers the interaction between the UCT regime and the Insurance Contracts Act 1984 ..read more

On 17 April 2024, the Payment Systems Regulator (PSR) published Consultation Paper CP24/3 on the Faster Payments System (FPS) authorised push payments (APP) scams reimbursement requirement: compliance and monitoring. Background The PSR published Policy Statement PS23/3 and PS23/4 in 2023, setting the detailed parameters for the FPS APP scams reimbursement requirement. The PSR has also published three legal instruments which give effect to the policy. The reimbursement requirement policy is intended to: Incentivise the payment industry to invest further in end-to-end fraud prevention by requir ..read more

In our latest podcast, Partner Matthew Gregory is joined by Senior Associate Joe Bamford, both of whom specialise in retail conduct, to discuss the FCA’s consultation (CP23/24) on changes to the capital requirements for personal investment firms, with particular focus on how firms must calculate their potential redress liabilities for these purposes. The podcast also touches on how these changes may be seen as part of the FCA’s wider proposals and recent regulatory programmes – such as the Consumer Duty. The podcast aims to assist personal investment firms, and key internal stakeholders such a ..read more