CC:ME is an excellent resource for any compliance professional. Each week we will email you a round up of all the most important news facing the various financial services sectors. CC:ME also contains links to important source materials.
Register for your free weekly copy emailed directly to you for an online round up of regulatory news and analysis.
Please see below for links to back issues of CC:ME; or click
Industry News Archive to see back issues of our previous regulatory news round up: Industry New Flash.
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IanStott@theconsultingconsortium.com
Compliance News Published 13th June 2013
While we are all focused on the road ahead and the roadworks that represent the FCA and PRA and the changes they will make to our regulatory environments, at The Consulting Consortium we keep a clos...
Compliance News - published 6th June 2013
The Financial Conduct Authority (FCA) has published final rules to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and certain close substitutes (together to be known as Non-Ma...
Compliance News - published 31st May 2013
BANK FINED FOR SYSTEMS AND CONTROLS FAILINGS IN ITS WEALTH MANAGEMENT BUSINESS
News that an international bank has been fined £3m by the Financial Conduct Authority (FCA) for systems and cont...
Compliance News - published 23rd May 2013
Martin Wheatley, Chief Executive, the FCA, spoke at the British Insurance Brokers’ Association (BIBA) conference, ExCel Centre, London. In his speech he advised that the FCA will be launching ...
Compliance News - published 14th May 2013
The FCA have provided an update on their proposed restrictions to the marketing of unregulated collective investment schemes (UCIS) and close substitutes. Further to discussions with stakeholders, ...
Compliance News - published 9th May 2013
This news dominated the headlines of last week and this one will run and run. The FCA have published several documents in relation to their stance on Interest Only Mortgages:
a guide for cons...
Compliance News - published 2nd May 2013
A major bank active in the UK and noted for its mortgage lending has agreed with the FCA to contact more than 270,000 mortgage customers that it did not give clear information to when it raised the ...
Compliance News - published 26th April 2013
FCA SETS OUT NEW RULES FOR THE PLATFORMS INDUSTRY
The Financial Conduct Authority has published rules to make the way that investors pay for platforms more transparent. In the future, platf...
Compliance News - published 19th April 2013
MAKING FINANCIAL MARKETS WORK WELL
Martin Wheatley, FCA chief executive, outlined how the FCA will tackle its overarching objective to “make markets work well” in his speech at the Lans...
Compliance News - week ending 5th April 2013
As you will have now have worked out, the old FSA web-site is still accessible, however nothing appears to be added since end March. The FCA web-site is up and running and very customer-friendly. Th...
Compliance News - 29 March 2013
FCA – RETAIL CONDUCT RISK OUTLOOK
Further to last week’s publication of the 2013 RCRO, Rebecca Prestage, TCC’s Head of Policy, has outlined key areas within compliance changes and...
Compliance News - 27 March 2013
THIS WEEK:
FSA – FCA BUSINESS PLAN AND RISK OUTLOOK PUBLISHED
The FSA this week (Monday 25th) has published its FCA business plan and RCRO (Retail Conduct Risk Outlook) for 2013/14.
T...
Compliance News - 22 March 2013
FSA – THE INSTITUTIONALISATION OF CUSTOMER SERVICE
Martin Wheatley, MD Conduct Business Unit, addressed the CISI last week on the above subject. He referred to the proud City traditi...
Compliance News - 8 March 2013
FSA – PUBLISHES PAPER ON TRANSPARENCY
The Financial Services Authority (FSA) has published a discussion paper looking at how transparency and more effective disclosure could improve the...
Compliance News - 1 March 2013
OFT – PAYDAY CASH LENDERS TOLD TO IMPROVE BY OFT
The biggest payday loan companies have been accused by the Office of Fair Trading of irresponsible lending at exorbitant interest rates....
Compliance News - 22 February 2013
FSA - ANDREW BAILEY APPOINTED AS DEPUTY GOVERNOR FOR PRUDENTIAL REGULATION AND CEO OF THE PRUDENTIAL REGULATION AUTHORITY
The Chancellor of the Exchequer has announced that Andrew Bailey, Executi...
Compliance News - 15 February 2013
FSA – RESULTS OF MYSTERY SHOPPING IN INVESTMENT ADVICE IN BANKS AND BUILDING SOCIETIES
The Financial Services Authority has published the results of a mystery shopping review, carried o...
Compliance News - 8 February 2013
FSA – CONSULTATION ON REGULATORY REFORM OF ENFORCEMENT RULES
CP 13/6 is part of a series of papers setting out proposed changes to the regulatory requirements needed to create the new r...
Compliance News - 1 February 2013
FSA – START OF REVIEW OF INTEREST RATE HEDGING PRODUCTS TO SMALL BUSINESSES
The Financial Services Authority has confirmed that the four leading high retail banks will start the full re...
Compliance News - 25 January 2013
FSA AND OFT – JOINT GUIDANCE ON PPI
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have jointly published final guidance to help prevent the problems associ...
Compliance News - 18 January 2013
FSA – STATEMENT ON PPI
The Financial Services Authority (FSA) reported that they have been approached by the British Bankers' Association (BBA) to discuss the potential for introducing ...
Compliance News - 11 January 2013
FOS – PLANS AND BUDGET FOR 2013/14
The Financial Ombudsman Service has published its proposed plan and budget for the next financial year (2013/2014) – together with an update on ...
Compliance News - 4 January 2013
PRA – TWO PAPERS, ONE ON ENFORCEMENT AND ONE ON TRANSITION TO PRA FROM FSA
In this paper from the Bank of England and the Financial Services Authority, the FSA is consulting on the Prudential R...
Compliance News - 14 December 2012
FSA – PACKAGED BANK ACCOUNTS POLICY STATEMENT
The FSA has published their long awaited Policy Statement (12/22) on the main issues arising from Consultation Paper 12/17 Packaged bank accoun...
Compliance News - 7 December 2012
FSA – TEMPORARY PRODUCT INTERVENTION RULES
The Financial Services Authority (FSA) is consulting on the approach the future Financial Conduct Authority (FCA) would take if it needed to e...
Compliance News - 30 November 2012
FCA – REGULATORY REFORM TO HANDBOOK
The FSA has released a Consultation Paper relating to updates to the FCA Handbook. The updates refer to supervision and threshold conditions, as...
Compliance News - 23 November 2012
FSA – SIPP OPERATIONS: A NEW CAPITAL REGIME
The Financial Services Authority (FSA) has published a consultation paper outlining how much capital Self Invested Personal Pension (SIPP) operat...
Compliance News - 16 November 2012
FSA – COMBATING FINANCIAL CRIME
Tracey McDermott, Director of Enforcement and Financial Crime at FSA addressed the APCIMS conference on key priorities and themes for 2013. She star...
Compliance News - 9 November 2012
ABI LAUNCHES CONSULTATION ON ANNUITY RATE TRANSPARENCY
The ABI has launched a consultation on annuity rates transparency to help people approaching retirement get the best pension deal.
The consu...
Compliance News - 2 November 2012
FSA – REGULATORY FEES AND LEVIES CONSULTATION FOR 2013/14
To accommodate regulatory reform, the FSA are consulting on the changes to the their fees methodology so they can adapt it for the ...
Compliance News - 26 October 2012
FSA – hard-wirING common sense into the mortgage market
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Compliance News - 19 October 2012
FSA – MARTIN WHEATLEY SETS OUT 'JOURNEY TO THE FCA'
The Financial Services Authority (FSA) has published ‘Journey to the FCA’ a paper that sets out how the UK’s new fi...
Compliance News - 12 October 2012
FSA – SPEECH BY ADAIR TURNER
Lord Turner made his last speech in his role as Chairman, FSA. Whether it was a swan-song speech or an interview rehearsal for the role of Governor of ...
Compliance News - 5 October 2012
FSA – APPROVED PERSON REGIME UNDER THE NEW REGULATORS
The Financial Services Bill currently is expected to be introduced in January 2013 and, in anticipation of that, the first of a ser...
Compliance News - 28 September 2012
FSA – SPEECH BY MARTIN WHEATLEY ON LIBOR
Martin Wheatley - Managing Director, FSA, and CEO Designate, FCA – made an eagerly anticipated speech at the eponymous Wheatley Review of ...
Compliance News - 21 September 2012
FSA – SPEECH ON A WAY AHEAD FOR CONDUCT REGULATION
Martin Wheatley, Managing Director, FSA, addressed the ABI at their recent conference. Mr Wheatley commented that insurers and h...
Compliance News - 14 September 2012
FSA – CONSULTATIVE PAPER ON PRA AND FCA REGIMES ON AUTHORISATION AND SUPERVISION
This paper consults on certain proposed changes to existing regulatory rules and guidance following the introd...
Compliance News - 7 September 2012
FSA – CONSULTS ON CHANGES TO CLIENT MONEY AND CUSTODY REGIMES
The Financial Services Authority (FSA) has issued a combined Consultation Paper (CP) and Discussion Paper (DP) that propos...
Breaking News - 5 September 2012
The Consulting Consortium likes to keep readers of CC:ME at the forefront of matters that interest the regulatory community. From time to time there are ground-breaking announcements and news th...
Compliance News - 31 August 2012
FSA – REVIEW OF CLIENT MONEY RULES FOR INSURANCE INTERMEDIARIES
The FSA began regulating general insurance intermediaries seven years ago, including how intermediaries hold client money...
Compliance News - 24 August 2012
FSA – PROPOSES TO BAN UCIS TO ORDINARY RETAIL INVESTORS
The Financial Services Authority has published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS)...
Compliance News - 17 August 2012
ANTI-CORRUPTION REGULATIONS SPREAD DEEPER INTO ASIA
Several Asian jurisdictions have passed legislation similar to the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act (UKBA) in...
Compliance News - 10 August 2012
FSA – WHEATLEY REVIEW: THE FUTURE OF LIBOR
"The existing structure and governance of Libor is no longer fit for purpose and reform is needed." Martin Wheatley, MD FSA ad...
Compliance News - 3 August 2012
FSA – REMUNERATION PRACTICES CONSULTATIVE PAPER
This CP should be read by all FSA-authorised banks, building societies and Capital Adequacy Directive (CAD) investment firms. This includ...
Compliance News - 27th July 2012
FSA – PACKAGED BANK ACCOUNTS
The Financial Services Authority (FSA) has published new rules requiring banks and building societies to check whether customers are eligible to claim ...
Compliance News - 20 July 2012
FSA/FPC – MACRO PRUDENTIAL POLICY IN DEFLATIONARY TIMES
Lord Turner addressed the Financial Reporting Council regional meeting in Manchester. He stated that he was not present as C...
Compliance News - 13 July 2012
FSA – TRANSPOSITION OF SOLVENCY II
The FSA has have published the second and final of their series of consultations on rules to transpose the Solvency II Directive into the UK Handbook...
Compliance News - 6 July 2012
FCA – SPEECH “OUR VISION FOR ENFORCEMENT”
Martin Wheatley - CEO Designate of the FCA - addressed the FSA Enforcement Conference in London saying that it was a pleasure to be...
Compliance News - 29 June 2012
LIBOR, interest rate hedging and a proposed Government review (“mini-Leveson”) - all about us senior casualties threaten to change the leaders, shakers and movers of banking for ever. ...
Compliance News - 22 June 2012
BANKING – WHERE DO WE GO FROM HERE?
Not just RBS and NatWest, but the entire banking industry has been shaken by the events of the past 7 days, as have their customers.
Looking at the immediat...
Compliance News - 15 June 2012
BoE – MANSION HOUSE SPEECH
Sir Mervyn King, Governor, addressed the Lord Mayor’s Banquet for Bankers and Merchants of the City of London at the Mansion House on 14 June 2012.&nbs...
Compliance News - 8 June 2012
CC:ME WEEK ENDED 9 JUNE 2012
FSA – QUARTERLY CONSULTATION
In their latest Quarterly Consultation Paper, FSA are consulting on miscellaneous amendments to their Handbook. ...
Compliance News - 1 June 2012
CC:ME WEEK ENDED 1 JUNE 2012
FSA – CONSULTS ON LOWERING PROJECTION RATES
The FSA, in conjunction with the Financial Reporting Council (FRC) has published a joint consultation paper aime...
Compliance News - 25 May 2012
CCME WEEK ENDED 25 MAY 2012
ABI - RIOT COMPENSATION SCHEME NOT FIT FOR PURPOSE SAYS THE ABI
The ABI has called for an overhaul in the law that provides for compensation to be paid to the ...
Compliance News - 18 May 2012
FSA – SOLVENCY II AND THE LONDON MARKET
Julian Adams, Director, Insurance Division at FSA, spoke at the Insurance Day Summit on the subject of Solvency II, saying that this was the key import...
Compliance News - 11 May 2012
CC:ME WEEK ENDED 11 MAY 2012
SILVER HAIR BRINGS ON THE GOLD
Last week saw a re-union of some of the “great and good” founders of Compliance Officer user groups, some of whic...
Compliance News - 4 May 2012
CC:ME WEEK ENDED 4 MAY 2012
FSA – REBUILDING TRUST AND CONFIDENCE
Martin Wheatley, managing director of the Financial Services Authority, told an audience at the Chartered Ins...
Compliance News - 27 April 2012
CC:ME WEEK ENDED 27 APRIL 2012
FSA – DELIVERING EFFECTIVE CORPORATE GOVERNANCE
Hector Sants delivered what will be his last speech as Chief Executive at The Merchant Taylors’ Hall. ...
Compliance News - 20 April 2012
CC:ME WEEK ENDED 20 APRIL 2012
FSA – CONDUCT SUPERVISION AND THE MOVE TO THE FCA
Clive Adamson, Director of Supervision, Conduct Business Unit, FSA made a speech at the Bloomb...
Compliance News - 13 April 2012
CC:ME WEEK ENDING 13 APRIL 2012
FSA – ASSESSING SUITABILITY
The FSA has published Guidance Consultation on the subject of assessing suitability within the spectrum of replacem...
Compliance News - 30 March 2012
CC:ME WEEK ENDED 30 MARCH 2012
FSA – REVIEW OF ANTI-BRIBERY AND CORRUPTION SYSTEMS AND CONTROLS
The FSA has published the findings of its thematic review into anti-bribery and...
Compliance News - 23 March 2012
CC:ME WEEK ENDED 23 MARCH 2012
FSA – BUSINESS PLAN 2012/13 PUBLISHED
Just while you’re working through the Retail Conduct Risk Outlook, the FSA are competing with the glo...
Compliance News - 16 March 2012
CC:ME WEEK ENDED 16 MARCH 2012
FSA – RETAIL CONDUCT RISK OUTLOOK 2012
The FSA has published what is now an annual document setting out their assessment of the most significan...
Compliance News - 9 March 2012
CC:ME WEEK ENDED 9 MARCH 2012
FSA – QUARTERLY CONSULTATION
The Quarterly Consultation Paper will be relevant to firms and individuals with an interest in:
• &nbs...
Compliance News - 2 March 2012
CC:ME WEEK ENDED 2 MARCH 2012
FSA – SOLVENCY II IMPLEMENTATION UPDATE
The FSA Solvency II industry briefing was addressed by Julian Adams, Director of Insurance, FSA. &nb...
Compliance News - 24 February 2012
CC:ME WEEK ENDING 24 FEBRUARY 2012
AN UPDATE ON THE FSA’S INVESTIGATIONS & ENFORCEMENT REGIME
In a Speech by Tracey McDermott, acting director of the Enforcement and Financial Cr...
Compliance News - 17 February 2012
CC:ME WEEK ENDED 17 FEBRUARY 2012
FSA – A QUINTET OF CONSUMER RESEARCH PAPERS
The FSA from time to time publishes consumer research papers by august authors from world leading...
Compliance News - 10 February 2012
CC:ME WEEK ENDED 10 FEBRUARY 2012
FSA – DELIVERING A TWIN PEAKS REGULATORY MODEL
In a speech to the British Bankers’ Association, Hector Sants, chief executive of the FS...
Compliance News - 3 February 2012
CC:ME WEEK ENDED 3 FEBRUARY 2012
FSA – REVIEW OF SALE AND RENT BACKS
The FSA’s review into sale and rent back has found widespread poor practice and sees the marke...
Compliance News - 27 January 2012
CC:ME WEEK ENDED 27 JANUARY 2012
FSA – NEW ORTHODOXY FOR CONDUCT REGULATION
Martin Wheatley, managing director of the Financial Services Authority (FSA), has outlined a new or...
Compliance News - 20 January 2012
CC:ME WEEK ENDED 20 JANUARY 2012
FSA – CLIENT ASSETS SOURCEBOOK: CUSTODY LIENS
This Policy Statement will be of particular interest to firms that place custody assets with thi...
Compliance News - 13 January 2012
CC:ME WEEK ENDING 13 JANUARY 2012
FSA – SWITCHING TERMS ON MORTGAGE CONTRACTS
The FSA has been considering terms in interest-only mortgage contracts that allow firms to switch...
Compliance News - 6 January 2012
CC:ME WEEK ENDED 6 JANUARY 2012
HAPPY NEW YEAR TO ALL OUR READERS
FSA – REMUNERATION TIERS 2 AND 3
The FSA has published finalised guidance on remuneration: prop...
Compliance News - 16 December 2011
INDUSTRY NEWS FLASH WEEK ENDED 16 DECEMBER 2011
FSA – BANS AND FINES FORMER UBS OFFICER £150,000
The Financial Services Authority (FSA) has banned and fined a former cli...
Compliance News - 9 December 2011
CC:ME WEEK ENDED 9 DECEMBER 2011
FSA – REPORTS ON THE FAILURE OF ROYAL BANK OF SCOTLAND
The FSA has published its Board’s Report into ‘The failure of the Royal Ban...
Compliance News - 2 December 2011
CC:ME WEEK ENDED 2 DECEMBER 2011
FSA – FINES HSBC £10.5 MILLION FOR MIS-SALES
The Financial Services Authority (FSA) has issued its largest ever retail fine of £10.5 ...
Compliance News - 25 November 2011
CC:ME WEEK ENDED 25 NOVEMBER 2011
FSA – FINES AND BANS HEDGE FUND COMPLIANCE OFFICER
The Financial Services Authority (FSA) has fined a former Compliance Officer £14,000, reduce...
Compliance News - 18 November 2011
CC:ME WEEK ENDED 18 NOVEMBER 2011
THE CONSULTING CONSORTIUM WINS LEADING INDUSTRY AWARDS
At the prestigiousCompliance Register Platinum Awards held last Thursday night, The Consulti...
Compliance News - 11 November 2011
CC:ME WEEK ENDED 11 NOVEMBER 2011
FSA – PROPOSES RULES TO PROTECT UNIT-LINKED POLICYHOLDERS
The Financial Services Authority (FSA) has proposed rules to maintain protection of policyh...
Compliance News - 4 November 2011
CC:ME WEEK ENDED 4 NOVEMBER 2011
FSA AND OFT – DRAFT GUIDANCE ON PAYMENT PROTECTION PRODUCTS
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have j...
Compliance News - 28 October 2011
Compliance News – 28th October 2011
CC:ME WEEK ENDED 28 OCTOBER 2011
FSA – ACTION ON PACKAGED BANK ACCOUNTS
The Financial Services Authority (FSA) has pro...
Compliance News - 21 October 2011
CC:ME WEEK ENDED 21 OCTOBER 2011
FSA: THE MANSION HOUSE CITY BANQUET SPEECH
In a speech at the Mansion House 20 October, the chairman of the Financial Services Authority (FSA), Lord Turner, sai...
Compliance News - 14 October 2011
CC:ME WEEK ENDED 14 OCTOBER 2011
FSA SELLING OF GENERAL INSURANCE THROUGH PRICE COMPARISON WEBSITES: FINAL GUIDANCE
Having published draft guidance on their website the FSA has now issued final...
Compliance News - 7 October 2011
CC:ME WEEK ENDED 7 OCTOBER 2011
FSA FINANCIAL PROMOTIONS: GUIDANCE ON PROMINENCE
The standard of financial promotions is a priority element of the FSA's retail market strategy and work in ...
Compliance News - 30 September 2011
CC:ME WEEK ENDED 30 SEPTEMBER 2011
CREDIT CREATION AND SOCIAL OPTIMALITY – A SPEECH BY LORD TURNER
Ensuring greater financial stability may require policy makers to make judgements...
Compliance News - 23 September 2011
CC:ME WEEK ENDED 23 SEPTEMBER 2011
FSA EVENT: THE ROLE OF NON-EXECUTIVE DIRECTORS
FSA forum: The role of the non-executive directors in governance and risk management of UK subsidiaries of interna...
Compliance News - 16 September 2011
CC:ME WEEK ENDED 16 SEPTEMBER 2011
FSA: NEW GUIDANCE ON SIMPLIFIED ADVICE
This proposed guidance relates to the following rule(s) in the FSA Handbook
· &n...
Compliance News - 2 September 2011
CC:ME WEEK ENDED 2 SEPTEMBER 2011
FSA – PPI REDRESS LEVELS IN FIRST HALF 2011
The Financial Services Authority (FSA) has published details of the amount of redress paid by fi...
Compliance News - 26 August 2011
CC:ME WEEK ENDED 26 AUGUST 2011
FSA – RDR HITS THE HEADLINES
This proposed guidance will be of interest to retail investment advisers and trade associations. During ...
Compliance News - 19 August 2011
CC:ME WEEK ENDED 19 AUGUST 2011
FSA – TRIBUNAL UPHOLDS FSA DECISION TO BAN AND FINE HEDGE FUND CEO AND CFO £2.1 MILLION FOR DECEIVING INVESTORS AND MARKET ABUSE
The Uppe...
Compliance News - 12 August 2011
CC:ME WEEK ENDED 12 AUGUST 2011
FSA – RECOVERY AND RESOLUTION PLANS
The Financial Services Authority has published a Consultation Paper and Discussion Paper on its propo...
Compliance News - 5 August 2011
CC:ME WEEK ENDING 5 AUGUST 2011
FSA – PROPOSED GUIDANCE ON REMUNERATION
This guidance is of most relevance to all FSA-authorised banks, building societies and Capital Ade...
Compliance News – 29 July 2011
CC:ME WEEK ENDED 29 JULY 2011
FSA – UK OWNED BANKS’ EXPOSURES TO EEA SOVEREIGNS AND FINANCIALS
On 16 June 2011, the Interim Financial Policy Committee (iFPC) recommended...
Compliance News - 22nd July 2011
CC:ME WEEK ENDING 22 JULY 2011
FSA FINES WILLIS £6.895 MILLION FOR ANTI-BRIBERY AND CORRUPTION SYSTEMS AND CONTROLS FAILINGS
The Financial Services Authority (FSA) has fined Wi...
Compliance News - 8th & 15th July
INDUSTRY NEWS FLASH WEEKS ENDED 8 AND 15 JULY 2011
FSA – PROPOSED GUIDANCE ON “BUY-OUT” AWARDS TO NEW STAFF
The FSA’s Remuneration Code limits the circumstan...
