Insights & News

Financial promotion exemptions for high net worth individuals and sophisticated investors: HM Treasury publishes its response

15 November 2023

HM Treasury has published its Response to the Consultation: Financial promotion exemptions for high net worth individuals and sophisticated investors (Consultation) which set out proposals to reform exemptions in the Financial Promotion Order 2005 (FPO) relating to high net worth individuals and sophisticated investors.

Is there a future for crypto marketing in the UK?

Press

03 November 2023

Following the coming into force of the Financial Conduct Authority’s new crypto marketing regime, Wendy Saunders provides a breakdown of what it all means in practice.

Financial Promotions Gateway goes live – are you impacted?

29 September 2023

The FCA has introduced a new regulatory gateway to provide greater oversight of the approval of financial promotions. Companies that approve financial promotions for third parties will need to consider whether they need to apply to be included in the gateway or whether their activities are exempt.

CBDC - the future of payments and money in the UK?

09 February 2023

Back in April 2022 I wrote an article about the future of cryptoassets, payments and money in the UK. At that time, the UK government announced that it intended to bring in a regulatory regime for stablecoins used as a means of payment.

Latest proposals from the FSB on regulating cryptoasset activities and stablecoins

21 November 2022

Cryptoassets are volatile by nature; while high risk may lead to high reward, there is also the very real prospect of such assets losing all value.

Failure to meet the required standards for FCA authorisation

03 November 2022

A recent case serves as a useful reminder to firms seeking FCA authorisation of the paramount importance of positive and timely engagement with the FCA.

FCA hopes its Consumer Duty will lead to major shift in financial services

02 August 2022

The Financial Conduct Authority has confirmed its plans to introduce a new Consumer Duty. It says that this will fundamentally improve how firms serve consumers. It will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first. The duty includes a new Consumer Principle that “a firm must act to deliver good outcomes for retail customers”.

Metaverse 101: Cryptoassets (including NFTs)- Selling and Distribution

22 June 2022

In this next instalment of our Metaverse 101 series, we look at some of the regulatory issues to consider when selling and distributing cryptoassets (we covered regulatory issues concerning the advertising of cryptoassets in our earlier article). As this is a new and developing area of law, there are often more questions than there are answers. This post explores the relevant regulatory regimes applicable to cryptoassets for which the UK Financial Conduct Authority has responsibility.

Operation resilience: what is it and why does it matter?

21 June 2022

Operational resilience is the ability of firms and the financial sector as a whole to prevent, adapt, respond to, recover and learn from operational disruptions. That is, operational disruptions to important business services. This is separate from, but should be complementary to and work together with, firms’ business continuity planning and outsourcing arrangements.

ASA crypto crackdown: Geraint Lloyd-Taylor comments for City A.M.

17 June 2022

ASA crypto crackdown – is it regulation by the back door?

Managing conflicts of interest in asset management: key takeaways from recent FCA fines

15 June 2022

On 30 March 2022 the Financial Conduct Authority (the “FCA”) published final notices against GAM International Management Ltd (“GAM”) and Timothy Haywood, a former fund manager for GAM, in connection with failures to manage conflicts of interest arising from dealings with Greensill Capital (UK) Limited. The fines, equalling £9,103,523 and £230,037 respectively, should serve as a warning to asset managers on the importance of adequately dealing with conflicts of interest and emphasise the necessity in having a robust framework in place to identify and manage any such conflicts.

FCA issues warning to CEOs of almost 28,000 credit consumer firms in light of the cost of living crisis

24 May 2022

On 6 May 2022 the Financial Conduct Authority (FCA) issued a letter to almost 28,000 firms providing credit broking services or high cost lending products. Noting the fact millions are facing the biggest cost of living crisis in more than a decade, the FCA unambiguously reminded consumer credit firms they have a responsibility to not exploit these circumstances.

The meaning of “knowingly concerned” for breaches of financial promotion restrictions – welcome clarification for directors

25 April 2022

On 25 March 2022 the Court of Appeal held that a director who had been found “knowingly concerned” in an investment communication made in breach of section 21 of FSMA was not liable because she believed that the communication had been sufficiently authorised. The clarification of what constitutes “knowledge” in these circumstances will be welcomed by directors and professional advisors.

Treading the payment tightrope: can you still rely on the ‘limited network exclusion’ or might you now need a licence to carry out regulated payment services?

13 April 2022

The European Banking Authority (EBA) has recently published final guidelines on the application of the limited network exclusion (LNE) under the revised Payment Services Directive ((EU) 2015/2366) (PSD2). The guidelines apply to national competent authorities (NCA), which post-Brexit does not include the UK FCA. The UK FCA published its updated guidance on the application of the LNE under the Payment Services Regulations 2017 (PSRs) in November 2021, through PS21/19, PERG 15 of its Perimeter Guidance manual, and the latest version of its Payment Services and Electronic Money - Our Approach document.

A historic and pivotal moment for the future of cryptoassets, payments and money in the UK?

07 April 2022

What happened? And so 4 April 2022 may come to be seen as a pivotal turning point for the future of cryptoassets in the UK.

Spring Statement 2022: Brevity is the Soul of Wit

23 March 2022

I’m a big fan of 90 minute films, 250 page books and exhibitions comprising precisely two rooms, so it should come as no surprise that I appreciated the Chancellor’s snappy Spring Statement which clocked in at around the 27 minute mark. We’re all busy (and there's not much to report), so my summary of the key tax announcements affecting businesses and entrepreneurs will follow that style.

ESG in the balance: Will crypto be a vehicle for advancement or will it undermine positive change? Part 3

18 February 2022

G is for Governance: Can the crypto governance conundrum be resolved to realise its potential social and environmental benefits?

ESG in the balance: Will crypto be a vehicle for advancement or will it undermine positive change? Part 2

17 February 2022

S is for Social: Is crypto only an investment trap for the unwary consumer, and a vehicle for financial crime, or can it facilitate positive societal benefits?

ESG in the balance: Will crypto be a vehicle for advancement or will it undermine positive change? Part 1

16 February 2022

E is for Environmental: Is it just about the energy usage, or could crypto enable us to ‘build back better’?

Overview of the ESG landscape from a financial services regulatory perspective

15 February 2022

ESG is a very hot topic in the financial services sector.