Regulatory

The Financial Conduct Authority (FCA) has today made a commitment to be a more, innovative, adaptive and assertive regulator. The commitment reflects the FCA’s Business Plan for 2021/22, the first annual plan since Nikhil Rathi joined the FCA as chief executive in October 2020.

The Financial Reporting Council (FRC) has issued revised quality management standards for an audit firm’s responsibilities to design, implement and operate a system of quality management. The standards are as follows:

The Financial Conduct Authority (FCA) has fined LBGI (Lloyds Bank General Insurance Limited, St Andrew’s Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax General Insurance Services Limited) £90,688,400 for failing to ensure that language contained within millions of home

The Financial Reporting Council (FRC) has said that changes are needed to make environmental, social and governance (ESG) reporting effective. The FRC published its Statement of Intent on Environmental, Social and Governance challenges this week. The statement sets out areas in which there are issue

The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England are seeking views on regulatory plans to improve diversity and inclusion in financial services. In a discussion paper, the regulators have set out policy options including, among others, the use of targe

A review of 18 fund managers between July 2020 and May 2021, covering different business models and sizes, found most had not implemented Assessments of Value (AoVs) arrangements that met Financial Conduct Authority (FCA) standards. The financial regulator requires Authorised Fund Managers (AFMs) to

The Financial Conduct Authority (FCA) has today launched a consultation on a series of proposed reforms to improve the effectiveness of UK primary markets, alongside a discussion of how it might continue to develop the regime to ensure the UK remains a competitive and dynamic market. Recently, both

The Financial Conduct Authority (FCA) has called for so-called ‘host’ Authorised Managers (AFMs) to improve their standards following a review of firms published today. Host AFMs are fund operators that delegate investment management to third-party investment managers outside of their co

The Financial Reporting Council (FRC) has announced the appointment of Hannah Nixon and Ruwan Weerasekera as non-executive directors (NEDs) to the FRC Board. They join the FRC Board at a time of significant growth and transformation as the FRC transitions into the Audit, Reporting and Governance Aut

The Financial Conduct Authority (FCA) has published new proposals on climate-related disclosure rules for listed companies and certain regulated firms. The proposals follow the introduction of climate-related disclosure rules for the most prominent listed commercial companies in December 2020 which

The Financial Reporting Council (FRC) is seeking a £15 million fine against Big Four audit firm KPMG after a draft tribunal report highlighted misconduct in its sale of Silentnight to private equity firm HIG. The accountancy regulator is also pursuing a fine of at least £500,000 against

New research published by the Financial Conduct Authority (FCA) has estimated that 2.3 million adults now hold cryptoassets, marking an increase from the 1.9 million recorded last year. The research also revealed that 78% of adults have now heard of cryptoassets, up from 73% in a year.

The Financial Reporting Council (FRC) has issued Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions beyond 30 June 2021. These amendments extend the application of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequenc

The Financial Conduct Authority (FCA) is extending the end date of the Temporary Registrations Regime (TRR) for existing cryptoasset businesses from 9 July 2021 to 31 March 2022. The TRR was established last year to allow existing cryptoasset firms, which applied for registration before 16 December

Sir Jon Thompson, chief executive of the Financial Reporting Council (FRC) has admitted that the financial regulator was "asleep at the wheel" during corporate failures. In an interview with the Financial Times, Sir Jon admitted that the regulator had failed to do its job during a series of corporat