FCA Definition

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What does FCA mean?

conduct-authority'>financial conduct authority which succeeded the FSA and is responsible for ensuring the relevant markets function well, for the conduct supervision of firms not supervised by the Prudential Regulation authority, protecting consumers and promoting competition

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Checklist for compromises of FCA-regulated entities: information requirements

Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

Regulation of AML, CTF and counter-proliferation financing—table of relevant authorities

Regulation of AML, CTF and counter-proliferation financing—table of relevant authorities This Practice Note provides a quick reference guide to the bodies that have anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing responsibilities in the UK. For more detailed information on enforcement, see Practice Note: Money Laundering Regulations 2017—enforcement, offences and penalties. Category Body Role(s) UK government Home Office Responsible for UK primary legislation, eg Proceeds of Crime Act 2002 (POCA 2002).Strategic planning, including:—police strategy and resourcing—asset recoveryChairs (with HM Treasury) Money Laundering Advisory Committee (MLAC), a forum for key stakeholders to coordinate the AML regime and review its efficiency and effectiveness. HM Treasury Represents UK in Financial Action Task Force (FATF).Approves industry guidance under POCA 2002, Terrorism Act 2000 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692.Responsible for the implementation and administration of the UK’s financial sanctions regime.Chairs (with the Home Office) MLAC. Foreign, Commonwealth & Development Office They pursue national interests and...

Money Laundering Regulations 2017—CDD quick reference guide—individuals

Money Laundering Regulations 2017—CDD quick reference guide—individuals Client due diligence (CDD) is a central pillar of the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. CDD requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Counter-proliferation financing is the most recent addition to the long-established AML and CTF regime. Requirements in relation to counter-proliferation financing were introduced through amendments to the MLR 2017 and include in relation to systems and controls, risk assessment, etc. No specific counter-proliferation financing requirements were added in relation to CDD, and existing CDD provisions in the MLR 2017 were not amended to include mention of proliferation financing. As things stand, therefore, counter-proliferation financing is not covered in this Practice Note. For more information, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply (see Practice Notes: Money Laundering Regulations 2017—scope and application—law firms), conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach....

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Step-in rights and SRA compliance clauses: law firm outsourcing agreement

1 Definitions for Step-in rights and SRA compliance clauses: law firm outsourcing agreement Applicable Laws means: (a) the laws of England and Wales [and [insert other specific applicable laws, eg of other jurisdictions where the Services will be performed]]; (b) any other laws or regulations; (c) any industry codes, policies or guidelines issued by a Regulator as notified to Supplier by Customer from time to time in each case, as these are applicable to the performance of the Services; Confidential Information ...

Outline timetable for an AIM admission

Outline timetable for an AIM admission This precedent timetable shows the main steps involved in an AIM IPO (where a UK company is applying for the initial admission of its shares to trading on AIM) and no prospectus is required. Impact Day – 12 weeks Event Responsibility All parties meeting All Circulate timetable Nomad Circulate draft list of documents and list of parties Nomad Circulate draft engagement letters Nomad Circulate financial due diligence questionnaire and legal due diligence questionnaire Reporting accountants and Company solicitors Impact Day — 11 weeks Event Responsibility Circulate memorandum on directors’ responsibilities and potential liabilities in respect of an AIM admission document Company solicitors Circulate memorandum on the responsibilities and continuing obligations of a director of an AIM company Company solicitors Circulate directors’ questionnaires, directors’ powers of attorney and directors’ responsibility letters Company solicitors/Nomad Return response to financial due diligence questionnaire and legal due diligence questionnaire Company Commence financial due diligence (including financial procedures review) Reporting accountants Commence legal due diligence Company...

Dive into our 117 Precedents related to FCA

How do you bring a claim to enforce a contract against a co-operative and community benefit society which has been cancelled by the Financial Conduct Authority? The contract was entered into before cancellation and it is not possible to identify the members of the society.

How do you bring a claim to enforce a contract against a co-operative and community benefit society which has been cancelled by the Financial Conduct Authority? The contract was entered into before cancellation and it is not possible to identify the members of the society. Once registered, a co-operative or community benefit society (a registered society) is a body corporate with limited liability and its own legal personality. It is owned by its members who hold shares in the society. It may sue and be sued in its registered name, and it has power to hold land and invest funds (subject to the terms of its registered rules). A registered society is similar in a number of ways to a company limited by shares, but it is not registered via Companies House and the Companies Act 2006 (CA 2006) does not apply. The Financial Conduct Authority (FCA) is the registering authority for societies registered under the Co-operative and Community Benefit Societies Act 2014 (CCBSA 2014). The FCA has powers to...

What are the consequences of the OFT closing?

What are the consequences of the OFT closing? The Office of Fair Trading (OFT) was set up in 1973 and closed on 1 April 2014 as part of the government's reform in this area. The Enterprise and Regulatory Reform Act 2013 established the Competition and Markets Authority (CMA) as the UK’s competition authority with a mission to 'make markets work well for consumers, businesses and the economy'. On 1 April 2014, the functions of the Competition Commission and many of the functions of the Office of Fair Trading (OFT) were transferred to the CMA and those bodies abolished. What responsibilities are moving where? The work and responsibilities of the OFT have passed to a number of bodies: • Competition: This is now dealt with by the Competition and Markets Authority (CMA). The CMA is a non-ministerial department which is tasked to promote competition for the benefit of consumers both 'within and outside the UK'. • Consumer advice and consumer education: This is now dealt with...

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HMT announces independent review of the Payment and Electronic Money Special Administration Regime

HM Treasury (HMT) has announced the launch of an independent review of the Payment and Electronic Money Special Administration Regime (PESAR), introduced by the Payment and Electronic Money Institution Insolvency Regulations 2021. HMT has appointed Adam Plainer to lead the review and published terms of reference setting out its scope. The review will include an assessment of PESAR on individual customers in administration cases where it has been used; the extent to which PESAR would effectively manage the failure of a larger payment firm; the efficacy of cooperation between the HMT, the Financial Conduct Authority (FCA), the Bank of England (BoE), and the Insolvency Service and whether improvements can be made and the effectives of cooperation between UK and overseas jurisdictions. HMT requests that Plainer provide an interim update with initial conclusions by September 2025, with a final report by the end of 2025.

FCA launches consultation on targeted support regime for pensions decision-making

The Financial Conduct Authority (FCA) has initiated a consultation on a proposed new ‘targeted support’ regime for pensions decision-making, as part of the joint government and FCA Advice Guidance Boundary Review. This regime aims to allow authorised firms to provide tailored suggestions to consumers in similar circumstances, potentially bridging the gap between financial advice and guidance. The consultation, open until 13 February 2025, seeks feedback on the role of targeted support in aiding future savings and retirement planning, as well as the standards required for high-quality delivery. The government is exploring various implementation routes, including potential legislative changes. This initiative forms part of a broader government strategy to enhance financial decision-making support, which includes replacing EU-inherited PRIIPs Regulation, creating pension dashboards that offer a secure platform for individuals to access an overview of their pension savings online and implementing the Pensions Investment Review which will seek to enhance investment, increase pension funds and address inefficiencies in the pensions system.

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GLOSSARY

FCA definition

What does FCA mean?

View the related checklists about FCA

Checklist for compromises of FCA-regulated entities: information requirements

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

View the related practice notes about FCA

Regulation of AML, CTF and counter-proliferation financing—table of relevant authorities

Money Laundering Regulations 2017—CDD quick reference guide—individuals

View the related precedents about FCA

Step-in rights and SRA compliance clauses: law firm outsourcing agreement

Outline timetable for an AIM admission

View the related q&as about FCA

How do you bring a claim to enforce a contract against a co-operative and community benefit society which has been cancelled by the Financial Conduct Authority? The contract was entered into before cancellation and it is not possible to identify the members of the society.

What are the consequences of the OFT closing?

View the related News about FCA

HMT announces independent review of the Payment and Electronic Money Special Administration Regime

FCA launches consultation on targeted support regime for pensions decision-making

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GLOSSARY

FCA definition

What does FCA mean?

View the related checklists about FCA

Checklist for compromises of FCA-regulated entities: information requirements

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

View the related practice notes about FCA

Regulation of AML, CTF and counter-proliferation financing—table of relevant authorities

Money Laundering Regulations 2017—CDD quick reference guide—individuals

View the related precedents about FCA

Step-in rights and SRA compliance clauses: law firm outsourcing agreement

Outline timetable for an AIM admission

View the related q&as about FCA

How do you bring a claim to enforce a contract against a co-operative and community benefit society which has been cancelled by the Financial Conduct Authority? The contract was entered into before cancellation and it is not possible to identify the members of the society.

What are the consequences of the OFT closing?

View the related News about FCA

HMT announces independent review of the Payment and Electronic Money Special Administration Regime

FCA launches consultation on targeted support regime for pensions decision-making

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