| UK & Europe | Publications
NEWSLETTER: The FCA has been busy, publishing consultation papers on both its safeguarding and payment optionality regimes.
The long-awaited safeguarding consultation paper proposes changes to the regime and aims to tackle uncertainty by replacing the current requirements with a CASS-style regime. On the other hand, its paper covering payment optionality addresses industry calls to enable firms to pay for research by using joint payment options, tackling market integrity and competitiveness. The regulator also continues to observe how payments firms are implementing the Consumer Duty a year on, with some across the distribution chain still struggling with some of its aspects.
More broadly across Europe, governance is given plenty of airtime with Swedbank’s CEO recently being penalised for gross fraud over handling anti-money laundering protocols in Estonia. The charge is a clear message across the industry to review accountability, risk management, and governance standards.
We’ve been helping our clients avoid unnecessary duplication of efforts as anti-greenwashing measures in the UK and EU continue to tighten. We’ve found that it’s definitely time well spent taking a second look at your governance arrangements, data management, and approach to reporting – particularly if you operate across markets.
Finally, the new UK government has promised to build 1.5 million new homes over the next parliament, with the aim of helping millions of people onto the housing ladder. While still early days, we’ve taken a look at some of the potential impacts for firms and the wider mortgage market, including term lengths, affordability, and the availability of green mortgages.
We’re always around to help, so please get in touch if you want to discuss any of these topics or need support.
Rebecca Thorpe, Global Head of Regulatory Consulting and Aron Brown, Global Head of Regulatory & Compliance
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