UK Regulatory Brief
22 regulatory updates covered · Generated by Regulatte AI
Executive Summary
This week's regulatory landscape is dominated by the FCA's confirmation of a large-scale motor finance redress scheme affecting millions of consumers, alongside new rules on operational resilience and third-party incident reporting that require firms to act. Enforcement activity remains high, with fines for market abuse surveillance failures and several firms restricted or wound up, reinforcing the FCA's focus on systems, controls, and consumer protection.
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Motor finance redress scheme: assess firm exposure now
The FCA has confirmed it will proceed with a compensation scheme for motor finance customers, with payouts expected this year. Any firm that arranged motor finance or held relevant commission arrangements must understand its financial exposure and whether provisions are adequate.
SourceMarket abuse surveillance: board assurance required following FCA fine
The FCA's fine against Dinosaur Merchant Bank for surveillance failures in CFD trading is a clear warning that inadequate systems and controls will attract enforcement action. NEDs carry personal accountability under the Senior Managers and Certification Regime for oversight of these frameworks.
SourceNew operational resilience and third-party reporting rules: compliance readiness
The FCA has finalised new rules on how firms must report operational incidents and oversee third-party suppliers. Firms that have not updated their frameworks risk being non-compliant and may struggle to report disruptions in the manner and timeframe the regulator now expects.
SourceKey Developments
FCA confirms mandatory motor finance compensation scheme
The FCA is proceeding with a formal redress scheme for motor finance customers mis-sold products where commission was not disclosed. Any firm that arranged or sold motor finance could face significant financial liability and must assess its exposure now.
Read moreNew rules on operational incident reporting and third-party risk management
The FCA has finalised rules requiring firms to report operational incidents and manage third-party dependencies in a clearer and more consistent way. Boards must ensure their operational resilience and outsourcing frameworks are updated to meet the new requirements.
Read moreFCA fines bank for failing to monitor market abuse in CFD business
Dinosaur Merchant Bank was fined 338,000 pounds for inadequate surveillance systems covering contracts for difference trading. This is a direct signal to boards that oversight of market abuse controls is a personal accountability issue for senior management and NEDs.
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Watch List
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