On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The
Financial
Accelerated Settlement Taskforce’s report and government response
On 28 March 2024, there was published the Accelerated Settlement Taskforce’s report. The Taskforce was established as part of the Edinburgh Reforms and at its broadest its Terms of Reference ask what the case is for the UK moving…
BoE Consultation Paper: BoE’s Approach to Enforcement and Proposed Changes to Statements of Policy and Procedure following FSMA 2023
On 28 March 2024, the Bank of England (BoE) published a Consultation Paper (CP) on proposed changes to statements of policy and procedure following the Financial Services and Markets Act 2023 (FSMA 2023).
FSMA 2023 introduced several important updates to…
BoE and FCA response to phase two industry recommendations and future strategy
On 28 March 2024, the Bank of England (BoE) and Financial Conduct Authority (FCA) published a joint response to phase two industry recommendations and future strategy.
The BoE and the FCA are working together, and with industry, to improve the…
BoE statement on Payment Systems MoU
On 28 March 2024, the Bank of England (BoE) published a statement following the latest review of the joint-authority Memorandum of Understanding (MoU) between itself and the FCA, PRA and the Payment Systems Regulator. The statement provides that overall the…
This week’s podcast episode: The Consumer Financial Protection Bureau’s use of unfairness to regulate discriminatory conduct: a discussion of the consumer and industry perspectives
Our special guest is Jeff Sovern, Professor at the University of Maryland Francis King Carey School of Law. In March 2022, the CFPB announced that it had revised its exam manual to instruct its examiners to apply the “unfairness” standard…
Plaintiffs in credit card late fee rule case ask Fifth Circuit to keep appeal even though the district court has scheduled a preliminary injunction hearing
On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in the Fifth Circuit. Plaintiffs, who…
CFPB Expected to Scrutinize Credit Card Rewards and Buy-Now-Pay Later Programs
Opt-out challenge case assigned to Colorado federal Judge Daniel D. Domenico
As we previously reported, on March 25, 2024, three consumer financial services industry trade groups filed a lawsuit in federal district court in Colorado challenging legislation recently adopted to opt out of rate exportation rights afforded to state banks…
FCA Consultation Paper on Regulatory Framework for Pensions Dashboard Service Firms Further Consultation
On 27 March 2024, the FCA published a Consultation Paper, CP24/4, setting out proposed guidance and changes to the regulatory framework for pensions dashboard service firms.
Background
Pensions dashboards will be digital interfaces which allow consumers to find their pensions…