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On 3 March 2021, the Financial Conduct Authority (FCA) published Policy Statement 21/2 on amendments to the single and cumulative transaction limits for contactless payments (PS 21/2).
On 12 February 2021, the Prudential Regulation Authority (PRA) published Consultation Paper (CP5/21) on the implementation of the Basel III standards into UK law (CP). This is the first major PRA publication after the end of the Brexit transitional period. The draft rules are generally closely aligned (but not identical) to the corresponding requirements under the EU’s CRR II. Stakeholders may provide their feedback to the Consultation by Monday 3 May 2021.
On 2 March 2021, the FCA published a consultation paper explaining their proposals for the regulation of the pre-paid funeral plans sector (the Consultation).
The Consultation had been commissioned after the Treasury’s Call for Evidence in June 2018 found “significant customer harm” in the market including the mis-selling of products, poor disclosure and high upfront costs.
On 24 February 2021, the Chair of the Financial Stability Board (FSB) Randal K. Quarles wrote an open letter to Finance Ministers and Central Bank Governors on the FSB’s key priorities for 2021 ahead of their virtual meeting on 26 February 2021.
On 17 February 2021, the European Securities and Markets Authority (ESMA) published a statement to highlight to retail investors the risks connected to trading decisions exclusively based on the exchange of views, informal recommendations and sharing of trading intentions through social networks and unregulated online platforms.
On 27 January 2021, the UK Financial Conduct Authority (FCA) published Consultation Paper 21/3 on proposed changes to the manner in which the FCA regulates payment services and the issuance of electronic money (CP 21/3). The consultation for the following initiatives will remain open until 30 April 2021.
On 27 January 2021, the Financial Conduct Authority (FCA) published Consultation Paper 21/3 on proposed changes to the manner in which the FCA regulates payment services and the issuance of electronic money (CP 21/3).
Consumer credit: A review of change and innovation in the unsecured credit market. Who does this affect and what does it mean?
On 2 February 2021, the FCA published a report (the report) on the findings of its review on change and innovation in the unsecured credit market led by the FCA’s former interim CEO Christopher Woolard. The review sought the views of a wide range of participants, both in the UK and internationally and three Roundtables were held to discuss topics under review.