FCA, Bank of England and HM Treasury reinforce frontier-AI cyber planning
UK financial firms must apply existing resilience expectations to frontier-AI cyber threats
FCA
12 briefs
FCA keeps motor-finance implementation-plan deadline but waives attestations
Motor finance firms must file implementation plans by 12 May, while formal attestations are no longer due on that date
FCA faces four legal challenges to motor finance redress scheme
Motor finance lenders must keep redress plans flexible until FCA confirms next steps
FCA sets fund tokenisation guidance and Direct to Fund rules
Asset managers using fund tokenisation must keep DLT designs within existing FCA fund rules
FCA charges individual over unauthorised mortgage broking
Mortgage firms must verify FCA authorisation before regulated mortgage arranging
FCA opens cryptoasset pre-application meetings from May 11
Cryptoasset firms seeking FCA authorisation must request PASS meetings before formal applications open
FCA censures Sapia and mandates £19.6m client restitution
Firms must enforce client-money segregation controls in account handling
FCA restricts LCM Family Limited during administration
LCM Family Limited cannot conduct regulated activities or handle assets without FCA consent
FCA confirms business peer-to-peer crypto trading requires registration
Crypto compliance teams must treat any UK by-way-of-business peer-to-peer crypto trading as requiring FCA registration, or it is illegal
FCA and PRA streamline SM&CR requirements
UK financial firms must update SM&CR certification, senior-manager filing and enhanced-firm threshold controls
FCA simplifies short selling reporting rules
Short sellers and market makers must apply revised FCA reporting and annual-confirmation rules
FCA keeps Bazar Money Transfer payment-services restrictions in place
Bazar Money Transfer cannot provide regulated payment services while FCA restrictions remain in force