The FSAP is a comprehensive action plan which was developed in 1999 in order to establish a single market in financial services in the EU.

Relevant articles on Brexit for Banking and Financial Services The Lexis+® UK Financial Services team have sourced the following articles on Brexit in the table below: Date Journal article Brief description of the article December 2020 Drafting for Brexit in finance documents (2020) 11 JIBFL 727 In this article Avril Forbes, a professional support lawyer in Clifford Chance LLP's banking and finance practice, examines drafting for Brexit in finance documents after IP completion day and what to do with EU legislative references. October 2020 Regulating European financial markets between crisis and Brexit (2020) JFRC 28(4), 503–514 This article aims to demonstrate how the European regulatory structure of the financial markets has changed after the financial crisis. Drawing from these findings, it discusses how the regulatory system might change and be adapted to a post-Brexit financial market. June 2020 EU recognition of UK CCPs after Brexit: what it means for the “clearing obligation” (2020) 6 JIBFL 389 This article, by Tim Aron, a barrister at Outer Temple Chambers, examines the position of UK central

The Financial Services Authority was the regulator in charge of overseeing banking and investment services.

Financial Services Brexit Q&As • What are the key features of a Brexit SI?—this Q&A outlines the range of Brexit-related statutory instruments (Brexit SIs) being introduced in preparation for the UK’s exit from the EU. The government is using legislative powers under the European Union (Withdrawal) Act 2018 (EU(W)A 2018), and a range of other enabling Acts, to introduce Brexit SIs across a wide range of policy areas in advance of exit day. Lawyers are monitoring this process carefully to identify the technical and substantive legislative amendments impacting their practice areas. This Q&A highlights some of the key features of Brexit SIs and how to spot and distinguish them in your alerts • What is retained EU law?—this Q&A outlines the scope and meaning of retained EU law (including retained legislation, principles and case law) under the EU(W)A 2018. It also considers the key exclusions and relevant transitional provisions • What is the impact of Brexit on international transfers of personal data?—this Q&A looks at the impact of Brexit on cross-border transfers of personal data involving the UK

When a claim for compensation is made to the Financial Services Compensation Scheme (FSCS), it is not necessary for the FSCS to seek a claimant's consent to assign their rights to it when seeking to claim compensation on their behalf. The FSCS may, and in the case of a deposit protection claim, must make any offer of compensation conditional on the assignment of the claimant's rights to the FSCS. The FSCS may also be automatically subrogated to the claimant's rights. The purpose behind the assignment of rights is twofold: • it prevents any claimant pursuing its claim against another party so seeks to avoid the claimant being put in a better position; and • it enables the FSCS to maximise its recoveries Claims are pursued by the FSCS with insolvency practitioners such as liquidators or administrators, where there is a prospect of dividends to creditors. In taking any assignment, the FSCS must inform the claimant that if the FSCS decides not to pursue a claim, then the

The powers of the Financial Services Compensation Scheme (FSCS) to raise funds from the regulated community are contained in Chapter 6 of the FEES sourcebook of the Financial Conduct Authority (FCA) Handbook and in specific chapters of the Prudential Regulation authority (PRA) Depositor Protection and Policyholder Protection rules. This Practice Note provides an overview of the main provisions. Application and scope Sections 213 and 224 of the Financial Services and Markets Act 2000 (FSMA 2000) give the power to the regulators (ie the FCA and the PRA) to make rules enabling the FSCS to levy fees on authorised persons to meet its expenses. These rules are found in FEES 6 in the FCA Handbook and in Depositor Protection 33 and Policyholder Protection 21 in the PRA Rulebook. This reflects the fact that the PRA is the relevant authority for rules relating to claims concerning deposits and insurance provision, whereas the FCA is responsible for all other types of financial activity covered by the FSCS. In March 2013, the Financial Services Authority (FSA) (the FCA’s

There are different regimes under the Financial Services Compensation Scheme (FSCS) system for deposit claims, non-deposit claims and insurance policyholder protection. The Prudential Regulation Authority (PRA) is the relevant authority for rules relating to claims concerning deposits and insurance provision, whereas the Financial Conduct Authority (FCA) is responsible for all other types of financial activity covered by the FSCS. The relevant corresponding rules are found in the Compensation (COMP) sourcebook of the FCA Handbook and in the Depositor Protection and Policyholder Protection parts of the PRA Rulebook. From 3 July 2015 both: (a) Chapters 9 to 12 of COMP and (b) specific chapters of the PRA Rulebook have dealt with the practical aspects of the calculation and payment of compensation, once all the qualifying conditions have been met and the FSCS has decided that compensation is due. There are limits to the amount of compensation payable, depending on the type of claim, which are described below, as well as time limits within which compensation must be paid. This Practice

This Practice Note covers the conditions necessary for the payment of compensation to a person by the Financial Services Compensation Scheme (FSCS). This covers rules relating to: • who may claim compensation • from whom they can claim, and • what they can claim for There are different regimes under the FSCS compensation scheme system for deposit claims, non-deposit claims and insurance policyholder protection. The Prudential Regulation Authority (PRA) is the relevant authority for rules relating to claims concerning deposits and insurance provision, whereas the Financial Conduct Authority (FCA) is responsible for other types of financial activity covered by the FSCS. The relevant corresponding rules are found in the COMP sourcebook of the FCA Handbook and in the Depositor Protection and Policyholder Protection parts of the PRA Rulebook. Compensation paid to eligible claimants Claims under COMP In relation to those claims coming within the ambit of the FCA, compensation may be paid out by the FSCS to an eligible claimant (subject to COMP 11 (Payment of compensation)) if the FSCS

To access the Financial Services Enforcement Database, click here. This Practice Note provides an introduction to the Financial Services Enforcement Database and gives a step-by-step guide on to how to use it. The Financial Services Enforcement Database contains detailed information on all substantive Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Final Notices and, where available, Decision Notices, from 2014 to the present. It also includes any Decision Notices issued by the Payment Systems Regulator (PSR). It generally does not detail Warning Notices or Supervisory Notices. In addition to allowing users to filter by rule breach, the Enforcement Database also enables users to filter by sector, keywords, seriousness factors, aggravating factors, mitigating factors, financial penalty and other action, such as appeals. The Database does not include Payment Services Regulations cases, small business Threshold Conditions cases, applications and permissions cases or, in general, consumer credit cases (although it does include those cases of interest in the consumer credit sector which involve very large fines of firms or the prohibition of an individual). The Database also

ARCHIVED: This Practice Note is archived and is no longer maintained. It sets out links to relevant News on Brexit published on Financial Services and available in the Brexit collection. Financial Services Brexit News and News Analysis Date News/News Analysis Description 29 January 2024 FCA publishes TPR data for solo-regulated firms, LNB News 29/01/2024 71 The Financial Conduct Authority (FCA) has published summary data on solo-regulated firms that entered, and those that left, the temporary permissions regime (TPR). 2 January 2024 FCA notes end of temporary permissions regime, LNB News 02/01/2024 38 The Financial Conduct Authority (FCA) has updated its temporary permissions regime (TPR) webpage to note that it ended on 30 December 2023. The FCA notes that there are arrangements that remain in place to enable some EEA firms to wind down their UK business in an orderly manner within the financial services contracts regime. The temporary marketing permissions regime (TMPR) will remain in place until 31 December 2025. 15 November 2023 House of Lords recommends creation of a Financial

The House of Lords Financial Services Regulation Committee has issued a letter to the Chancellor of the Exchequer, the Rt Hon. Rachel Reeves MP, responding to the government’s reply to its report Growing Pains: Clarity and Culture Change Required. The Committee welcomed the government’s recognition of the financial services sector’s role in promoting economic growth but expressed concern that key findings necessary for achieving the Financial Conduct Authority (FCA) and Prudential Regulation Authority’s (PRA's) secondary international competitiveness and growth objective had not been adequately addressed. It criticised the lack of a clear, evidence-based policy showing how sectoral growth would stimulate the wider economy, the limited assessment of regulatory impacts on investment and SME lending, and the regulators’ risk aversion. The Committee called for clearer government direction, stronger alignment between regulators and economic policy, and the inclusion of robust, outcomes-based metrics to measure the regulators’ contribution to real economic growth. It questioned whether current performance targets were sufficiently ambitious and urged the Treasury to commission international benchmarking of regulatory performance. The Committee requested detailed answers to eleven specific questions on growth policy, regulatory alignment, metrics, and comparative analysis, reaffirming the need for greater clarity and cultural change to ensure financial regulation effectively supports the UK’s economic strategy.

Ireland-Banking & Financial Service analysis: This article, was written by the Asset Management & Investment Funds team of A&L Goodbody LLP. Domestically, the European Union (Investment Firms) (Amendment) Regulations 2025 were signed into law and published in Iris Oifigiúil. At European level, the European Commission proposes extending ESMA procedural rules to CTPs.