Since our last publication, HM Treasury and the FCA have issued consultations in connection with the draft Money Laundering Regulations 2017. The FCA has also recently published a webpage on debt permissions for consumer credit firms while the CAP Executive has issued guidance on online affiliate marketing.


HM Treasury consults on Money Laundering Regulations 2017

HM Treasury has launched a policy consultation (PC) on the draft Money Laundering Regulations 2017 (MLRs). This follows an earlier consultation launched on 15 September 2016, ‘Transposition of the Fourth Money Laundering Directive (MLD4) and Fund Transfer Regulation (FTR)’ (the Consultation) which aimed to set out how the government intended to implement MLD4 and the FTR, and sought views and evidence on the steps it proposed to take or should take, to transpose MLD4 and those aspects of the FTR that need to be transposed into national law. The PC closes on 12 April 2017. The PC provides an outline of the responses submitted during the Consultation which informed the MLRs and the government’s policy positions following the Consultation. A draft of the Money Laundering Regulations 2017 has been issued alongside the PC. The government intends to transpose MLD4 in full by 26 June 2017 and will separately consult on the amended Directive once it has been published in the Official Journal of the European Union and has come into force.

HM Treasury, 15 March 2017

FCA consultation on the treatment of PEPS

The FCA has published a guidance consultation on the treatment of politically exposed persons (PEPs) under the proposed Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (GC17/2). The proposed guidance for firms outlines who should and should not be considered a politically exposed person and how firms can take a proportionate, risk based and differentiated approach to meet their obligations.

FCA, March 2017

FCA webpage on limitations on debt permissions

The FCA has published a webpage on debt permissions for consumer credit firms, which states that a full permission firm with the permission of debt adjusting or debt counselling with a "no debt management limitation" must review its limitations to ensure they are appropriate.

FCA, 20 March 2017

CAP publishes guidance on online affiliate marketing 

CAP has published guidance to assist online affiliate marketers to ensure that their marketing meets the CAP Code requirement that it be obviously identifiable as marketing. Specific suggestions are made for marketing via blogs and news sites, vlogs, social media posts and voucher sites.

CAP, 9 March 2017

FCA publishes its monthly Regulation Round Up for March

To view this round up please click here

FCA, 16 March 2017

CML Mortgage Lending Data – January 2017

The Council of Mortgage Lenders has published data for January 2017; lending is down 28% on December 2016 and unchanged on January 2016.

CML, 14 March 2017


European Commission requires social media companies to comply with EU consumer rules

The European Commission has given Facebook, Twitter and Google+ one month to produce detailed proposals of how they will ensure they comply with the EU consumer protection regime. To read the press release on this please click here.

EC, 14 March 2017

European Payment Council updates white paper on mobile payments in Europe

The European Payments Council (EPC) published version 5 of its white paper on mobile payments across the Single Euro Payments Area (SEPA). It consulted on the paper in June 2016. The aim of the white paper is to contribute to the evolution of an integrated market for mobile payments across the SEPA.

EPC, 14 March 2017


High Court makes reference to ECJ for preliminary ruling regarding interpretation of PSD2 provisions

A reference for a preliminary ruling from the Court of Justice of the EU (ECJ) made by the High Court (Queen's Bench Division (Administrative Court)) in American Express Co. v Lords Commissioners of HM Treasury (Case C-643/16) has been published in the Official Journal of the EU (OJ). The reference was made on 12 December 2016 and it relates to the interpretation of certain provisions of the revised Directive on payment services in the internal market ((EU) 2015/2366) (PSD2).

EU, 14 March 2017

Key Contacts

Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation

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