UK:
FCA Publishes Memorandum Of Understanding Between The FCA And ICO
04 March 2015
Reed Smith (Worldwide)
To print this article, all you need is to be registered or login on Mondaq.com.
On 28 January 2015, the Financial Conduct Authority (FCA)
published the Memorandum of Understanding (MoU) which it
entered into with the Information Commissioner's Office (ICO)
(dated 29 September 2014).
The purpose of the MoU is to facilitate and provide a framework
for co-operation and co-ordination between the two parties where
there is an overlap between their roles and responsibilities under
various acts, including inter alia the Financial Services and
Markets Act 2000 (FSMA), the Data Protection Act 1998 (DPA), and
the Freedom of Information Act 2000 (FOIA).
The MoU addresses four specific areas for collaboration:
information sharing; policy and rulemaking; investigation and
enforcement; and confidentiality.
Each year, on or around the anniversary of the signing of the
MoU, the FCA and ICO intend to review the MoU as well as the
effectiveness of their co-operation and co-ordination.
The FCA hopes that the MoU will help in responding to the large
volume of unsolicited marketing that it needs to deal with
following the transfer of responsibility for consumer credit
regulation to them on 1 April 2014.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.