Promotions

on Social Media

expectations for firms communicating financial promotions on social media.

• Addressing harm on social media coming from emerging business models such as cryptoassets, through using graphics to illustrate poor practice and how to be compliant with the FCA’s expectations.

• Addressing the harm that can occur where UK consumers interact with financial promotions which direct them to a non-UK entity, whilst still believing they are engaging with an FCA regulated firm.

The FCA is inviting for broader engagement sessions, and firms should contact Simon Harrington if they are interested.

The guidance consultation is open until 11 September, and can be accessed here.

FCA Primary Market Bulletin 45 – IFRS Sustainability Disclosure Standards

The FCA has published Primary Market Bulletin 45, detailing the International Sustainability Standards Board (ISSB) publication of two IFRS Sustainability Disclosure Standards (ISSB standards) and setting out the FCA's proposed approach to implementation.

• IFRS S1 General Requirements for Disclosure of Sustainabilityrelated Financial Information requires an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. This involves disclosing material information about all sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s prospects.

• IFRS S2 Climate-related Disclosures requires an entity to disclose information about its climate-related risks and opportunities that could reasonably be expected to affect the entity’s prospects.

Following the publication of the final ISSB standards, consideration of how to reference the standards in legal and regulatory frameworks will include a consultation (H1 2024) on proposals to implement disclosure rules referencing UK-endorsed IFRS S1 and IFRS S2 for listed companies.

The bulletin also set out expectations for continued supervision of existing disclosures under the Task Force on Climate-related Financial Disclosures (TCFD) framework until any new requirements are implemented and advises issuers on what they can do now to prepare for any future obligations relating to reporting on the ISSB standards.

FCA Authorisations operating service metrics

The speed of The FCA’s authorisation process is important to firms and they have invested in both people and technology to improve performance, while maintaining high standards to protect consumers and bolster the reputation of the UK market.

The FCA’s latest authorisations operating service metrics data is available here

FOS Ombudsman News 183

The Financial Ombudsman Service (FOS) has published its latest newsletter, which includes updated information for financial businesses on bank account closures.

The newsletter notes that there will be some areas where the Consumer Duty is likely to come into play more quickly – for example, consumers may wish to raise issues about customer service or administration fairly soon after the rules came into force on 31 July.

Click here for the article on Consumer Duty.

HMT Update on membership of the CBDC Engagement Forum

HM Treasury (HMT) has published updated information on the membership of the joint HM Treasury / Bank of England (BoE) Engagement Forum for Central Bank Digital Currency (CBDC).

The BoE is accepting applications for both the Engagement Forum and the recently announced new Academic Forum.

The closing date for applications is 3 September 2023.