Regulatory Radar: quick takes

This section gives a sample of the extensive updates that form our bi-monthly Regulatory Radar: quick takes publication

Advertising and marketing

Updated guidance published on the presentation of mid-contract price increases in telecoms adverts

In November, the Committee of Advertising Practice (CAP) and the Broadcast Committee of Advertising Practice (BCAP) updated their guidance for telecoms ads to ensure transparency regarding mid-contract price increases, which will take effect on 17 January 2025. Advertisers will be required to present clear terms, preventing misleading information about potential cost hikes. These changes apply across broadcast and non-broadcast advertising platforms to align with consumer protection standards. Businesses in the telecoms sector are advised to review and adhere to the amended rules to avoid regulatory breaches.

Technology Secretary outlines priorities for Ofcom in preparation for enforcement of the new Online Safety Act

Ofcom has outlined its new online safety priorities aimed at protecting children from harmful content on social media platforms. As part of this effort, the launch of a study has been announced, which will evaluate the impact of smartphone and social media usage children The findings will help inform future regulatory actions and industry standards as the government seeks to learn from the implementation of the Online Safety Act and build on it as required Ofcom is due to start enforcing the first duties on online platforms under the Online Safety Act from Spring next year.

Competition

Inquiry Chair provides update on the CMA's Vets Market Investigation

The Competition and Markets Authority (CMA) is conducting an inquiry into the UK veterinary market to assess whether a lack of transparency and competition is driving higher costs for pet owners. The investigation focuses on identifying the key challenges faced by consumers and professionals in the sector, with plans to propose remedies that promote fairer practices and improve consumer outcomes. Stakeholders, including veterinary professionals and businesses, have been consulted to provide insights into current market dynamics. A series of "working papers" setting out evidence gathered, and initial analysis will be presented in early 2025, with conclusions expected to be published in Summer ready for consultation.

Construction

RICS releases new edition of its Global Red Book to cover the use of AI and implementation of ESG principles

The Royal Institution of Chartered Surveyors (RICS) has released updates to its Global Red Book, introducing new mandatory standards for data management, technology integration, and Environmental, Social, and Governance (ESG) considerations in valuations. The revisions aim to enhance transparency and sustainability in property valuation practices, reflecting the growing importance of ESG criteria in the real estate sector. Valuation professionals and businesses are encouraged to familiarise themselves with the changes, which come into effect from 31 January 2025.

Data and Cyber

Data Dispatch

RPC’s November Data Dispatch provides a comprehensive overview of recent legal and regulatory developments in data protection and privacy. Key highlights include updates on GDPR enforcement trends, insights into the evolving regulatory landscape for AI-driven technologies, and practical advice for businesses managing cross-border data transfers.

Regulators release joint statement for retail investment firms and pension providers

The Financial Conduct Authority (FCA), Information Commissioner’s Office (ICO), and the Pensions Regulator (TPR) have issued a joint statement aimed at retail investment firms and pension providers on how to ensure their customer communications comply with the FCA's Consumer Duty (Consumer Duty) and the TPR’s Code of Practice (Code of Practice), whilst ensuring they follow the rules on direct marketing and data protection. The statement highlights the importance of robust safeguards to protect sensitive customer information and ensure regulatory compliance.

ESG

Navigating the ISSB’s sustainability disclosure standards: practical insights

The global sustainability reporting landscape is evolving fast. In 2025, the UK government will consult on new sustainability reporting standards for large and listed companies based on the ISSB’s sustainability disclosure standards. We have created a handy guide on the ISSB standards with top tips and practical insights from discussions with sustainability, legal and corporate reporting leaders from across the retail, consumer and technology sectors.

A new era for sustainability consumer products: the EU’s new Ecodesign for Sustainable Products Regulation (ESPR)

On 18 July 2024, the European Union’s Ecodesign for Sustainable Products Regulation (ESPR) entered into force, setting a framework for new ecodesign rules in the EU, and representing a landmark shift in product regulation aiming to reduce environmental impact by improving sustainability. The ESPR It will introduce new minimum ecodesign requirements for specific product categories (with an initial focus on textiles), make digital product passports mandatory and set rules on the destruction of unsold products. Companies face the risk of fines, consumer claims and reputational damage for non-compliance.

Defra opens consultation on draft information and guidance on storm overflows

The Department for Environment, Food and Rural Affairs (Defra) is seeking feedback on proposed storm overflow guidance aimed at improving environmental management and accountability, in collaboration with Ofwat. Key recommendations include enhanced transparency, preventative measures for water pollution, and aligning stormwater management with sustainability goals. Organisations and businesses are encouraged to participate in the consultation, which is open until January 2025. Input will inform final guidance to support cleaner waterways and improved public health outcomes.

Financial services

FCA reveals crypto regulation roadmap as ownership continues to surge

The Financial Conduct Authority (FCA) has unveiled its roadmap for regulating crypto assets, addressing the growing popularity of cryptocurrencies in the UK, with the aim of making crypto a fully-regulated asset class by 2026. Proposed measures include enhanced protections for investors, improved oversight of crypto platforms, and stricter anti-money laundering standards. The FCA encourages feedback from industry participants to refine the regulatory framework and support innovation while mitigating risks in the rapidly evolving crypto market.

The FCA launches consultation to streamline rulebook

The Financial Conduct Authority (FCA) has initiated a consultation to simplify its organisational rulebook under MiFID regulations, proposing to transfer firm-facing requirements of the MiFID Org Reg into FCA Handbook rules. The goal is to reduce unnecessary complexity for firms while ensuring robust regulatory oversight remains in place. Businesses are encouraged to provide their views on the proposed amendments by 28 February 2025.

FCA discussion paper: improving the UK transaction reporting regime

The Financial Conduct Authority (FCA) has launched a discussion paper to explore potential reforms to the UK’s transaction reporting framework. The proposed changes aim to reduce compliance costs, improve data quality, and streamline processes to reflect evolving market conditions. The FCA invites financial firms and industry participants to provide feedback on how these adjustments could improve oversight while balancing regulatory burdens. The consultation remains open until 14 February 2025.

FCA welcomes plan to regulate ESG ratings providers

The Financial Conduct Authority (FCA) has expressed its support for bringing Environmental, Social, and Governance (ESG) ratings providers under regulatory oversight. This move aims to enhance the transparency and reliability of ESG assessments, which play a critical role in investment decisions. Once the legislation is finalised by the government next year, the FCA intends to consult on proposals for its future regulatory regime in 2025, gathering views from all types of ESG rating providers and users.

Financial services

Proposed changes to the UK ISPV regulatory framework

The Bank of England is consulting on proposed amendments to the regulatory framework governing Insurance Special Purpose Vehicles (UK ISPV). The proposed changes focus on streamlining authorisation processes, promoting innovation, and aligning with international standards to support the insurance sector’s competitiveness. Stakeholders are invited to provide feedback, which will inform regulatory adjustments aimed at fostering industry resilience and sustainability, with responses requested by Friday 14 February 2025.

Medical and life sciences

Report highlights that advanced practice regulation must address needs of international professionals

The Nursing and Midwifery Council (NMC) has released a report emphasising the importance of tailoring advanced practice regulation to meet the needs of international professionals. The report, which follows a comprehensive study commissioned by the NMC highlights challenges such as recognition of qualifications, cultural differences, and regulatory barriers faced by globally trained practitioners. Recommendations include developing inclusive regulatory frameworks and offering targeted support to ensure skilled professionals can effectively contribute to healthcare services in the UK.

Health and safety

HSE publishes annual report on work-related ill health and injury statistics

The Health and Safety Executive (HSE) has published its annual statistics on work-related ill health and injuries for 2023/24. The report identifies key trends, including a rise in stress-related conditions and musculoskeletal disorders, highlighting areas where employers must focus to improve workplace health and safety. Businesses are advised to review the findings to ensure compliance with health and safety regulations and implement measures to protect employee well-being.

Professional services

BSB implements new structure to improve its efficiency and effectiveness

The Bar Standards Board (BSB) has announced a major reorganisation aimed at enhancing its operational efficiency and regulatory effectiveness, formally taking effect from 2 December 2024. The changes focus on streamlining processes, improving engagement with barristers and the public, and ensuring robust oversight of the legal profession. The BSB encourages stakeholders, including legal professionals, to engage with these reforms as part of a broader effort to uphold high standards within the profession.

ICAEW updates code of ethics and rewords the provision for professional behaviour to reflect the modern world

ICAEW has revised its code of ethics to reflect modern challenges such as sustainability, digitalisation, and ethical decision-making in evolving industries. The update follows acknowledgement that the code of ethics needs updating for modern times, in particular the section on professional behaviour of members when interacting with clients, colleagues and the wider public. The updates strengthen guidance for accountants navigating complex scenarios while maintaining high professional standards. This update also addresses public expectations for transparency and integrity in corporate practices.

SRA issue a range of new guidance to support in-house solicitors

The Solicitors Regulation Authority (SRA) has published targeted guidance for in-house solicitors, addressing key compliance and professional challenges they may face in corporate settings. The guidance offers practical advice on maintaining independence, navigating conflicts of interest, and upholding professional standards while delivering commercial value. This is the first time the SRA have released extensive guidance tailored specifically for in-house legal teams.

White collar crime

Consultation on how legal regulators can tackle economic crime

The Legal Services Board (LSB) is consulting on the role of legal regulators in tackling economic crime, including money laundering and corporate fraud, following a new legal duty being placed on the LSB and the legal services regulators to promote the prevention and detection of economic crime. The consultation explores measures to strengthen anti-money laundering compliance and improve collaboration between regulators and enforcement agencies. Organisations, legal professionals, and industry bodies are invited to contribute their views to shape future regulatory approaches that promote accountability and transparency, the consultation closes on 7 February 2025.