The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024
Date: 2024-12-17 14:28
Summary:
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024 are a set of regulations that have been approved by the UK government. These regulations will introduce a new wholesale cash oversight fee for financial institutions that hold large amounts of cash on behalf of their customers. The fee will be used to fund the Financial Conduct Authority’s (FCA) oversight of the wholesale cash market.
Key Points:
- The fee will be charged to financial institutions that hold more than £500 million of cash on behalf of their customers.
- The fee will be calculated as a percentage of the amount of cash held, and will range from 0.02% to 0.05%.
- The fee will be payable on a quarterly basis.
- The FCA will use the revenue from the fee to fund its oversight of the wholesale cash market, including the following activities:
- Monitoring the market for risks and vulnerabilities
- Investigating and enforcing breaches of the regulations
- Educating market participants on the risks and responsibilities of operating in the wholesale cash market
Background:
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024 are part of a wider effort by the UK government to reform the financial sector. The regulations are designed to address the risks associated with the wholesale cash market, which is a key part of the financial system. The FCA is responsible for overseeing the wholesale cash market and ensuring that it operates in a safe and sound manner.
Impact:
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024 will have a significant impact on financial institutions that hold large amounts of cash on behalf of their customers. These institutions will need to pay the new fee, which will increase their operating costs. The FCA will use the revenue from the fee to fund its oversight of the wholesale cash market, which will help to improve the safety and soundness of the financial system.
Conclusion:
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024 are a significant development in the UK financial regulatory landscape. These regulations will introduce a new fee for financial institutions that hold large amounts of cash on behalf of their customers. The fee will be used to fund the FCA’s oversight of the wholesale cash market, which will help to improve the safety and soundness of the financial system.
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024
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