The European Securities and Markets Authority (ESMA) has published an extended version of MiFID II/MiFIR transitional transparency calculations (TTC) for equity and bond instruments. ESMA has added the applicable TTC for: equity instruments, traded for the first time on a trading venue between 13 September 2017 and 2 January 2018 (included); and bond instruments (except ETCs […]

The Financial Services Compensation Scheme (FSCS) has published its Plan and Budget for 2018/2019. The Plan and Budget outlines the FSCS’s expected management costs and initial levy forecasts financial services firms will pay next year. The FSCS expects to levy the industry £336m, for the nine months to 31 March 2019, up from £320m in […]

The Payment Systems Regulator (PSR) has published a letter sent by it to the Chair of the Treasury Select Committee regarding the UK’s ATM network. The letter sets out the PSR’s continued commitment to ensuring access to ‘free to use’ ATMs, and describes its ongoing program of work on the ATMs network. The letter also […]

The PRA has updates its webpage relating to its consultation paper on Pillar 2 liquidity (CP13/17). In its consultation paper, the PRA set out its proposals on a cash flow mismatch risk  framework and other methodologies for assessing firms’ liquidity risk under the Pillar 2 liquidity framework. It also proposes drafting reporting rule changes and the […]

On 17 January 2018, the PRA published a “Dear Chair letter” following a review on consumer credit lending (covering credit cards, personal loans and motor finance) and the publication of its statement on consumer credit in July 2017. The letter communicates the PRA’s key findings from the review and sets out points for firms to […]

The Joint Committee of the European Supervisory Authorities (ESA) has published its final guidelines under the Wire Transfer Regulation (Regulation (EU) 2015/847) in each of the official languages of the EU. The guidelines were first published in September 2017 and include measures that payment service providers should take to detect missing or incomplete information on the […]

On 16 January 2018, the European Court of Auditors (ECA) published a report on the operational efficiency of the European Central Bank’s (ECB) crisis management for banks. The report states that although the ECB has established a substantial framework for crisis management and resources for the assessment of bank recovery plans and the supervision of […]

The House of Commons Treasury Committee has published HM Treasury’s response and the PRA’s interim response to its report on the Solvency II Directive and its impact on the UK insurance industry. HM Treasury responded to the recommendations set out in the report relating to the PRA’s competitive objective and Brexit. In its interim response, the […]

In February 2017, the Treasury opened its consultation on the UK transposition of the IDD. The Treasury has now published the results of that consultation, and also the draft statutory instrument. The consultation response document indicates that the draft statutory instrument will be laid before Parliament ‘in due course’. It also notes that the proposal […]

The Home Office has confirmed that banks and building societies have started carrying out checks against their personal current account holders to establish whether any account holder is an illegal immigrant.  They are doing so using a Cifas database. If there is a match, the Home Office will instruct the institution what steps to take.