Monthly Archives: September 2016
PRA and FCA have published several papers on the SMR, SIMR and accountability standards. FCA’s supervisory review of the SMR highlights its views that firms have, in general, engaged well. It gives detailed feedback, separately, in respect of UK banks and building societies, branches from both inside and outside the EEA, and credit unions. It […]
FCA has published its third, and longest, consultation paper on implementing MiFID 2. The paper includes analysis of, and proposed Handbook changes for , the key conduct of business and related requirements within the MiFID 2 package. Among the changes are those to COBS in relation to inducements, charging, client categorisation and advising. FCA needs […]
The Commission Delegated Regulation on identifying high risk jurisdictions for the purposes of MLD4 has been published in the OJEU. The Regulation lists high risk third countries, in line with FATF designations. So North Korea has repeatedly failed to address identified deficiencies, Iran is seeking technical assistance for its high-level political commitment to address its […]
Treasury is consulting on amending the definition of “giving investment advice” under the Regulated Activities Order to bring it into line with MiFID. The current definition is broader than MiFID, and the Financial Advice Market Review found it was confusing to firms, many of whom were not giving as much “guidance” to customers as they […]
PSR has received a super-complaint from Which?. The complaint wants more action by regulators and possibly legislation to reduce the risks that customers are defrauded when they make “push” payments.
FCA has published speeches by Nausicaa Delfas on cyber-security and Megan Butler on FCA’s approach to combatting financial crime. FCA remains committed to a proportionate approach to AML supervision, and noted it subjects only 14 banks and investment banks to its Systematic AML Programme – but these firms account for over 95% of UK retail […]
CML and other mortgage industry associations have published updated guidance for mortgage lenders and intermediaries, clarifying their accountabilities and responsibilities in relation to mortgage sales and servicing. The guidance was substantially changed in 2014 following the MMR and has now been updated further to reflect relatively few changes under the MCD.
The PRA issued a consultation on 21 September 2016 on a draft supervisory statement regarding its expectations of general insurance firms in circumstances where there is a general loss event which might affect firms’ solvency and future business plans. The draft supervisory statement covers the PRA’s expectations of firms in planning for and dealing with […]
In November 2015, the FCA published a call for input on ‘Big Data’, ie the use of new or expanded data sets, new technologies to generate, collect and store data, and sophisticated analytical techniques. The call for input focused on its use in retail general insurance, and in particular three main topics: whether the use […]
In response to the Treasury’s Committee’s investigation into the potential effects of Brexit, FCA has revealed details of the number of single market passports used by UK firms to passport into other EEA Member States, and those used by EEA firms to passport into the UK. Over 5,000 UK firms passport out, and over 8,000 […]