Monthly Archives: October 2016

PRIIPs delegated regulation regarding product intervention published in OJ

The Commission Delegated Regulation (EU) 2016/1904 supplementing the PRIIPs Regulation was published in the Official Journal on 29 October 2016. Under the PRIIPs Regulation, national competent authorities and EIOPA have intervention powers to intervene in the marketing, distribution or sale of insurance-based investment products, financial activities or practices. This Delegated Regulation sets out a list […]

FCA publishes final report on corporate and investment banking

The FCA has published the final findings from its thematic review into corporate and investment banking. The study was designed to foster competition in the industry and has concluded that whilst many clients are well served by the sector, there are some areas where improvements could be made, especially for smaller clients. The report outlines a package of […]

Treasury consultation on distributable profits of long-term (life) insurers

The Treasury has launched a consultation on technical changes to the legal definition of life insurers’ distributable profits, in the light of the implementation of Solvency II and the necessity for consequent changes to the Companies Act 2006. As this issue has already been the subject of discussions with the industry, the consultation will close after a shorter period, […]

PRA and FCA final rules on regulatory references

Following a period of joint consultation, the PRA and FCA have recently published policy statements setting out the final rules on regulatory references. The final rules will come into force on 7 March 2017 and will apply to banks and insurers. The final rules on regulatory references follow on from the Senior Managers and Certification […]

ESMA publishes fund remuneration guidelines

ESMA has published its guidelines on remuneration practices under the AIFMD and for UCITS. The guidelines are new for UCITS management companies, and amended for AIFMs to address how to apply the rules in a group context where some group members are banks. The guidelines apply from 1 January 2017.

PSR speaks on super-complaint

Hannah Nixon, Managing Director of the PSR, has spoken about its first super-complaint and what PSR is doing about it. The PSR must respond by 22 December, and is looking at the scale of the “vishing” problem, what protections are in place, what developments are on the horizon and what actions the PSR or any […]

Government responds on AML and CTF

The Government has responded to the responses received to its request for views on its proposed action plan to combat money laundering and terrorist finance. Respondents had agreed the SARS regime needed reform, but had not agreed on the form the changed regime should take. The Government is introducing the Criminal Finances Bill which will, […]

Updated Consumer Credit information sheets published by the FCA

On 18 October 2016, the FCA announced that it had updated a number of consumer credit information sheets that lenders must use when they are notifying customers of being arrears or default: Arrears Default High cost short term loans High cost short term loans peer-to-peer lenders Arrears peer-to-peer lenders These information sheets must be used […]

EP to approve new prospectus rules

The European Parliament has backed the European Commission’s proposals for a new Prospectus Regulation, which will significantly increase the ability of SME’s to seek funding without having to publish a prospectus.  See our article on the key changes.

Treasury confirms new advice body

Treasury has confirmed it is to set up a new public body offering debt advice, money and pensions guidance to replace the MAS and bring together the existing pensions advisory bodies. The body has not yet been designed or named.