Monthly Archives: February 2017
Following FIN’s report that Treasury had published its feedback and draft legislation for MiFID 2 implementation, we have now written an article on the feedback.
PRA and FCA have published a policy statement and finalised guidance respectively on loan to income (LTI) ratios in mortgage lending with immediate effect. In June 2014, the Financial Policy Committee issued a recommendation to PRA and FCA advising that they should “ensure that mortgage lenders do not extend more than 15% of their total […]
Treasury is consulting on UK transposition of the IDD, which must take place by 23 February 2018. Treasury notes that many of the key changes the IDD brings will not have a significant effect on UK firms since, for example, the UK already applies the current IMD to insurers as well as intermediaries (when the […]
The court has dismissed an application for judicial review by Full Circle Asset Management Ltd (FCAM), a firm of financial advisors, of a decision by FOS. FOS had upheld a complaint made by an FCAM’s client, Mrs King, who argued that FCAM had provided her with a portfolio of investments unsuitable for her. Mrs King […]
The Government has announced the date of the 2017 Fintech week. It will take place in the week of April 10, and will include: Innovate Finance’s Global Summit the Government’s first International Fintech Conference; and FCA’s International Innovate Seminar. Treasury plans to use the week as a way of connecting UK Fintech companies with investors […]
FATF has held its plenary meeting. Key issues discussed included: work on improving transparency and beneficial ownership: FATF and the Egmont Group are looking at mechanisms used to hide beneficial ownership with a view to assessing how to overcome the challenges of determining it; impact of work on de-risking; updating of list of jurisdictions with […]
The Lord Chancellor has announced changes to personal injury compensation payments. With effect from 20 March 2017, the discount rate for personal injury claims will change from 2.5% to minus 0.75%. The discount rate is a calculation the court applies when finalising the compensation amount. The Ministry of Justice’s announcement comments that the rate change […]
Part 8 of the Policing and Crime Act 2017, which received Royal Assent at the end of January, and which is expected to come into force in April, gives powers under financial sanctions legislation to punish offences (including offences under sanctions imposed by virtue of an EU Regulation, sanctions imposed to comply with UN resolutions and terrorism and […]
On 23 February, EBA published its final draft RTS on strong customer authentication and common and secure communication under PSD2. EBA heralded the publication as having had to address “difficult trade-offs between the various, at times competing, objectives of the PSD2”. It received a huge number of responses to its consultation, which identified around 300 […]
FCA is to consult on the extension of the SMR to all authorised firms during the second quarter of 2017.