Monthly Archives: April 2017

PRA makes MiFID 2 rules and opens for notifications

PRA has published its policy statement with relevant supervisory statements and rule changes in relation to MiFID 2 implementation. The changes: introduce new PRA rules to implement the MiFID 2 requirements on the management body and organisational requirements; delete several rules that are now superseded by the directly applicable Level 2 Regulation on organisational issues […]

Criminal Finances Act gets Royal Assent

The Criminal Finances Act got Royal Assent on 27 April, following its Parliamentary “ping pong”. We await official publication of the Act.

EIOPA publishes thematic review on monetary incentives and remuneration between insurers and providers of asset management services

EIOPA has published its thematic review on consumer protection issues in the unit-linked market emerging from the business relations between providers of asset management services and insurance undertakings. The review collected evidence from a sample of 1,800 underlying investment vehicles used by insurance undertakings in the structuring of unit-linked funds across 28 Member States. The […]

EIOPA calls for evidence following European Commission’s 2nd request for technical advice on Solvency 2 Delegated Regulation

EIOPA is seeking responses on the treatment of unlisted equity and debt without an External Credit Assessment Institution rating in the standard formula. This request is further to the European Commission’s request for advice on the same. EIOPA will prepare draft advice to the Commission following any feedback received and plans to start a consultation in November 2017 […]

meps call for acceleration of eu fintech development

Economic and monetary affairs committee MEPs want the EU to accelerate the development of financial services enabled by new technologies (FinTech). Their key priorities are: Cybersecurity and data protection: the need for end-to-end security across the whole financial services value chain and to create more awareness among the consumers regarding the value of their personal […]

Criminal Finances Bill nearly there

It looks like the Criminal Finances Bill will get Royal Assent before the snap general election. On 25 April, the House of Commons debated the House of Lords’ suggested changes in “ping pong” and approved them.  All that remains is now formal Royal Assent.

PRA makes branch whistleblowing rules

PRA has made policy statements and rules requiring UK branches of non-EEA banks and insurers to tell their staff about the PRA and FCA’s whistleblowing services. Any non-EEA bank that has both a branch and a subsidiary in the UK must also tell its branch staff about the whistleblowing procedures the subsidiary has in place. […]

FCA publishes first new-form complaints data

FCA has published the first set of complaints data (covering the second half of 2016) that firms have reported since last year’s rule changes that give firms 3 days to address a complaint to a consumer’s satisfaction but the data reflects all complaints. Because of the change in complaints captured, the figure (3.04m) is higher […]

“Law vs morality” – the power of FOS

We have written an article on how the FOS interpreted a complaint on a claim on a life insurance policy in relation to an individual later found to have been in the early stages of dementia when he bought the policy. The case looked at the distinction between where (as was the case here) the insurer […]

Commission speaks on FS policy

Valdis Dombrobskis has spoken on the challenges for EU financial services policy. He noted that the positivity of the European economic recovery is tempered by uneven progress across Member States, even before the “defining and challenging” moment of a Member State leaving the EU. He said Brexit had the potential to cause disruption of all […]