Monthly Archives: June 2017

Implementing Regulation on standard forms for DRSPs under MiFID 2 published in the OJ

Commission Implementing Regulation (EU) 2017/1110 of 22 June 2017 laying down implementing technical standards regarding standard forms, templates and procedures for the authorisation of DRSPs and related notifications under MiFID 2 has been published today in the Official Journal of the European Union.

Treasury makes MLR 2017 and JMLSG finalises guidance

Treasury has published the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which were laid before Parliament late on 22 June to come into force to meet MLD4 deadlines, on 26 June. JMLSG has also published the finalised updates to its guidance, which it now needs to submit to […]

FCA Launches cyber security guide in wake of cyber attacks

FCA’s guide can be found here. FCA has designed the guide to help firms, particularly smaller businesses, become more resilient to cyber attacks and to respond appropriately to cyber incidents. FCA has seen a significant increase in the number of material cyber incidents reported to it over the last three years: from five incidents in […]

Faster Payments launches Trust Service that will potentially cut the cost for challenger banks and others of obtaining the services that are essential to securely access the UK’s payments systems

In order to be able to access customer-sensitive data needed to use Faster Payments, participants need to have the use of a Public Key Infrastructure (PKI) Trust Service, which manages the digital certificates that are essential to keep customer information secure. Faster Payments created the service after it determined that the costs of the existing […]

ECB to develop a service for the settlement of instant payments by end of 2018

The Governing Council of the ECB has decided to develop a new service for the settlement of instant payments. The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. The ECB is […]

FCA to regulate claims management companies

It was also confirmed in the background notes to  the Queen’s Speech that the Financial Guidance and Claims Bill  will be brought forward to progress plans previously announced for: FCA to take over the regulation of claims management services. Among other things it will have power to cap fees CMCs charge. FOS will have responsibility for […]

Bills of Sale Acts to go

One of the few financial services-related measures discussed in the Queen’s Speech confirmed the Government will act on Law Commission proposals to repeal the Bills of Sale Acts and replace them with a Goods Mortgage Bill.  Among other things, this will increase protections for borrowers who have taken out a mortgage on goods they own […]

Commission publishes more MiFID 2 ITS

The ITS under MiFID 2 on the format of position reports have been published in the OJ.

PRA consults on new recovery planning standards

PRA is consulting on a replacement supervisory statement on recovery planning, setting out additional expectations to those in the current statement 18/13. It says the basis of the statement is still correct, but it wants to introduce specific requirements and guidance in several areas and, separately, update its supervisory statement for ring-fenced bodies in relation […]

FCA consults on pension transfer advice

FCA is consulting on changes to its rules on advice relating to pension transfers, with a particular focus on transfers from defined benefit to defined contribution schemes. The changes seek to ensure consumers get advice that considers all relevant factors, and include requiring transfer advice to be provided as a personal recommendation. Alongside this is […]