Monthly Archives: October 2017

FCA consults on FSCS funding

Following its December 2016 consultation for views on how FSCS funding could be reformed, FCA has published a further consultation paper seeking to ensure FSCS continues to provide the right protections, works effectively and is funded fairly. Proposals under consultation include: Merging the Life and Pensions and Investment Intermediation funding classes; Requiring product providers to […]

EPC consults on mobile contactless card payments

The European Payments Council (EPC) has launched a three month consultation on the Mobile Contactless Single Euro Payments Area Card Payments Implementation Interoperability Guidelines (MCP IIGs). EPC has updated the MCP IIGs with the help of stakeholders from the mobile contactless payment industry, with the aim of standardising a smooth and secure means of mobile contactless […]

Legislative proposal for an EU framework on crowd and peer to peer finance

The European Commission (Commission) has published an inception impact assessment on its legislative proposal for an EU framework on crowd and peer to peer finance. The initiative is part of the Commission’s priority of establishing a Capital Market Union, in particular broadening access to finance for SMEs such as innovative companies, start-ups, and scale-ups. The Commission […]

Treasury Committee report on Solvency 2

Following receipt of evidence from a range of stakeholders, the Treasury Committee has published its report on Solvency 2 and its impact on the UK insurance industry. The report covers a range of areas including the background to Solvency 2 and the way it has been implemented in the UK, concerns over Risk Margin, proportionality and […]

European Parliament calls for delay of IDD application until 1 October 2018

The European Parliament has published decisions, which raise no objections to the IDD delegated acts on: product oversight and governance requirements for insurance undertakings and insurance distributors; and information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. The Parliament considers that the deadline for transposition of IDD should remain 23 February 2018, […]

European Commission report on consumers’ decision making in insurance services

The European Commission has published a final report of a study on consumers’ decision-making in insurance services: A behavioural economics perspective. The study sought to explore and understand consumers’ decision-making in the non-life insurance market when purchasing domestically and cross-border, to test remedies aimed at helping consumers make better decisions, and to collect complementary data on […]

More of CFA to take effect

The third commencement order made under the Criminal Finances Act 2017 brings into force from 31 October the provisions enabling certain entities within the regulated sector to share information relating to suspicions, and provide a joint SAR to the NCA under POCA or the Terrorism Act.

EBA consults on home-host co-operation under PSD2

The European Banking Authority (EBA) has published a consultation on the draft regulatory technical standards (RTS), specifying the framework for the co-operation between competent authorities under the revised Payment Services Directive (PSD2). The proposed framework aims to ensure co-operation between supervision of payment institutions operating across borders by: specifying the procedure for the requests and replies for […]

HM Treasury publishes national risk assessment of Money Laundering and Terrorist Financing Regulations 2017

HM Treasury has published the 2017 national risk assessment  (NRA) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (MLRs). In 2015, the government published its first NRA of money laundering and terrorist finance, followed by an action plan in 2016 where the government set out […]

New FCA webpage on reporting consumer credit income

The FCA has published a new webpage setting out what consumer credit firms need to report in relation to their consumer credit income. The FCA charges consumer credit firms annual fees based on the data in forms CCR002 or CCR007. The webpage outlines what firms need to report to ensure that they are charged the […]