Monthly Archives: November 2017

FCA starts misleading pension statements proceedings

FCA has announced the start of civil proceedings against Avacade Limited, which traded as Avacade Investment Options, and Alexandra Associates (U.K.) Limited, trading as Avacade Future Solutions, and against Craig Lummis, Lee Lummis and Raymond Fox. FCA says the firms provided a “pension report service” which, among other things, promoted SIPPs and alternative investments such […]

Treasury Committee seeks LINK assurance

Nicky Morgan, chair of the Treasury Committee, has written to the Chairman of LINK seeking assurances on the continuity of provision of cash machines. There is a proposal to reduce the fee card issuers pay to ATM operators from 25p to 20p per withdrawal and the Committee is concerned this could make some machines not economically […]

ESMA publishes MiFID compliance function peer review

ESMA has published the results of its peer review on the guidelines on certain aspects of the compliance function under MiFID 1.  The review covered a 2 year period and assessed the approaches of 31 NCAs. It included some on-site visits. While ESMA found some divergences in practice, it assessed 27 NCAs positively on their […]

LMG proposal addresses issues of access, control and continuity of service in post-Brexit insurance sector

In light of Brexit-related concerns over continuity of service in the insurance sector, the London Market Group (LMG) has issued a proposal to the UK government detailing a mechanism whereby both the UK and EU are permitted mutual market access and mutual recognition of respective prudential regimes following Brexit. The proposal centres on a free trade agreement […]

FCA issues first statement of objection to asset managers

FCA has issued a statement of objections to 4 asset managers who it believes may have acted in breach of competition law. The statement (which has not been published) is the first time FCA has brought a case using its competition enforcement powers. It says that Artemis Investment Management LLP, Hargreave Hale Ltd, Newton Investment […]

Financial Stability Report, November 2017

The Bank of England (BoE) has published its financial stability report, issue number 42.  The report sets out the Financial Policy Committee’s (FPC), a sub-committee of the BoE’s Court of Directors, views of the outlook for UK financial stability, including the assessment of the resilience of the UK financial system and the main risks to […]

IAIS extends the deadline for comments on various insurance core principles

The International Association of Insurance Supervisors has extended the deadline for submitting comments on various insurance core principles (ICPs) and the ComFrame material integrated with ICPs to: 15 January 2018 in respect of Revised ICP 8 (Risk Management and Internal Controls) and additional ComFrame material integrated with ICP 8; and 31 January 2018 in relation to revised ICPs […]

FSB will not be updating list of global systemically important insurers for 2017

The Financial Stability Board (FSB), in consultation with the International Association of Insurance Supervisors and national authorities has published a statement which explains it has decided not to publish a new list of global systemically important insurers (G-SIIs) for 2017. The FSB comments that the work of IAS in the insurance sector to develop an activities-based approach may […]

EBA repeals its Guidelines on retail deposits subject to different outflows for the purpose of liquidity reporting

On the 27 November 2017, the European Banking Authority (EBA) announced that it has decided to formally repeal its guidelines on retail deposits subject to different outflows for the purposes of liquidity reporting under the Capital Requirements Regulation. The EBA has decided to repeal the Guidelines as they have been superseded by the Liquidity Coverage […]

Credit Unions Act 1979 (Locality Common Bond Conditions) Order 2017

The Credit Unions Act 1979 (Locality Common Bond Conditions) Order 2017 (SI 2017/1144) has been published, along with an explanatory memorandum. The Order makes a change to section 1B(3)(a) of the Credit Unions Act 1979, by increasing the number of potential members of a credit union for the locality common bond from 2 million to 3 […]