Monthly Archives: January 2018
The PRA postpones the introduction of its reporting proposals set out Pillar 2 liquidity consultation paper
The PRA has updates its webpage relating to its consultation paper on Pillar 2 liquidity (CP13/17). In its consultation paper, the PRA set out its proposals on a cash flow mismatch risk framework and other methodologies for assessing firms’ liquidity risk under the Pillar 2 liquidity framework. It also proposes drafting reporting rule changes and the […]
On 17 January 2018, the PRA published a “Dear Chair letter” following a review on consumer credit lending (covering credit cards, personal loans and motor finance) and the publication of its statement on consumer credit in July 2017. The letter communicates the PRA’s key findings from the review and sets out points for firms to […]
The Joint Committee of the European Supervisory Authorities (ESA) has published its final guidelines under the Wire Transfer Regulation (Regulation (EU) 2015/847) in each of the official languages of the EU. The guidelines were first published in September 2017 and include measures that payment service providers should take to detect missing or incomplete information on the […]
On 16 January 2018, the European Court of Auditors (ECA) published a report on the operational efficiency of the European Central Bank’s (ECB) crisis management for banks. The report states that although the ECB has established a substantial framework for crisis management and resources for the assessment of bank recovery plans and the supervision of […]
The House of Commons Treasury Committee has published HM Treasury’s response and the PRA’s interim response to its report on the Solvency II Directive and its impact on the UK insurance industry. HM Treasury responded to the recommendations set out in the report relating to the PRA’s competitive objective and Brexit. In its interim response, the […]
In February 2017, the Treasury opened its consultation on the UK transposition of the IDD. The Treasury has now published the results of that consultation, and also the draft statutory instrument. The consultation response document indicates that the draft statutory instrument will be laid before Parliament ‘in due course’. It also notes that the proposal […]
The Home Office has confirmed that banks and building societies have started carrying out checks against their personal current account holders to establish whether any account holder is an illegal immigrant. They are doing so using a Cifas database. If there is a match, the Home Office will instruct the institution what steps to take.
We have written an article for Compliance Monitor summarising the key changes PSD2 brings to UK law.
Theresa May has chaired a meeting of senior executives from a number of financial institutions to discuss the opportunities and challenges Brexit presents. She noted the UK’s aim of agreeing an implementation period by the end of March, while Philip Hammond said the Government is prioritising the needs of consumers and tax payers. For their […]
The EBA’s final Guidelines on disclosure requirements of IFRS 9 Following its consultation in July 2017, the European Banking Authority (EBA) has today published its final Guidelines on disclosure requirements of International Financial Reporting Standard 9 (IFRS 9) or expected credit losses (ECLs) transitional arrangements, specifying a uniform disclosure template institutions should use when disclosing […]