Author Archives: Andrew Barber

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 […]

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 […]

PRA amends IRB approach statement

PRA has published a policy statement on risk weights in the residential mortgages sector (PS13/17). The statement applies to banks and building societies who use an internal rating based (IRB) method to  calculate credit risk capital requirements relating to residential mortgage portfolios. The statement contains the final amendments to the ‘IRB approaches’ supervisory statement, which includes […]

FOS consults on PPI voluntary jurisdiction

In March 2017 FCA announced it was introducing a 29 August 2019 deadline for all PPI complaints to be submitted to firms or ombudsman services (subject to limited exceptions). This rule comes into effect on 29 August 2017 and applies to firms within the FOS’ compulsory jurisdiction (CJ). However, this rule currently will not apply to firms that […]

Chancellor makes Mansion House Speech

Philip Hammond has given the delayed Mansion House speech. He spoke of the Government’s priorities and its commitment to delivering better public services, higher real wages and increased living standards through stronger growth, and how it needs to be delivered through rising productivity. He stressed that this means more trade, and strong trade links with […]

IOSCO reports on order routing incentives

IOSCO has published a report looking at supervisory practices relating to incentives for order routing.  It considers how different jurisdictions require firms to manage conflicts associated with routing orders and best execution. The report focuses on: monetary incentives paid or received by brokers to or from third parties; internalisation and use of affiliated venues that […]

EBA speaks on bank supervision priorities

Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, gave a speech on what ECB regards as the four key priorities for successful bank supervision: Global approach to regulation: banking is conducted globally and requires regulation on an equivalent scale. Banking reforms have dominated European discussions […]

FCA publishes pensions lifestyle strategy review

FCA has published the findings from its review of life insurers’ pension lifestyle investment strategies. It had asked 13 insurers what their approach was to these strategies in the light of the 2015 pension reforms and how consumer behaviour had changed as a result. FCA found that firms use different names for the books they operate, […]

BoE speaks on operational resilience

Charlotte Gerken has spoken of the BoE’s approach to operational resilience. She focussed on how it is developing its approach in co-operation with firms and other regulators. BoE’s aim is to improve the ability of the financial services sector to absorb the impact of an unexpected event while continuing to perform its key activities.  Part […]

PRA consults on regulatory reporting

PRA is consulting on minor changes to its regulatory reporting templates. It has found a few inconsistencies relating to forms on the Capital + data items, and an error in the Regulatory Reporting Glossary.  Consultation closes on 7 July.