Author Archives: Andrew Barber

Government heralds Brexit transition progress

The Department for Exiting the EU has published a draft Withdrawal Agreement following the conclusion of a key set of negotiations.  David Davis and Michel Barnier both welcomed the progress.  Mr Davis heralded the agreement, which provides (among other things) that international agreements that arise as a result of the UK’s membership of the EU will […]

FPC updates financial stability outlook

In its latest meeting, the Financial Policy Committee focused on: the outlook for UK financial stability generally: it thought these were standard, excepting the Brexit risks, with risks from global vulnerability still being material. Risks from certain markets in the US and in China are elevated, but there seems to be some sign of increasing […]

FCA updates on motor finance

FCA has updated on its work reviewing the motor finance sector. So far, it has drawn several comforting conclusions, including around general default rates. But the 3% of customers who have the lowest credit ratings have higher arrears and default rates. It also notes that commission arrangements could lead to dealers arranging more expensive than […]

Treasury calls for evidence on digital payments

Treasury has published a call for evidence on the role of cash and digital payments in the new economy. It asks for views by 5 June to help it explore how it can support digital payments, support transition from cash economies while maintaining support for cash payments for that that need it, and of course […]

PSR reports record payment services activity

The Payment Systems Regulator’s annual report says 2017 was a record-breaking year for new participants, and it expects many more PSPs to join in 2018. Its early projections suggest 11 PSPs could become direct participants in CHAPS, Faster Payments and Bacs during the year, as opposed to 4 new joiners in 2016. It also reports […]

Commission unveils Fintech and crowdfunding action plan

The European Commission has published an action plan aimed at making Europe a global hub for Fintech. The plan is to make markets safer and easier for new players to access while enabling the financial sector to make use of new technologies. It wants to encourage a cross-border infrastructure for blockchain but using pilot projects. […]

FCA updates on product governance

FCA has provided an update on its work on product governance in small and medium sized retail banks.  Its recent review looked at 2 year fixed rate savings products and how firms’ product governance frameworks help them to identify and manage the ongoing conduct risks of their products. It specifically wanted to assess how firms […]

FCA writes to CEOs on second charges and responsible lending

FCA has written a Dear CEO letter to firms that enter into regulated second charge mortgage contracts, asking them to review their lending processes and confirm to FCA that the firm is acting responsibly when lending and has systems, processes and controls to ensure this. FCA is worried, following a review it carried out to […]

Treasury Committee concerned at GRG “rebrand”

The Treasury Committee is concerned at evidence RBS has provided to it that indicates that 75% of current RBS restructuring employees previously worked in the GRG. Nicky Morgan said that although Ross McEwen, RBS Chief Executive, had assured the Committee that the culture in the current Restructuring group is fundamentally different to that of the […]

Treasury launches digital currencies inquiry

Treasury has announced an inquiry into the role of digital currencies in the UK. It will look at DLT and its potential impact on financial institutions and the infrastructure, and will look at the regulatory response to date.