Author Archives: Andrew Barber

BoE NEDs review conflicts policies

The BoE’s non-executive directors have published a review of its approach to identifying and managing conflicts of interest within the BoE set up. There will be an update to the Bank’s Code of Conduct to update and clarify requirements. Among changes will be the appointment of a designated Conflicts Officer, together with other organisational and technological […]

Treasury Committee and PRA exchange Brexit letters

Nicky Morgan, new Chair of the Treasury Committee, and Sam Woods of PRA have exchanged letters on Brexit planning. The PRA response explained PRA’s work in assessing the scenarios that might have the biggest impact on its objectives – such as a hard Brexit with no ongoing cross-border market access. PRA has received over 400 […]

ASA unhappy at Amex ad

ASA has found a TV advert for American Express breached the BCAP rules on misleading advertising, qualification and exaggeration.  On the ad, a voiceover claimed that “there is a card that could give you 5% cashback on all purchases”. In fact, this amount was available only for the first 3 months, was subject to a […]

FCA feeds back on high cost credit

FCA’s response to its call for input into its review of high cost credit has concluded it will keep the HCSTC cap at its current level, but review it again within the next 3 years.  It has found an improvement in consumer outcomes since it imposed the cap, and a practice developing of offering longer […]

FCA updates on motor finance work

FCA has published further details of what it is doing to identify potential consumer harm in the motor finance market. It notes most new car finance is in the form of a Personal Contract Purchase, which is a form of hire purchase under which the value of the car at the end of the contract […]

Alex Brazier, Executive Director of BoE delivers a speech entitled: ‘Debt Strikes Back’ or ‘The Return of the Regulator’?

Alex Brazier, Executive Director (Financial Stability) at BoE has delivered a speech in which he considers the recent developments in household debt, how that debt can pose dangers to the wider economy, and the three lines of defence put in place by regulators to guard against those dangers. Mr Brazier observed that in the past […]

FCA publishes consultation paper on current account services

FCA has published a Consultation Paper (CP) on the information provided to customers about current account services. The CP was prompted by CMA’s recommendation that firms should publish objective measures of service performance for both personal current accounts (PCAs) and business current accounts (BCAs) to allow customers to effectively compare products on the market. The […]

FCA publishes consultation on Office for Professional Body Anti-Money Laundering Supervision

FCA has published a consultation on the proposed text for a specialist sourcebook setting out the new Office for Professional Body Anti- Money Laundering Supervision’s (OPBAS) expectations in relation to anti-money laundering supervision. OPBAS will oversee 22 professional body anti money laundering supervisors such as the Law Society / Solicitors Regulation Authority and the Association […]

FCA publishes second Consultation Paper on IDD implementation

Following on from Consultation Paper (CP) 17/7, FCA has published CP 17/23 detailing further proposals on the implementation of the IDD in the UK. The CP is relevant to firms, including insurance and reinsurance companies, insurance intermediaries and firms categorised under the IDD as ancillary insurance intermediaries, as well as other stakeholders. In order to […]

UK Finance and AFME publish guidance on the use of league tables

League tables are used to illustrate the ranking of investment banks and financial advisors in different activities. League tables can be aggregated to encompass all investment banking activities, or split according to the needs of the analysis being made (e.g. by equity capital markets, debt capital markets, mergers and acquisitions etc.). League tables are often […]