Author Archives: Angie Bamboulis

BCBS report on the implications of fintech developments for banks and bank supervisors

The Basel Committee on Banking Supervision has published a report on the implications of fintech developments for banks and bank supervisors. The report assesses how technology-driven innovation in financial services (fintech) may affect the banking industry and the activities of supervisors in the short to medium term.    

FCA AND PRA APPOINT NEW CHAIR OF THE FSCS

The FCA and PRA have today announced the appointed of Marshall Bailey as the new Chair of the Financial Services Compensation Scheme Limited (FSCS) with effect from 1 April 2018. Marshall Bailey succeeds Lawrence Churchill, who is stepping down after 2 terms as Chair.

The three ESAs warn consumers on the risk of virtual currencies

The three ESAs (consisting of the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority) issued a warning to consumers on the high risks of buying and/or holding virtual currencies such as Bitcoin, Ether and Ripple (VCs). The warning follows the fact that there has been an increasing number […]

Further SFO charges in Barclays case

The Serious Fraud Office (SFO) has charged Barclays Bank Plc (Barclays) with unlawful financial assistance contrary to s151(1) and (3) of the Companies Act 1985. This relates to the financial assistance Barclays gave to Qatar Holdings LLC between 1 October and 30 November 2008, in the form of a US$3 billion loan, for the purpose of acquiring […]

The standards of lending practice for personal customers review

The Lending Standards Boards (LSB) has announced that it intends to review the Standards of Lending Practice for personal customers (Standards). The LSB is seeking input from registered firms, industry bodies, consumer and debt bodies, and other relevant parties whose work may interact with the LBS to help it consider whether updates to the Standards […]

ESMA UPDATES Q&As

The European Securities and Markets Authority (ESMA) has issued updates of its Q&As on: the implementation of the European Markets Infrastructure Regulation (EMIR). The purpose of the document is to promote common supervisory approaches and practices in the application of EMIR; the implementation of the Central Securities Depository Regulation (CSDR). The Q&A provides common answers […]

FCA speech – The future of the city

On 5 February 2018, Andrew Bailey, FCA Chief Executive, delivered a speech, the Future of the City, which focuses on the transition to Brexit and the future of the UK regulatory regime. Key highlights include: the FCA is treating Brexit as a high priority and the FCA will do its utmost to ensure that it works […]

FCA review of Board Effectiveness

The FCA has published a report of the independent review into the effectiveness of its Board. The review was undertaken by Independent Audit Limited. The review involved interviews with Board members, a review of documentation and observance of Board and committee meetings. The report also sets out the following broad themes: aligning of activities into […]

EIOPA revises work programme for 2018

The European Insurance and Occupational Pensions Authority (EIOPA) has published a revised version of its 2018 work programme, which was first published in September 2017. The revised version incorporates resources information for the years 2019 an 2020 relating to the European Commission’s legislative proposals relating to the review of the European Supervisory Authorities and the […]

FCA’s thematic review on the fair treatment of existing interest-only mortgage customers

The FCA has published a thematic review (TR18/1) on the fair treatment of existing interest-only mortgage customers. The FCA has been examining the fair treatment of customers with interest-only mortgages and has been looking at how lenders are working to help customers avoid the potential harm of non-repayment at maturity. In summary, the FCA found that: […]