The BoE and PRA have published their responses to the Complaints Commissioner’s recommendations. The responses are published in full on the Commissioner’s website and cover the following: the BoE, the PRA...
Author - Hannah Frost
Hannah Frost
FCA takes action against debt packager firms
The FCA has taken action following a review into the practices of debt packager firms. 5 firms have stopped providing regulated debt advice until further notice as a result of “significant concerns” over...
Regulators set out plans to improve diversity and inclusion in financial services
The BoE, PRA and FCA have published a discussion paper, setting out policy options to improve diversity and inclusion in financial services. The paper focuses on the importance of data and disclosure in order to enable...
Responses to Work and Pensions Committee report on protecting pension savers
On 28 March 2021, the Work and Pensions Committee published its Fifth Report of Session 2019–21, Protecting pension savers–five years on from the pension freedoms: Pension scams. The Government, the FCA and the Pensions...
PRA Policy Statement: Regulated fees and levies: rates for 2021/22
The PRA has published a policy statement which provides feedback to responses to the consultation paper ‘Regulated fees and levies: rates proposals 2021/22’. The policy statement also contains the PRA’s...
Pay.UK publishes resources for organisations implementing ISO 20022
The New Payments Architecture (NPA) will unlock significant benefits for many businesses and personal customers within the UK, helping transform the way they control their professional and personal transactions, and...
FATF review of FATF Standards on virtual assets and virtual asset service providers
The Financial Action Task Force (FATF) has completed a second 12-month review of the implementation of its revised Standards on virtual assets and virtual asset service providers (VASPs). This comes two years after the...
FCA consults on reforms to improve the effectiveness of UK primary markets
The FCA has launched a consultation on proposed reforms to improve the effectiveness of UK primary markets in combination with a discussion about how the FCA might continue to develop the listing regime to ensure the UK...
UK and Singapore agree landmark Financial Partnership for financial services
An historic new partnership for financial services between the UK and Singapore, which will help to boost jobs and investment in the UK, has been agreed by the Chancellor. The Financial Partnership is a new agreement...
EBA analysis of RegTech in the EU financial sector
The EBA has published an analysis of the current Regulatory Technology (RegTech) landscape in the EU. The report provides insights into the following: a mapping and understanding of the existing RegTech solutions...
FCA appoints new Interim General Counsel and Legal Adviser
The FCA has announced the appointment of David Anthony Scott as Interim General Counsel, following the departure of General Counsel Sean Martin, and Raj Parker as a Senior Legal Adviser. Nikhil Rathi, Chief Executive of...
EBA report: management and supervision of ESG risks for credit institutions and investment firms
The EBA has published its Report on Environmental, Social and Governance (ESG) risks management and supervision. The report provides institutions with common definitions of ESG risks and their transmission channels and...
BoE speech: A new dawn for payments
Speaking at City Week 2021, Victoria Cleland (Executive Director for Banking, Payments and Innovation at the BoE) talked about the evolution of payments systems in the UK, the BoE’s vision for the future and the...
ECJ ruling: BNP Paribas Personal Finance SA v VE
In BNP Paribas Personal Finance SA v VE, the Tribunal d’Instance de Paris made a request to the European Court of Justice for a preliminary ruling in relation to the application of Articles 3 and 4 of Council...
FSB overview of responses to public consultation on outsourcing and third-party relationships
The Financial Stability Board (FSB) has published an overview of the responses it received to its November 2020 discussion paper on regulatory and supervisory issues relating to outsourcing and third-party relationships...
FCA consults on use of new powers to support orderly wind down of critical benchmarks
The FCA has published a consultation paper on its proposed policy approach to two new powers introduced through amendments to the Benchmarks Regulation (BMR) under the Financial Services Act 2021 (FS Act). The powers...
HM Treasury consults on amendments to the insolvency arrangements for insurers
The government is consulting on amendments to the insolvency arrangements for insurers, with a view to enabling UK authorities to better manage insurer distress. The government is proposing a series of targeted...
FCA Call for Input: Pensions Consumer Journey
The FCA has launched a call for input, to better understand consumer behaviour at key points in the pension saving journey. The FCA acknowledged that the pensions and retirement income markets have evolved significantly...
FCA publishes Insights from Cyber Coordination Groups
FCA has shared a broad overview and insight into the discussions held at its quarterly Cyber Coordination Group (CCG) meetings in 2020. In 2020 FCA convened 157 firms in 7 CCGs, with each CCG representing a specific sub...
PRA issue statement on the disclosure of exposures subject to measures applied in response to Covid-19
The PRA has issued a statement providing guidance on the disclosure of exposures subject to measures applied in response to the COVID-19 crisis. It highlighted that UK banks and building societies that: are (or are...
HM Treasury publishes response to consultation on Insolvency changes for payment and electronic money institutions
The Insolvency changes for payment and electronic money institutions consultation was launched on the 3 December 2020. The Government received 15 written responses to the consultation, and these responses have been...
FCA publishes Authorisations Quarterly KPIs
The FCA has published its Authorisations Quarterly Key Performance Indicators (KPIs), providing key metrics on the performance of the FCA’s Authorisations Division. KPIs are provided for: Authorisations; Cancellations;...
FCA encourages individuals to report wrongdoing
The FCA has launched its campaign ‘In confidence, with confidence’ to encourage individuals working in financial services to report potential wrongdoing to the FCA. The campaign highlights circumstances...
FATF updates guidance on risk-based approach to VAs and VASPs
FATF is updating its guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The guidance is updated in six key areas and amendments seek to: clarify the definitions of...
Regulation of the insurance sector set to change
In a speech given at the Association of British Insurers, Sam Woods, CEO of the PRA, said that the regulation of the UK insurance sector is set to change. Mr Woods stated that rules for insurers would be set out in the...
LSB considers the customer journey in a digital world
In January this year the Lending Standards Board (LSB) released a thought piece on the customer journey in the digital space, with the aim of promoting best practice and good customer outcomes in the provision of...