Author Archives: Roseyna Jahangir
BEIS publishes Green Paper on modernising consumer markets
The Department for Business, Energy and Industrial Strategy is consulting on proposals which, among other issues, seek to to improve the consumer experience in regulated markets for utilities, telecommunications and financial services and to ensure consumers buying and selling online benefit from new technology and business models, and have appropriate protection for their personal data. […]
PRA publishes ‘Dear CEO’ letter on capital extractions by insurance firms in run-off
The PRA has published a ‘Dear CEO‘ letter which addresses capital extraction requests from insurance firms in run-off, and firms not supplying sufficient information to the PRA. It reminds firms of the need to closely consider Supervisory Statement 4/14 on capital extractions, and sets out illustrations of the types of information they expect to see […]
ESAs report on key risks for H2 2017
The Joint Committee of the European Supervisory Authorities has published its report for the second half of 2017. This report highlights the following potential sources of instability: repricing of risk premia uncertainties regarding the terms of Britain’s exit from the EU; cyber attacks; and climate change. The report urges firms and supervisory authorities to seek […]
FCA and PRA publish business plans
The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an area of concern for the forthcoming year, as well as ongoing programmes such as Brexit, and firms’ culture and governance (including […]
CMA to continue insurance price comparison website investigation
The CMA has confirmed that it has decided to continue the investigation into a price comparison website’s (PCW) use of certain ‘most favoured nation’ clauses in its contracts with home insurance providers. In the context of PCWs, ‘most favoured nation’ clauses require the provider of a product that wishes to offer their product on the […]
HM Treasury launches first Fintech Sector Strategy paper
The Treasury has published its first Fintech Sector Strategy, setting out the government’s proposals to secure the UK’s place as a preferred location to start and grow a fintech business. The paper announces a number of measures, including: a Cryptoassets Task Force will be established by HM Treasury, the Bank of England and the FCA, […]
Council of the EU approves EU-US insurance agreement
Following the announcement in September last year that the EU and the USA signed a bilateral agreement on insurance and reinsurance prudential measures, the Council of the EU has now formally adopted a decision to conclude this agreement. This agreement can now provide legal certainty to EU and US insurers in the application of regulatory […]
Complaints Commissioner concerned about information sharing between FOS and FCA
In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]
BoE outlines 2018 stress test
The BoE has published the scenario against which it will stress-test banks in 2018. As confirmed by the FPC, the basis of the test will be the same as the 2017 version, but the hurdles will evolve such that: banks will be held to higher standards the more systemically important they are; hurdle rates will […]
ABI writes to FCA on Brexit issues
The ABI has written to Andrew Bailey highlighting the issues its members are facing in meeting their duty to treat customers fairly, in the context of communications with customers over Brexit. The letter welcomes the December communications on authorisation of EEA branches of insurers, and says members will assume this will happen, even though it […]