The FCA has explained that is working closely with the Government, the Bank of England, the Payment Systems Regulator and firms to ensure markets continue to work well for consumers. This includes making regular contact...
The European Securities and Markets Authority (“ESMA“), together will National Competent Authorities (“NCAs“), has made the following recommendation to financial market participants to account...
The Financial Services Compensation Scheme (“FSCS“) has issued guidance on compensation payments as a result of failed investments made via a Self-invested Personal Pension scheme (a “SIPP”). The guidance...
The European Securities and Markets Authority (“ESMA“) has published jointly (i) its annual report to highlight its direct supervisory activities during 2019 regarding credit rating agencies...
The Bank of England (“BoE”) has announced a comprehensive and timely package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid...
The Bank of England (“BoE”) has reduced the Bank Rate by 50 basis points to 0.25%. The aim of the reduction is to help support business and consumer confidence amidst the Covid-19 outbreak, to bolster the...
UK Finance has published a blog post on resolving Section 75 claims made in relation to failed home improvements. It explains that due to the significant number of contractors ceasing to trade each year (nearly 80,000)...
The FCA has today published proposals outlining new climate-related disclosure requirements for premium listed issuers. The new rule will require all commercial companies with a premium listing to either make climate...
The Treasury Committee has today published its report on the appointment of Andrew Bailey as Governor of the Bank of England. Whilst it is satisfied that Mr Bailey has the professional competence and personal...
The FCA has published a Research Report called “Fostering innovation through collaboration: The evolution of the FCA TechSprint Approach“. TechSprints are typically 2 day events that bring together...
A Lloyd’s syndicate has launched the first liability to protect against losses arising from theft of, or malicious hacks to, cyptocurrencies held in online wallets. The policy will have dynamic limits that...
Sir Jon Cunliffe delivered a speech on the future of the banking system and of cash payments. He noted that the forms money takes in society change as the structure of economies changes, as the ways in which we transact...
The FCA has published its suspicious transaction and order reports (STORs) figures for the year ending December 2019. The number of STORs had increased consistently since 2016; however, the data for 2019 appears to buck...
The European Systemic Risk Board (the “ESRB“) has published a report on cyber risks and incidents, which, owing to the interconnectedness of various information systems, spread quickly and widely. The ESRB...
The European Banking Authority (EBA) has published amendments to its 2018 guidelines on fraud reporting under the revised Payment Services Directive (PSD2). The amendments: introduce two new data fields for reporting...
Insurance Europe, AMICE, the EBF and EFAMA (the Group) have raised concerns about The Joint Committee of the European Supervisory Authorities (the ESA’s) consultation on potential changes to the regulatory technical...
The EBA has published a Discussion Paper On the future changes to the EU-wide stress test. Since the global financial crisis, the stress test has become a widely used tool for supervisors to assess the resilience of...
The Bank of England’s Financial Policy Committee (FPC) has published a letter to Senior Management Function holders in regulated firms on the future of LIBOR. In the letter it considers further potential...
The FCA has published a Statement encouraging market makers to change the market convention for sterling interest rate swaps from LIBOR to SONIA on 2 March 2020. The change is intended to move the greater part of new...
UK and EU regulators have published papers on the regulatory response to the risks of climate change. the BoE has published a discussion paper on how it proposes to carry out its “biennial exploratory...
Negotiations between the European Parliament and Council have reached agreement on environmental objectives for determining the sustainability of an economic activity. The Commission proposal for a ‘taxonomy...
The FCA has extended the Senior Managers and Certification Regime (SM&CR) to solo-regulated firms, including senior managers and certification staff in those firms. The SM&CR already applies to the banking and...
On 1 December 2019 the United Nations Secretary-General António Guterres announced the appointment of the Governor of the Bank of England, Mark Carney, as UN Special Envoy for Climate Action and Finance. Mark Carney...
The FCA has published its Feedback Statement on its ‘A duty of care and potential alternative approaches’ Discussion Paper which summarises the feedback from respondents and sets out how the FCA plans to deal with the...
In May 2019 UK Finance launched a voluntary industry Code which set new standards for the prevention of authorised push payment (APP) scams, where victims are tricked into sending money to a fraudster. Victims who are...
The CMA has taken action against HSBC and Santander after they broke an Order requiring them to send customers text alerts before banks charge them for going into an unarranged overdraft, giving them time to take action...
The FCA has issued a press release confirming that a confiscation order of £291,070.36 has been obtained against a convicted fraudster. Barry Starling is already serving a 5 years’ prison sentence for defrauding...
The Council of the European Union has adopted several legislative reforms as part of the progress towards the capital markets union. The reforms target: Sustainable finance. The first reform establishes disclosure...
UK Finance has responded to the Treasury Committee’s report into IT failures in the financial services sector. The Treasury Committee criticised the unacceptably high level of failures and called on regulators to...
The European Banking Authority (EBA) has published a Communication on the remaining issues for financial institutions ahead of the UK’s departure from the EU. In its Communication the EBA urges continued progress...
The Government has published its “No-Deal Readiness Report” detailing the UK’s preparedness ahead of Brexit on 31 October. The Report contains a section on financial services which, amongst other...
The European Commission (the “Commission”) has issued guidance on the interpretation and application of Council Directive 93/13/EEC on unfair terms in consumer contracts (“UCTD”) The Commission...
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA) (collectively “ESA”) has published its 2020 Work Programme setting out its strategy in the areas of cross-sectoral risk...
The Basel Committee (BCBS) and IOSCO have published for consultation the criteria for identifying simple transparent and comparable (STC) short-term securitisations. The proposed criteria follow on from the STC models...
BoE has published a record of its Financial Policy Committee’s Meeting on 21 June 2017. The report reveals the reasoning behind the recommendations and decisions in its Financial Stability Report no. 41. in...