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...
Author - Rachael Preston
Rachael Preston
Mark Carney named UN’s Special Envoy for Climate Action and Finance
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 publishes feedback on its ‘Duty of Care’ Discussion Paper
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...
APP scams voluntary Code extended to March 2020
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...
Banks told to refund customers after CMA action
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...
FCA secures £291,070 confiscation order against convicted fraudster
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...
EU adopts capital markets reforms
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 responds to IT failures in the financial services sector
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...
European Banking Authority publishes Communication on preparation for Brexit
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...
Government publishes No-Deal Readiness Report
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...
Guidance on unfair consumer terms Directive
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...
ESAs Joint Committee defines its priorities for 2020
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...
BCBS and IOSCO publish a consultation paper on STC short-term securitisations
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 publishes record of Financial Policy Committee meeting
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...