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...
Author - Rachael Preston
Rachael Preston
ESMA issues public statement on Covid-19
The European Securities and Markets Authority (“ESMA“), together will National Competent Authorities (“NCAs“), has made the following recommendation to financial market participants to account...
FSCS allocation of claims regarding IFAs and SIPP operators
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...
ESMA publishes its 2019 Annual Report 2020 Supervision Work Programme
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...
Bank of England implements new measures to respond to the economic shock from Covid-19
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...
Bank of England slashes interest rate in response to Covid-19
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 shines a spotlight on resolving Section 75 claims
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 announces proposals to improve climate-related disclosures by listed companies
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 Committees approves Bailey, but says it will keep an eye on the FCA
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...
FCA publishes research report on its TechSprint Approach
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...
Lloyd’s launches new cryptocurrency wallet insurance solution
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...
Deputy Governor of Financial Stability says “It’s time to talk about money”
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...
FCA publishes 2019 data on STORs
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...
ESRB reports on systemic cyber risk
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...
EBA updates its guidelines on fraud reporting under PSD2
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...
Financial institutions raise concerns about PRIIPs RTS review
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...
EBA discusses future changes to the EU-wide stress test
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...
FCA and BoE outline initial expectations for firms transitioning from LIBOR to SONIA
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...
FCA and BoE encourage switch from LIBOR to SONIA from Spring 2020
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...
Regulators update on climate change action
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...
Europe reaches agreement on ‘green taxonomy’ regulation
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...
Extension of the Senior Managers and Certification Regime comes into force
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...
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...