Category Corporate Lending

FCA foresees the demise of LIBOR in favour of SONIA

Andrew Bailey’s speech today on the future of LIBOR discussed the recent developments that had been made and interestingly, the decision to move away from the benchmark and towards one that is based on factors such as the price of term funding. The FCA has had conversations with market participants, which led it to examine  alternative benchmarks and make […]

FCA releases details of consultations on the extension of SM&CR to all firms

The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]

FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR from 21 July; to amend COBS in respect of pension projections from 24 July so firms can prepare risk […]

UK Finance publishes updated Access to Banking Standards

UK Finance (the new industry association including, among others, the BBA) has updated its Access to Banking Standards in relation to bank branch closures. It is hoped that these changes will help banks provide customers with clear, understandable, accessible documentation and information about that specific closure and how they can continue to bank after the branch has closed […]

LSB publishes ”2020 Vision” Business Plan

The Lending Standards Board has published its Business Plan for 2017/20 which outlines its aims and objectives for the next three years. LSB says it will achieve its goals by focusing on the following activities: Developing the Standards which were launched in March 2017 (July 2016 for business customers) by working alongside firms and the wider […]

ESMA publishes guidelines on cooperation between authorities under the Central Securities Depositories Regulation

ESMA has today published guidelines (the Guidelines) to ensure that competent authorities (CAs) apply the Central Securities Depositories Regulation (CSDR) in a consistent, efficient and effective supervisory manner, which includes cooperating with each other. Under Article 14(1) of the CSDR, CAs and ESMA are expected to cooperate closely, including exchanging all relevant information applicable under the regulation.  […]

Commission consults on non-performing loan market

The European Commission is consulting on a secondary market for non-performing loans. It seeks views on how to improve the market and specifically on loan servicing activities by third parties, and the transfer of loans away from the originating bank. It asks for feedback by 20 October.

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 published in July 2015 for term securitisations. While all principles underlying the STC criteria for term securitisations are relevant for short-term securitisations, some criteria have been amended […]

BoE publishes its Annual Report and Accounts for 2016/2017

BoE’s has published its Annual Report and Accounts  for 2016/2017 which sets out its main achievements for the year, including: Its One Bank strategy which aims to create a single, unified, institution across all its functions, with a single mission to ‘promote the good of the people of the United Kingdom by maintaining monetary and […]

FCA publishes unredacted BOS notice

FCA has published the unredacted version of its final notice against the Bank of Scotland plc originally published in March 2012. The notice related to failure to comply with Principle 3, and confirmed FCA’s decision not to impose a financial penalty because of the exceptional financial circumstances of the bank at that time. The failings […]