Category Corporate Lending
BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a hard Brexit. The papers cover: transitional relief for firms that will broadly (with exceptions) last for 15 months from exit […]
The FCA has published sector-specific information to help regulated firms ensure they are prepared for the consequences of Brexit, including a no-deal Brexit. The guidance covers banking and payments, life insurance, pensions and retirement income, general insurance, retail investment and wholesale banks, markets and asset managers.
US and UK authorities agree measures to secure derivatives trading and clearing activities post-Brexit
The Bank of England, FCA and the US Commodity Futures Trading Commission (CFTC) have confirmed that they will ensure that firms will be able to continue engage in derivatives trading and clearing activities through the CCPs they regulate following the UK leaving the EU. The announcement confirms their commitment to supporting financial stability and to […]
The EBA has published a revision to the Committee of European Banking Supervisors’ 2006 Guidelines on outsourcing arrangements. The revised guidelines take into account and are consistent with CRD IV, MiFID II, EMD, PSD II and BRRD. The guidelines will include provisions relating to outsourcing to cloud service providers that the EBA previously published as […]
The High Court has ruled that a European agency cannot terminate the lease of their premises at Canary Wharf on the basis of Brexit being a ‘frustrating event’. Our article provides more detail on this case and its implications.
The Financial Stability Board has published its work programme for the forthcoming year. The areas upon which it intends to focus are: addressing emerging vulnerabilities in the financial system; working with standard-setting bodies to finalise and opererationalise post-crisis reforms; monitor the completion of reforms implementation; and evaluate the effect of the post-crisis reforms.
ESMA has published information on how derivatives data that must be reported under EMIR should be handled in the event of a ‘no deal’ Brexit. ESMA’s statement sets out expectations in relation to: reporting by CCPs and counterparties; reconciliation and recordkeeping by trade repositories; portability and aggregation by trade repositories; and timeline for completion of […]
Under draft legislation published by the Treasury, the FCA and the PRA are to be given temporary powers to make transitional provisions, in order to ensure that most firms and other regulated entities’ day to day UK regulatory obligations will be as unaffected by Brexit as possible. However, the FCA has published a statement setting […]
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating agencies and trade repositories.
ESMA has published its Regulatory Work Programme for 2019, setting out ESMA’s Single Rulebook work. The matters it is working on for the forthcoming year include: Post-trading RTS under EMIR; RTS relating to registration requirements under the European Social Entrepreneurship Funds Regulation and the European Venture Capital Funds Regulation; and A report to the Commission on […]
ISDA has published an updated webpage with FAQs on the impact of Brexit on ISDA documentation.
As the FCA prepares for the extension of SMCR to most solo-regulated firms next December, it is consulting on a few areas regarding the existing regime for banks and large insurers previously identified as wanting attention. The proposals set out in CP19/4 include: excluding the legal function from the scope of SMCR; amend the scope of […]
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on changing it from an absolute test to a relative test; it will be carrying out perimeter work on SME lending […]
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK. More information on Jonny and his appointment can be found here.
In October, the Treasury Committee reported on SME finance, making several recommendations including setting out its views on the availability of FOS and the Tribunal for SME disputes, and the suggestion that commercial lending be regulated to protect SMEs. The Government and FCA have now responded to the report. The Government has refused to bring […]
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this, the FCA has published CP19/02 on Brexit and contractual continuity. This consultation paper is aimed at such incoming firms. It consults on […]
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers; consultation and discussion on the investment platforms market study remedies; policy statement on 2019/20 fees and levies; consultation on recovering the costs of […]
The FCA has published an evaluation paper on reducing barriers to entry into the UK banking sector. In its paper, the FCA evaluates the impact that the 2013 reforms to the authorisations process and a shift in approach to the prudential regulation of banking start-ups, has had on firms. Key findings from the evaluation include: there […]
As part of its preparation for onshoring EU legislation, the PRA has published CP32/18. This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and the Binding Technical Standards (BTS) that are to come within the PRA’s remit; the second relates to BTS that will come within the […]
The BoE and the PRA have published consultation papers on resolvability and resolution assessments for certain firms. PRA CP31/18 sets out proposed rules that would require relevant firms to report to the PRA on their assessment of their preparations for resolution, and publicly disclose summaries of those reports. The BoE consultation paper includes proposals on […]
The EBA has issued a press release that urges firms with customers that may be affected by Brexit to be more proactive in communicating with their customers about how they may be affected. In particular customers should be told about any actions that firms have had to take as part of contingency planning that could […]
The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers. The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints from SMEs who meet two of the three following criteria – fewer than 50 employees; annual […]
The Financial Reporting Council has published the final version of new Corporate Governance Principles for large private companies. We have published an article that summarises and discusses these Principles.
PRA has updated its Policy Statement relating to the Systemic Risk Buffer. The update follows consultation in response to which it received no comments.
FCA has published the results of its study of cyber-resilience and security in 20 asset management and wholesale banking firms. Its review comprised firms of varying size, scale, operating models and geography. The review comes with many caveats, but the key messages include: Boards and Management Committees still have limited familiarity with the specific cyber-risks […]
The European Parliament and the Council of the European Union have reached a provisional political agreement on the banking package of reforms that will result in CRD V/ CRR II. Proposed measures include more risk-sensitive capital requirements, in particular in the areas of market risk, counterparty credit risk and for exposure to central counterparties, and […]
BIS has published a report on range of practices relating to cyber resilience. The report focuses on four areas of cyber resilience: governance and culture risk measurement and assessment of preparedness (both in preventing and recovering/learning) communication and information sharing interconnections with third parties. Drawing on competent authorities responses, exchanges between international experts and input […]
The Competition and Markets Authority (CMA) is consulting on its proposed Annual Plan, which sets out its plans and priorities for 2019 to 2020. Subject to the outcome of the Brexit negotiations, the CMA plans to give greater priority to potential market studies and investigations as it considers future work. The themes which it proposes should carry […]
BoE has published its latest Financial Stability Report together with the results of the 2018 Stress Tests. The Financial Stability Report found that the UK financial system has good resilience to a range of risks, including Brexit – banks could lend in a scenario more severe than the financial crisis and are prepared and strong […]
As part of the preparation for a ‘hard’ Brexit, the Treasury has published a Policy Note that accompanies a draft Bill covering in-flight financial services legislation, currently progressing through Parliament. The Policy Note comments that in scope of the Bill are pieces of EU legislation agreed or in negotiation at the point of exit, with implementation […]
The Working Group on Sterling Risk-Free Reference Rates (Working Group) has published a communication pack entitled ‘Preparing for 2022: what you need to know about LIBOR transition’. The pack is designed to inform readers about the transition from LIBOR to SONIA and covers the following areas: the problem with LIBOR; why SONIA is the preferred […]
ESMA has updated its Q&As on MiFID II and MiFIR, and on the Short-Selling Regulation. The topics addressed by the MiFID II and MiFIR Q&As include making market structures and transparency issues. The Short-Selling Q&A updates a regulatory reference.
As part of the implementation of the Securities Regulation, which begins to apply from 1 January 2019, ESMA has published: draft regulatory and implementing standards on the contents of applications to register with ESMA as a securitisation repository; Final Technical Advice on fees to be charged for registering and supervising securitisation repositories; further guidance to […]
The Bank of England and Pay.UK are inviting expressions of interest from senior stakeholders who could represent the payments industry on a newly created Standards Advisory Panel. The new Panel will focus on the implementation of ISO20022, but also cover also payments standards for the UK. The deadline for applications is Monday 10 December 2018.
The Treasury Committee has published the Twenty-Fourth Report of Session 2017-2019 on SME Finance. The Committee highlighted the investigation into RBS’ Global Restructuring Group (GRG), and noted the FCA’s comment that the failures at the GRG might have triggered disciplinary action, had they occurred in a regulated business. The Committee commented that the justification for […]
The European Banking Authority (EBA) has published its work programme, setting out its main objectives, priorities and deliverables for 2019. The EBA’s 5 strategic areas for 2019 include to: lead the Basel III implementation in the EU; understand the risks and opportunities arising from financial innovation; collect, disseminate and analyse banking data; ensure a smooth relocation of the EBA […]
HMT has published the latest set of Brexit transition draft and updated draft SIs to be made under the EU Withdrawal Act 2018 in the event of a ‘hard’ Brexit, and accompanying explanatory notes. These cover: Central Securities Depositories Over the Counter Derivatives, Central Counterparties and Trade Repositories Financial Conglomerates and Other Financial Groups (explanatory […]
The Financial Stability Board (FSB) has published a press release following its plenary meeting in Ottawa, in which it reviewed the financial vulnerabilities and deliverables for the G20 Summit. Points of interest include: The Plenary discussed market developments and vulnerabilities in the global financial system. The members considered that, while global growth remained solid, it […]
The latest Occasional Consultation Paper from the PRA covers changes to the Rulebook, Supervisory Statements, Statements of Policy and Forms, in the following areas: Reporting – amendment to the Branch Return Form and amendments to the reporting templates for calculating risk based levies Ring fencing – imposition of financial penalties Written reports by external auditors to […]
FCA has today published Evaluation Paper 18/2 on the impact of bringing additional benchmarks into the regulatory and supervisory regime. The paper is the second of a new series of FCA evaluations on its past interventions. Background Misconduct and benchmark manipulation cases and FSA investigations led the Government to ask Martin Wheatley to establish an […]
PRA is consulting on a draft supervisory statement setting out how it expects banks and insurers to manage the financial risks from climate change. The statement sets out how effective governance, risk management, scenario analysis and disclosures can be used to address the risks and is intended to build on previous statements and embed appropriate […]
The FPC met on 3 October. At the meeting, it continued to assess the risks Brexit presents to the UK financial services sector, noting there had been considerable progress in the UK to address the risks, but not much in the rest of the EU, such that companies no longer have time to mitigate all […]
The FCA has published a consultation on proposed guidance to help solo-regulated firms draft their Statements of Responsibilities (SoR) and (for enhanced firms) Responsibilities Maps, in preparation for the SMCR extension in December 2019. Although targeted at solo-regulated firms, the FCA notes that the guidance may also be useful for dual-regulated firms preparing or updating […]
Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on : plans for the Solvency II and Insurance measures Bank Recovery and Resolution Credit Rating Agencies (FCA has also published an […]
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes to the FCA’s Handbook and to those EU Binding Technical Standards, which, it is proposed, would be incorporated directly […]
The FCA and PRA have published a joint ‘Dear CEO’ letter sent to major banks and insurers supervised in the UK regarding the preparations and actions they have taken to manage the transition from the London Interbank Offered Rate (LIBOR) to alternative risk-free rates (RFRs). The purpose of the letters is to seek assurance that firms’ senior […]
The Joint Committee of the European Supervisory Authorities (ESAs) published its latest report on the risks and vulnerabilities in the EU financial system (JC 2018 34). The autumn report highlights the following risks as potential sources of instability: abrupt yield increases could generate substantive asset price volatility and lead to losses across asset classes; repricing of risk […]
In December 2017 the Law Commission confirmed that one of the projects it would be working on was addressing the absence of explicit case law and legislation that has given rise to uncertainty as to the validity of electronic signatures in some cases. Consequently, the Law Commission has now published early conclusions from its review […]
The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders on issues such as: awareness and adoption of the LEI in various jurisdictions; types of private sector uses of the LEI; […]
New FCA rules requiring banks to publish information about personal and business current accounts came into force on 15 August 2018. The new rules cover standing data relating to account opening and service availability and major incident metrics. Further rules will require firms to publish information about account opening and debit card replacement from 15 […]
The European Central Bank (ECB) has published the latest edition of its Supervision Letter. The August edition includes a recording of an interview with Ed Sibley, Deputy Governor of the Central Bank of Ireland and ECB Supervisory Board member, discussing the importance of all forms of diversity to the governance, culture and risk profile of banks. In […]
The Co-Chair of the All-Party Parliamentary Group on Fair Business Banking has written to Andrew Bailey of the FCA in the wake of the FCA’s announcement that it was unable to take further action in relation to its investigation of RBS’ treatment of business customers. The letter calls for further information and action on a […]
The ECB has published a draft Regulation amending the Money Market Statistical Reporting (MMSR) Regulation. Since July 2016, the ECB has used the MMSR Regulation to collect data on the euro money market. In addition, detailed data has been reported by large euro area banks on transactions denominated in euro in the unsecured, secured, foreign exchange […]
The FCA has published an update on its investigation into RBS’s treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). The FCA commissioned an independent review in 2014 and found that RBS’s GRG unit had systematically mistreated customers. However, the FCA has now confirmed that it has no power to take […]
The FCA has updated FG 16/5, ‘Guidance for firms outsourcing to the ‘cloud’ and other third party IT services’. This update takes account of the publication of the European Banking Authority’s recommendations, and changes to relevant legislation.
We have written an article on the new corporate governance reporting requirements for certain large private companies. The requirements will come into force on 1 January 2019 applying to financial years beginning on or after 1 January 2019, with reporting effectively commencing in 2020 for the previous year. We also cover the consultation launched on […]
On a new page on its website, ‘Measuring our impact before we intervene‘, the FCA has published a group of documents that aim to provide an indication of how the FCA assesses the likely impact of its policies. These documents consist of: a paper setting out the FCA’s approach to conducting cost benefit analyses for […]
The PRA has published an occasional consultation paper on regulatory reporting. The consultation paper sets out proposed changes to the following reporting requirements: discontinuance of Prudent Valuation Return PV001; changes to PRA reporting instructions to align with updated EBA requirements; amendments to Pillar 2 reporting templates and instructions to reflect their application to ring-fenced bodies; […]
The Financial Stability Board (FSB) has published a statement on reforms to interbank offered rates (IBORs) and the development of overnight risk-free rates (RFRs) and term rates. Points of interest include: to ensure financial stability, benchmarks which are used extensively must be especially robust; the Official Sector Steering Group (OSSG), set up to coordinate […]
The draft Business Contract Terms (Assignment of Receivables) Regulations, which appeared to have been scrapped in late 2017, have been resurrected with a revised draft laid before Parliament for approval. The Regulations make ineffective contract terms that prohibit or restrict the assignment of receivables. Their aim is to facilitate businesses raising finance against invoices. The draft has […]
The FCA has published a speech by Andrew Bailey, Chief Executive of the FCA, on transitioning from LIBOR to alternative interest rate benchmarks. Although important steps have been taken towards transition, Andrew Bailey commented that the transition is not yet fast enough and there is much further to go. Points of interest in the speech […]
The Bank of England, the PRA and FCA have published a joint discussion paper on its approach to improve operational resilience in the financial sector. The regulators envisage that boards and senior managers can achieve better standards of operational resilience through increased focus on setting, monitoring and testing specific impact tolerances for key business services. […]
FCA has made new rules. The changes affect several parts of the Handbook, including: miscellaneous minor and clarificatory changes, including a change to the application chapter of SYSC to clarify that certain rules in SYSC 4.3A do not apply to an AIFM investment firm that is not a CRR firm; changes to make the Handbook consistent […]
The Treasury, the Bank of England and the FCA have published information about how financial services legislation will be on-shored under the EU (Withdrawal) Act, in particular to ensure the (hopefully unlikely) ‘hard Brexit’ scenario is addressed, if the negotiated implementation period is not able to take effect from March 2019. The Treasury intends to lay […]
HM Treasury has published a speech by Philip Hammond, Chancellor of the Exchequer, which was delivered at the annual Mansion House dinner. In his speech, Mr Hammond focused on Brexit and financial services. He said that the UK needs to ensure that it remains a world leader in innovation, and extend London’s position as the […]
Mark Carney, Governor of the BoE, delivered a speech at the annual Mansion House dinner on how the UK financial system can continue to serve the UK and the world, in the face of major structural changes. In his speech, Mr Carney outlined how the BoE is changing to support the development of the UK […]
ESMA has issued a statement confirming that the six month grace period granted to those required by MiFIR to have a Legal Entity Identifier (LEI), will end on 2 July 2017. ESMA will now work with national competent authorities to develop a supervision action plan which focuses on compliance with LEI reporting requirements.
The European Banking Authority (EBA) has published its annual report 2017, in which it describes the work undertaken and its achievements in 2017. The report also includes the EBA’s key areas of focus for 2018. The work undertaken by the EBA and its achievements in 2017 include: finalising important components of the Single Rulebook and […]
HM Treasury and the Bank of England have announced that Bradley Fried has been appointed as Chair of the Court of the Bank of England, with effect from 1 July 2018. He will replace Sir Anthony Habgood who has been Chair since 2014.
Summary of responses to the ECB’s second public consultation on developing a euro unsecured overnight interest rate
The European Central Bank (ECB) has published a summary of the responses it received to its second consultation on developing a euro unsecured overnight interest rate. The consultation follows the ECB’s decision to develop a daily euro unsecured overnight interest rate based on data already available to the Eurosystem. The rate is due to be finalised before 2020 and will complement […]
The High Court has sanctioned an application by Lloyds Bank PLC, Bank of Scotland PLC and Lloyds Bank Corporate Markets PLC for a ring-fencing scheme. This is the second scheme to come before the courts and be approved, after Barclays Bank plc and Woolwich Plan Managers’ was approved in March. RBS’ scheme has been sanctioned by […]
FCA has written a “Dear CEO” letter on irredeemable preference shares and similar instruments. FCA is looking to ensure investors have all the information they need to assess the risks and rewards of certain fixed income shares and is particularly concerned about those described or implied in some way to be permanent. It therefore wants […]
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 […]
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 […]
The FCA and PRA have, separately, published consultation papers on regulated fees and levies for 2018/19. In its consultation paper, the FCA sets out the proposed 2018/19 regulatory fees and levies for itself, the Financial Ombudsman Service, the Money Advice Service, the Pension Wise service and HM Treasury’s illegal money lending expenses. The FCA also […]
The European Central Bank (ECB) has published its annual report for 2017. The annual report sets out the ECB’s activities in the economic and financial environment of 2017. Amongst other things, the report focuses on: the economic recovery in the euro area; the ECB’s monetary policy decisions, which lead to the ECB recalibrating its asset […]
The Bank of England (BoE) has published a press release setting out its regulatory approach to preparations for Brexit, including its approach to the authorisation and supervision of international banks, insurers and central counterparties (CCP). The update follows the agreement between the UK and EU27 that there should be an implementation period until the end of 2020 as […]
The European Central Bank (ECB) has published its Annual Report on its supervisory activities for 2017. The Annual Report sets out the ECB’s key achievements for 2017. In addition, the ECB published a speech on the Annual Report given by Daniele Nouy, Chair of the ECB’s Supervisory Board, which includes focus areas on general developments in the […]
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 […]
The Banking Standards Board has published its annual review. Its key point is that, last year, it carried out the largest ever survey of behaviours, competence and culture in UK banking. It noted that the scores to its 36 questions improved in comparison with the previous year for 25 of the questions, and declined for […]
In its latest meeting, the Financial Policy Committee focused on: the outlook for UK financial stability generally: it thought these were standard, excepting the Brexit risks, with risks from global vulnerability still being material. Risks from certain markets in the US and in China are elevated, but there seems to be some sign of increasing […]
On 9 March 2018, the High Court considered an application for the sanction of a ring-fencing transfer scheme (RFTS) made by Barclays Bank plc in the case of Re Barclays Bank plc and another  EWHC 472 (Ch). As this was the first application for the sanction of an RFTS under section 111 of the Financial […]
As part of its ongoing work on culture and governance, the FCA has published a discussion paper, comprising a series of essays from academics and industry thought leaders covering: what a ‘good’ culture might look like; the role of regulation and regulators; how firms might go beyond incentives; and how to change behaviour for the […]
The Commission has published a new package of proposals that it wishes to see adopted by mid-2019. The proposals will ‘put in place all building blocks of the Capital Markets Union’, and comprise: legislative proposals on facilitating cross-border distribution of investment funds, to boost the cross-border market for investment funds; a legislative proposal on covered […]
The JMLSG has published proposed revisions to the text of sector 12 (Asset Finance) and sector 17 (Syndicated Lending). The proposed revisions update the descriptions of how the sectors work, how to assess the risks in the sectors and how to identify who customers are. As the proposed changes are considered relatively minor, the period […]
As part of its preparation for Brexit, the Government announced in December 2017 that it would, if necessary, introduce legislation to enable a ‘temporary permission’ scheme for EEA firms and funds which, following Brexit, can no longer rely on their passporting rights to do business in the UK. The FCA has published a survey to […]
The Treasury Committee is concerned at evidence RBS has provided to it that indicates that 75% of current RBS restructuring employees previously worked in the GRG. Nicky Morgan said that although Ross McEwen, RBS Chief Executive, had assured the Committee that the culture in the current Restructuring group is fundamentally different to that of the […]
Summary of responses to the ECB’s first public consultation on developing a euro secured overnight interest rate
The European Central Bank has published a summary of responses it received following its first consultation paper on a new euro unsecured overnight interest rate, published in November 2017. Responses include: a vast majority of respondents agreed with the definition suggested in the consultation document and expected the rate to be generally accepted by the public as […]
The Association for Financial Markets in Europe (AFME), has published a guide on the impact of Brexit on wholesale financial services contracts. The guide takes the form of FAQs and is intended to help clients of banks in understanding how cross-border relationships will be affected by the UK’s decision to leave the EU and, by […]
The Basel Committee on Banking Supervision has published a report on the implications of fintech developments for banks and bank supervisors. The report assesses how technology-driven innovation in financial services (fintech) may affect the banking industry and the activities of supervisors in the short to medium term.
The Treasury Committee has opened an inquiry into small and medium sized enterprise finance, addressing lessons learned from RBS’ Global Restructuring Group, and the state of the market for SME finance. The inquiry seeks to consider: The extent of competition in the SME finance market; The sources of funding available to SMEs, including crowdfunding and […]
The Lending Standards Boards (LSB) has announced that it intends to review the Standards of Lending Practice for personal customers (Standards). The LSB is seeking input from registered firms, industry bodies, consumer and debt bodies, and other relevant parties whose work may interact with the LBS to help it consider whether updates to the Standards […]
Andrew Bailey has written to the Treasury Select Committee setting out a summary of the powers “FCA does not have”. It has been asked many questions in the context of the RBS GRG investigation. The letter sets out: FCA’s basic remit over regulated activities and its role as the UKLA as well as its powers […]
The European Securities and Markets Authority (ESMA) has issued updates of its Q&As on: the implementation of the European Markets Infrastructure Regulation (EMIR). The purpose of the document is to promote common supervisory approaches and practices in the application of EMIR; the implementation of the Central Securities Depository Regulation (CSDR). The Q&A provides common answers […]
The FCA has published a report of the independent review into the effectiveness of its Board. The review was undertaken by Independent Audit Limited. The review involved interviews with Board members, a review of documentation and observance of Board and committee meetings. The report also sets out the following broad themes: aligning of activities into […]
FCA has opened a consultation on plans to provide more small businesses with access to FOS. The changes proposed would allow FOS complaints redress to approximately 16,000 SMEs, charities and trusts, by changing the eligibility criteria to access FOS. Under the proposals, eligible businesses would be those that satisfy the following criteria: Under 50 employees; […]
The PRA postpones the introduction of its reporting proposals set out Pillar 2 liquidity consultation paper
The PRA has updates its webpage relating to its consultation paper on Pillar 2 liquidity (CP13/17). In its consultation paper, the PRA set out its proposals on a cash flow mismatch risk framework and other methodologies for assessing firms’ liquidity risk under the Pillar 2 liquidity framework. It also proposes drafting reporting rule changes and the […]
On 16 January 2018, the European Court of Auditors (ECA) published a report on the operational efficiency of the European Central Bank’s (ECB) crisis management for banks. The report states that although the ECB has established a substantial framework for crisis management and resources for the assessment of bank recovery plans and the supervision of […]
The FCA has fined former Royal Bank of Scotland (RBS) interest rate derivatives trader, Neil Danziger, £250,000 and has prohibited him from performing any function in relation to any regulated financial activity. The FCA found that Mr Danziger, who formerly worked at RBS trading products referenced to Japanese Yen LIBOR, was knowingly concerned in RBS’s failure to […]