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FCA updates on SMCR and reporting

FCA has reminded solo-regulated firms of the new annual reporting requirement that will oblige them to tell FCA whether they have taken disciplinary action against individuals who are not senior managers for Conduct...

FMLC responds on departure from EU case law

FMLC has offered its views to the Ministry of Justice on whether courts and tribunals other than the Supreme Court and High Court of Judiciary should have the ability to depart from retained EU lase law after the end of...

EBA seeks views on Regtech

EBA has published a RegTech industry survey to seek views on how RegTech solutions are being, and could be, used. It wants to understand current activity, raise awareness of it, and have information to inform future...

Wolfsberg Group publishes SOW and SOF FAQs

The Wolfsberg Group has published FAQs on how Financial Institutions can identify, mitigate and manage money laundering risks by undertaking Source of Wealth and Source of Funds checks on relevant customers, when...

BoE updates webpage on ISO 20022

The Bank of England (“BoE”) has updated its webpage on ISO 20022, the emerging global standard for payments messaging.  The update confirms that BoE will go-live with ISO 20022 in April 2022 as currently...

Up next from FCA

FCA’s latest Policy Development Update heralds: consultation on financial crime reporting during Q3; PS on debt advice levy rates in Q4; CP on exit fees in investment platforms and comparable firms during 2021; PS...

CMA revokes HSBC directions

The CMA has on 6 August revoked the Directions given to HSBC under the Retail Banking Market Investigation, as the Implementation Trustee confirmed HSBC’s compliance with the Order on App-to-App Redirection...

PSR focuses on APP scams

The PSR has stressed the importance of the CRM Code in reimbursing victims of APP scams.  It notes the Covid-19 pandemic has changed the way many people make payments, and left many of them vulnerable to fraud. The Code...

FCA publishes high cost credit review

FCA has published the findings of a review into relending by firms that offer high cost credit. It carried out the review before the current pandemic. The results highlight concerns about poor practices by some firms...

FCA recognises LSB update

FCA has confirmed it is maintaining its formal recognition for the LSB’s Standards of Lending Practice for business customers, and that the recognition now covers the recent updates to take account of CBILS and...

FCA consults on debt advice levy rates

FCA is consulting on additional funding by way of debt levy advice rates.  The DWP has told it that an additional £14.2m for MaPS to provide debt advice in England in 2020/21.  Treasury has also asked for a further £2...

FCA consults on Remuneration Code

FCA is consulting on proposals to update its Dual-Regulated firms Remuneration Code and guidance as part of CRD V implementation. The consultation largely follows PRA’s and proposes: changes to SYSC 19D in respect...

FCA updates on BI test case

The test case FCA brought to get court clarity on the application of certain clauses in a number of business interruption insurance policies is now complete. FCA has now published the draft transcripts for days 1-7 of...

FCA consults on consumer refund guidance

FCA has published a guidance consultation on how firms should be helping customers with rights and routes to refunds.  The guidance builds on FCA’s previous statements on consumers’ rights when their trips...

Treasury amends PRIIPs requirements

Treasury has published a policy statement on how it proposes to amend the PRIIPs Regulation as it onshores it. It plans early changes to address the most pressing concerns and to ensure the regime provides more...

PRA consults on CRD V

PRA is consulting on changes to its rules, supervisory statements and statements of policy needed to implement parts of CRD V.  This consultation is the first part of PRA’s preparation for implementation, and it...

EBA agrees tentative 2021 stress test

EBA has agreed on a tentative timeline and sample of the 2021 EU-wide stress test, which it expects to launch a the end of January 2021 and the results be published at the end of July 2021. The test will be carried out...

EVENT: Open Banking Webinar

Our next retail banking mixer by webinar will focus on open banking. Our session will include a brief introduction to the topics followed by a discussion that you’d be welcome to join in with: Open banking from a...

FCA Guidance on Vulnerable Customers

The FCA has set out new best practice guidance for firms to do more to protect vulnerable customers, and ensure they are receiving positive outcomes. The first phase of the FCA consultation in July 2019 found that some...

IAIS consults on the impact of Covid-19

The International Association of Insurance Supervisors (“IAIS“) is seeking feedback from stakeholders on the implications of Covid-19 on the insurance sector, supervisors and the future work of the IAIS. The...

EBA updates on SREPs and Covid-19

EBA has summarised the difficulties Covid-19 has presented to supervision generally, and the SREP process in particular. It has now published guidelines to supervisors building on the requirements of the CRD and the...

ECB urges better benchmark reform preparation

ECB is concerned that banks are not sufficiently prepared for benchmark rate reforms, despite being well aware of the complexities. It has now published a set of suggested good practices to help banks structure their...

FCA updates on sandbox

FCA has announced its acceptance of 22 businesses into cohort 6 of its sandbox.  It had received 68 applications, mainly from the retail banking, payments and retail lending sectors. More than half were seeking to...

FCA publishes Day 2 BI test case transcript

FCA has published the draft transcript from Day 2 of the Business Interruption Test Case hearing.  Counsel developed the arguments from the details discussed on the first day, with reference to specific policies, and to...

BoE publishes enforcement update

BoE has published the 2019/20 report of its Enforcement Decision Making Committee. The committee was set up in 2018 to decide contested enforcement cases and covers all regulatory areas where BoE has enforcement powers...

Lloyd’s updates on Part VII and Brexit

Lloyd’s has confirmed that, as of the end of the Transition Period on 31 December, Members’ policies will be transferred to Lloyd’s Insurance Company SA. The affected policies will be those where all...

Day 1 BI test case transcript published

FCA has published the draft transcript of Day 1 of the business interruption insurance test case.  Much of the first day focused on how the pandemic developed, the actions of UK government and the effects on business...

ESAs finish PRIIPs KID review

The ESAs have reported to the European Commission on the outcome of their review of the PRIIPs KID. A draft Final Report following public consultation was submitted to the boards of the 3 ESAs for approval, but...

Treasury consults on economic crime levy

Treasury is consulting on the introduction of the economic crime levy, announced in the Budget, which aims to raise around £100m per year. It wants views on: the design principles of the levy how it can operate in...

Government launches Fintech review

The Government has launched an independent Fintech Strategic Review to set priorities for industry, policy makers and regulators. Its aims are: to ensure UK fintech has the resources to grow and succeed to create...

FCA updates BI papers ahead of trial

FCA has updated its list of documents relating to the business interruption insurance test case in preparation for the trial starting on 20 July. The documents now published are: the agreed list of issues and common...

Treasury gives CRR guidance

Treasury has published guidance on how CRR2 applies during the transition period.  It has already made regulations under the Withdrawal Act to “onshore” CRR as amended by CRR2 after the end of the transition...

FCA consults on more time for SMCR

FCA is consulting on extending the implementation deadlines for parts of the SMCR for solo regulated firms.  It plans that the 9 December 2020 deadline should be extended to 31 March 2021 for: the Conduct Rules taking...

FCA consults on access to cash guidance

FCA has published a guidance consultation on how it expects banks, building societies and credit unions to behave when considering closing branches or ATMs, or converting a free to use ATM to a paid one. Firms should...

HMRC feeds back on trust registration

HMRC has published a summary of the responses it received to its consultation on MLD5 and the Trust Registration Service.  The consultation had over 100 responses, and the key messages were: most respondents agreed with...

Draft Debt Respite Scheme Regulations

Following the announcement in June last year, a draft of the new Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium (England and Wales) Regulations 2020 were published yesterday. The...

Government updates on cash infrastructure

The Joint Authorities Cash Strategy Group (the BoE, PSR, FCA and Treasury) has published an update on the work it is doing to safeguard the UK’s cash infrastructure. The group members have been working closely to...

CMA Update on Loyalty Penalty

Following its last publication in January, the CMA has once again published an update on their investigation into the loyalty penalty, noting that its progress has been significantly impacted by COVID-19. Mortgages The...

PRA consults on updating SM&CR Forms

The Prudential Regulatory Authority (“PRA“) has issued a consultation paper (“CP“) setting out its proposals to make minor amendments to the PRA Rulebook, the Notifications Form and the Senior...

MEPs approve ML action plan

MEPs have resoundingly backed the Commission’s action plan for fighting money laundering and terrorist financing. In a press release, the European Parliament said it “deplores” the incorrect and patchy...

FCA updates on BI test case

FCA has published its and the Intervenors’ skeleton arguments for the trial, which will commence on 20 July.  Over the weekend, it published: its skeleton argument: this runs to over 300 pages and explains, among...