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FCA publishes BI High Court declarations

FCA has published the High Court declarations made in the test case, which are the culmination of the test case judgment. The declarations set out how and to what extent the policies in the representative sample used in...

Lords responds to HMT on equivalence

Baroness Donaghy, chair of the House of Lords EU Services Sub-Committee, has responded to HMT’s letter of 21 September which set out the Government’s responses to previous queries of the Sub-Committee on UK...

HMT writes to House of Lords on equivalence

The Economic Secretary to HM Treasury, John Glen MP, has responded to the House of Lords EU Services Sub-Committee’s queries on UK-EU regulatory cooperation for UK financial services post-Brexit. In its letter to...

EIOPA sets out approach on POG

The European Insurance and Occupational Pensions Authority (EIOPA) has published a paper outlining its approach to the supervision of product oversight and governance (POG) requirements based on the Insurance...

FCA reports on regulatory perimeter

FCA has published its second report on the regulatory perimeter. The report looks at: consumer confusion about the perimeter – and when FCA has the power to act. It also notes that customers may be confused as to...

BI consequentials hearing set for 2 October

FCA says the Court has confirmed the consequentials hearing following judgment in the BI insurance test case will take place on 2 October, probably in the morning. FCA will live stream the hearing, at which the parties...

FCA writes to CEOs on BI judgment

FCA has written to the CEOs of insurers following publication of the High Court judgment on the BI test case. It expresses its gratitude to the insurers that were parties to the case and to all those who have co...

PRA finalises minor rule changes

PRA has published its policy statement on proposals in one of its Occasional Consultations. The changes confirmed will cover: minor updates on liquidity reporting; LIBOR updates for non-Solvency II insurers; other minor...

FOS focuses on Covid-19 complaints

The latest edition of Ombudsman News focuses on complaints arising from Covid-19 and its impact on consumers and SMEs. FOS notes that some of the issues are new, but others are common issues made worse by the pandemic...

Court approves insurance transfer

The High Court has approved a Part VII transfer of an insurance portfolio from Legal and General to Reassure. The portfolio includes around 900,000 insurance-based savings, pensions, life and with-profits business and...

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...

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...

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...

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...

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...

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...

FCA reformats Brexit advice

FCA has revamped its information page on Brexit. The page gives advice to firms on what they should be considering in preparation for the end of the transition period. Much of the information is not news, and includes a...

PRA makes fees rules

Following on from FCA’s confirmation of its fees and levies for 2020/21, PRA has now made its policy statement. It made no changes to its proposals, and has now published the necessary rule changes which take...

FCA serves BI insurance Reply

FCA has published its Reply and defence to Counterclaims to the Defences of the insurers in its Business Interruption Insurance test case, as well as its amended Particulars of Claim, the judgment from the first Case...

Up next from FCA

Over the rest of 2020, FCA plans the following: consultations on mortgage borrowing and mortgage prisoners (now overdue), debt advice levy rates and exist fees in investment platforms (Summer 2020) and on financial...

Barnier speaks on Brexit

Michel Barnier has spoken at the Eurofi General Assembly on UK/EU relations.  He noted the desire to give the EU/UK negotiations “every chance of succeeding”.  He noted he had rescheduled many other meetings...

FCA updates on Covid-19 delayed activities

FCA has confirmed some further delays to projects and extensions to proposed deadlines, in light of Covid-19. Various deadlines now postponed until later in 2020-or to 2021 include: The Directory of Certified Persons...

EIOPA updates on stress testing

EIOPA has published a further discussion paper on the methodological principles of insurance stress testing.  Following its first paper, last year, it is now planning to add some new elements to its stress test toolbox...

FCA publishes defences in BI test case

FCA’s latest update on its business interruption insurance test case: published the sealed Court Order from the Case Management Conference on 16 June; published the Defences of the defendants to the test case...

Chancellor updates on FS laws and Brexit

Rishi Sunak has made a written statement about the UK’s approach to implementing key financial services reforms before the end of 2020. The statement notes the UK’s policy intention, and the manner in which...

PRA writes to insurers on 2019 stress test

PRA has written a Dear CEO letter to firms participating in the 2019 Insurance Stress Test. The letter covers: Covid-19 resilience: tests showed the sector was robust to downside stresses, with the highest uncertainty...

FCA updates on BI insurance test case

FCA has published a new set of documents relating to the test case it is bringing to get clarity on the coverage of business interruption insurance during the Covid-19 crisis. It has on 10 June (today) announced that it...

ESRB gives guidance on distributions

The BoE and PRA have acknowledged the ESRB recommendations on the restriction of distributions during Covid-19.  They note the recommendation will apply to the UK throughout the Transition period, and also note that...

Up next from FCA

FCA’s latest Policy Development Update highlights the following publications due over the next few months: CP on marketing speculative illiquid securities to retail investors (including speculative mini-bonds); CP...

EVENT: Retail Banking Mixer Webinar

Our next r=Retail Banking Mixer will be held by webinar on 18th June at 10am.  We are delighted to be joined by Rosemary Ford and Amber Andrade from Deloitte this time. The webinar continues the focus on COVID-19.  Our...

FOS publishes 2019/20 data

FOS has published details of the complaints it received and dealt with in 2019/2020.  It received around 270,000 complaints and dealt with nearly 300,000, with the Ombudsman making nearly 30,000 decisions.  As ever, the...

Compulsory FCA survey coming to firms

FCA is to send a survey by email with a link to 13,000 solo regulated firms,  aimed to helping FCA understand the impact of Covid 19 on regulated firms and their financial resilience, where the greatest impacts are for...

Full details on BI case progress

We have now written a detailed article on the progress in FCA’s Business Interruption insurance test case, including summaries of FCA’s draft guidance, and its selection of polices, wordings and assumed...

FCA updates on BI test case

FCA has updated on its progress towards its test court case on business interruption insurance policies.  It has now reviewed around 500 policies from 40 insurers, and has identified 17 policy wordings that capture most...

Green guide for supervisors

The Network for Greening the Financial System has published a guide for central banks and supervisors, looking at how financial institutions have worked with green, non-green and brown financial assets, and how...

PRA updates on ISPV supervision

PRA has updated on authorisation and supervision of insurance SPVs following consultation, and has published updated rules, an updated supervisory statement and an updated multi-arrangement insurance SPV new risk...

Government publishes draft EU/UK FTA

The Government has published a draft Comprehensive Free Trade Agreement between the UK and EU. Chapter 17 of the agreement relates to financial services, which it defines as “any service of a financial nature...

FCA updates on Innovation Hub help

FCA has updated its information on requesting Innovation Hub support in light of Covid-19. It wants to hear from firms who have creative and innovative solutions to the challenges the virus is posing, and is...

FCA updates on Covid-19 and complaints

FCA has updated its webpage on  how firms should be handling consumers’ complaints during Covid-19. The page explains that FCA has asked firms to prioritise making payments where consumers have accepted offers or...

FCA sets out planned initiatives

FCA has published a grid prepared by the Financial Services Regulatory Initiatives Forum setting out the regulatory pipeline for the next 12 months.  The forum comprises FCA, PRA, BoE, the PSR and the CMA, with Treasury...

Government sets out equivalence views

John Glen has written to the Chair of the European Scrutiny Committee explaining the Government’s stance on equivalence in financial services.  The Government cannot provide great detail given the early stage of...

Up next from FCA

Unsurprisingly, FCA’s recent publications have almost exclusively focused on Covid-19. However, in BAU, it still proposes: a consultation on exit fees on investment platforms and comparable firms over the summer;...

Regulator Covid-19 update 1 May

On 1 May, FCA: announced proposals for a Court declaration on business interruption claims proposed guidance for insurers on assessing whether products still offer value and appropriate action to take where they do not...

UK and Switzerland work to strengthen ties

Economiesuisse and The CityUK have been working on a joint position paper setting out how to strengthen the countries’ relationship in the time of coronavirus and in the future. In terms of financial services, the...