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FCA outlines mortgage prisoners review

The FCA has published the terms of reference setting out the steps it will take in its mortgage prisoners review. Data review: the FCA will review and update its data to consider the demographic and loan characteristics...

LSB updates on CRM code review

LSB has published its follow up review of the CRM Code in respect of firms’ approach to reimbursing customers. Provision R2(1)(c) of the Code allows firms to decline reimbursement in specific cases. LSB looked at...

Government responds on financial exclusion

The Government has published its response to the Lords Liaison Committee report on tackling financial exclusion. Key elements of the response consider: access to cash: the response notes that the FS Act 2021 will allow...

Taskforce reports on regulatory reform

The Taskforce on Innovation, Growth and Regulatory Reform has provided its report on reshaping regulation in the UK to the Prime Minister. The report calls for: a common law approach proportionality in application...

ECB consults on “fit and proper”

ECB has issued a consultation draft of its requirements when assessing members of management boards and those holding key functions within regulated institutions as “fit and proper”. It asks for comment by ...

PRA publishes 2021/22 Business Plan

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2021/22. The PRA’s strategy will be delivered through the following strategic goals: Have in place robust prudential standards and...

PSR consults on CoP for all

The PSR has issued a call for views on whether it should direct additional banks, building societies and financial institutions to offer Confirmation of Payee.  Currently only the 6 biggest banking groups offer it.  The...

FCA extends SCA deadline to March 2022

The FCA has extended the deadline for implementing Strong Customer Authentication for e-commerce transactions from 14 September 2021 to 14 March 2022. This further 6-month extension is in response to concerns about...

FCA consults on new Consumer Duty

The FCA has set out plans for a new Consumer Duty which will set clearer and higher expectations for firms’ standards of care towards consumers. It is hoped that the proposals will drive a shift in culture and behaviour...

Dormant Assets Bill introduced in Lords

The Dormant Assets Bill has been introduced into the House of Lords and has had its first reading.  The Bill proposes expansions to the current scheme to include not only bank and building society assets, but also long...

FCA and PSR make statement on access to cash

A joint statement from FCA and PSR stresses that although there has been an overall decline in use of cash, withdrawals have started again as restrictions ease, and there must remain access to cash and banking services...

Banking industry supports access to cash

UK Finance and the UK’s largest retail banks and building societies have announced their commitment to continue to preserve access to cash for consumers and businesses over the long term. The 8 financial...

FCA publishes H2 2020 complaints data

FCA’s most recent complaints data report shows: a significant drop in complaints over the H1 2020 figure; a large decrease in insurance and pure protection complaints – with the largest being in PPI...

Lender’s duties limited in asset disposal

In a helpful decision for Banks and lenders, the Court of Appeal decision in Morley (trading as Morley Estates) v Royal Bank of Scotland plc [2021] EWCA Civ 338 confirmed the limited extent of the duties a lender owes...

Financial Services Bill continues in Lords

The House of Lords has continued its scrutiny of the Financial Services Bill during the report stage. The proposals debated on 14 April include amendments to: remove the prohibition under the Market Abuse Regulation on...

LSB looks at APP scam prevention

LSB has stressed the importance of preventing APP fraud in the first place, rather than just ensuring customers who suffer can be reimbursed – critical though that is. It notes that the increase in online and...

ESAs publish report on complaints-handling

The Joint Committee of three European Supervisory Authorities (EBA, EIOPA and ESMA) (ESAs) have published a report on the application of their guidelines on complaints-handling. The report assesses how the guidelines...

FOS publishes 2021/22 plans and budget

FOS has published its plans and budget for 2021/22 which were consulted on between December 2019 and January 2020. FOS has forecast a reduced caseload in 2021/22 following the unprecedented increase during 2020...

CMA writes to Danske Bank on bundling breach

Danske Bank required 305 of its SME customers to open a business current account in order to progress their application for a loan under the Bounce Back Loan Scheme. The CMA has now written to Danske Bank to explain...

FCA increases contactless payment thresholds

FCA has published a policy statement outlining the amendments to Article 11 of the  strong customer authentication RTS. The changes increase the single transaction threshold for contactless payments from £45 to £100 and...

PRA consults on Basel implementation

PRA is proposing a new CRR rule instrument to implement part of the Basel standards that still need to be implemented in the UK.  The consultation forms part of a wider exercise to transfer the text of existing rules...

PSR consults on better consumer protection

The PSR is calling for views on: how to mandate reimbursing victims of APP scams: It thinks that a combination of requiring banks and building societies to publish their APP scam data, having a standardised approach to...

Up next from FCA

FCA’s latest Policy Development Update gives very little indication of any imminent papers, promising only the consultation on exit fees in investment platforms and comparable firms, feedback on the SEAR and a...

EBA begins 2021 stress test

Following the postponement of the 2020 exercise due to the pandemic, this year’s EU-wide stress test will provide valuable input for assessing the resilience of the European banking sector. The results might also...

LSB publishes CRM Code review

The LSB has published its review into the CRM Code for APP scams. The review of the voluntary code looked to see how effective it has been in providing greater consumer protection, and to see whether it has had an...

FCA publishes BBLS PAYG guidance

FCA has published its finalised guidance for firms that provide Pay as You Grow options under the BBLS. The guidance: notes that CONC 7 generally applies to set out the rules for fair treatment of customers in arrears...

PRA finalises BRRD II rules

PRA has published its policy statement and final guidance on BRRD II. it has also published its final policy in relation to the amended Contractual Recognition of Bail in and amended Stay in Resolution parts of its...

BoE Financial Stability Report

The Bank of England published the Financial Stability Report for December. The report sets out the Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or...

EBA reports on Basel III implementation

The EBA has published a report on the impact of implementing the final Basel III reforms in the EU. The results do not reflect the economic impact of the Covid-19 pandemic as the reference date for this assessment is...

EC speaks on evolving payments market

In her speech, EU Commission Executive Vice-President Margrethe Vestager discussed the impact of the Interchange Fee Regulation and noted that: technology has resulted in a proliferation of payment methods available to...

PRA confirms CRDV statement date

PRA has issued a statement explaining to firms when they can expect further information on the implementation of CRD V.  PRA issued two separate consultations, the later of which closed on 17 November.  It plans to...

FCA makes new rules

FCA’s latest Handbook Notice confirms it has made the following rules at its last 3 board meetings: changes to reflect the extension of various SMCR deadlines as a result of the pandemic (made in October); the...

HM Treasury extends consultation deadlines

Financial Services Future Regulatory Framework Review Phase II Consultation – further to the consultation document published on 19 October 2020, the consultation has been extended by one month to 19 February 2021...

Regulators update on FS Bill reforms

Treasury, PRA and FCA have updated the industry on the planned timelines for the introduction of the UK Investment Firms Prudential Regime and implementation of remaining Basel 3 reforms.  The targeted implementation...

FOS publishes Q2 information

FOS has published complaints figures for July – September 2020 (Q2 2020). It: received 69,000 complaints in total received over 5,900 Covid-related complaints referred over 9,000 complaints to an Ombudsman upheld...

EBA reminds firms to finalise Brexit plans

EBA has reminded firms that, from the end of the transition period, UK firms can no longer provide services to EU customers on a passporting basis. It notes that: UK financial institutions offering services to EU...

FCA updates on EEA regulator Brexit guidance

FCA has put together an information page sharing links to the websites of EEA regulators on which they have published guidance about the effects of Brexit on UK firms operating in their jurisdictions.  Some of the pages...

Covid-19 measures weekly summary

It’s been a while since we needed to do a digest of these.  In the light of the new English lockdown and the expiry of various measures, the last week has seen: FCA consultation on updated guidance for consumer...

EBA urges consumers first in POG supervision

EBA has published a report encouraging firms to put consumers’ interests first when they are applying product oversight and governance arrangements. It has found this focus is lacking in many firms. This report...

BoE consults on OCIR policy

The BoE is consulting on various proposals relating to operational continuity in resolution (OCIR) policy. The BoE proposes the following amendments: Changes to the OCIR section of the Approach to Assessing...

PRA consults on CRD V

PRA is consulting on further proposed changes to its rules, supervisory statements and statements of policy to implement elements of CRD V, and also to make changes to the UK framework to take account of parts of CRR II...

FSB issues final report on CIRR toolkit

The Financial Stability Board (FSB) has published its final report on a toolkit of effective practices for financial institutions’ cyber incident response and recovery (CIRR). The toolkit aims to assist financial...