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CMA revokes Santander directions

The CMA has revoked the Directions under the Retail Banking Market Investigation Order originally given to Santander in December 2018 in respect of delivery of Release 1 of Open Banking by Cater Allen, after receiving...

Up next from the regulators

Nikhil Rathi and Sam Woods, CEOs of the FCA and PRA respectively, have set out the regulators’ current areas of focus. Highlights from Mr Rathi’s speech include that the FCA: is collaborating with...

ECJ delivers judgment on EBA Guidelines

The ECJ has ruled that the EBA acted within its powers when it adopted guidelines on product governance and oversight arrangements for retail banking products in 2015. The guidelines set out requirements for...

FCA mortgage guidance to expire in October

In October 2020, the FCA introduced temporary guidance on maturing interest-only and part-and-part mortgages. The guidance allowed borrowers with certain mortgages due to mature between 20 March 2020 and 31 October 2021...

Stick to the Basel III agreement, says EU

EU prudential supervisors and central banks have written to the EU Commission in support of a full, timely and consistent implementation of the Basel III agreement, saying that diluting the framework would not be in the...

Banks back Confirmation of Payee extension

Following Pay.UK’s confirmation that the reach of the Confirmation of Payee Service (CoP) will be extended, a group of the UK’s major banks has written to the PSR to provide a public commitment to deliver...

Next steps for the Consumer Duty

The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second...

EBA publishes stress test results

The EBA has published the results of its 2021 EU-wide stress test which involved 50 banks from 15 EU and EEA countries. The results show that under a very severe scenario, the EU banking sector would stay above a CET1...

Ombudsman News looks at BII complaints

The latest edition of Ombudsman News looks at complaints about business interruption insurance (BII) after the test case. In the case of most complaints, the insurer is now accepting that the policy provides cover...

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...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

PRA policy statement on Basel implementation

Following its consultation earlier this year, the PRA has published a policy statement (PS) on its proposed new CRR rule instrument to implement part of the Basel standards that still need to be implemented in the UK...

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...