FIN.

Category - Retail Banking

FCA offers Brexit help

FCA has set up a dedicated phone line for firms needing to ensure they are prepared for a no-deal Brexit, and also worked to signpost all its online resources. It expects firms to have planned properly for it. It notes...

FCA updates on consultations and feedback

The latest Policy Development Update highlights a number of papers due before the end of 2019: feedback on the investment platforms market study remedies; policy proposals on regulatory fees and levies; permitted links...

CMA takes action over PPI reminder failures

CMA has ordered RBS and Santander to take remedial action after they did not send, or sent inaccurate annual PPI reminders to customers. The banks must now appoint independent bodies to audit their PPI processes and put...

CMA revokes Lloyds Directions

CMA has revoked the Directions it gave to Lloyds Banking Group on 1 April as part of the Retail Banking Market Investigation. The Directions had required Lloyds (among others) to take various actions to deliver App-to...

FCA updates skilled persons statistics

FCA has released the figures for skilled persons reports it commissioned in Q1 2019/20. It commissioned 9 reports in total – of which 3 related to each of retail lending and wholesale financial markets, 2 to...

Up next from FCA

The latest version of FCA’s Policy Development Update highlights: expected feedback on Investment Platforms Market Study Remedies by the end of the year; potential policy statement on general insurance value...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

BSB publishes Consumer Framework

BSB has published its Consumer Framework designed to show what good banking outcomes look like to consumers.  Following consultation feedback, the BSB has made some adjustments to its draft principles and examples of...

Regulators tweak exit arrangement rules

FCA has announced an extension to the directions made under its temporary transitional power which it introduced in February.  The direction will now give firms until 31 December 2020 to make the necessary adjustments...

Commission adopts unfair terms guidance

The European Commission has adopted a guidance note on the Unfair Contract Terms Directive.  The note covers: the objectives and scope of the directive; key terminology such as “supplier” and...

Updated FCA and PRA MoU published

The FCA and the PRA have updated the MoU setting out the relationship between the two regulators and the way in which they respectively operate, particularly in common areas. The MoU was first published at the time of...

EBA FinTech report published

The EBA has analysed the regulatory landscape for FinTech firms, both in terms of activities around the regulatory perimeter and within authorisation.  The report sets out the findings of this analysis, including...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...

FCA publishes annual report

FCA’s Annual Report and Accounts for 2018/19 lists its highlights from the past year, and appends several reports from specific business focuses.  FCA notes that alongside deciding over 4,000 applications for...

CMA launches digital advertising market study

The CMA has launched a study into online platforms and digital advertising. The study will focus on harm caused by consumers in connection with three areas of digital advertising: the extent online platforms (such as...

FCA summarises new rules

FCA’s latest Handbook Notice confirms the following rule changes: the changes to, mainly MIPRU, MCOB and SUP that took effect on 4 June in relation to crowdfunding platforms that offer home finance products, where...

CMA updates on loyalty penalty work

CMA has updated on its work on the loyalty penalty. It says key decisions are due shortly and that two enforcement cases are underway. It says it expects regulators to take strong action where they find problems and...

PRA feeds back on fees and levies

PRA has published its policy statement on proposed rates for 2019/2020. It will be implementing the proposals unchanged, and its updated rules and supervisory statement will take effect on 1 July.

Up next from FCA

FCA’s latest Policy Development Update heralds a few interesting papers on the near horizon, including: a consultation in June on alternatives to high cost credit; perhaps, a policy statement on general insurance...

CRR II and CRD V published in OJEU

CRR II and CRD V appeared in the OJEU on 7 June, together with BRRD II and the SRM II Regulation.  The measures, adopted in May, are all part of the banking reform package proposed by the European Commission in late...

PRA proposes minor form changes

PRA’s latest Occasional Consultation Paper proposes minor changes to miscellaneous Rulebook Parts, Supervisory Statements and templates and LOG files in respect of: Solvency II: The quality of capital instruments...

EBA reports on 2018 work

The EBA has published its Annual Report for 2018.  The Report records the key areas of focus for the EBA in 2018, in particular the development and maintenance of the single rulebook, and the work on payments and the...

FCA publishes research agenda

One of the documents that accompanied FCA’s Business Plan is its Research Agenda.  This sets out its intentions in respect of the themes that underpin the Business Plan. The document explains how FCA welcomes...

Complaint levels fall

FCA’s data for complaints against regulated firms for H2 2018 show that complaints decreased by 5%, with PPI complaints falling by 8% – although PPI still accounted for 40% of all complaints. In part this...

Treasury presses on with MLD5 implementation

HMT has opened a consultation on the implementation of MLD5.  Treasury proposes a number of changes to UK law, and seeks views on its proposals in several areas. Aspects of MLD5 addressed in the consultation include:...

CMA issues Directions to 5 banks

The CMA has issued directions to 5 banks (Bank of Ireland, Santander, LBG, HSBC and Danske) who have not delivered all aspects of their App-to-App functionality. The directions explain what the banks are to do...

FCA publishes final no-deal Brexit rules

Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...

FCA extends temporary permissions window

In light of the current short extension to Brexit, FCA has decided to extend the notification window for EEA firms to apply for temporary permissions. The window was due to close on 28 March, but will now close on 11...

FCA looks at life beyond Brexit

In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019.  Firms that...

FCA Update on Digital Regulatory Reporting

The FCA has updated its webpage on digital regulatory reporting (DRR) by publishing – a video which explains the concept of DRR and outlines the work carried out by the DRR pilot group; a report which sets out an...

FCA confirms FOS increase

FCA has issued a policy statement confirming the increase in the FOS award limit.  From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about...

FCA makes Directory rules

FCA has made its final rules on its “Directory“. The new public register will enable searches on all directors and senior managers, certification staff and other individuals who require qualifications to...

Access to Cash Review published

The Final Report of the Access to Cash Review (Report) has been published.  The objective of this review was to consider consumer requirements for cash over the next five to fifteen years, to ensure there those...

Up next from FCA

FCA is running behind schedule on some expected publications.  Its latest Policy Development Update highlights the following: consultation and discussion on the Investment Platforms Market Study remedies due in March...

BoE and FCA update on Brexit approach

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...

PRA updates fees position

PRA has issued its feedback statement, new rules and a new supervisory statement on certain aspects of its periodic and transaction fees. Its update covers: a revised approach to periodic fees for Designated Investment...

ESMA briefs on non-EU branches

ESMA has published a supervisory briefing aimed at helping supervisors dealing with non-EU branches of EU firms. It highlights how the supervisors should ensure that the non-EU branch can comply with the requirements of...

ESMA creates Brexit page

ESMA has created a new web-page on Brexit, setting out how it is preparing for it.  Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository.  It aims to recognise all UK CCPs...