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FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

EU reaches deal on DORA

The EU Commission, EU Council and EU Parliament have reached agreement on the Commission’s proposal for a Digital Operational Resilience Act (DORA). The new rules aim to harmonise and strengthen digital...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

LSB publishes its 2022/23 Business Plan

On 3 May 2022, the Lending Standards Board (LSB) published its Business Plan and Budget for 2022/23. in the plan, the LSB sets out its strategic priorities and provides further information on the activities it intends...

PRA publishes Business Plan 2022/23

The PRA Business Plan sets out the PRA’s strategy, workplan, and budget for 2022/23. The PRA’s strategy will be delivered through the following strategic goals: Retain and build on the strength of the banking and...

CMA updates on OBIE roadmap

CMA has replied to the OBIE roadmap status highlighting areas that need updating and has written to the OBIE asking it to continue to update it on progress and saying the CMA will review progress in the summer.

BoE to consult on Basel 3.1 at end of 2022

BoE has confirmed that it is continuing to develop proposals to implement Basel 3.1, following the two PRA policy statements of 2021. It notes that the timing of implementation was dependent on a number of factors, not...

HM Treasury publishes ringfencing Review

In 2020, the Treasury appointed an independent panel to: review the operation of the legislation related to ring-fencing; and review banks’ proprietary trading activities following a statutory report from the PRA...

LSB sets its agenda for 2022

The latest LSBulletin outlines some of the LSB’s key areas of focus for 2022, including: Contingent Reimbursement Model Code (CRM Code) for APP scams – the LSB will be conducting follow up work from its previous...

Dormant Assets Act gets Royal Assent

The Dormant Assets Act got Royal Assent on 24 February,  The Act expands the scope of “dormant assets” that has encompassed cash in bank and building society accounts since 2008 to include a greater range of...

FOS publishes latest quarterly complaints data

The Financial Ombudsman Service (FOS) has published its latest quarterly data on complaints in relation to financial products. This data covers the period October to December 2021, and is available in full as a...

PRA consults on definition of capital

The PRA has published a Consultation Paper which proposes updates to PRA SS 7/13 ‘Definition of capital (CRR firms). The proposed rules are set out in full in Appendix 3. This suggestion is part of the broader...

FCA publishes 2021 fin proms data

FCA has published its analysis of its data from 2021 relating to action it took against authorised firms breaching financial promotion rules. Key conclusions included: an increase in amendment and withdrawal of...

CMA writes to Monzo on RBO breach

The CMA has written to Monzo about its breach of the Retail Banking Market Investigation Order 2017. Monzo breached the Order when it failed to disclose its Monthly Maximum Charge in its Fee Information document between...

Quincecare Duty – Supreme Court Appeal

The Court of Appeal decision in Stanford International Bank Ltd (in liquidation) v HSBC plc [2021] EWCA Civ 535  comes before the Supreme Court this week as SIB appeal the decision to strike out the loss claim it...

PRA sets out supervisory priorities for 2022

The PRA has sent Dear CEO letters to PRA-regulated international banks, insurance firms and UK deposit-takers setting out its supervisory priorities for 2022. For banks, the PRA’s priorities relate to: Financial...

FCA updates on skilled persons reviews

FCA has published the figures for the skilled persons reviews commissioned in October – December 2021. There were 12 in total, of which 4 were on retail banking and payments firms and 3 on investment management...

FCA outlines new authorisation fee structure

The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...

PRA updates on the 2022 cyber stress test

The PRA has announced that it will invite a number of firms to participate in a voluntary cyber stress test. The stress test will focus on a severe data integrity incident as the disruption scenario and will test...

UK Finance makes Open Banking recommendations

UK Finance has published a report setting out its recommendations for the future strategy of open banking. Open banking payments have increased exponentially over the past 3 years and there are now over 2.5m each month...

EU Banking Package 2021

The European Commission has today adopted a review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) to ensure that EU banks become more resilient to potential future economic...

Fraud taskforce adds new charters

The Government website hosting all information about the Joint Fraud Taskforce has added the charters for accountancy, retail banking and telecommunications.  The retail banking charter quantifies the key risks (APP...

PRA consults on trading activity wind-down

The Prudential Regulation Authority’s (PRA) has published the Consultation Paper CP20/21: “Trading activity wind-down“, which sets out the proposed expectations in respect of firms’ engagement in trading...

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 ...