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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...

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...

Current accounts for expats post-Brexit

The Treasury Committee recently wrote to the FCA seeking clarification on the notice period that should be given to current account customers who are being told their accounts will be closed once the transition period...

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...

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...

EC adopts retail payments strategy

The European Commission (EC) has adopted a Retail Payments Strategy as part of its new Digital Finance Package. The strategy draws on the findings of the public consultation launched earlier this year and identifies key...

FCA finalises access to cash guidance

FCA has published its finalised guidance on what firms should do if considering closing branches or ATMs, or starting to charge for ATM use.  The guidance makes it clear firms must keep FCA informed of any relevant...

In Conversation on Debt

On 10 September we hosted the latest Retail Banking Mixer in our In Conversation series.  This session focussed on debt in the retail banking sector and we were joined by Mayoor Patel, Head of Legal (Retail &...

Breathing Space: Updated Regulations

A new version of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 has been published today.  This version of the Regulations have been laid...

Bundling warning from the CMA

The CMA has published a letter which highlights an issue related to implementation of the Bounce Back Loan Scheme at pace. In 2002, a number of banks entered into undertakings with the CMA which confirmed that they...

EVENT: In Conversation on Debt

Join us on Thursday 10 September 2020 at 10am for our next Retail Banking Mixer – In Conversation. This webinar will focus on debt in the retail banking sector (including breathing space) and you will have the...

EBA seeks views on Regtech

EBA has published a RegTech industry survey to seek views on how RegTech solutions are being, and could be, used. It wants to understand current activity, raise awareness of it, and have information to inform future...

Up next from FCA

FCA’s latest Policy Development Update heralds: consultation on financial crime reporting during Q3; PS on debt advice levy rates in Q4; CP on exit fees in investment platforms and comparable firms during 2021; PS...

CMA revokes HSBC directions

The CMA has on 6 August revoked the Directions given to HSBC under the Retail Banking Market Investigation, as the Implementation Trustee confirmed HSBC’s compliance with the Order on App-to-App Redirection...

EBA agrees tentative 2021 stress test

EBA has agreed on a tentative timeline and sample of the 2021 EU-wide stress test, which it expects to launch a the end of January 2021 and the results be published at the end of July 2021. The test will be carried out...

EVENT: Open Banking Webinar

Our next retail banking mixer by webinar will focus on open banking. Our session will include a brief introduction to the topics followed by a discussion that you’d be welcome to join in with: Open banking from a...

EBA updates on SREPs and Covid-19

EBA has summarised the difficulties Covid-19 has presented to supervision generally, and the SREP process in particular. It has now published guidelines to supervisors building on the requirements of the CRD and the...

FCA updates on sandbox

FCA has announced its acceptance of 22 businesses into cohort 6 of its sandbox.  It had received 68 applications, mainly from the retail banking, payments and retail lending sectors. More than half were seeking to...

FCA consults on access to cash guidance

FCA has published a guidance consultation on how it expects banks, building societies and credit unions to behave when considering closing branches or ATMs, or converting a free to use ATM to a paid one. Firms should...

Draft Debt Respite Scheme Regulations

Following the announcement in June last year, a draft of the new Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium (England and Wales) Regulations 2020 were published yesterday. The...

CMA Update on Loyalty Penalty

Following its last publication in January, the CMA has once again published an update on their investigation into the loyalty penalty, noting that its progress has been significantly impacted by COVID-19. Mortgages The...

Commission begins Brexit warning notices

The European Commission has stated the process of sending Stakeholder Preparedness Notices, to summarise for stakeholders the effect of Brexit on over 100 sectors.  It had originally published these notices during...

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...

EBA clarified COVID-19 prudential measures

EBA has published a report clarifying how certain parts of prudential regulation apply in the light of COVID-19. It says several issues have been drawn to its attention in relation to the effects of payment moratoria...

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...

EBA updates RTS on CRD passport notifications

EBA has published its final revised RTS and ITS on passport notifications.  The new versions are aimed at betting better quality consistent information, particularly on start dates of new activities and the granularity...

EBA extends payment moratoria deadline

EBA will extend the application date of its guidelines on payment moratoria to 30 September, as economies gradually re-open. It says the extension will ensure that adequate treatment for borrowers is available across...

EBA publishes DGS review

EBA has published its first peer review of deposit guarantee schemes, looking at stress tests and resilience. It has concluded overall resilience is “fair”, which means that any shortcomings are unlikely to...

Randell speaks on supporting the recovery

Charles Randell has spoken to a virtual roundtable of bank chairs on how the financial services industry can work to support recovery from the Covid-19 pandemic. He noted the great efforts that banks and other market...

FCA publishes Covid-19 guidance for SMEs

FCA has added to its suite of guidance on Covid-19 issues with a pages setting out help available to SMEs. The guidance explains what BBLS and CBILS do, and explains the guidance FCA has given to banks and insurers on...

Basel publishes new FAQs

The Basel Committee has published a set of new FAQs that it has agreed to add to the framework. The key issues covered are the definition of capital, market risk, counterparty credit risk, liquidity and operational risk.

ESMA opines on compliance function

ESMA has given new guidance on the MiFID 2 compliance function, replacing 2012 guidance.  The new version aims to provide more clarity and more convergence in implementation and supervision of the requirements of MiFID...

FCA publishes quarterly CP

FCA is returning to some regular business and has published a short quarterly consultation, proposing changes to: clarify FSCS’s power to declare in default firms and successors subject to the proposed new...

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...

LIBOR transition – tough legacy issues

The Working Group on Sterling Risk-Free Rates has published a paper on the identification of “tough legacy” issues. Tough legacy contracts are those that do not have robust fallbacks and prove unable to be...

EBA publishes loan origination guidelines

EBA has published a set of guidelines on loan origination standards.  Its aim is to bring together prudential standards, consumer protection obligations, AML and ESG considerations within one set of guidance.  The...

CMA gets £47m refunds on overdraft charges

CMA has announced that over the past 2 years it has secured more than £47m of refunds for customers in respect of overdrafts where banks failed properly to warn them about unarranged overdraft charges. It has now taken...

FCA responds on economic impact of Covid-19

The Treasury Committee has published a copy of a letter from FCA answering its questions on the economic impact of Covid-19.  The letter explains: the steps FCA has taken to ensure the credit ratings of customers taking...

CRR amending Regulation progresses

The European Parliament is to consider the proposed Regulation amending the CRR in its plenary session on 17-18 June.  Meanwhile, the ECB has published its opinion on the proposals, which are aimed at addressing some of...

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...

LSB publishes business plan and budget

LSB’s Business Plan and Budget for 2020/21 has been published.  It was drafted before the Covid-19 outbreak, and LSB wants to continue with it so far as possible, while accepting it may need to adapt some of the...

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...

Regulator Covid-19 update 7 May

On 7 May: PRA announced details of its plans to support firms and enable them and the PRA to focus on the highest priority work: The Climate Biennial Exploratory Scenario is postponed until at least mid-2021; full...

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...

Covid-19: access to restricted savings

FCA has updated its Covid-19 information for firms  in respect of consumers needing to access restricted savings. Research shows that over 20% of consumers have had to access their savings recently, and that several...

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;...

FCA publishes skilled person data

FCA has publicised the number of skilled persons reports commissioned in January to March 2020. It commissioned 24 in total, of which 9 related to retail banking and 6 to retail lending.  6 of the reports were on...

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...

Regulator Covid-19 Update 27 April

On 27 April: FCA has clarified the relationship between its rules and the UK’s CBILS and Bounce Back Loan schemes.  It notes that, pending the roll-out of the BBL scheme, which, from 4 May,  will give small...

Regulator Covid-19 update 22 April

On 22 April FCA published a new webpage on PII cover for financial advisers. It recognises that firms may be concerned about their ability to renew their PII during the Covid-19 crisis, which may impact on their...

PRA updates on skilled persons reports

PRA has published details of the skilled persons reports it commissioned in Q3 2019/20. There were 8 in total, of which 3 related to technology and information management in banks, and 2 to controls and risk management...

PRA publishes buffer usage FAQs

PRA has published a set of FAQs on using liquidity and capital buffers in response to the issues caused by Covid-19. The FAQs address what the buffers are, how banks can use them and the implications of them doing so...

FCA publishes complaints figures for H2 2019

The FCA has today published the complaints figures for regulated firms for the second half of 2019. The data showed an increase in complaints from 4.29m in the first half of 2019 to 6.02m in the second half of 2019. In...

EVENT: Retail Banking Mixer

Our next Retail Banking Mixer will be held by webinar instead of in our London and Edinburgh offices.   We’d be delighted if you could join us on Thursday 23rd April at 10am.  Topics covered will be:  ...

FOS updates on Covid-19 activities

The latest edition of Ombudsman News focuses on: how it is working to help complainants during the Covid-19 crisis, including on how it has changed its helpline hours – for which it apologises but asks that it...