FIN.

Category - Retail Banking

FCA makes new rules

FCA’s latest Handbook Notice summarises various instruments made at the end of September and October: the Overdrafts (Information and Tools) Instrument 2019 takes effect on various dates to 6 April 2020, and...

FCA speaks on future of regulation

Nausicaa Delfas spoke on the future of UK financial regulation post-Brexit. She said FCA continued to prepare for Brexit, whatever form it takes and whenever it happens, and referenced its preparations for a no-deal...

FCA updates change in control pages

FCA has updated its guidance on how to submit an application for change in control. The page now includes useful tips on what FCA needs to know to deal with the application quickly, and links to all the required forms.

Up next from FCA

FCA’s latest Policy Development Update heralds the following publications before the end of the year: consultation on investment platforms market study remedies; policy statement on OPBAS fees; consultation on...

BoE reports on 2018 cyber simulation exercise

BoE has reported on the outcomes of its 2018 sector wide exercise (SIMEX), which tested how the UK finance sector would react to a prolonged and broad cyber attack. The exercise, which took place in real time, involved...

EBA starts 2019 transparency exercise

The EBA has launched this year’s transparency exercise, which will lead to the release in November of up to 2.2 million data points collated from EU supervisory reporting data. The data that will be released for...

FCA updates on Brexit preparations

In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...

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...

PRA consults on update to PIN process

The PRA is proposing amendments to its Pre-Issuance Notification regime for capital instruments within the scope of CRR.  The proposed amendments reflect changes arising from CRR II, and also the PRA’s experience...

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:...