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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...

PRA confirms CRDV statement date

PRA has issued a statement explaining to firms when they can expect further information on the implementation of CRD V.  PRA issued two separate consultations, the later of which closed on 17 November.  It plans to...

FCA makes new rules

FCA’s latest Handbook Notice confirms it has made the following rules at its last 3 board meetings: changes to reflect the extension of various SMCR deadlines as a result of the pandemic (made in October); the...

HM Treasury extends consultation deadlines

Financial Services Future Regulatory Framework Review Phase II Consultation – further to the consultation document published on 19 October 2020, the consultation has been extended by one month to 19 February 2021...

Regulators update on FS Bill reforms

Treasury, PRA and FCA have updated the industry on the planned timelines for the introduction of the UK Investment Firms Prudential Regime and implementation of remaining Basel 3 reforms.  The targeted implementation...

FOS publishes Q2 information

FOS has published complaints figures for July – September 2020 (Q2 2020). It: received 69,000 complaints in total received over 5,900 Covid-related complaints referred over 9,000 complaints to an Ombudsman upheld...

EBA reminds firms to finalise Brexit plans

EBA has reminded firms that, from the end of the transition period, UK firms can no longer provide services to EU customers on a passporting basis. It notes that: UK financial institutions offering services to EU...

FCA updates on EEA regulator Brexit guidance

FCA has put together an information page sharing links to the websites of EEA regulators on which they have published guidance about the effects of Brexit on UK firms operating in their jurisdictions.  Some of the pages...

Covid-19 measures weekly summary

It’s been a while since we needed to do a digest of these.  In the light of the new English lockdown and the expiry of various measures, the last week has seen: FCA consultation on updated guidance for consumer...

EBA urges consumers first in POG supervision

EBA has published a report encouraging firms to put consumers’ interests first when they are applying product oversight and governance arrangements. It has found this focus is lacking in many firms. This report...

BoE consults on OCIR policy

The BoE is consulting on various proposals relating to operational continuity in resolution (OCIR) policy. The BoE proposes the following amendments: Changes to the OCIR section of the Approach to Assessing...

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...