FIN.

Have a look at our retail banking timeline

In conjunction with the FIN. blog, we have today launched a retail banking timeline over on the Womble Bond Dickinson website.  Our timeline highlights key dates, legislation, events and insights relevant to the retail...

APP Scams Interim Funding Extension

UK Finance confirmed on 27 February  that the payment service providers who have provided the interim funding arrangement  since May last year, have agreed to extend their funding to the end of the year (31/12/20). This...

ECB Speech: Climate Change in FS

Christine Lagarde made a speech on climate change and the financial sector on 27 February 2020.  Christine identified both the threat and significant opportunity caused by climate change. She urged central banks to...

More UK/EU policies revealed

The Government has published a policy paper on its approach to the future relationship with the EU. It sets out the Government’s suite of proposals, based around the desire for a comprehensive Free Trade...

Mental Health: Practical Guide

The Money and Mental Health Policy Institute and the Money Advice Trust have jointly created a practical guide to understanding and evidencing customers’ mental health problems. The guide is aimed primarily at...

Dormant Assets Scheme Consultation

This morning, HM Treasury published a consultation document setting out its proposals for expanding the dormant assets scheme. The consultation discusses the background to the current scheme and then sets out proposals...

FSB priorities published

The FSB published a letter addressed to all G20 Finance Ministers and Central Bank Governors on 18 February 2020. The letter sets out the areas that the FSB are focusing their efforts on.  All of the measures are to...

Financial services after Brexit updates

The EU Financial Affairs Sub-committee has opened an inquiry into financial services after Brexit and has been taking evidence. Most recently it has been questioning the BoE and FCA.  They largely discussed the key...

Latest current account data released

The FCA has today published the latest table of data provided to them by current account providers (both business and personal).  The data allows consumers and small businesses to compare the services provided by each...

FCA publishes annual sector views

The FCA has just published its annual sector views report which comprises a state of the nation in terms of the financial services industry. The report sets out the drivers for change in each financial services sector...

EP publishes negotiating mandate with UK

The European Parliament has published its proposed mandate for a new partnership with the UK.  The declaration acknowledges that the “close relationship” that will subsist and which, according to the...

FCA Update: Basic Bank Accounts

The FCA has published their findings today (11/02/20) following a review of how 5 of the 9 banks, who provide Basic Bank Accounts (BBAs), give information about them to their customers. The object was to understand how...

ESMA outlines sustainable finance strategy

On 6 February, ESMA published its sustainable finance strategy which sets out how ESMA plans to focus on sustainability. ESMA’s key priorities include: completing the regulatory framework on transparency...

FCA updates on skilled persons figures

FCA has published its latest figures on the numbers of skilled persons reports it has commissioned. During Q3 of 2019/2020 it commissioned 10 – of which 5 related to wholesale financial markets, 2 each to retail...

EBA begins 2020 EU-wide stress test

The stress test is designed to provide banks, supervisors and other market participants with a common analytical framework to consistently assess and compare the resilience of EU banks to economic shocks. As in previous...

FCA writes strategy letter to platforms

FCA’s latest  portfolio strategy letter to CEOs has been sent to platforms. It starts by making the point that it expects firms will have used the SMCR to ensure clear accountability within senior management and...

FCA updates further on post-Brexit issues

FCA has further updated its website with information on Brexit and Temporary Directions.  It explains how: It will not need to use the Temporary Transitional Power it had previously made directions under, as the...

FCA: Overdraft Pricing Request

The FCA has written to firms today  requesting details about how they have reached their overdraft prices and the measures firms have put in place to protect consumers.  In particular the FCA is asking all firms to...

DExEU updates on FS equivalence post-Brexit

The Department for Exiting the EU has published an updated communication from the European Commission on equivalence in the area of financial services.  The documentation notes that temporary equivalence decisions are...

PRA publishes Pillar 2 policy statement

PRA has published its feedback to its consultation on updating the Pillar 2 capital framework in respect of capital buffers, and updated Statements of Policy and Supervisory Statements to include the changes.  The...

Dear CEO letter re FSA047/048 returns

Given the progress of the UK Withdrawal Bill, the PRA has confirmed through a Dear CEO letter that relevant financial institutions no longer need to submit FSA047/048 returns after 22 January 2020. This return had been...

FSCS announces Plan and Budget

FSCS has published its full Plan and Budget for 2020/2021. As well as the indicative levy of £635m (£87m more than the current year, mainly because of a rise in SIPP operator claims) and management expenses budget of...

UK Finance explains COP

UK Finance has updated its website to explain how banks are introducing Confirmation of Payee over the next few months, to give customers greater assurance that they are sending payments to the right recipient. UK...

EVENT: Retail Banking Mixer

Bringing together professionals in the insurance, banking and other financial services sectors, we will be hosting the first of our quarterly RETAIL BANKING MIXERS at our Edinburgh office on 9th January from 4pm –...

FOS consults on plans and budget

FOS has published its consultation on its strategic plans and budget for 2020/2021. Next year, it expects to receive 245,000 complaints and resolve 290,000 (just under half in each case relating to PPI).  It expects to...

Basel Framework published

BIS has published a consolidated version of the standards prepared by the Basel Committee on Banking Supervision. The resulting Basel Framework pulls together the 14 standards and also includes current, historic and...

EPC notes key payment threats

The European Payments Council has published its third annual Payment Threats and Fraud Trends report. The report discusses the risks and trends, including those caused by: social engineering; malware; “advanced...

Up next from FCA

FCA’s latest Policy Development Update indicates several key publications scheduled for Q1 2020, including: potential policy statement on general insurance value measures reporting; consultation or discussion...

Financial Inclusion

On Tuesday night, we hosted our first ever Talking Money event in partnership with the Scotsman newspaper in our Edinburgh office.  The event focused on the topic of tackling financial exclusion in Scotland.  The...

BIS report on Open Banking and APIs

BIS has published a report that looks at the growing trend in many jurisdictions towards an open banking.  In particular, the report focuses on those aspects relating to customer-permissioned data sharing, ie where...

FCA addresses LIBOR transition issues

As part of its work on the transition from LIBOR from 2021, the FCA has published a webpage covering conduct risks arising from the transition. The matters covered are set out in question and answer format, addressing...

Up next from FCA

FCA’s latest Policy Development Update promises a number of publications before the end of the year, including: feedback on the Investment Platforms Market Study remedies; consultation on policy proposals for next...

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 confirms TPR extension

FCA has confirmed that: firms no longer need to implement their Brexit emergency plans for 31 October; and the TPR window will be open for notifications from fund managers until 15 January 2020 to let FCA know if they...

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...