Alex Brazier, Executive Director of BoE delivers a speech entitled: ‘Debt Strikes Back’ or ‘The Return of the Regulator’?
Alex Brazier, Executive Director (Financial Stability) at BoE has delivered a speech in which he considers the recent developments in household debt, how that debt can pose dangers to the wider economy, and the three lines of defence put in place by regulators to guard against those dangers. Mr Brazier observed that in the past […]
The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]
UK Finance (the new industry association including, among others, the BBA) has updated its Access to Banking Standards in relation to bank branch closures. It is hoped that these changes will help banks provide customers with clear, understandable, accessible documentation and information about that specific closure and how they can continue to bank after the branch has closed […]
On 17 July FCA published a thematic review on customers’ understanding of retail banking products. The review was undertaken amid growing concerns that some customers fail to understand the key features of many financial products and that this may expose them to harm. The review covered 18 firms, and involved FCA looking at the firms’ data […]
FCA’s latest policy development update includes: second consultation on the IDD due in July, with a policy statement on the first consultation due in September; consultation on current account services in July and no date yet for the promised consultation on a review of the crowdfunding rules
The Government presented the European Union (Withdrawal) Bill to Parliament on 13 July for its first reading. The Bill seeks to repeal the European Communities Act 1972 on the day when the UK leaves the European Union (EU). It also includes provisions for: EU legislation to continue to have effect in domestic law, on and after the […]
BoE’s has published its Annual Report and Accounts for 2016/2017 which sets out its main achievements for the year, including: Its One Bank strategy which aims to create a single, unified, institution across all its functions, with a single mission to ‘promote the good of the people of the United Kingdom by maintaining monetary and […]
FCA’s Annual Report and accounts for 2016/17 sets out its highlights from the past year, and includes specific sectoral reports for competition, enforcement, AML and diversity. FCA regards the year’s highlights as: its asset management market study its PPI work, leading up to proposals for a time limit on claims MIFID 2 and MAR implementation […]
Treasury has published the responses it received to its consultation on creating a single financial guidance body. The new body has now been legislated for under the Financial Guidance and Claims Bill and will: be a non-departmental body sponsored by DWP to replace the MAS, TPAS and Pension Wide provide money guidance, and pensions guidance […]
The Creditworthiness Assessment Bill is making its way through Parliament. The Bill requires certain matters to be taken into account when assessing a borrower’s creditworthiness by mandating that FCA rules oblige firms carrying on credit or home purchase related activities to take into account rental and council tax payment history.