Category Mortgages

PRA amends IRB approach statement

PRA has published a policy statement on risk weights in the residential mortgages sector (PS13/17). The statement applies to banks and building societies who use an internal rating based (IRB) method to  calculate credit risk capital requirements relating to residential mortgage portfolios. The statement contains the final amendments to the ‘IRB approaches’ supervisory statement, which includes […]

John Griffith – Jones leaving the FCA

John Griffith – Jones has confirmed that he will leave both the FCA and the PSR at the end of his term of office on 31 March 2018.

BOE speaks on effects of ring-fencing for customers

In a speech by James Proudman (Executive Director, UK Deposit Takers Supervision, Prudential Regulation Authority, Bank of England),  it was discussed that the key component of the ring-fence is to provide ‘efficient resilience’ for domestic banking services (critical functions of lending, deposit-taking and payment services for retail and small corporate customers) ‘on which UK households and companies […]

FCA updates on sandbox

FCA has updated information on its regulatory sandbox.  It says the sandbox’s popularity is increasing and larger numbers of firms both applied for and were accepted for testing in cohort 2.  FCA has named the 24 firms that are ready to begin testing shortly and describes the services they are testing. A wide range of […]

FOS publishes annual review

  FOS has published its annual review for 2016/17, a period which it described as ‘immensely demanding’. Similarly to previous years, FOS reported that much of its activity focused on PPI complaints, but this should finally reduce with the August 2019 time limit for potential claims. The rules and guidance following the Plevin judgement will come into […]

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes changes to: TC to update the list of appropriate qualifications; SUP to clarify how the requirement to have a client assets report applies to loan-based crowdfunding platforms – primarily to clarify FCA’s expectation that these firms appoint an auditor to prepare and submit a client assets report; and also to […]

ECON publishes draft retail FS plan

The EP has published a draft report on the Action Plan for retail financial services. The report: says the EU retail financial services market is still underdeveloped and fragmented, but recognises that such a market will work only if it delivers real customer value; welcomes the Commission’s action plan working towards a single technology-enabled market; […]

Up next from FCA

FCA’s latest Policy Development Newsletter promises only a policy statement on enhancing COB rules for firms providing CFDs to retail clients following before the end of June. Many other papers are due later in the year, or with a publication date to be confirmed.  Strangely (in the version published on 5 May), there is no […]

FCA publishes first new-form complaints data

FCA has published the first set of complaints data (covering the second half of 2016) that firms have reported since last year’s rule changes that give firms 3 days to address a complaint to a consumer’s satisfaction but the data reflects all complaints. Because of the change in complaints captured, the figure (3.04m) is higher […]

FCA finalises mortgage payment shortfall guidance

FCA has finalised its guidance on the treatment of customers with mortgage payment shortfalls. The guidance addresses how firms should remediate for customer who may have suffered because of the way some firms calculate monthly payments. FCA made few changes following its consultation on the guidance, which effectively stops firms from using “automatic capitalisation” of […]