FIN.

Category - Supervision

FCA confirms SMCR extension dates

FCA has confirmed it has extended the date by which all solo-regulated firms must have fully implemented the Certification Regime and Conduct Rules, to 31 March 2021.  This follows Treasury making the statutory...

FCA: new webpages on whistleblowing

The FCA has launched two new webpages on whistleblowing. The first webpage sets out the process for reporting concerns of wrongdoing to the FCA in confidence and provides guidance on: Making the decision to speak to the...

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...

FSB reports on global stablecoins

The Financial Stability Board (FSB) has published its finalised high-level recommendations for the regulation, supervision and oversight of “global stablecoin” (GSC) arrangements. The report says that GSC...

Brexit Dear CEO Letter

The PRA and the FCA have written to firms preparing for the end of the transition period. The letter urges firms to continue their preparatory work to ensure they, and their clients, are ready for a range of scenarios...

EIOPA sets out approach on POG

The European Insurance and Occupational Pensions Authority (EIOPA) has published a paper outlining its approach to the supervision of product oversight and governance (POG) requirements based on the Insurance...

FCA skilled persons reports update

In July – September 2020, FCA commissioned 14 skilled persons reports – of which half were on the retail side and half the wholesale side.  3 related to retail banking and payments and 2 to retail lending...

FCA extends 10% depreciation guidance

FCA is giving a further 6 month extension to its measures on 10% depreciation notifications.  Its first set of measures expire on 30 September, and it is extending them such that it will not take action for breach of...

FCA updates on new COVID-19 issues

FCA has updated firms following the most recent Government announcement on COVID-19 restrictions.  It says firms should continue to follow Government advice to work from home, and has updated its statements on...

First firms to move to RegData

FCA has announced the first firms will be moved across from Gabriel to its new data collection platform, RegData, over the weekend of 17-18 October. There will be 52,000 firms moving, and they will all receive 3...

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...

FCA confirms new mortgages guidance

FCA has finalised its additional guidance to firms in the mortgage markets, setting out how they should provide tailored support to borrowers who have had payment deferrals but continue to struggle, and to those whose...

UK and Japan strike free trade deal

The Government has announced a new free trade agreement between the UK and Japan, which it says will increase trade with Japan by an estimated £15.2 bn.  For financial services, there will be improved market access and...

Up next from FCA

The latest Policy Development Update notes a reinvigoration of FCA in publishing consultation and discussion papers before the end of the calendar year.  It plans: consultation on amendments to accommodate the Breathing...

FCA to update mandatory resilience survey

FCA is to repeat the survey it carried out with a sample of firms in June, to assess the changes in firms’ financial positions as a result of the pandemic.  It will be contacting firms between 16-22 September with...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation mainly covers: onshoring changes to the Handbook or technical changes FCA will need to make as a result of onshoring. It asks for comment on the bulk of the changes by 4...

PRA finalises minor rule changes

PRA has published its policy statement on proposals in one of its Occasional Consultations. The changes confirmed will cover: minor updates on liquidity reporting; LIBOR updates for non-Solvency II insurers; other minor...

FCA updates on complaints data return dates

FCA has notified firms it will allow them to apply a 2 month deadline to the complaints data summary due on 31 August, so that the data for complaints covering reporting periods ending between 1 January and 30 June 2020...

London and Capital report delayed

Dame Elizabeth Gloster has explained to FCA that she will need until late November to complete and report on her investigation into FCA’s regulation of London and Capital Finance. FCA is happy to work with her...

FCA to reopen TPR window

FCA has updated its website pages on the Temporary Permissions Regime. It plans to reopen the TPR notification window on 30 September to allow for further new notifications, and to allow fund managers to update...

FCA updates on SMCR and reporting

FCA has reminded solo-regulated firms of the new annual reporting requirement that will oblige them to tell FCA whether they have taken disciplinary action against individuals who are not senior managers for Conduct...

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...

ECB publishes report on ICAAP

The ECB today published its report on banks’ ICAAP practices.  The report summarises the results of the ECB’s analysis of ICAAP practices within samples provided by 37 banks.  It further highlights gaps...

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...

FCA consults on Remuneration Code

FCA is consulting on proposals to update its Dual-Regulated firms Remuneration Code and guidance as part of CRD V implementation. The consultation largely follows PRA’s and proposes: changes to SYSC 19D in respect...

Treasury amends PRIIPs requirements

Treasury has published a policy statement on how it proposes to amend the PRIIPs Regulation as it onshores it. It plans early changes to address the most pressing concerns and to ensure the regime provides more...

PRA consults on CRD V

PRA is consulting on changes to its rules, supervisory statements and statements of policy needed to implement parts of CRD V.  This consultation is the first part of PRA’s preparation for implementation, and it...

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...

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 writes to RemCo chairs

FCA has written to the Chairs of regulated firms’ Remuneration Committees setting out its findings and observations from the 2019/20 remuneration round. Its key point is that culture is a key area of focus, and...

FCA to streamline cancellation process

Treasury has published a policy paper outlining its intention to streamline the process FCA must apply to cancel a firm’s authorisation. The process will apply where firms are no longer carrying on regulated...

New FS register coming at end of July

FCA is to replace the existing Register with a new, enhanced, Financial Services Register at the end of July, prior to adding a directory of certified and assessed persons later in the year. It says it has made...

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...

Up next from FCA

Over the rest of 2020, FCA plans the following: consultations on mortgage borrowing and mortgage prisoners (now overdue), debt advice levy rates and exist fees in investment platforms (Summer 2020) and on financial...

FCA makes fees for 2020/21

FCA has published its final fees and levies for 2020/21.  Almost all respondents to its consultation welcomed the freezing of minimum fees and the 2 month extension to payment terms for medium and small firms, but most...

PRA comments on CRR “quick fix”

PRA has made a statement on some aspects of the EU’s “quick fix” to the CRR. The statement notes: PRA’s support (back in 2017) of IFRS 9 transitional arrangements, which the quick fix now...

FCA makes new rules

FCA has published a Handbook Notice covering the rules it made at its May and June Board meetings. changes to COBs in relation to pension transfers, introducing a ban on contingent charging in respect of most advice on...

BoE postpones Financial Stability Review

BoE has announced its decision to postpone publication of the Q2 FSR to 6 August.  Since its May meeting, though, it has taken several decisions by written procedure including the Q2 setting of the CCyB and its views on...

FCA ready with Gabriel replacement

FCA has announced that its new platform, which replaces Gabriel, is called RegData, and that it is preparing to move all firms across to it. It will move firms over in groups, depending on the nature of their reporting...

Treasury appoints new FCA CEO

Treasury has appointed Nikhil Rathi as the new permanent Chief Executive of the FCA. He joins from teh LSE, having previously been Director, Financial Services Group at the Treasury.  He is expected to take up his role...

BoE and PRA publish 2020 Annual Reports

On 18 June, the Bank of England (“BoE”) published its Annual Report and Accounts and its Asset Purchase Facility Fund Limited Annual Report for the period between March 2019 – February 2020. It also...

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...