Tag Archives: Bank of England
HM Treasury launches first Fintech Sector Strategy paper
The Treasury has published its first Fintech Sector Strategy, setting out the government’s proposals to secure the UK’s place as a preferred location to start and grow a fintech business. The paper announces a number of measures, including: a Cryptoassets Task Force will be established by HM Treasury, the Bank of England and the FCA, […]
FPC updates on stability
FPC has reviewed developments since its last meeting on 21 June and assess the outlook for UK financial stability. Its conclusion was that ‘overall risks to UK financial stability from the domestic environment are broadly unchanged at a standard level’, though risks of greater vulnerabilities may loom on the horizon. The headline statements were as follows: internationally, market […]
Update from the Bank of England and The Payment Systems Regulator on new payment systems operator
In a joint press release issued today, the Bank of England (BoE) and The Payment Systems Regulator (PSR) announced that a New Payment Systems Operator (NPSO) had been created by the Payment System Operator Delivery Group (PSODG) who were charged with this task. The creation of the NPSO forms part of the PSR and BoE’s plan for consolidating […]
BoE publishes revised Settlement Account Policy
BoE has published a revised Settlement Account Policy to include non-bank PSPs in its real-time gross settlement (RTGS) system. It wants these changes to allow non-bank PSPs to compete on a more level playing field with banks as it will reduce the dependence on them for access to payment systems. This policy change is designed to […]
FCA announces RTGS extension
FCA has announced that BoE is extending access to settlement accounts in its real-time gross settlement (RTGS) system to non-bank payment service providers (NBPSPs). This will enable NBPSPs to have direct access to the UK’s sterling payment systems. In the first instance an NBPSP applying for RTGS access will have their application reviewed by the […]
BoE publishes its Annual Report and Accounts for 2016/2017
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 […]
BOE’s Independent Evaluation Office reviews PRA’s approach to its insurance objective
The Bank of England’s Independent Evaluation Office (IEO) has published its evaluation of the PRA’s approach to its insurance objective. The PRA’s insurance objective is to contribute to the securing of an appropriate degree of protection for policyholders. While the IEO did not find any evidence to suggest that the PRA is not meeting its policyholder […]
PRA Chief Executive Officer delivers speech on insurance supervision
On 20 March 2017, Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA delivered a speech on insurance supervision at the PRA. Mr Woods commented that a precondition to the success of the UK’s world leading insurance sector is world-class insurance supervision, which is what the PRA aims to deliver. […]
FPC to acquire powers to address systemic risks in the BTL mortgage market
The Financial Policy Committee of the Bank of England is to be given powers to address lending practices in the buy-to-let mortgage sector from early 2017. This move follows the FPC’s acquisition of such powers in relation to the residential market in April 2015, and a consultation earlier this year on the FPC being granted similar powers […]