Tag Archives: Banks;

PRA updates policy statements on accountability regimes

Following feedback received on Consultation Paper 34/16, PRA has published its policy statement on strengthening individual accountability in banking and insurance: amendments and optimisations. The updates in the policy statement include: the final rules amending the Senior Managers and Certification and Senior Insurance Managers Regime; updates to Supervisory Statement 28/15 Strengthening individual accountability in banking and […]

FSCS confirms £363m levy for 2017/18

FSCS has announced its levy for 2017/18. The £363m is less than forecast in the FSCS’ 2017/18 Plan and Budget in January, but more than the 2016/17 levy. The 2017/18 levy includes: no change to the £100m levy on life and pensions advisers; £5m more to be paid general insurance intermediaries than FSCS forecast in January; and […]

PRA asks firms to provide Brexit contingency plans

Sam Woods, the PRA’s CEO, has published a letter seeking contingency plans from firms in light of the UK’s impending withdrawal from the EU. The letter is relevant to banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU. PRA expects firms to prepare and execute in […]

Global banking capital rules postponed

The Basel Committee working on Basel III rules that will determine how much capital lenders would have to set aside against loans and other assets, announced on 3 January 2017 that more work was required on certain aspects.  The rules were due to have been approved by central bank governors and the heads of supervision from […]

BBA announces update to Access to Banking Protocol

The BBA has said that it will update the Access to Banking Protocol in response to an independent review into the effectiveness of the Protocol one year after implementation. The Protocol was put in place in May 2015 to manage the way signatory banks’ branch closures were effected. The review by Professor Russel Griggs OBE acknowledged that the […]

PRA and FCA final rules on regulatory references

Following a period of joint consultation, the PRA and FCA have recently published policy statements setting out the final rules on regulatory references. The final rules will come into force on 7 March 2017 and will apply to banks and insurers. The final rules on regulatory references follow on from the Senior Managers and Certification […]