Tag Archives: consultation
FCA consultation on rules for open-ended funds holding illiquid assets
The FCA is consulting on the introduction of rules to address issues that could arise where open-ended funds with illiquid asset holdings encounter stressed conditions. Following the outcome of the Brexit referendum in June 2016, a number of such funds had to cease trading for a period of time, following a rush by investors to […]
FCA consults on applying SM&CR to CMCs
The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April 2019. The consultation also sets out when SM&CR may apply to CMCs, and what action they will need to take. The […]
FCA consults on PSD2 SCA-RTS approach
As part of its implementation of PSD2, the FCA has published a consultation on matters relating to the Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication (SCA-RTS) (CP18/25). Most of the SCA-RTS provisions come into effect from 14 September 2019, and certain provisions relate to measures that regulators […]
Second consultation on extending SM&CR to insurers
The PRA has published the second part of its consultation on the extension of SM&CR to insurers. These proposed amendment to its rules consist of ‘technical consequential changes’ and ‘minor administrative amendments’ arising from this extension, for example refining the scope of those individuals for whom insurers may consider seeking approval for a PRA senior […]
Law Commission opens consultation on expanded definition of ‘insurable interest’
The Law Commission and the Scottish Law Commission have published an updated bill that proposes an expansion to the concept of insurable interest for life-related insurance. By using the term ‘life-related insurance’, the bill intends to create a wider category of insurance than just traditional life insurance, thereby also covering other forms of insurance which […]
EBA consults on PSD2 RTS Guidelines for ASPSPs
The EBA has published a consultation on draft Guidelines supplementing the Regulatory Technical Standards on strong customer authentication published in the OJ in March 2018, and applicable from September 2019. Article 33(6) of the RTS set out the conditions that must be met when an Account Servicing Payment Service Provider (ASPSP) wishes to provide access […]
FCA publishes new FSCS funding rules
Following its consultation in 2017, the FCA has now published its final rules on reformed FSCS funding. These rules will take effect from April 2019. Additionally the FCA has opened a consultation on draft rules relating to Professional Indemnity Insurance requirements for Personal Investment Firms, CP 18/11. The proposed rules will require that policies do […]
Claims Management regulations published for consultation
As part of the proposed process of transferring the regulation of Claims Management Companies to the FCA, HM Treasury is consulting on draft regulations that will form part of a final statutory instrument creating a new framework of regulation for Claims Management Companies (CMCs). The draft regulations set out the proposed permissions that CMCs will […]
BEIS publishes Green Paper on modernising consumer markets
The Department for Business, Energy and Industrial Strategy is consulting on proposals which, among other issues, seek to to improve the consumer experience in regulated markets for utilities, telecommunications and financial services and to ensure consumers buying and selling online benefit from new technology and business models, and have appropriate protection for their personal data. […]
FCA consults on widening FOS access for small businesses
FCA has opened a consultation on plans to provide more small businesses with access to FOS. The changes proposed would allow FOS complaints redress to approximately 16,000 SMEs, charities and trusts, by changing the eligibility criteria to access FOS. Under the proposals, eligible businesses would be those that satisfy the following criteria: Under 50 employees; […]
IAIS consults on draft Issues Paper on Index Based Insurances
The International Association of Insurance Supervisors has opened a consultation on a draft paper setting out issues on Index-based Insurances. Index Based Insurances involve contracts where a claim is defined with reference to a pre-determined index. These are seen as a possible way forward for claims relating to weather related or natural catastrophe risk event […]
Cheque imaging: consultation on supporting legislation
HM Treasury has published a consultation on secondary legislation to support the Image Clearing System (ICS) for cheques. The legislative proposals follow the amendments to the Bills of Exchange Act 1882 introduced by the Small Business, Enterprise and Employment Act 2015, which allowed the introduction of cheque imaging. This aims to cut down cheque clearing times […]
PRA publishes Occasional Consultation
PRA’s latest Occasional Consultation paper proposes minor changes to several modules of its Rulebook. Proposed changes include changes to whistleblowing requirements for UK branches of non-EEA deposit takers, MiFID 2, IDD and BMR forms and CRR and CRD amendments in application requirements. Consultation closes on various dates from 17 October to 9 January.
FCA publishes consultation paper on current account services
FCA has published a Consultation Paper (CP) on the information provided to customers about current account services. The CP was prompted by CMA’s recommendation that firms should publish objective measures of service performance for both personal current accounts (PCAs) and business current accounts (BCAs) to allow customers to effectively compare products on the market. The […]
FCA releases details of consultations on the extension of SM&CR to all firms
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 […]
FCA publishes consultation on Office for Professional Body Anti-Money Laundering Supervision
FCA has published a consultation on the proposed text for a specialist sourcebook setting out the new Office for Professional Body Anti- Money Laundering Supervision’s (OPBAS) expectations in relation to anti-money laundering supervision. OPBAS will oversee 22 professional body anti money laundering supervisors such as the Law Society / Solicitors Regulation Authority and the Association […]
FCA publishes second Consultation Paper on IDD implementation
Following on from Consultation Paper (CP) 17/7, FCA has published CP 17/23 detailing further proposals on the implementation of the IDD in the UK. The CP is relevant to firms, including insurance and reinsurance companies, insurance intermediaries and firms categorised under the IDD as ancillary insurance intermediaries, as well as other stakeholders. In order to […]
Examining product governance guidelines under MiFID II
The product governance guidelines under MiFID II are part of the regulatory framework aimed at protecting investors across the EEA. ESMA published its final report on the guidelines on 2 June 2017. Bond Dickinson has produced a briefing note that looks at: the purpose of the guidelines, how the guidelines differ from ESMA’s consultation, the […]
EBA launches consultation on implementation of EBA Guidelines on methods for calculating contributions to DGSs
Article 13(3) of the Deposit Guarantee Schemes Directive (DGSD) requires the EBA to issue guidelines on methods for calculating DGS contributions by 3 July 2015, to ensure that the DGSD is consistently implemented in relation to risk based contributions. The deadline to implement the guidelines was 31 May 2016, with the EBA to review the […]