Tag Archives: supervision
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating agencies and trade repositories.
EIOPA Chairman, Gabriel Bernardino, opened their 8th Annual Conference today in Frankfurt with his speech on insurance and pensions: securing the future, which is also the theme of this year’s conference. His speech also looked back at EIOPA’s achievements in the last year and discussed their priorities for 2019. The one day conference will look at […]
The European Central Bank (ECB) has published the latest edition of its Supervision Letter. The August edition includes a recording of an interview with Ed Sibley, Deputy Governor of the Central Bank of Ireland and ECB Supervisory Board member, discussing the importance of all forms of diversity to the governance, culture and risk profile of banks. In […]
The FCA has published Handbook Notice No. 55, setting out: the Financial Services Compensation Scheme (Funding Review) Instrument 2018, the Handbook Administration (Data Protection) Instrument 2018, the Insurance Distribution Directive Instrument 2018, and the Supervision Manual (Reporting No 8) Instrument 2018. The Data Protection Instrument sets out administrative changes arising from the implementation of GDPR, […]
FCA has published a draft of its approach to enforcement and supervision. The documents follow its publication of its Mission, in which it committed to publishing a series of documents setting out how it carries out its main activities. The approach to supervision explains FCA’s commitment to being forward-looking and pre-emptive, focusing on firms’ cultures […]
International Association of Insurance Supervisors publishes updated Insurance Core Principles document
The International Association of Insurance Supervisors has published the latest update to its Insurance Core Principles document, which provides a globally accepted framework for supervision of the insurance sector. Amendments have been made to: ICP 13 (reinsurance and other forms of risk transfer) ICP 18 (intermediaries), and ICP 19 (conduct of business).
The European Commission has published a statement and a factsheet detailing the agreement reached between the EU and the US on prudential insurance and reinsurance measures. The agreement addresses three areas of prudential insurance oversight: reinsurance; group supervision; and the exchange of insurance information between supervisors. US and EU insurers operating in the other’s markets will […]
The FCA has today announced that it will soon be launching a campaign to inform people of the 29 August 2019 deadline for making a complaint about PPI. The campaign will contribute to the regulatory and supervisory work the FCA has already done around PPI and will continue to do. The campaign, which will be […]
Alex Brazier, Executive Director of BoE delivers a speech entitled: ‘Debt Strikes Back’ or ‘The Return of the Regulator’?
Alex Brazier, Executive Director (Financial Stability) at BoE has delivered a speech in which he considers the recent developments in household debt, how that debt can pose dangers to the wider economy, and the three lines of defence put in place by regulators to guard against those dangers. Mr Brazier observed that in the past […]
The House of Lords EU Financial Affairs Sub-Committee (the Committee) is calling for evidence to support its inquiry into the future of UK financial regulation and supervision following Brexit. The Committee will examine how financial regulation and supervision will evolve following Brexit in order to ensure financial stability, which could mean maintaining equivalence or some […]
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 has published a supervisory memorandum of understanding (MoU) with the Hong Kong Securities and Futures Commission. The MoU is an agreement between the Regulators to collaborate on some of their mutual supervisory and oversight functions. In particular, the MoU outlines: The scope of supervisory cooperation; Cross-border on-site visits; Execution of requests for assistance; Permissible uses of information; and […]
Sam Woods has given a speech at the Building Society Association Annual Conference on why supervision matters. The speech was given in May, but has just been published. Among the key points covered were: Supervision is distinct from regulation. Regulation concerns the framework of rules and legal standards which govern the way firms operate, whereas supervision […]
Following its annual global seminar, the International Association of Insurance Supervisors (IAIS) has published a press release which contains details of the seminar and highlights: The IAIS provided a high-level summary of comments received during the recent public consultation on certain ComFrame-related material and announced plans for a public consultation of ComFrame in its entirety, […]
The International Association of Insurance Supervisors (IAIS) has launched public consultations on the following: draft provisions of its Insurance Core Principles (ICPs): ICP 1 (Objectives, Powers and Responsibilities of the Supervisor), ICP 2 (Supervisor), ICP 18 (Intermediaries) and ICP 19 (Conduct of Business); an application paper on product oversight in inclusive insurance, which is intended to […]
Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, gave a speech on what ECB regards as the four key priorities for successful bank supervision: Global approach to regulation: banking is conducted globally and requires regulation on an equivalent scale. Banking reforms have dominated European discussions […]
FCA has published a summary of why it collects data for the RMAR and how it uses it. Its key purpose is to help it supervise firms in a way to minimise poor consumer outcomes in the retail investment market. The data allows it to assess firms’ compliance with threshold conditions, prudential and conduct requirements, […]