ESMA announces Key Priorities for 2020-22

The European Securities and Markets Authority published its Strategic Orientation for 2020-2022, detailing ESMA’s exercise of new Powers and Plan on meeting their new responsibilities, devised as a result of recent Legislative Developments. Following successful development of the European Union Single Rule book, ESMA has prioritised the consistent implementation of the Rule book across the […]

Read more

FCA Publishes Dear CEO Letter Regarding Non-Financial Misconduct in Wholesale General Insurance Firms

The Financial Conduct Authority published a Dear CEO Letter on the topic of ‘Non-Financial Misconduct’, in the Wholesale General Insurance sector. The FCA expects Firms to be proactive in tackling this issue, including the understanding of and the mitigation’s against the drivers of such behaviour. The FCA expects Firms and Senior Managers to “embed healthy cultures” […]

Read more

FCA Publishes Consultation Paper on Introducing a Single Easy Access Rate for Cash Savings

The Financial Conduct Authority published a Consultation Paper (‘CP20/01’) proposing the introduction of a Single Easy Access Rate for Cash Savings. The Proposals intend to reduce harm to ‘Longstanding Consumers’ on the lowest Interest Rates, whilst maintaining existing competition for new Customers. The Consultation Paper, includes two proposals: Firms must pay a Single Interest Rate […]

Read more

Money Laundering and Terrorist Financing (Amendment) Regulations 2019

The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 were laid before Parliament. The Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (‘MLRs 2017’) transposing the Fifth Money Laundering Directive (‘MLD5’) in the UK, aligning the UK Regime with the Financial Action Task Force’s (‘FATF’) International Standards. New Relevant Persons […]

Read more

Financial Service Ombudsman consultation on plans and budget for 2020/21

The Financial Ombudsman Service published a Consultation Paper on its proposed plans, budget, and strategy for 2020/21. The ‘FOS’ seeks input from Firms on each of the areas discussed below: Current outlook for 2019/2020: the FOS forecasts fewer complaints this financial year compared to the previous, though fewer complaints are expected to be resolved than […]

Read more

Letter from the CEO, Prudential Regulation Authority on the Prudential Regulatory Framework and London Interbank Offered Rate Transition

On 18 December 2019, the Prudential Regulation Authority CEO and Deputy Governor of the Bank of England, published a letter to the Working Group on Sterling Risk-Free Reference Rates in response to the Working Group’s previous letter on Regulatory Capital impediments to Interbank Offered Rates. The letter states that the ‘PRA’ has been working on […]

Read more

European Commission adopts Delegated Regulation on Alternative Standardised Approach for Market Risk Under Capital Requirements Regulation

Following a review of the Trading Book by the Basel Committee on Banking Supervision which significantly changed the approaches to be used by Banks for the calculation of Capital Requirements for Market Risk, a new Framework for Market Risk was published in January 2016. To adjust the calibrations of these approaches, the ‘BCBS’ undertook a […]

Read more

Bank of England publishes Financial Stability Report No. 46

On 16 December 2019, the Bank of England Financial Policy Committee published its Financial Stability Report.   The Report details the Financial Policy Committee outlook for UK Financial Stability, including the resilience of the UK Financial System, main risks to Financial Stability, and Actions taken by the Bank of England. The Report includes results from […]

Read more

ESAs’ publish guidelines on Co-operation and Information Exchange between National Supervisors under the Fourth Money Laundering Directive

The European Banking Agency, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority seek to clarify the practicalities of Inter-‘NCA’ co-operation, creating a Framework for the effective Cross-Border Supervision of Firms for Anti-Money Laundering and Counter-Terrorist Financing purposes. The Report includes Guidelines for new ‘AML/CTF’ Colleges, providing a permanent structure for Co-operation […]

Read more

FCA Policy Statement on Making Asset Transfers Simpler

The Financial Conduct Authority has published Policy Statement (PS) 19/29 on Making Transfers Simpler – Feedback to Consultation Paper (CP) 19/12 and Final Rules. The Rules seek to make it easier for Consumers to transfer their Assets from one Platform Provider to another. The ‘FCA’ is introducing a package of Rules for Platform Providers to […]

Read more

Financial Conduct Authority Calls for Input on New Model for ‘Open Finance’

On 17 December 2019, the Financial Conduct Authority published a call for input in a bid to explore the opportunities and risks presented by ‘Open Finance’. The Regulator explained that ‘Open Finance’ builds on the principles of ‘Open Banking’ – Sharing data which provides new ways for Customers and Businesses to make the most of their […]

Read more

FCA Handbook Notice No. 72

On 13 December 2019, the FCA published Handbook Notice No 72, which takes into account the Handbook changes of 21 November and 12 December 2019. On 21 November, the FCA Board made relevant changes to the Handbook listed under Conduct of Business (‘Speculative Illiquid Securities’) Instrument (FCA 2019/99) Glossary  COBS 4.7, 9.3, 9A.2 and 4.14 […]

Read more