The FCA published draft relief measures for customers with motor finance agreements today. It is looking for feedback on the measures to be sent to [email protected] by 5pm on Monday 20 April. Who does the...
Author - Emma Radmore
Emma Radmore
EVENT: Retail Banking Mixer
Our next Retail Banking Mixer will be held by webinar instead of in our London and Edinburgh offices. We’d be delighted if you could join us on Thursday 23rd April at 10am. Topics covered will be: ...
Dear CEO Letter: SME Lending
The FCA published a Dear CEO Letter today setting out its expectations of Banks who lend to SMEs. Whilst SME lending sits mostly outside the FCA’s scope, the FCA has called out that any activity undertaken by a...
FCA writes to CEOs on business interruption insurance
FCA has sent a Dear CEO letter on business interruption insurance for SMEs. It says its research to date indicates that most policies have basic cover, do not cover pandemics and so would not be obliged to pay out in...
PRA publishes Business Plan
PRA has published its Business Plan for 2020/21. Like FCA, PRA comments that Covid-19 has made it reassess its plans and reprioritise its work, and it will continue to assess the effects of the outbreak on its actions...
PRA consults on fees
PRA has published its consultation on fees and levies for 2020/21. The consultation covers: the fee rates to meet the Annual Funding Requirement, which has increased by 8% from the current year, primarily because of...
Overdrafts and Coronavirus: New Rules
As noted earlier, the FCA has published the new rules that firms require to implement by 14 April 2020. In relation to the overdrafts, the FCA has implemented two measures (1) interest free overdrafts and (2) overdraft...
Personal Loans and Coronavirus: New Rules
As noted earlier, the FCA has published the new rules that firms require to implement by 14 April 2020. Who does the rules apply to? It applies to all personal loan customers who are already experiencing or reasonably...
Personal Credit Cards and Coronavirus: New Rules
As noted earlier, the FCA has published the new rules that firms require to implement by 14 April 2020. Who does the rules apply to? It applies to all credit card customers who are already experiencing or reasonably...
FCA confirms new measures for retail banking customers
Following the emergency consultation launched last week, this morning, the FCA has confirmed the range of temporary relief that must be implemented by firms by 14 April at the latest. The new rules require that, where...
FCA: List of delayed workstreams (UPDATED 7 April)
We’ve scoured the FCA website to bring you a list of the workstreams that have been delayed. Through delaying these workstreams, the FCA can focus on the evolving pressures Covid-19 is putting on firms and...
PSR publishes APP scam thoughts
The PSR has published a summary of a conference call between key players in the payments industry to discuss the progress being made in tackling APP scams. It decided to go ahead with the call, not least as Covid-19 has...
FCA Business Plan 20/21
The FCA published its business plan for the coming year this morning. The plan focuses around 5 key priorities for the year. It has been significantly reshaped because of coronavirus as it was intended to show the...
Regulator Covid-19 Update 6 April
On 6 April, the regulators further update their Covid-19 measures: FCA updated its expectations on solo-regulated firms in respect of the SMCR; FCA published a summary of queries it has received on client assets...
FLA gets firms access to CBIL Scheme
FLA has successfully negotiated with the Government to get access for independent and non-bank lenders to the Coronavirus Business Interruption Loan Scheme. It says this was critical to allow firms to continue to run...
Regulator Covid-19 update 1 April
Further updates from the regulators, in addition to FCA’s Dear CEO letter to retail investment firms, include: PRA welcoming the agreement by the boards of large UK banks to suspend dividends and buybacks on...
Chris McLauchlan joins Edinburgh banking team
Chris McLauchlan has been appointed as a Legal Director to lead WBD’s banking team in Scotland. Joining from Eversheds Sutherland, Chris is a senior banking lawyer with over 15 years of experience advising on...
Treasury Committee seeks ABI answers on insurer behaviour
The Treasury Committee has written to the ABI, asking for information to help understand how the insurance industry is responding to coronavirus and to FCA’s guidance. The letter asks: how many members have ceased...
Regulator Covid-19 Update 25 March
On 25 March: Treasury, BoE and FCA have written to the CEOs of UK banks on Covid-19 and bank lending. The letter explains how the Covid Corporate Financing Facility will help firms of investment grade or equivalent...
Regulators look at Covid-19 effects on LIBOR transition planning
FCA, the BoE and the Sterling Risk-Free Reference Rates group have reminded firms to keep in mind that they should still not rely on LIBOR being published after the end of 2021. However, the regulators understand that...
Contactless limit increasing
UK Finance announced today that the card transactional contactless limit will be increasing from £30 to £45 with the roll out starting on 1 April. The changes may take a while for retailers to implement, especially...
EC publishes latest version of the EU/UK Partnership Agreement
The European Commission published the latest version of the EU/UK Partnership Agreement on 18 March 2020. The text follows consultation between the European Parliament and Council and it aims to provide a tool to...
CMA issue directions to Paymentshield Ltd
The CMA has issues directions to Paymentshield Limited for failure to send Annual Reviews to PPI customers as required under the Payment Protection Market Investigation Order 2011. The directions require Paymentshield...
Change in Control: PRA Update
The PRA has updated its change in control website to ask that until further notice, any change in control notifications are only sent by email to [email protected] (and not by post). This only applies...
CMA Annual Plan 20/21
The CMA published its annual plan for the year 20/21 today. The plan sets out the following 6 key objectives for the coming year: Protecting consumers, including in particular those in vulnerable circumstances Improving...
FCA sets out Covid-19 expectations on insurers
FCA has set out its position on how it expects insurers to act given the unprecedented impact of Covid-19. Above all, it expects firms to consider very carefully the needs of customers and to be flexible in how they...
EIOPA takes Covid-19 action
EIOPA has set out its expectations on insurers as they try to manage the risks Covid-19 presents. Its key messages are: the importance of business continuity. It says regulators can help by being flexible on supervisory...
FCA latest Covid-19 advice for firms
Today, the FCA published its latest advice for firms in light of Covid-19. Regulatory Change – activity which is not critical to protect consumers and market integrity in the short-term will be delayed so that...
BoE looks at open platform for SME finance
BoE has published its views on developing an open platform for SME finance. It says that a global identity standard and safe information sharing could harness novel data sources and advanced analytics to provide SMEs...
Budget 2020: Key notes for Financial Services
The Regulatory update within the 2020 Budget included the following key notes: Financial Services Bill – this will provide long-term market access between the UK and Gibraltar for financial services firms...
Covid-19: Business Continuity Planning
As the corona virus weaves its web around the globe, it’s time for regulated firms to look to their business continuity plans to ensure they are covered. Take a look at our article on the subject here and please...
EBA says no need for LGD on credit insurance claims
EBA has published an Opinion on treatment of credit insurance in the prudential framework. It has previously consulted on credit risk mitigation for institutions that apply the IRB approach with own estimates of Loss...
Working Group updates on progress towards key 2020 LIBOR milestones
The Working Group on Sterling Risk-Free Reference Rates has today published a series of updates on progress made towards the key 2020 milestones for LIBOR transition. The first update is a statement on how bond markets...
Updated SEPA Rulebooks published
On 5 March 2020, the European Payments Council published the updated rulebooks covering: SEPA Credit Transfers, SEPA Instant Credit Transfers, SEPA Direct Debits, and SEPA Direct Debits Business-to-Business. They...
PRA writes to chairs on board diversity
PRA has written to the chairs of dual regulated firms reinforcing the importance it places on diversity within boards for improving decision making and providing effective challenge. It reminds firms it expects them to...
Have a look at our retail banking timeline
In conjunction with the FIN. blog, we have today launched a retail banking timeline over on the Womble Bond Dickinson website. Our timeline highlights key dates, legislation, events and insights relevant to the retail...
FCA writes to CEOs on end of LIBOR
FCA has written a Dear CEO letter to asset management firms on preparing for the end of LIBOR. It expects firms to take all reasonable steps to ensure the end of LIBOR does not lead to markets being disrupted or...
APP Scams Interim Funding Extension
UK Finance confirmed on 27 February that the payment service providers who have provided the interim funding arrangement since May last year, have agreed to extend their funding to the end of the year (31/12/20). This...
ECB Speech: Climate Change in FS
Christine Lagarde made a speech on climate change and the financial sector on 27 February 2020. Christine identified both the threat and significant opportunity caused by climate change. She urged central banks to...
Commission publishes PRIIPs information test results
The Commission has carried out a project testing the effectiveness of presented information to retail investors within the PRIIPs framework. It sent out 10 different versions of performance scenarios and past...
Mental Health: Practical Guide
The Money and Mental Health Policy Institute and the Money Advice Trust have jointly created a practical guide to understanding and evidencing customers’ mental health problems. The guide is aimed primarily at...
Bank of England speech: turbo-charging LIBOR transition
Andrew Hauser of the Bank of England has announced two new initiatives to encourage Sterling LIBOR transition in a speech on 26 February 2020. Firstly, the Bank is going to publish a daily SONIA Compounded Index from...
LSB: Access to Banking Standard Summary Report
The LSB published its Access to Banking Standard Summary Report on 24 February 2020. The report sets out the LSB’s findings following its latest review of relevant firms’ compliance with the Access To...
Dormant Assets Scheme Consultation
This morning, HM Treasury published a consultation document setting out its proposals for expanding the dormant assets scheme. The consultation discusses the background to the current scheme and then sets out proposals...
FSB priorities published
The FSB published a letter addressed to all G20 Finance Ministers and Central Bank Governors on 18 February 2020. The letter sets out the areas that the FSB are focusing their efforts on. All of the measures are to...
Latest current account data released
The FCA has today published the latest table of data provided to them by current account providers (both business and personal). The data allows consumers and small businesses to compare the services provided by each...
MPs debate Consumer Rights Act 2015 and Consumer Ombudsman Scheme
Last week, MPs debated the Consumer Rights Act 2015 and the Consumer Ombudsman Scheme (COS) in the House of Commons. Sir Roger Gale chaired the 30 minute debate brought by Martyn Day (SNP) who previously raised the Act...
FCA publishes annual sector views
The FCA has just published its annual sector views report which comprises a state of the nation in terms of the financial services industry. The report sets out the drivers for change in each financial services sector...
Unfair Treatment lands Moneybarn big fine
The FCA announced today that it was imposing a £2.77 million fine on Moneybarn Limited for not treating customers fairly between 1 April 2014 and 4 October 2017. The car finance provider had failed to provide adequate...
ESMA Chair delivers speech on sustainable finance issues
On 12 February, Steven Maijoor delivered a keynote speech on sustainable financial markets at the European Financial Forum in Dublin. In his speech, Mr Maijoor discussed the role of regulatory authorities in tackling...
FCA appoints Interim Executive Director of Strategy and Competition
The FCA has appointed Sheldon Mills as the Interim Executive Director of Strategy and Competition. Sheldon will begin the role on 16 March 2020 and replaces Christopher Woolard as he steps into the role of Interim Chief...
FCA guidance to GI distribution chain
We have written an article about FCA’s findings on potential harm caused by the general insurance distribution chain and its guidance to firms in the sector setting out its expectations of them.
FCA Update: Basic Bank Accounts
The FCA has published their findings today (11/02/20) following a review of how 5 of the 9 banks, who provide Basic Bank Accounts (BBAs), give information about them to their customers. The object was to understand how...
EIOPA updates on cloud outsourcing guidelines
EIOPA has confirmed its guidelines on outsourcing to cloud service providers are now available to national supervisors. The guidelines address: how to determine whether cloud services are within the scope of...
New appointments to the FCA Board
HM Treasury has confirmed the appointments of Jeannette Lichner and Bernadette Conroy to the FCA Board. The new NEDs will each serve three-year terms beginning on 1 April and 1 August 2020 respectively.
PRA issues bans following failure of Enterprise the Business Credit Union Ltd (EBCU)
The PRA has banned two former EBCU directors from the financial services industry for their part in the failure of the company, which held £7m in savings for its 1,900 members. EBCU entered into administration in 2015...
ESMA outlines sustainable finance strategy
On 6 February, ESMA published its sustainable finance strategy which sets out how ESMA plans to focus on sustainability. ESMA’s key priorities include: completing the regulatory framework on transparency...
CMA writes to Nationwide
The CMA has written to Nationwide setting out the CMA’s understanding of the action that has been taken by Nationwide since they breached Part 6 of the Retail Banking Market Investigation Order 2017. Nationwide...
Goods Mortgages Bill: First Reading
The Goods Mortgages Bill which we talked about in a previous post, has now had its first reading in the House of Lords. If it becomes law it will: create a new form of non-possessory security that can be created over...
Breathing space to help millions in debt crisis
The government has today, 6 February, Time to Talk Day, published its impact assessment for “breathing space”, a scheme designed to help millions of people in debt crisis, including those suffering with...
Pay.uk calls for views on retail payment standards
Pay.uk is seeking views on the recommended approach of how global standard ISO 20022 should be used as part of the standards for the NPA. Its consultation builds on previous agreements and the direction it has...
FCA makes travel insurance PEMC rules
FCA has published its policy statement and final rules to help consumers with serious pre-existing medical conditions to understand the travel insurance market better. The new requirements will: require firms that sell...
Open Banking Implementation Entity (OBIE) proposes changes to the Agreed Timetable and Project Plan
Following a two-month consultation with stakeholders interested in Open Banking, on 3 February, the Implementation Trustee of the OBIE presented his proposed revised Agreed Timetable and Project Plan to the CMA. The...
EBA begins 2020 EU-wide stress test
The stress test is designed to provide banks, supervisors and other market participants with a common analytical framework to consistently assess and compare the resilience of EU banks to economic shocks. As in previous...
FCA writes Dear CEO letter on persistent debt customers
The FCA has written to credit card firms telling them to review their approach to borrowers who have been stuck in a persistent debt cycle for three years. The regulator requires firms to propose and agree plans with...
PSR Call for Input (CP20/2) on Payments Architecture
The PSR today published a call for input into competition and innovation in the UK’s new payments architecture (NPA). The document includes details of the potential competition issues that the PSR have identified...
FCA: Overdraft Pricing Request
The FCA has written to firms today requesting details about how they have reached their overdraft prices and the measures firms have put in place to protect consumers. In particular the FCA is asking all firms to...
Government writes to UK Finance on mortgage prisoners
John Glen has written to UK Finance setting out the possibilities for mortgage prisoners to switch deals. FCA data shows that 170,000 borrowers whose mortgages are in closed books or owned by unregulated firms are...
FCA and IBA write to ISDA on LIBOR
In December 2019, the International Swaps and Derivatives Association (ISDA) wrote to the FSB and recommended that the FCA and the ICE Benchmark Administration (IBA) provide further clarity about the length of any...
Progress update on PSR’s work
Chris Hemsley, Managing Director of the Payment Systems Regulator (PSR) delivered a speech at last week’s Westminster Business Forum: Payments, policy and regulation – infrastructure, innovation and end-user...
PRA publishes Pillar 2 policy statement
PRA has published its feedback to its consultation on updating the Pillar 2 capital framework in respect of capital buffers, and updated Statements of Policy and Supervisory Statements to include the changes. The...
FCA’s Firm Details Confirmation Requirements
The FCA is now requiring firms subject to SUP 16.10 reporting requirements to update their firm details annually (within 60 days of their accounting reference date) even if there has been no changes. The confirmation...
BOE updates on ISO 20022
The BOE has published the final ‘like-for-like’ message set for the Introductory Phase of the ISO 20022 CHAPS migration. ISO 20022 will be the new international standard for payments messaging. The update includes the...
Dear CEO letter re FSA047/048 returns
Given the progress of the UK Withdrawal Bill, the PRA has confirmed through a Dear CEO letter that relevant financial institutions no longer need to submit FSA047/048 returns after 22 January 2020. This return had been...
Financial Services AI public-private forum
On 23rd January, the FCA published the Terms of Reference for the Financial Services Artificial Intelligence Public-Private Forum (AIPPF), which it is establishing with the Bank of England to further constructive...
CMA publishes update on loyalty penalty progress
Following the Citizens Advice super-complaint to the CMA about the loyalty penalty (when companies charge longstanding customers more than new customers or those who renegotiate their deal), the CMA identified a...
PSR consults on COP exemption requests
The PSR is consulting on a potential variation to its Specific Direction 10 on Confirmation of Payee. It had previously told the members of the UK’s 6 largest banking groups that they must fully implement COP by...
FSB reports on non-bank financial intermediation
The FSB has published the results of its global monitoring exercise in which it assesses risks and trends from non-bank financial intermediation (NBFI). The annual exercise, which includes data from 29 jurisdictions...
EBA finds “identified staff” RTS working well
EBA has conducted a peer review of how national regulators have applied its RTS on the criteria for identifying staff whose professional activities have a material impact on an institution’s risk profile. The...
FCA outlines plan to simplify cash savings market
The FCA’s 2015 Cash Savings Market Study found that the cash savings market is not operating effectively for many consumers, especially those with easy access cash savings accounts or easy access cash ISAs. The...
FCA writes to boards on personal and commercial line harm
FCA has written to the Boards of Directors of insurers setting out its views on the key risks of harm that personal and commercial lines insurers can post to their customers and the markets. It is telling firms about...
Consumer Credit Directive: Still Fit for Purpose?
We’ve written an article on the EBF conclusions on whether the Consumer Credit Directive is providing the protections it was intended to.
UK regulators announce data reforms
The FCA has released its new Data Strategy which outlines plans to develop its data capabilities through a renewed focus on the use of advanced analytics and automation techniques. The FCA hopes this strategy, an...
CCPs deemed equivalence and recognition decisions extended by ESMA and Commission
In the light of the impending putative date for the UK to leave the EU, potentially on the basis of a ‘hard Brexit’, the European securities regulator and the Commission have extended the temporary...
PRA increases scrutiny of Lloyd’s of London over whistleblowing issues
The PRA has announced that they have temporarily increased their supervision of Lloyd’s of London in relation to their whistleblowing processes. This results from the notification to the PRA by the Society of...
EVENT: Retail Banking Mixer
Bringing together professionals in the insurance, banking and other financial services sectors, we will be hosting the first of our quarterly RETAIL BANKING MIXERS at our Edinburgh office on 9th January from 4pm –...
FPC publishes latest Financial Stability Report
In its latest Financial Stability Report, the FPC has published its latest stress testing results and current view on the stability and state of the UK financial system. In addition to its comments on open-ended funds...
FCA calls for input on open finance
FCA has launched a Call for Input on Open Finance. The concept builds on the principles of open banking and extends it to a wider range of products. FCA has a vision that open finance will allow consumers and...
Basel Framework published
BIS has published a consolidated version of the standards prepared by the Basel Committee on Banking Supervision. The resulting Basel Framework pulls together the 14 standards and also includes current, historic and...
EMIR updating Regulation published in OJ
Regulation (EU) 2019/2099 amending EMIR (commonly known as EMIR 2.2) has been published in the OJ. The objective of amendments introduced by this regulation includes the establishment of a CCP supervisory committee to...
EIOPA proposes Guidelines for ICT security and governance
In the context of the increasing complexity of ICT and frequency of cyber incidents with a material detrimental impact on operations, EIOPA has published a consultation paper on proposed Guidelines on Information and...
BIS considering prudential treatment for crypto-assets
BIS is inviting responses to a discussion paper on the design of a prudential treatment for crypto-assets, in recognition of the growth in these types of products and related services, and consequential and resulting...
Sustainable lending and the election
We have written an article about sustainable lending and the implications of the election manifesto pledges on the green lending market
FSB publishes BigTech and cloud service provider reports
The Financial Stability Board (FSB) has published two reports considering the financial stability implications from market developments in BigTech in finance, and from third party dependencies in cloud services. The...
FUNDamentals Series: Event 2
This Tuesday we hosted the second seminar in our FUNDamentals series in our Edinburgh office. The session was jointly hosted with NCM Fund Services and Aberdeen Standard Investments and focussed on exploring Real...
Regulators develop work on Operational Resilience
The BoE, the PRA and the FCA have developed a joint policy summary setting out new requirements for operational resilience for regulated firms and financial market infrastructures (FMI). The work is spearheaded by...
PRA to modernise outsourcing and risk management expectations
In the light of the development of various European Guidelines regarding outsourcing requirements, as well as recent practical ‘failures’ such as IT systems going down, the PRA is consulting on proposals to...
Risk management guidance published by professional bodies association
The Risk Coalition, a UK association comprising not-for profit professional bodies and membership organisations and focusing on raising the standards of risk management, has published a guidance document for board risk...
CMA confirms amendment of Retail Banking Market Investigation Order 2017
Following the CMA’s consultation on amending the Retail Banking Market Investigation Order 2017, the CMA has confirmed the removal of the provisions in and related to Part 6 that are effectively duplicative of new...
EP publishes position on NPLs
The European Parliament has published its draft report on the proposal for a Directive on credit servicers, credit purchasers and the recovery of collateral. The proposal is intended to make sales of non-performing...