The FSB Plenary met in Frankfurt to discuss preliminary lessons learned from the recent banking sector turmoil and the outlook for global financial stability. The Plenary also agreed its deliverables to the July G20...
Author - Laura Wiles
Laura Wiles
BoE and FCA deliver on Transforming Data Collection phase one commitments
BoE and FCA have published an update on their joint Transforming Data Collection (TDC) programme, concerning: Delivery of their phase one recommendations; Progress of the phase two use cases; The Data Standards Review;...
BCBS consults on core principles for banking supervision
BCBS is consulting on revisions to its Core principles for effective banking supervision (Core Principles). In its April 2022 review, BCBS sought to reflect supervisory and regulatory developments, structural changes in...
FCA publishes findings from liquidity management frameworks review
FCA has published findings from its multi-firm review of liquidity management frameworks. It sought to understand what improvements have been made since its November 2019 letter to AFMs detailing good practice in...
FCA warns cryptoasset firms of financial promotion regime expansion
FCA has published a letter to cryptoasset firms marketing to UK consumers on complying with the expanded financial promotions regime set to apply from 8 October 2023. The letter comes after the FSM Bill received Royal...
FCA sets fees and levies for 2023/24
FCA has published its regulatory fee and levy rates for 2023/24. The regulator is freezing minimum fees, flat rate fees and application fees in an effort to encourage competition and support firms facing inflationary...
FCA highlights good and poor practice in general insurance market for customers in financial difficulty
FCA has published examples of good and poor practice arising out of its review of how the general insurance market supports customers in financial difficulty and handles claims. For customers whose policies had been...
Call for evidence on Treasury’s SME finance review
The Treasury Committee has issued a call for evidence as part of its inquiry into the financing of SMEs. On industry issues, the Committee asks: What are the key challenges SMEs face when seeking finance? Through which...
Treasury Committee probes further on savings rates
The Treasury Committee has further progressed its campaign for banks to increase savings rates by issuing letters to FCA and the UK’s biggest high street lenders: Barclays, HSBC, Lloyds and Natwest. In...
US dollar LIBOR panel ends
The US dollar LIBOR panel has ended, meaning that the overnight and 12-month US dollar LIBOR settings have permanently ceased. All new use of synthetic US dollar LIBOR is now prohibited under the Benchmarks Regulation...
FCA publishes insurance guidance on supporting customers in financial difficulty
Following its January consultation, FCA has published finalised insurance guidance on supporting customers in financial difficulty. In November 2020, FCA published guidance for insurance and premium finance firms to...
PRA publishes second policy statement on depositor protection rules
Following its September 2022 consultation, PRA has published a second policy statement on updates to its depositor protection (DP) rules. The first policy statement, published 31 March 2023, concerned changes to the so...
PSR outlines changes to card scheme and processing fees
PSR has published a third working paper on its market review of card schemes and processing fees. It previously published papers on competitive constraints and approach to profitability analysis. The latest paper...
FCA implements Mortgage Charter rules
FCA has published a policy statement setting out changes to the MCOB sourcebook to support the implementation of the Government’s Mortgage Charter. The rule changes take effect immediately from 30 June, and enable...
PRA consults on rule review
PRA is consulting on its proposed approach to reviewing its Rulebook, as required by the FSM Act. Rule review is a well-established part of PRA’s existing approach to policy making, and consists of four key steps...
Government consults on AML supervision reform
Treasury is consulting on reform to the AML and CTF supervisory system, in line with commitments in the Economic Crime Plan 2023-6. Treasury’s 2022 review of the UK’s AML/CTF regime identified that there had...
PRA sets fees and levies for 2023/24
Following its April consultation, PRA has published a policy statement confirming the fees and levies payable for the 2023/24 fee year. Respondents welcomed the reduction year-on-year to the Annual Funding Requirement...
PRA consults on adapting Solvency II to UK market
PRA is consulting on its review of Solvency II to adapt the framework to the UK insurance market. The significant reforms proposed build on the Government’s response to its own Solvency II review consultation, and...
Regulators call on firms to support customers amid cost of living crisis
FCA, Ofgem, Ofcom and Ofwat have published a joint Dear CEO letter calling on firms to support customers struggling with the increased cost of living and keep prices fair. The letter notes FCA’s Financial Lives...
FCA outlines concerns with sustainability-linked loans market
FCA has published a letter to heads of ESG and sustainable finance, setting out its review of the sustainability-linked loans (SLL) market. Interest rates in SLLs are linked to meeting certain agreed sustainability...
FCA widens access to LTAF
FCA has published its final rules on giving a wider group of retail investors and defined contribution pension schemes access to Long Term Asset Funds (LTAF). The rules recategorise a unit in an LTAF from a Non-Mass...
Government and regulators agree consumer support action plan
Chancellor Jeremy Hunt has chaired a roundtable with CEOs from CMA, FCA, Ofcom, Ofgem and Ofwat as part of the Government’s plan to halve inflation this year and return to the 2% target. Treasury expects that the...
FCA speaks on innovation in financial services
Sheldon Mills, Executive Director of Consumers and Competition at FCA, has delivered a speech at the CityUK Annual Conference on how innovation and regulation in financial services can drive the UK’s economic...
Government agrees support measures for mortgage holders
The Government has met with the UK’s principal mortgage lenders and FCA to agree a new mortgage charter providing support for residential mortgage holders. Recent market indicators show that mortgage arrears and...
FCA and SFO publish MoU on enforcement co-operation
FCA and SFO have published their MoU setting out their intentions to cooperate in relation to new investigations, intelligence developments, investigations and prosecutions. The ‘Principles of Co-operation’...
LSB reviews business lending code
LSB is consulting on its review of the Standards of Lending Practice for business customers. The consultation contains questions relating to: The impact of economic and regulatory developments Protections for customers...
BoE speech: building blocks of resilience
Sarah Breeden, BoE Executive Director of Financial Stability, Strategy and Risk, has delivered a speech on resilience within Liability Driven Investment (LDI) funds at Westminster Business Forum policy conference. The...
‘Scale challenger’ banks respond to Treasury Committee on savings rates
The Treasury Committee last month expanded its campaign for banks to increase savings rates offered to loyal customers, questioning why easy access savings rates are much lower than the current BoE base rate. The...
FMSB reviews “3 Lines” risk management model
FMSB has published its Spotlight Review and Risk Register on the “3 Lines” Model. Previously known as the “3 Lines of Defence”, the model envisages the 1st line of risk management frameworks...
FCA publishes crypto promotion final rules
FCA has published a policy statement on financial promotion rules for cryptoassets following its January 2022 consultation. The consultation proposed to clarify cryptoassets as “Restricted Mass Market...
Financial Lives 2023 snapshot shows impact of rising cost of living
FCA has published a snapshot of its most recent Financial Lives survey, which it carried out in January 2023. It found: 1.4m more adults missed payments on domestic bills or credit commitments in 3 or more of the...
FCA publishes portfolio letter for SIPP operators
FCA has published a portfolio letter to SIPP operators which sets out its view of the key harms in the SIPP operator portfolio, its expectation as to how firms should mitigate these harms, and how its expectations in...
FCA publishes latest Financial Lives survey
FCA is inviting participants in its 2022 Financial Lives survey to take part in the new follow-up survey, which looks to understand what has changed in financial services for people in the UK over the last year. The...
Treasury calls for proposals on growth and competitiveness metrics
Treasury has published a call for proposals on which metrics FCA and PRA should publish in relation to the secondary growth and competitiveness objectives introduced under the FSM Bill. The consultation notes that the...
PRA publishes policy statement on SMCR form changes
Following its January 2023 consultation, PRA has published a policy statement setting out changes to the SMCR forms in its Rulebook. In particular, PRA will: Amend the Senior Managers Regime – Applications and...
BoE consults on approach to enforcement
BoE has published a consultation paper on its approach to enforcement. In particular, it proposes making a number of amendments to existing documents, creating a consolidated set of statements of policy entitled...
FCA publishes report on 2022 whistleblowing survey
FCA has published a report setting out the findings from its whistleblowing qualitative assessment survey 2022, which engaged with a small sample of recent whistleblowers who disclosed concerns about wrongdoing to the...
BoE speech: challenges and opportunities for the mutual sector
David Bailey, BoE Executive Director for UK Deposit Takers Supervision, has delivered a speech including many references to Eurovision entries but substantively on credit risk at The Building Societies Association...
PRA publishes its 2023/24 Business Plan
The PRA Business Plan sets out PRA’s strategy, workplan, and budget for 2023/24. It will be delivered through the following strategic goals: Maintain and build on the safety and soundness of the banking and insurance...
PSR to change regulatory fees structure
Following its December 2022 consultation on whether its fee structure remains appropriate, PSR has published a policy statement setting out changes for 2023/24 onwards. The existing structure has been in place since...
PRA speech: moderation in the Bulk Purchase Annuity market
Charlotte Gerken, PRA Executive Director – Insurance, has delivered a speech on trends in the Bulk Purchase Annuity (BPA) market at the 20th Annual Conference on Bulk Annuities. The speech noted that pension...
LSB publishes its 2023/24 Business Plan and Budget
The Lending Standards Board (LSB) has published its Business Plan and Budget for 2023/24. Its focus areas this year will include financial resilience and digital journeys, and its ongoing work on the prevention of APP...
PSR speech: Innovate Finance Global Summit
Aidene Walsh, Chair of PSR, has delivered a speech at the Innovate Finance Global Summit on innovation from a regulatory perspective and promoting development in payment systems. The speech referred to recent headlines...
BoE updates on improvements to depositor outcomes
Following its December 2021 policy statement on the approach to setting a minimum requirement for own funds and eligible liabilities (MREL), BoE considered whether recent innovations in technology in the banking system...
PRA publishes 2023/24 FSCS management expenses levy limit
PRA has published a policy statement which contains its final policy following its consultation on the FSCS Management Expenses Levy Limit (MELL) 2023/24. The consultation proposed a MELL of £109.8 million for 2023/24...
PRA publishes market views on liquid asset usability
BoE/PRA have published a Feedback Statement in response to their March 2022 Discussion Paper on the prudential liquidity framework and liquid asset usability. The Liquidity Coverage Ratio (LCR) was introduced to promote...
Call for evidence on Treasury’s investment research review
Treasury has invited written evidence as part of its review of the UK’s research and investment landscape, as promised by the Edinburgh reforms. The review aims to examine the link between levels of research and...
Government publishes paper on whistleblowing framework review
Government has published a policy paper on its review of the whistleblowing framework terms of reference. The review will examine the effectiveness of the framework in meeting its original objectives under the Public...
PRA publishes policy statement on depositor protection rules changes
PRA has published a policy statement providing feedback on responses to its consultation on depositor protection. It also contains PRA’s final rules concerning the relevant amendments to the Depositor Protection...
FOS feeds back on reporting “proactively settled” complaints
FOS has published a Feedback Statement in response to its March 2023 consultation on temporary changes to outcome reporting in business-specific complaints data. FOS was seeking a longer-term or permanent way to...
FCA requires IBA to continue to publish synthetic US dollar LIBOR
Following its November 2022 consultation, FCA has decided to require LIBOR’s administrator, ICE Benchmark Administration Limited (IBA) to continue to publish the 1, 3 and 6 month US dollar LIBOR settings on a...
LSB publishes Customer Vulnerability report
The LSB has published a report reviewing customer vulnerability in the banking and lending sector. Overall, the LSB concluded that it was clear that firms are committed to meeting the requirements set out in the...
Government and BoE facilitate sale of Silicon Valley Bank UK to HSBC
On 13 March 2023, Silicon Valley Bank (UK) Ltd (SVB UK) was sold to HSBC for £1, enabling customers of SBV UK to access their deposits and banking services as usual. The sale was facilitated by BoE in consultation with...
FCA issues Supervisory Notice to Roark Holdings Ltd
FCA has issued a Supervisory Notice to Roark Holdings Ltd varying the firm’s authorisation under the PSRs 2017 by imposing restrictions on its business due to the firm’s failure to inform the FCA of a major...
BoE reports on climate risks and regulatory capital frameworks
The BoE has set out its latest thinking on climate-related risks and regulatory capital frameworks. The report includes updates on: capability and regime gaps; capitalisation timelines; and areas for future research and...
Parliament to debate acceptance of cash
On Monday 20 March, Parliament will debate petitions relating to the acceptance of cash. The session will be lead by Martyn Day MP. One petition, which has more than 33,000 signatures, seeks to ‘make it unlawful...