Included in this weeks edition of InCredit: House of Lords publishes briefing on Financial Services; UK Finance sets out proposals in response to review of ADR for SMEs; HMT publishes feedback from Draft Banks and Building Societies and more...

UK

House of Lords publishes briefing on Financial Services (Implementation of Legislation) Bill in advance of second reading

The House of Lords Library has published a briefing in advance of the second reading in the House of Lords of the Financial Services (Implementation of Legislation) Bill on 4 December 2018. The bill would provide a delegated power to enable HM Treasury to make corresponding or similar provision to specified pieces of EU financial services legislation in the event that the UK leaves the EU without a deal.

UK Parliament, 30 November 2018

UK Finance sets out proposals in response to review of ADR for SMEs

UK Finance has outlined a series of voluntary proposals that have been agreed by the banking and finance industry in response to the recommendations of Simon Walker's independent review of alternative dispute resolution (ADR) for small and medium size enterprises (SMEs). The proposals include supporting the extension of the mandate and scope of the Financial Ombudsman Service (FOS) to include most SMEs and funding an interim scheme for larger SMEs.

UK Finance, 30 November 2018

HMT publishes feedback from Draft Banks and Building Societies (Priorities on Insolvency) Order 2018: technical consultation

HM Treasury has published feedback from the Draft Banks and Building Societies (Priorities on Insolvency) Order 2018: technical consultation. It summarises the feedback received to the consultation and provides an update on the government's approach to the transposition of the EU Bank Creditor Hierarchy Directive.

HM Treasury, 29 November 2018

The Financial Services (Implementation of Legislation) Bill—policy note

HM Treasury published a policy note in relation to The Financial Services (Implementation of Legislation) Bill (the Bill) outlining the Bill's purpose and further detail on the 'in-flight files' specified in the Bill itself. The Bill provides the UK Government with a delegated power, in a no-deal scenario, to implement and make changes to a specified list of 'in-flight files' for two years after the UK's withdrawal from the EU. 'In-flight files' are pieces of EU financial services legislation agreed or in negotiation at the point of the UK's exit, with implementation dates falling in the two years after exit.

HM Treasury, 28 November 2018

FCA's consumer research on the proposed price cap in the Rent-to-Own sector

The FCA published a report produced by PWC on its consumer research into the FCA’s proposed introduction of a price cap in the Rent-to-Own sector. Primary consumer research was needed to help inform the FCA’s analysis of the impacts of any potential pricing intervention to be used alongside evidence provided by firms and their analysis of credit reference agency data. This quantitative research builds on qualitative research, also conducted by PwC, in early 2018.

FCA, 22 November 2018

FCA publishes its approach to authorisation

The FCA has published its FCA Mission: Approach to Authorisation and feedback statement. This follows the FCA’s Approach to Authorisation consultation paper published in December 2017. The paper includes detailed discussion on the purpose of authorisation and the FCA’s approach to it, including how it assesses authorisation applications for individuals who hold key roles in solo-regulated and dual-regulated firms, how it assesses the drivers of behaviour that can create culture likely to cause harm and examples of situations where revoking authorisation, registration, and approval may be carried out. 

FCA, 28 November 2018

Worldwide

EBA provides overview of CRD IV implementation and transposition

The European Banking Authority (EBA) has updated all the information disclosed by EU competent authorities according to its implementing technical standards (ITS) on supervisory disclosure, which was published in the EU Official Journal on 4 June 2014. This information, published in an aggregated format, provides an overview of the implementation and transposition of the Capital Requirements Directive (CRD IV) and Capital Requirements Regulation (CRR) across the EU.

EBA, 30 November 2018

EBA updates compliance table for BRRD 'failing or likely to fail' guidelines

The EBA has published an updated compliance table for its guidelines on the interpretation of the different circumstances when an institution shall be considered as failing or likely to fail under Article 32(6) of Directive 2014/59/EU (the Bank Recovery and Resolution Directive). According to the table, competent authorities from all EU Member States comply or intend to comply with the guidelines.

EBA, 30 November 2018