This week has seen the PRA update its webpage on credit union regulatory reporting. In other news, the FCA has published a consultation document on their future mission.
Update on credit union regulatory reporting from PRA
The PRA has updated its webpage on credit unions, setting out the next steps for regulatory reporting. This follows on from a consultation on proposals which suggested quarterly or annual returns and regulatory data being entered electronically. The online system is intended to go live on 3 January 2017 and the PRA will further update credit unions on the following:
- Final policy following the consultation which closed on 5 September 2016
- System login details
- Accessing the new system and support available
Building societies lending age limits
The Building Societies Association has published an updated list of the 30 societies who have chosen to increase their upper lending criteria age limit to 80, 85 or has removed it all together.
Consultation from FCA on its future mission
The FCA has published a consultation document on its future mission which is designed to provide guiding principles around strategic choices and inform future strategy. The key themes covered include:
- Protecting consumers
- Vulnerable consumers
- Delivering consumer redress
- When the FCA intervenes
- The scope of regulation
- The interaction between regulation and public policy
- Competition, supervision and enforcement
- The FCA Handbook
Comments are required by 26 January 2017. An accompanying regulation round-up states the FCA will publish the final mission paper with its 2017/18 business plan.
High street bank figures for September 2016
The BBA has published figures for high street banks relating to September 2016. Findings show that consumer credit is growing at its fastest rate since December 2006, mortgage approvals have picked up slightly despite the underlying weakness still evident in the housing market, and business borrowing is down slightly which may be as a result of the EU referendum.
FCA publishes revised guidance consultation on guarantor loans
The FCA has published a revised proposed guidance consultation (GC16/7) on guarantor loans under the requirement in section 87 of the Consumer Credit Act 1974 to serve a default notice before enforcing a guarantee or indemnity following breach of a regulated agreement.
Financial Action Task Force guidance on correspondent banking services
The FATF has published guidance on correspondent banking services which addresses the issue of de-risking and clarifies how money laundering and terrorist financing risks should be managed. The guidance states that any enhanced due diligence measures should be commensurate to the degree of risk, and an accompanying webpage looks at how "de-risking" has negatively impacted correspondent banking.
Financial action Task Force, 21 October 2016
Final migration to SEPA for non-euro countries starts today
From 31 October 2016, all euro-denominated credit transfers and direct debits initiated in non-euro SEPA countries, sent to accounts in other SEPA countries (both euro and non-euro countries), will have to be compliant with the SEPA Regulation.
EBA consultation responses: RTS on strong customer authentication and secure communication under PSD2
Responses to the consultation on draft RTS on strong customer authentication under PSD2 have been published on the EBA's webpage. This results from a consultation in August 2016 and includes responses from the European Payments Council, European Banking Federation and European Payment Institutions Federation, amongst others.
Third meeting of the Mobile Proxy Forum: minutes published
Minutes have been published from the third meeting of the Steering Committee of the Mobile Proxy Forum which took place in June 2016. The focus for the future includes identification of a solution for interoperable P2P mobile payments in line with recommendations of the Euro Retail Payments Board, preparation of a first draft of rules for operating by November 2016 and working towards the launch of the Standardised Proxy Lookup Service in November 2017.
Partner, Financial Regulation and Co-head of Financial Services Sector