This week has seen the FOS publish its latest six-monthly complaints data relating to banks, insurers and other financial businesses. In other news, the FCA has published its key findings from its thematic review of financially vulnerable customers.


REGULATORY

FOS – Latest complaints data

The Financial Ombudsman Service has published its latest six-monthly complaints data relating to banks, insurers and other financial businesses, finding a 3% increase on the previous period.

Financial Ombudsman Service, 6 September 2016

The Bank Levy (Amendment of Schedule 19 to the Finance Act 2011) Regulations 2016 (201/874)

The Regulations amend the definition of securities which are “high quality” and the definition of “high quality liquid assets” contained within Schedule 19 (bank levy) to the Finance Act 2011.

Legislation.gov.uk, 5 September 2016

Delegated Regulation on RTS specifying criteria methodology for setting MREL under BRRD

Commission Delegated Regulation ((EU) 2016/1450) supplementing the Bank Recovery and Resolution Directive (2014/59/EU) with Regulatory Technical Standards (RTS) specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities has been published in the Official Journal.

Official Journal of the European Union, 3 September 2016

UK

Chancellor meets City leaders to discuss financial services sector

Chancellor of the Exchequer, Philip Hammond, has met members of the European Financial Services Chairmen's Advisory Committee (EFSCAC) to discuss issues affecting the financial services industry as the UK prepares to leave the EU.

HM Treasury, 7 September 2016

FCA - financially vulnerable customers thematic review: Key findings

The FCA has published the key findings from its thematic review of financially vulnerable customers.

FCA, 6 September 2016

Treasury Committee looks to FCA to take action on retail bank overdraft charges

The House of Commons Treasury Committee has published a series of letters in relation to retail bank overdraft charges.

The House of Commons Treasury Committee, 6 September 2016

BBA – September 2016 Newsletter

The British Bankers' Association has published its chief executive newsletter for September 2016, which focuses on Brexit.

BBA, September 2016

PRA policy statement - Responses to Chapter 5 of CP41/15 – amendments to the definition of credit unions

The PRA has published a policy statement (PS23/16) on amendments to the definition of credit unions.

PRA, September 2016

EU

EBA report on core funding ratio

EBA has published a report (dated 5 September 2016) (EBA-Op-2016-15) analysing the core funding ratio (CFR) across the EU. The report follows a request from the European Commission to explore the possibilities of the CFR as a potential alternative metric to assess EU banks' funding risk, taking into account proportionality. It concludes that, overall, it would be misleading to rely only on the CFR to assess banks' funding needs. This is because, unlike the net stable funding ratio (NSFR), the CFR does not look at the whole balance sheet of a bank.

EBA, 8 September 2016

Speech by Vice-President Valdis Dombrovskis sets out approach for financial services portfolio

Vice-President Valdis Dombrovskis has given a speech at the Eurofi Financial Forum setting out an approach to the financial services portfolio.

European Commission, 8 September 2016

EACB response to ESMA consultation paper on the clearing obligation for financial counterparties with limited volume of activity

The European Association of Co-operative Banks has published its response to the Consultation Questions issued by ESMA on draft requirements regarding indirect clearing, noting that its smaller members in particular have serious difficulty in accessing CCPs both for reasons of (non) availability and cost.

EACB, 8 September 2016

ESA's Joint Committee report on risks and vulnerabilities in the EU financial system

The Joint Committee of the European Supervisory Authorities (ESAs) has published a report on risks and vulnerabilities in the EU financial system.

ESAs, 7 September 2016

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

View profile
Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation
United Kingdom

View profile