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