This week has seen the FCA give an update on its ongoing project that looks at whether the financial services industry meets the needs of older customers. In other news, the PSR has published a decision designating the Current Account Switch Service as an alternative arrangement under PARs.


REGULATORY

UK

FCA reviews whether financial services meet the needs of older customers

A press release published by the FCA gives an update on progress with assessing whether the financial services industry meets the needs of older customers, following on from a discussion paper in February which suggested firms could do more to support an ageing population. A programme of work has been developed based on responses received which aims to look holistically at issues facing the older consumer. Key areas will include:

  • Pensions
  • Advice and guidance
  • Mortgages
  • Vulnerability
  • Access
  • Scams and fraud
  • Consumer communications

A further ageing populations strategy will be launched in summer 2017.

FCA, 15 September 2016

Designation decision on alternative switching services under PARs 2015

The PSR has published a decision designating the Current Account Switch Service as an alternative arrangement under PARs. To meet the necessary criteria, the scheme must, amongst other things, be clearly in the interests of consumers.

Payments Systems Regulator, 14 September 2016

EU

Model deposit guarantee scheme co-operation agreement published by EFDI

The European Forum of Deposit Insures has published its model deposit guarantee scheme co-operation agreement along with a supporting rulebook. In its press release the EFDI explains that the co-operation agreement provides the framework and a methodology for cross-border payouts of deposits, as well as addressing IT data requirements, crisis communications and funding.

European Forum of Deposit Insurers, 15 September 2016

ECB consults on draft guidance to banks on non-performing loans

The European Central Bank has published for consultation draft guidance to banks supervised under the single supervisory mechanism (SSM) on non-performing loans.

European Central Bank, 12 September 2016

Response on consultation on further considerations for implementing NSFR under CRR

The ECB has published the response of the Eurosystem to the EC's consultation on further considerations for implementing the net stable funding ratio in the EU. This follows the consultation in May 2016 and the Eurosystem (the ECB and national central banks of member states in the Eurozone) has commented that the NSFR will contribute to financial stability by improving banks' funding profiles and making the sector more resilient.

European Central Bank, 14 September 2016

European Implementing Regulation on indices and recognised exchanges under CRR

The OJ has published the European Implementing Regulation laying down ITS with regard to main indices and recognised exchanges in accordance with the Capital Requirements Regulation. This follows on from ESMA's published opinion proposing changes to its draft ITS relating to the Implementing Regulation.

Official Journal of the European Union, 14 September 2016

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation
United Kingdom

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