This week has seen the Chancellor deliver his Autumn Statement, focussing on several items relevant to financial services. In other news, the FCA has published a financial crime guide for consumer credit firms.
Competition and savings: the regulator’s perspective
Director of Strategy and Competition at the FCA, Christopher Woolard, has delivered a speech at the TISA Annual Conference.
FCA, 25 November 2016
CMA publishes details of enforcement and advocacy outcomes
The CMA has compiled and published the outcomes of its work in Competition Act, consumer enforcement and advocacy cases, the outcomes now being published cover 3 areas:
- Directions and commitments currently in force from companies resulting from Competition Act investigations, which have been accepted or issued by the CMA.
- Recommendations made by the CMA to government, regulators, other public bodies and business groups as a result of market studies and investigations as well as advocacy work. The CMA has had the power to make recommendations to the government on the impact on competition arising from legislative proposals.
- Commitments secured from companies and individuals by the CMA since April 2014 as a result of its civil consumer enforcement work.
CMA, 25 November 2016
Autumn Statement 2016: financial services
The Chancellor Philip Hammond, delivered the Autumn Statement on 23 November which included a number of items relevant to financial services as follows:
- Insurance linked securities
- Pensions scams
- Consumer insurance markets
- Credit unions
- Bank levy reforms
HM Treasury, 23 November 2016
PSR board meeting minutes for September 2016
Minutes of the Payment Systems Regulator (PSR) board meeting on 14 September 2016 have been published. Key items of interest include:
- BoE's real-time gross settlement consultation
- Future role of the Payments Strategy Forum and the PSR
- Changes to the PSR Enforcement Governance Committee
- Competition Decision Committee enforcement
PSR, 23 November 2016
FCA financial crime guide for consumer credit firms
The FCA has published a guide for consumer credit firms that provides high-level guidance on steps to be taken to reduce financial crime risk. The FCA has also published a webcast on financial crime requirements that consumer credit firms can register for on their webpage.
FCA, 21 November 2016
Increasing deposit protection limit, PRA consults
The PRA has published a consultation paper that contains proposals to reset the limit of protection provided by the Financial Services Compensation Scheme (FSCS) to depositors of PRA-authorised firms from £75,000 to £85,000, on 30 January 2017.
PRA, 21 November 2016
Building societies maintain share of lending in slowing mortgage market
The Building Societies Association (BSA) has published a press release announcing the mortgage lending and saving figure for all 44 building societies for the third quarter of 2016.
BSA, 21 November 2016
Second impact assessment of IFRS 9 on EU banks launched by EBA
The EBA has published a press release announcing it has launched a second impact assessment of IFRS 9 on EU banks. This is based on experience gained from the first impact assessment and will build on initial objectives. The sample taken is likely to be of circa 50 institutions across the EU.
EBA, 24 November 2016
Terms of reference of retail banking of the Remedy Implementation Programme Board published
The Competition and Markets Authority has published the terms of reference of the Remedy Implementation Programme Board (RIPB) which was established to assist in the implementation of the remedies resulting from the retail banking market investigation. The RIPB will meet every four to six weeks, following on from the first meeting which took place on 17 October 2016. The minutes of the first meeting which discussed the terms of reference and progress made have also been published.
CMA, 24 November 2016
Consultation on regulatory fees for 2017/18 from PSR
PSR, 24 November 2016
SEPA rulebooks, rules and guidelines updated for November 2016
The European Payments Council has published new version of its SEPA scheme rulebooks. In a press release the EPC explains these will take effect from 19 November 2017 so that participants have a year to adapt their systems to ensure compliance. Existing rulebooks have also been updated to make administrative changes only, which take effect from 24 December 2016.
EPC, 24 November 2016
Consultation on revised guidelines on correspondent banking
The Basel Committee on Banking Supervision has issued a consultation document on a revised version of its guidelines on correspondent banking. This draft aims to ensure that banks conduct corresponding banking business with the best possible understanding of AML and CTF rules. The consultation closes on 22 February 2017.
BCBS, 23 November 2016
Green Paper on retail financial services adopted
The European Parliament has announced the adopted provisional text of its resolution on the European Commission's Green Paper on retail financial services.
European Parliament, 22 November 2016
FSB updates list of G-SIBs for 2016
The Financial Stability Board (FSB) has published an updated list of banks recognised as global systemically important banks (G-SIBs)
FSB, 21 November 2016