This week has seen the Financial Stability Board publish an action plan concerning its approach to correspondent banking


REGULATORY

FOS 'ombudsman news' issue 135

The Financial Ombudsman Service (FOS) has published issue 135 of 'ombudsman news'. The issue focuses on complaints involving scams and case studies. This issue also features information on work carried out by the Money Advice Service, Financial Fraud Action UK and the FCA in this area.

Financial Ombudsman Service, 23 August 2016

Progress report to the G20 on the FSB action plan to assess and address the decline in correspondent banking

The Financial Stability Board (FSB) has published a report outlining the progress made towards their four point action plan published in November 2015. Points include: examining the dimensions and implications of the issue; clarifying regulatory expectations; domestic capacity-building in jurisdictions that are home to affected respondent banks; and strengthening tools for due diligence by correspondent banks. The FSB intends to publish a more comprehensive report on progress by the end of 2016.

Financial Services Board, 25 August 2016

UK

CML: Gross mortgage lending stable in July

The CML has released figures showing gross mortgage lending in July was an estimated £21.4 billion. This is close to June's gross lending total of £21.5 billion and is 1% lower than July 2015 (£21.6 billion). The CML commented that the figures were consistent with the less positive backdrop for house purchase activity after Brexit.

Council of Mortgage Lenders, 25 August 2016

EU

Delegated Regulation on business reorganisation plans under BRRD

Commission Delegated Regulation ((EU) 2016/1400) has been published in the official journal of the EU which supplements the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD). The regulatory technical standards (RTS) states that firms' business reorganisation plan should contain information such as the details of the business reorganisation strategy and projected financial performance.

Official Journal of the EU, 23 August 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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