This week has seen the announcement that the help to buy scheme will close by the end of the year. In other news, the PRA has issued a policy statement on underwriting standards for buy-to-let mortgage contracts, which follows on from a consultation in March.


REGULATORY

UK

Concerns about resilience and security of bank IT systems from Treasury Committee

The Treasury Committee has published correspondence between the Chairman of the Treasury Committee and the FCA and PRA regarding concerns about the resilience and security of bank IT systems. The Parliamentary webpage also contains further correspondence on the issue dating back to January 2016. The Treasury Committee has asked the PRA and FCA for further assurance that they will act to strengthen IT systems in the financial services sector.

UK Parliament, 28 September 2016

Help to Buy scheme ending this year

The Chancellor has confirmed to the Governor of the Bank of England that the Help to Buy scheme will close by the end of the year. The government says the scheme is no longer needed as confidence in the market returns.

Professional Adviser, 30 September 2016

Policy statement on underwriting standards: buy-to-let mortgages

The PRA has issued a policy statement on underwriting standards for buy-to-let mortgage contracts, which follows on from a consultation in March. The final version of the supervisory statement, which outlines minimum expectations firms should meet, has also been published. A further press release states that the PRA will consider to monitor impacts and will consider a thematic review in early 2018.

PRA, 29 September 2016

FCA consultation paper - Whistleblowing rules in UK branches of overseas banks

The FCA has published a consultation paper (CP16/25) on whistleblowing in UK branches of overseas banks. Comments are to be received by 9 January 2017.

FCA, September 2016

PRA consultation paper - Whistleblowing in UK branches of banks and insurers

The PRA has published a consultation paper (CP35/16) which proposes amendments to rules that will require UK branches of PRA-regulated banks and insurers to inform workers about the PRA's and FCA's whistleblowing services and how to use them. Comments are to be received by 9 January 2017.

PRA, 28 September 2016

UKRN final report on price comparison websites

The UK Regulators Network (UKRN) has published a final report on price comparison websites.

UKRN, 27 September 2016

FCA speech - Balancing regulatory objectives in consumer credit market

The FCA has published a speech made by Jonathan Davidson, FCA Director of Supervision: retail and authorisations, on the subject of balancing regulatory objectives in the consumer credit market.

FCA, 27 September 2016

PRA policy statement - Implementing risk-based levies for FSCS deposits class

The PRA has published a policy statement (PS25/16) on implementing risk-based levies for the Financial Services Compensation Scheme (FSCS) deposits class.

PRA, September 2016

FCA Market Watch - Issue 51

The FCA has published its September edition (Issue 51) of Market Watch covering market conduct and transaction reporting issues.

FCA, 27 September 2016

EU

BCBS final guidance - Application of core principles to regulation and supervision of institutions relevant to financial inclusion

The Basel Committee on Banking Supervision has published final guidance on the application of the core principles for effective banking supervision to the regulation and supervision of institutions relevant to financial inclusion.

BCBS, 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
Leeds, UK

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