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.
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.
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.
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.
UKRN final report on price comparison websites
The UK Regulators Network (UKRN) has published a final report on price comparison websites.
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.
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.
FCA Market Watch - Issue 51
The FCA has published its September edition (Issue 51) of Market Watch covering market conduct and transaction reporting issues.
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.