Since our last publication, the Advertising Standards Authority has upheld a complaint about a credit card advertisement broadcast by Santander UK plc. In other news, the Advocate General has given an opinion on the fairness of terms in a consumer loan agreement.


ASA upholds complaint and finds bank's credit card advertisement breached BCAP code

The Advertising Standards Authority (ASA) upholds a complaint about a credit card advertisement broadcast by Santander UK plc. A viewer challenged whether a TV advert for Santander's All in One credit card, seen on 1 November 2016, breached the Broadcast Committee of Advertising Practice (BCAP) code because the representative annual percentage rate (RAPR) was not given adequate prominence as required. 

ASA, 3 May 2017

TheCityUK published second report on legal impact of Brexit on UK-based financial services sector

TheCityUK published a report it has commissioned from Freshfields Bruckhaus Deringer LLP on the legal impact of the UK's exit from the EU on the UK-based financial services sector. The reports aim is to assess the extent to which the loss of specific legal rights would prevent the financial services sector from continuing to carry on business as at present. The report suggests that while the UK-based financial services sector as a whole aims to keep as many activities as possible in the UK, the key for business is to maintain an uninterrupted service to clients throughout the Brexit process.

TheCityUK, 8 May

Senior Managers and Certification Regime updates 

FCA policy statement on guidance on enforcing duty of responsibility under SMR

The FCA has published a policy statement that contains final amendments to the Decision Procedure and Penalties manual to give guidance on how it will enforce the duty of responsibility under the Senior Managers Regime (SMR) (PS17/9).

FCA, 3 May 2017

FCA policy statement on applying conduct rules to all NEDs in SM&CR and SIMR

The FCA has published a policy statement on applying the rules in its Code of Conduct sourcebook to all "standard" non-executive directors (NEDs) within the scope of the Senior Managers and Certification Regime (SM&CR) and the Senior Insurance Managers Regime (SIMR). The new rules are part of the new accountability regimes introduced in March 2016 for banks and insurers.

FCA 3 May 2017

ICO responds to call for evidence on algorithms in decision-making

The Commissioner welcomes the opportunity to respond to the Science and Technology Committee’s call for evidence on algorithms in decision-making. She recognises the timeliness of the inquiry, given the increasing use of artificial intelligence and machine learning across all sectors, and the imminent implementation of the General Data Protection Regulation, which gives individuals powerful rights relating to automated decisions and profiling.

Information Commissioners Office, 4 May 2017

PRA issues April digest

The Prudential Regulation Authority (PRA) has published its regulatory digest for April 2017. It highlights key regulatory news and publications for the month, such as the speech by the governor of the Bank of England, Mark Carney, on the high road to a responsible, open financial system, the letter from the PRA CEO, Sam Woods, on contingency planning for the UK’s withdrawal from the European Union, the PRA’s expectations on remuneration (PS7/17), and the PRA’s letter on the General Insurance Stress Test 2017. The digest also includes sections on:

  • banking publications and updates;
  • insurance publications and updates;
  • PRA consultations;
  • Bank Underground; and
  • European and international developments.

PRA, 2 May 2017

Complaints Commissioner criticises FCA for complaints handling delays and failure to electronically record significant meetings

The Office of the Complaints Commissioner has published the decision of the Commissioner (dated 6 April 2017) recommending that the FCA complaints team review its processes and quality checks to ensure that all aspects of a complaint are identified and addressed and that it reviews its practice of recording significant meetings in handwritten notes. The complaint concerned enforcement proceedings against a firm (of which the complainant had been a non-executive Chair); specifically that the FCA’s enforcement process was taking too long, had made subjective and potentially vindictive decisions, and was too reliant on "off the record" meetings with the Chief Executive.

The Office of the Complaints Commissioner, 2 May 2017

New Payment System Operator

Payment System Operator Delivery Group report on plan for consolidation of three payment systems operators. 

PSR, 4 May 2017


Advocate General gives opinion on fairness of terms in consumer loan agreement

The Advocate General has handed down an opinion on a preliminary reference, ruling that a consumer credit agreement term requiring re-payment of a loan in the foreign currency in which the loan was granted is not necessarily an unfair term. (Andriciuc and others v Banca Românească SA, Case C-186/16.)

InfoCuria, 27 April 2017

EBA publishes final draft technical standards under the Payment Accounts Directive

The final draft technical standards under the Payment Accounts Directive, which sets out the standardised terminology on services linked to a payment account and standardised formats has been published by the EBA. The Directive seeks to standardise the most relevant terminology for payment accounts across the EU.

EBA, 5 May 2017

EBA consults on PSD2 guidelines on security measures for operational and security risks

A consultation paper has been published by the EBA with the guidelines on security measures for operational and security risks under the revised Payment Services Directive. 

EBA, 5 May 2017

EBA amends ITS on benchmarking of internal approaches for 2018 benchmarking exercise

The EBA has issued a press release announcing it has amended its implementing technical standards (ITS) on benchmarking of internal approaches under Article 78(8) of the CRD IV Directive. The final draft ITS are available on the EBA's webpage on regulatory and Implementing Technical Standards on benchmarking portfolios.

EBA, 4 May 2017

ECON rejects revised Delegated Regulation amending list of high-risk third countries under MLD4

A press release has been issued by ECON announcing it has voted to reject a Delegated Regulation amending Commission Delegated Regulation (EU) 2016/1675 supplementing the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) by identifying high-risk third countries with strategic deficiencies.

ECON, 3 May 2017

ECON report on FinTech

The European Parliament's Committee on Economic and Monetary Affairs (ECON) has published a report on FinTech and the influence of technology on the future of the financial sector.

ECON, 3 May 2017

Key Contacts

Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation

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