In this issue: FCA interim mortgages market study report finds good competition but room for improvements; European Parliament publishes briefing on third-country equivalence; and more...

UK

FCA interim mortgages market study report finds good competition but room for improvements

The Financial Conduct Authority (FCA) has published the interim report on its mortgages market study. The FCA says competition in the market is working well, but there a number of ways in which the market could work better for some people, and it is consulting on a range of proposed remedies.

FCA, 4 May 2018

BoE appoints senior adviser on the long-term future of the financial system

A press release from the Bank of England announces that Mark Carney, the governor of the Bank of England, has appointed Huw van Steenis as a senior adviser on the long-term future of the financial system. Huw will work on deepening the understanding of several major issues. The appointment is expected to last between six and nine months.

BoE, 3 May 2018

Andrew Bailey sets out FCA's work tackling high-cost credit

The chief executive of the Financial Conduct Authority (FCA), Andrew Bailey, has delivered a speech on high-cost credit, saying the FCA has a responsibility to ensure there is a framework of rules that firms comply with which reduces the risk of consumer harm but allows the provision of credit where it is appropriate and affordable. The speech focused specifically on Payday loans, price capping as well as the alternatives to high-cost credit.

BoE, 2 May 2018

PSR sets out expectations of LINK on ATM availability

The Payment Systems Regulator (PSR) notified LINK of its reporting requirements, which includes the information it requires LINK to provide on a monthly basis. The PSR is monitoring the impact of LINK’s 31 January 2018 decision on ATM interchange fees, to ensure communities maintain access to free cash withdrawals.

PSR, 1 May 2018

FCA data shows big rise in company director investigations

The FCA opened 45 investigations into company directors in 2017, compared to 21 in 2015 and 24 in 2016. Ten of the investigations launched in 2017 related to culture and governance, compared to two in 2016 and none in 2015. Investigations related to financial crime showed a similar increase, with 12 in 2017 compared to five in 2016 and none in 2015. Retail conduct investigations showed a significant increase, whilst mis-selling investigations decreased. Insider dealing cases remained at the figure of one per year.

EBA, 27 April 2018

ECB and BoE to form Brexit risk management working group

Following a request by the European Commission and HM Treasury, the European Central Bank (ECB) and the Bank of England (BoE) are to convene a technical working group on financial services risk management in the period around 30 March 2019. This technical work will be separate from the ongoing negotiations on the withdrawal agreement between the EU and the UK and from the negotiations on the overall understanding of the framework for their future relationship.

HM Treasury, 27 April 2018

Worldwide

European Parliament publishes briefing on third-country equivalence

The European Parliament published a briefing on third-country equivalence in EU banking and financial regulation. It covers the latest regulatory developments on equivalence, including elements of the ongoing European Supervisory Authorities review, the Investment Firm Review, and EMIR 2.2 that are being discussed at Parliament and Council.

European Parliament, 27 April 2018

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Lorna Finlayson

Lorna Finlayson

Partner, Financial Regulation
Edinburgh

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Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation
Leeds, UK

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