Included in this edition of InCredit: FOS publishes report of its independent review; ECB announces further plans to tackle NPLs; European Commission adopts amendments to LCR Delegated Regulation and more.


FOS publishes report of its independent review

The Financial Ombudsman Service has published ‘Report of the independent review of the Financial Ombudsman Service’ (FOS) prepared by former Which? executive director Richard Lloyd concerning FOS's complaints handling.

FOS, 12 July 2018


European Commission adopts amendments to LCR Delegated Regulation

The European Commission has adopted a delegated regulation amending Commission Delegated Regulation (EU) 2015/61, which clarifies how the liquidity coverage ratio (LCR) for banks should be calculated under the Capital Requirements Regulation. The new delegated regulation makes a number of limited amendments to the LCR rules.

European Commission, 13 July 2018

ESMA issues reminder to firms on post-Brexit relocation authorisation

The European Securities and Markets Authority (ESMA) has issued a public statement reminding firms to prepare for the possibility of no agreement in the context of the United Kingdom withdrawing from the European Union. As there is no assurance that a transition period will be agreed upon, entities need to consider the scenario where a hard Brexit would take place on 30 March 2019.

ESMA, 12 July 2018

ECB announces further plans to tackle NPLs

The European Central Bank (ECB) has announced further steps in its supervisory approach for addressing the stock of non-performing loans (NPLs) in the euro area. ECB Banking Supervision will engage with individual banks to define its supervisory expectations, which are based on a benchmarking of comparable banks and guided by individual banks’ current NPL ratio and main financial features. The aim is to ensure continued progress to reduce legacy risks and achieve the same coverage of the stock and flow of NPLs over the medium term.

ECB, 12 July 2018

EBA peer review of compliance with RTS on passport notifications

The EBA published the final peer review report on the regulatory technical standards (RTS) on the information to be notified when exercising the right of establishment and the freedom to provide services for credit institutions. The report summarises the main findings of the peer review exercise, showing that competent authorities (CAs) have developed consistent and robust procedures to comply with the RTS requirements, although the EBA say the level of sophistication of these processes varies across Member States.

EBA, 10 July 2018

Key Contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation

View profile
Lorna Finlayson

Lorna Finlayson

Partner, Financial Regulation

View profile
Rosanna Bryant

Rosanna Bryant

Partner, Financial Regulation and Co-head of Financial Services Sector

View profile