Included in this weeks edition of InCredit: FOS strategic plans and budget for 2019/2020; Appointments of external members to FPC announced; EBA launches consultation to amend Regulation on benchmarking internal models and more...


UK

FOS strategic plans and budget for 2019/2020

The Financial Ombudsman Services (FOS) has published public consultation about its proposed strategic plans and budget for the financial year 2019/20, together with an update on numbers for the current financial year (2018/19). The consultation closes on 31 January 2019. It will publish the final plans and budget for 2019/20 before the end of the current financial year, after it has been approved by the FCA (Financial Conduct Authority).

FOS, 17 December 2018

New and legacy loan transactions referencing Sterling LIBOR

The Working Group on Sterling Risk-Free Reference Rates has published a paper entitled 'New and legacy loan transactions referencing Sterling LIBOR'. The paper is intended to raise market awareness regarding potential considerations for loan market participants in relation to new and legacy loan agreements which reference Libor. Its aim is to help market participants increase their level of preparedness and forward planning.

Bank of England, 3 January 2019

Appointments of external members to FPC announced

The Chancellor, Philip Hammond, has announced the appointment of Dame Colette Bowe and Dame Jayne-Anne Gadhia as external members of the Bank of England's Financial Policy Committee (FPC).  Dame Colette and Dame Jayne-Anne will replace Richard Sharp and Martin Taylor, who are stepping down at the end of Q1 2019 and Q2 2019 respectively. Dame Jayne-Anne will take up her role in time for the FPC's Q2 2019 round of meetings, with Dame Colette taking up her role in time for the FPC's Q3 2019 round of meetings. Both Dame Colette and Dame Jayne-Anne will serve three-year terms.

BOE, 3 January 2019

FCA publishes Conflicts of Interest Policy for FCA/PSR employees

The FCA has published its Conflicts of Interest Policy, applicable to employees of the FCA and Payment Systems Regulator (PSR). Breaches of the policy may result in disciplinary action or dismissal.

FCA, 3 January 2019

UK Finance: banks should put SME customers back at the heart of their business

UK Finance has published an article by Dan Cooper, partner and head of UK Banking at EY, on the banking needs of small and medium-sized enterprises (SMEs). Mr Cooper says that UK smaller companies have demonstrated remarkable resilience since the crisis through a decade of austerity. This segment now generates an annual turnover of £1.9tn for the UK economy and is at the cutting edge of innovations reshaping industries and employment patterns in a connected age. But, despite being such an important segment and for all their innovation, entrepreneurship and rapid growth, smaller businesses continue to be serviced by non-specialist advisers.

UK Finance, 7 January 2019

Worldwide

EBA launches consultation to amend Regulation on benchmarking of internal models

The European Banking Authority (EBA) launched a consultation to amend the Commission’s Implementing Regulation on benchmarking of internal models to adjust the benchmarking portfolios and reporting requirements in view of the benchmarking exercise it will carry out in 2020. The proposed changes aim at simplifying the portfolio’s structure for the credit risk part of the exercise, and getting more insights into the model used for pricing for the market risk part of the exercise. The consultation will run until 31st January 2019.

EBA, 18 December 2018

Government updates European Scrutiny Committee on progress of proposed whistleblowing Directive

The Government has published a letter sent by Kelly Tolhurst, Minister for Small Business, Consumers and Corporate Responsibility, to the European Scrutiny Committee regarding progress of EU negotiations on the proposed Directive on whistleblowing.  In the letter, the Government provides an overview of their and the European Commission's views on certain points raised by the European Scrutiny Committee.

Department for Business, Energy & Industrial Strategy, 2 January 2019

Commission issues corrected version of third progress report on the reduction of NPLs

The European Commission has issued a corrigendum to the English language version of its third progress report on the reduction of non-performing loans (NPLs) and further risk reduction in the Banking Union, published in November 2018. The new version corrects a typo in point 3.4 of the report.

European Commission, 3 January 2019

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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Clare Hughes

Clare Hughes

Partner, Financial Regulation
London

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