The FCA has published a speech given by Martin Wheatley (Chief Executive, FCA). The speech is entitled Leadership and conduct.
Leadership and conduct
FSB plenary meets in London
The Financial Stability Board (FSB) has published a press release following its recent meeting in London in which it discussed vulnerabilities affecting the global financial system and reviewed work plans for completing core financial reforms.
ESRB risk dashboard – issue 7
The European Systemic Risk Board has published its latest risk dashboard (issue 7).
The headlines in the risk dashboard are:
G-SIIs: issues, policies and challenges
On March 25, Julian Adams (PRA Director of Insurance) gave a speech on the challenges affecting global systemically important insurers (G-SIIs) after designation. Adams summarises the measures that are being developed for those firms that have been identified as systemic.
The ‘quiet revolution’ – how behavioural economics is influencing FCA competition policy
A number of publications in the past week have highlighted the increased focus on the FCA’s competition objective and the role that ‘behavioural economics’ will play in shaping future regulatory policy.
Court of Appeal allows claim for breach of statutory duty in PPI case
Saville v Central Capital Limited [2014] EWCA Civ 337
Court of Appeal finds credit broker liable for breach of statutory duty on the basis that had they met ICOBS requirements, a PPI policy would not have been sold to the customer. The case considered the issue of causation in cases concerning a breach of statutory duty.
Commission roadmap to meet the long-term financing needs of the European economy
The European Commission has published a Communication on crowdfunding together with frequently asked questions.
The Communication first discusses what crowdfunding is and then covers the key challenges under the following headings:
- lack of transparency on the applicable rules;
- how crowdfunding works in the EU internal market;
- how crowdfunding works within the financial ecosystem;
- promoting crowdfunding through raising awareness and building confidence; and
- possibilities for matched (public and private) financing.
Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) (No. 2) Order 2014 published
The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) (No. 2) Order 2014 has been published.
Financial Services (Banking Reform) Act 2013 (Commencement No 4) Order 2014 published
The Financial Services (Banking Reform) Act 2013 (Commencement No 4) Order 2014 (the Order) has been published.
The Order brings into force certain provisions of the Financial Services (Banking Reform) Act 2013 (the Act) relating to the competition functions given to the new Payment Systems Regulator (PSR) concurrently with the Competition and Markets Authority (CMA).
EBA finalises guidelines on the applicable notional discount rate for variable remuneration under CRD IV
The European Banking Authority (EBA) has published final guidelines on the applicable notional discount rate for variable remuneration as mandated under article 94(1)(g)(iii) of the CRD IV Directive.