July 2014

The Bank of England (BoE) has published a press release announcing the core membership of the independent Market Practitioner Panel (MPP) that is being established to support the fair and effective markets review that is being jointly carried out by the BoE, HM Treasury and the FCA.

The UK Regulators Network (UKRN) has published three discussion papers produced by its Consumer Working Group. These papers cover the following topics:

  • a review of the benefits of, and options for, Alternative Dispute Resolution in regulated sectors;
  • involvement of consumers in the development of regulatory policy; and
  • the use of data publication to enable reputational regulation.

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have today published two joint consulation papers that aim to improve individual responsibility and accountability in the banking sector. The PRA has also published a policy statement to this effect. Below we provide a brief overview of all 3 papers, namely a:

  • Policy Statement 7/14: Clawback (PRA PS7/14);
  • Consultation Paper 14/14: Strengthening accountability in banking: a new regulatory framework for individuals (PRA CP14/14); and
  • Consultation Paper 15/14: Strengthening the alignment of risk and reward: new remuneration rules (PRA CP15/14).