The FCA has published Policy Statement 16/25: Home finance customers with a payment shortfall: minor Handbook changes and feedback to CP16/16 (PS16/25).
PS16/25 will be of interest to firms administering mortgages or home purchase plans (HPPs) and trade bodies for these firms. Those who support the provision of these services may
The Financial Ombudsman Service (FOS) has published a consultation on its proposed plans and budget for the next financial year (2017/18). The proposals include:
On December 12, 2016, the Federal Reserve Board announced the issuance of a Policy Statement and Supervisory Letter with instructions on how banking entities can request extensions of time to conform their legacy illiquid covered funds to the requirements of the Volcker Rule. Requests will have to be made by mid-January 2017.
Background
The
The FCA has published Thematic Review 16/10: Early arrears management in unsecured lending (TR16/10). TR16/10 will be of interest to firms engaged in unsecured lending activity. It will also be of interest to trade bodies representing lenders, debt collection firms and debt advice providers, as well as to consumers and groups that represent
Following the publication of the report of the external independent committee “Committee Ottow” on 30 November 2016 regarding the integrity and suitability screenings, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which it indicates that further improvements will be made to the integrity and suitability screening process.
On 13 December 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a report titled “Vision for the future of the Dutch insurance sector” (the Report) containing an analysis of the impact that various developments will have on the Dutch insurance sector over the next five to ten years, taking
The proposed amendments to the Bank Act (Canada) (the Amendments) which would add a Financial Consumer Protection Framework (the Framework) (described in our recent post) will be withdrawn from Bill C-29. Bill C-29 passed third reading in the House of Commons and is currently before the Senate of Canada. News reports indicate
The European Parliament has published a briefing note, Brexit: the United Kingdom and EU financial services. The briefing note describes the role of the UK in the Single Market for financial services, and highlights which activities rely on passporting. The briefing note uses publicly available information such as analytical papers prepared by research institutes
The FCA and PRA have issued a joint consultation paper that sets out proposals for updating the PRA’s notes to the Mortgage Lenders & Administrators Return (MLAR), the notes for completion of the MLAR in the FCA’s Supervision manual (SUP) and the MLA-D1 form for reporting second charge lending (also in
The PRA has published Consultation Paper 46/16: IFRS 9: changes to reporting requirements (CP46/16).
In CP46/16 the PRA sets out proposed changes to regulatory reporting requirements arising from the introduction of International Financial Reporting Standard 9 (IFRS 9) from 1 January 2018. The proposals affect UK banks’ and building societies’ existing