Recent instances of cyber-attacks targeting third party service providers of government agencies and private sector organisations have coincided with the latest release of the Australian Cyber Security Centre (ACSC)’s 2017 Threat Report.
This report comes as a timely reminder of the ongoing digital threats to organisations, such as those in the financial services
In April 2017, we blogged that the FCA launched a strategic review of retail banking business models.
The FCA has now published Strategic Review of Retail Banking Business Models: Purpose and scope. The paper provides further detail on the strategic review’s purpose and scope ahead of engaging with firms to gather information. The paper
The PRA has issued a clarification on its website setting out information on how firms should incorporate IFRS 9 into stress testing and capital planning carried out as part of their ICAAP obligations from 2018.
This is only applicable to firms:
The Basel Committee on Banking Supervision (Basel Committee) has published guidelines concerning the identification and management of step-in risk.
By publishing these guidelines, the Basel Committee aims to mitigate potential spill-over effects from the shadow banking system to banks. This work is part of the G20 initiative to strengthen the oversight and regulation
Last week Consob, the Italian financial services regulator, took a further step in implementing MiFID II, by launching a public consultation in relation to the implementation of MiFID II regime for third-country firms.
This consultation focuses on proposed amendments to second-level regulatory measures, in particular in respect of requirements and procedures for access to the
The European Commission (Commission) has published a communication outlining its work programme for 2018. The focus of the work programme for 2018 is two-fold:
The European Commission (Commission) has published a draft version of the Commission Implementing Regulation (EU) No…/… of XXX on the extension of the transitional periods related to own funds requirements for exposures to central counterparties (CCPs) set out in the Capital Requirements Regulation and the European Market Infrastructure Regulation.
The draft
The European Securities and Markets Authority (ESMA) has published nine opinions on position limits regarding commodity derivatives under MiFID II and MiFIR. The opinions agree with the position limits proposed by the FCA and concern contracts on:
ESMA found that
The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter – Ombudsman news issue 142. This issue contains:
The FCA has announced that BrightHouse, a rent-to-own firm, has committed to pay over £14.8 million to 249,000 customers in respect of 384,000 agreements for lending which may not have been affordable and payments which should have been refunded.
BrightHouse (a trading name of Caversham Finance Limited) is a rent-to-own firm which provides household goods