On 23 November 2018, the House of Commons’ Treasury Select Committee launched an inquiry which will focus on the common causes of operational incidents in the financial services sector, the ways in which consumers lose out as a result of such incidents, and whether regulators have the relevant skills to adequately hold people to account.
On 26 November 2018, the UK Government issued a statement confirming that political agreement had been reached on the draft Withdrawal Agreement, and the Political Declaration for the framework of the future relationship between the UK and the EU. Both documents have been laid before the UK Parliament.
The statement provides that the documents are
On 22 November 2018, the European Commission adopted the following communications:
On 23 November 2018, the European Central Bank (ECB) published a speech from its chair, Danièle Nouy (DN), entitled From a wish list to a to-do list: how supervisors can help banks prepare for crises.
In her speech DN states that “finishing the work on NPLs [non-performing loans] is at the top of our
On 23 November 2018, the Basel Committee on Banking Supervision (Committee) published a report summarising the steps taken by its members to adopt the Basel III standards, banks’ progress in bolstering their capital and liquidity positions, the consistency of implementation in jurisdictions since the Committee’s last report and the Committee’s implementation work plan.
The report
In October 2018, the FCA published its first consultation paper on the amendments it needs to make should the UK leave the EU without an implementation period (our blog is here). On 23 November 2018, the FCA published its second consultation, Consultation Paper 18/36: Brexit: Proposed changes to the Handbook and Binding Technical Standards
On 22 November 2018, the Investment Association (the IA) published an updated Principles of Remuneration (the Principles). In an accompanying letter to remuneration committee chairs, the IA outlines the key changes that have been made to the Principles and areas of focus for the coming year. The key changes are:
On 22 November 2018, the FCA published Consultation Paper 18/35: Rent-to-own (RTO) and alternatives to high-cost credit – feedback on CP18/12 and consultation on a price cap (CP18/35).
Our earlier blog on Consultation Paper 18/12: High-cost Credit Review: Consultation on rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit, discussion on
On 22 November 2018, HM Treasury published a number of explanatory information webpages for draft EU Exit statutory instruments (SIs) yet to be published:
On 23 November 2018, a draft of The Interchange Fee (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum was published on the legislation.gov.uk website. Our earlier blog on the draft statutory instrument can be found here.