On 18 December 2018, the FCA published its final report into retail banking business models, following on from its progress report in June 2018 (our blog is here).
The FCA states that its analysis confirms that the personal current account (PCA) is an important source of competitive advantage for major banks. PCAs bring cheap
On 18 December 2018, the FCA published a webpage concerning the draft Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019.
The explanatory memorandum to the draft statutory instrument explains that where EEA financial services providers do not enter the UK’s temporary permissions regimes in a no deal Brexit they may not be
On 18 December 2018, the Department for Business, Energy & Industrial Strategy published an explanatory letter on the following Brexit related statutory instruments:
On 17 December 2018, the European Banking Authority (EBA) published a follow-up to its June 2018 opinion on financial institutions’ preparedness for the UK withdrawal from the EU. The EBA reminds financial institutions to maintain their efforts in effective contingency planning and to increase efforts in communicating to customers. The EBA also urges institutions to
On 18 December 2018, the European Commission issued a press release welcoming the political agreement reached by the European Parliament and the Council on prudential measures to further address non-performing loans (NPLs) in Europe. The press release states that the agreed measures will ensure that banks set aside funds to cover the risks associated with
On 18 December 2018, the European Banking Authority (EBA) issued a consultation paper on proposed amendments to the European Commission’s Implementing Regulation on the benchmarking of internal models. The proposed amendments seek to adjust the benchmarking portfolios and reporting requirements in view of the benchmarking exercise that will be carried out in 2020. The proposed
On 18 December 2018, the European Supervisory Authorities (ESAs) published:
In November 2018, the Business and Human Rights Resource Centre released its third annual assessment of FTSE 100 companies’ modern slavery disclosure under the UK Modern Slavery Act 2015 (the MSA).
The MSA, requires companies with a turnover of not less than £36 million to produce an annual statement outlining the steps they have taken
On 17 December 2018, the FCA published Policy Statement 18/23 (PS18/23) on how it will regulate claims management companies (CMCs). In June 2018, the FCA consulted on how it intends to regulate CMCs (CP18/15) (our blog on which can be found here), ahead of the FCA becoming the regulator of CMCs on
On 11 December 2018, the German Financial Supervisory Authority (BaFin) published its Guidance Notes on the German Money Laundering Act (Auslegungs- und Anwendungshinweise zum Geldwäschegesetz – Guidance Notes).
I. Legal basis
Pursuant to the German Money Laundering Act (GwG), BaFin has to provide obliged entities belonging to the financial