We are lead sponsors of the 1LoD Global Benchmarking Survey & Annual Report 2019. Based on a survey collecting the views of experts from more than 30 of the largest financial institutions globally, the report provides a unique insight into the maturity and development of control functions over the last 12 months, as well
On 27 August 2019, the FCA updated its webpage on the March 2019 Consultation Paper: Mortgage customers: proposed changes to responsible lending rules and guidance (CP19/14) (see blog post here). The FCA has included an additional note that it is now considering responses received to CP19/14 and if it decides to proceed with
Earlier this month, the UK Serious Fraud Office (SFO) published its Corporate Cooperation Guidance (the Guidance), providing a list of “good practices” it expects from companies seeking to obtain a deferred prosecution agreement (DPA).
The Director of the SFO has said that the Guidance would provide “added
On August 19, 2019, INX Limited (together with its affiliates, “INX”) filed a Form F-1 with the Securities and Exchange Commission (“SEC”) stating their intention to raise up to approximately $130 million through a registered initial public offering (“IPO”). If approved by the SEC, this would be the first security token sale registered with the
On 22 August 2019, the European Central Bank (ECB) issued a communication on supervisory expectations for non-performing exposures (NPEs).
The communication begins by stating that addressing non-performing loans (NPLs) has been one of the key priorities for ECB Banking Supervision since its inception. The overall objective of developing the supervisory approach to NPLs is to
The usually predictable world of portfolio transfers received a jolt on 16 August when Mr Justice Snowden declined to exercise his discretion to sanction the proposed insurance business transfer of a £12.9 billion book of in-payment annuities from The Prudential Assurance Company Limited (“Prudential”) to Rothesay Life Limited (“Rothesay”). This is believed to be the first time ever that the court has refused to sanction a Part VII scheme that has been passed by both the independent expert and the insurance regulators, the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”).
In our latest consumer credit video, Matthew Gregory, John Coley and Simon Lovegrove take a look at the FCA’s motor finance review and consider what it means for the consumer credit industry generally.
Among other things the motor finance review discussed training, which is a key part of the Senior Managers and Certification regime.
In our latest ESG insight video, Beth Duff and Simon Lovegrove discuss the European Commission’s EU taxonomy proposal for sustainable activities.
For more videos and insights on ESG and sustainable finance, please visit our dedicated knowledge hub, ESG Insight.
On 20 August 2019, the FCA published a Dear CEO letter on the requirements for strong customer authentication (SCA) in card-not-present e-commerce transactions. The Dear CEO letter follows the earlier FCA announcement regarding an 18 month plan to implement SCA rules under the revised Payment Services Directive (PSD2) for the e-commerce industry of card issuers,
On 20 August 2019, the European Securities and Markets Authority and the European Banking Authority (together the European Supervisory Authorities) published a letter in response to an earlier letter from Valdis Dombrovskis (Vice-President European Commission, Financial Stability, Financial Services and Capital Markets Union) concerning crypto-assets, including so-called ‘stablecoins’.
The letter outlines some of the European