On 22 January 2020, the European Banking Authority (EBA) published amendments to its 2018 guidelines on fraud reporting under the revised Payment Services Directive (PSD2).
Article 96(6) of PSD2 requires all payment service providers to report statistical data on fraud relating to different means of payment to their national competent authorities
On 22 January 2020, the European Banking Authority (EBA) published a discussion paper on future changes to the EU-wide stress test.
The proposed new framework comprises of two components owned by supervisors and banks respectively: the supervisory leg and the bank leg. The supervisory leg serves as the starting point for supervisory decisions
On 22 January 2020 the Australian Government released its proposal paper for extending the Banking and Executive Accountability Regime (BEAR) in Australia to entities regulated by Australia’s prudential regulator, APRA. The extension, known as the Financial Accountability Regime (FAR) is another step in implementing some of the commitments set out in
On 22 January 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release stating that it will be adopting a more data-driven approach and focus on the use of digital technologies in its supervision. DNB has also published its Supervision Outlook 2020.
DNB indicates that in 2020 it will
On 21 January 2020, the FCA published a statement on its second review of the market for pensions and market advice (the Assessing Suitability Review 2).
The review will focus on the advice that consumers receive around retirement income as a greater number of options are now available in retirement planning and it is therefore
On 21 January 2020, the FCA published a Dear CEO letter to financial advisers setting out its approach to tackling key areas of concern and summarising the actions expected of financial advice firms to undertake:
On 21 January 2020, the Bank of England (BoE) announced that it has created a group of international central banks to share experiences as they assess the potential cases for central bank digital currencies. The group will also closely coordinate with the Financial Stability Board and the Committee on Payments and Market Infrastructures.
On 21 January 2020, the European Central Bank (ECB) published a letter from Andrea Enria, ECB Supervisory Board Chair, to significant institutions supervised under the Single Supervisory Mechanism (SSM) regarding variable remuneration policies. Additionally, the ECB has also published a recommendation (dated 17 January 2020) on dividend distribution policies.
In the
On 20 January 2020, the Payment Systems Regulator (PSR) published Consultation Paper 20/1 – Proposal to vary Specific Direction 10 (CP20/1). The objective of Specific Direction 10 (SD10) is to reduce losses to customers resulting from authorised push payment fraud and accidentally misdirected payments through the introduction of a
On 19 January 2020, the Financial Stability Board (FSB) published its Global Monitoring Report in Non-Bank Financial Intermediation 2019. The report sets out the results of the FSB’s most recent annual monitoring exercise that assesses global trends and risks from non-bank financial intermediation (NBFI). It covers data up to end-2018