On 28 July 2020, HM Treasury announced a Payments Landscape Review and that it was issuing a Call for Evidence as the first stage in the review.
The Call for Evidence sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against
On 28 July 2020, the FCA issued a statement on mortgage prisoners, and a Consultation Paper setting out proposals intended to support some consumers in the mortgage market.
The statement presents the further analysis the FCA has done on borrowers with inactive firms, including mortgage prisoners. It sets out the actions the FCA has already
On 28 July 2020, the FCA announced that following its earlier consultation in October 2019 it will introduce a ban on motor finance discretionary commission models.
In the light of consultation feedback and the additional operational pressures which the motor finance sector is facing at present the FCA has agreed to give firms limited additional
On 28 June 2020, the PRA issued a statement providing guidance to all PRA-regulated firms on the EBA guidelines on Covid-19 disclosures and published PRA disclosure templates.
On disclosure templates, the PRA notes that its letters dated 26 March 2020 from Sam Woods ‘Covid-19: IFRS 9, Capital requirements and loan covenants’ and 4 June 2020
On 28 July 2020, the PRA announced that it would undertake an assessment of firms’ distribution plans beyond the end of 2020 in Quarter 4 2020. The assessment will be based on the current and projected capital positions of the banks and will take into account the level of uncertainty on the future path of
On 28 July 2020, the European Central Bank (ECB) published the aggregate results of its vulnerability analysis of banks directly supervised within the Single Supervisory Mechanism. The exercise assessed how the economic shock caused by the COVID-19 pandemic would impact 86 euro area banks and aimed to identify potential vulnerabilities within the banking
On 28 July 2020, the European Central Bank (ECB) extended its recommendation that banks not pay dividends nor buy back shares until January 2021. The ECB has also asked banks to be “extremely moderate” with regard to variable remuneration.
The ECB also encourages banks to use their capital and liquidity buffers for lending
On 28 July 2020, the European Securities and Markets Authority (ESMA), announced that it had updated the list of third-country venues (TCTV) in the context of the opinion on post-trade transparency under MiFIR, following new requests from the industry.
ESMA is publishing:
We have published a short briefing note on the recent European Commission communication on readiness at the end of the transition period between the EU and the UK.
On 27 July 2020, the PRA published Policy Statement 18/20 ‘Asset encumbrance’ (PS18/20).
In PS18/20 the PRA provides feedback to responses to Consultation Paper 24/19 ‘Asset encumbrance’ (CP24/19). It also contains updated versions of: