Posted in Coronavirus, United KingdomOn 17 March 2020, we reported that the FCA had published a new webpage containing information for firms regarding the COVID-19 pandemic. On 6 May 2020, we further reported that the FCA had added a new section to this webpage concerning information security. On 8 January 2021, the FCA updated the text that appears on … Continue Reading
On 8 January 2021, the ISDA published a paper on COVID-19 and CCP risk management frameworks. The paper is based on the feedback that the ISDA Clearing Member Committee received from central counterparties (CCPs) and how their risk management frameworks reacted to the pandemic. The ISDA found that CCPs have dealt with the pandemic well … Continue Reading
On 21 December 2020, the European Banking Authority (EBA) updated its report on the implementation of selected COVID-19 policies. The report was first published on 7 July 2020 and then updated on 7 August 2020 to provide additional clarity on the implementation of the reporting and disclosure framework in the context of the COVID-19 measures. … Continue Reading
Posted in Senior Managers, United KingdomOn 18 December 2020, the following were published: Joint PRA and FCA December 2020 update – SM&CR and COVID-19: our expectations of dual regulated firms. FCA December 2020 update – SM&CR and COVID-19: our expectations for solo-regulated firms. FCA December 2020 update – Approved Persons Regime and COVID-19: our expectations. In April 2020, the PRA … Continue Reading
On 16 December 2020, the Financial Action Task Force (FATF) published a paper providing entities with additional information on COVID-19 related money laundering and terrorist financing risks. The paper covers both changes in predicate offences and changes in money laundering and terrorist financing activity. It provides selected case studies, displaying criminal activity that has occurred … Continue Reading
Posted in Coronavirus, Insurance, United KingdomFollowing the decision of the High Court in Financial Conduct Authority v Arch and others [2020] EWHC 2448 (Comm), the Financial Conduct Authority (FCA) has decided to publish guidance in respect of the evidence and methodologies which policyholders may use to prove the presence of Covid-19. Although some aspects of the High Court decision have … Continue Reading
On 25 November 2020, the European Parliament published the amendments that it had adopted on the proposed Directive amending MiFID II as regards information requirements, product governance and position limits to help the recovery from the COVID-19 pandemic. The next step is for the Council of the EU to adopt the proposed Directive. … Continue Reading
Posted in Consumer credit, United KingdomOn 19 November 2020, the FCA confirmed updated guidance to firms setting out enhanced support that should be available to consumer credit customers experiencing payment difficulties as a result of the COVID-19 pandemic. The guidance covers users of personal loans, credit cards, store cards, catalogue credit, rent to own, buy now pay later, pawn broking, … Continue Reading
Posted in Mortgages, United KingdomOn 17 November 2020, the FCA updated its guidance to firms setting out enhanced support that should be available to mortgage borrowers experiencing payment difficulties as a result of the COVID-19 pandemic. The updated guidance will be fully in force from 20 November 2020 but the FCA encourages firms that are able to start providing … Continue Reading
For financial institutions across the globe, the COVID-19 pandemic has proved to be a real-world test of operational resilience. Those in risk, compliance and operational functions have had to rapidly adapt their business continuity and resilience frameworks in response to new risks or changes in existing risks that occurred in different parts of their organisation … Continue Reading
