Peter Snowdon (UK)

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Brexit: Financial Services breakfast briefing – 6 March 2019

As previously advertised, the monthly financial services breakfast briefing on Wednesday 6 March will take the form of a webinar rather than a seminar. The webinar will start at 9:00am and finish at 9:30am. The webinar will focus on Brexit, specifically our speakers will share their thoughts on the following questions: Where are we at … Continue Reading

UK regulators issue near final rules for no-deal Brexit

On 28 February 2019, the FCA, PRA and Bank of England (BoE) (collectively, the Regulators) published a number of policy documents following on from their Autumn 2018 consultations, on their respective approaches to a hard Brexit. FCA: Brexit Policy Statement: Feedback on CP18/28, CP18/29, CP18/34, CP18/36 and CP19/2 The FCA has provided its response to … Continue Reading

New 40 minute briefing recording: Brexit – deal or no deal

The webex recording of our January 40 minute briefing, Brexit – deal or no deal, is now available. To access the recording, please click here. If you would like access to our Brexit Pathfinder hub referenced in the briefing, registration is free via the NRF Institute here. Our exclusive PathfinderPLUS service, containing conformed copies of the … Continue Reading

FCA Dear CEO letter on promotions concerning regulated and unregulated business

On 9 January 2019, the FCA published a Dear CEO letter concerning its expectations as regards clarity in promotions concerning regulated and unregulated business. The FCA reminds firms that it makes it clear in the Handbook that if a firm names the FCA and/or the PRA as its regulator in a financial promotion that refers … Continue Reading

FATF Annual Report 2017-18

On 14 October 2018, the Financial Action Task Force (FATF) published its annual report 2017-18. Among other things the annual report notes that during the year the FATF: completed its two-year terrorist financing operational plan and adopted a new plan to continue its focus on the evolving threat; revised its standards to respond to the … Continue Reading

PRA Q&As on Pillar 2 regulatory reporting (PRA110)

On 28 September 2018, the PRA published version 1 of its Q&As on PRA110 reporting template and instructions. The Q&As are a response to a number of questions from firms on template and reporting instructions stemming from the publication of the final PRA110 template and associated reporting instructions in Policy Statement 2/18: Pillar 2 liquidity. … Continue Reading

BCBS reports on September 2018 meeting

On 20 September 2018, the Basel Committee on Banking Supervision (BCBS) published a press release on the outcome of their meeting  of 19 and 20 September 2018 (the Press Release).  The Press Release notes that the BCBS discussed: the results of the annual assessment exercise for global systemically important banks (G-SIBs). The BCBS also agreed … Continue Reading

Brexit survey: the impact on the foreign banking sector

We have launched a second Brexit report (the Report), produced in conjunction with the Association of Foreign Banks (AFB), exploring the impact of the leave vote on the foreign banking sector. The Report is based on the findings of a survey, carried out over the summer, of a cross-section of AFB members, including senior executives … Continue Reading

FCA speech – FCA Chief Executive’s annual public meeting address

On 11 September 2018, the FCA published a speech delivered by its Chief Executive, Andrew Bailey, at the FCA’s annual public meeting. Key points to note include: the FCA is working with the Government on the EU Withdrawal legislation to ensure the continuity of the financial services’ regulatory framework after Brexit; the FCA remains guided … Continue Reading

Government confirms intended date of SFGB launch

On 4 September 2018, Parliamentary Under-Secretary for Work and Pensions, Guy Opperman, confirmed that following the recent appointments of its Chair and Chief Executive, the Single Financial Guidance Body (SFGB) is expected to launch in January 2019. This body, created under the Financial Guidance and Claims Act 2018, will bring together the services of the … Continue Reading

ECON votes to approve creation of PEPP Regulation

On 3 September 2018, the European Parliament published a press release announcing that its Committee on Economic and Monetary Affairs (ECON) has voted to approve the creation of a European market for additional personal pensions to increase investment choices for retail clients. The Pan-European Personal Pension Product (PEPP) would be portable cross-borders in the EU … Continue Reading

EFDI guidance on deposit guarantee schemes’ investment policy and pay-out in 7 working days

The European Forum for Deposit Insurers’ (EFDI) main objective is to contribute to the stability of financial systems by enhancing the role of, and promoting European and International co-operation in deposit insurance and investor compensation. On 20 April 2018, the EFDI published two non-binding guidance papers: Pay-out in 7 working days. The Deposit Guarantee Scheme … Continue Reading

CMA paper on investment consultants’ market investigation – trustee engagement

The Competition and Markets Authority (CMA) has issued a consultative working paper as part of its investment consultants’ market investigation. The working paper sets out the CMA’s initial analysis of trustee engagement with investment consultancy and fiduciary management. It considers the extent to which pension scheme trustees are able to assess the value for money … Continue Reading

FCA seeks feedback on non-workplace pensions

The FCA has published Discussion Paper 18/1: Effective competition in non-workplace pensions (DP18/1). In DP18/1 the FCA is seeking feedback to better understand the market for non-workplace pensions, including whether competition is working well and if there are issues that need to be addressed in order to protect consumers. Particular areas of focus in DP18/1 … Continue Reading

Commission report on the implementation and impact of the Second Electronic Money Directive

The European Commission has published a report to the European Parliament and the Council on the implementation and impact on the Second Electronic Money Directive (EMD2). The Commission has also published an annex to the report that sets out the number of e-money institutions that are active in each Member State. The report was originally … Continue Reading

First European Commission progress report on reduction of NPLs in EU

In July 2017, the Council of the EU adopted the European Commission’s (Commission) Action Plan to tackle non-performing loans (NPLs) in Europe. The Action Plan called upon various institutions to take appropriate measures to address the challenges of high NPL ratios in Europe. The Commission has now published its first ever progress report on the … Continue Reading

EBA reports on implementation of guidelines on methods for calculating contributions to deposit guarantee schemes

The European Banking Authority has published a report on the implementation of its guidelines on methods for calculating contributions to deposit guarantee schemes. The report, which assesses Member State authorities’ compliance with the principles outlined in the guidelines, concludes that further analysis and greater experience of the risk-based systems in use is needed before proposing any … Continue Reading