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Topic: Banking

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European Parliament ECON Committee holds first debate on CMDI package

On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading

EBA launches 2023 EU-wide transparency exercise

On 22 September 2023, the European Banking Authority (EBA) launched its annual EU-wide transparency exercise. The exercise will disclose capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality information of the EU banking sector in the second half of 2022 and in the first half of 2023. The exercise forms part of … Continue Reading

Regulation Tomorrow Plus: Access to cash

The Financial Services and Markets Act 2023 introduces a requirement for the FCA to exercise new functions for the purpose of “seeking to ensure reasonable provision of cash access services in the United Kingdom, or a part of the United Kingdom”. In this Regulation Tomorrow Plus podcast Matthew Gregory and Simon Lovegrove discuss HM Treasury’s … Continue Reading

FCA publishes letter to the wholesale banking sector after portfolio analysis and strategy forum

On 8 September 2023, the FCA published a letter to the wholesale banking sector, following its portfolio analysis and strategy forum. The letter sets forth the FCA’s supervisory work programme over the next two years which will shape its engagement with the wholesale banking sector. The letter also sets out the FCA’s areas of supervisory … Continue Reading

Responses to the consultation on the BoE’s supervisory approach to wholesale cash distribution

On 18 August 2023, the Bank of England (BoE) published its response on the feedback received to its December 2022 consultation on its supervisory approach to wholesale cash distribution (WCD). The BoE has also published a Statement of Policy on the BoE’s supervisory approach to market oversight for WCD. In its December 2022 consultation the … Continue Reading

HM Treasury Cash Access Policy Statement

Introduction On 18 August 2023, HM Treasury published a Cash Access Policy Statement setting out the government’s policy concerning access to cash deposit and withdrawal services for relevant personal and business current accounts across the United Kingdom (UK). The Policy Statement is also intended to inform the FCA’s approach, including in relation to what constitutes … Continue Reading

FCA publishes letter to banks and building societies requesting information on account closures

On 10 August 2023, the FCA published a letter, addressed to banks and building societies, requesting information on account closures. The letter follows the FCA’s letter to the Chancellor of the Exchequer concerning freedom of expression and the provision of banking services. In recent years, the FCA has seen a significant increase in the number … Continue Reading

EBA report on mystery shopping exercise into personal loans and payment accounts

On 8 August 2023, the European Banking Authority (EBA) issued a report following a mystery shopping exercise into personal loans and payment accounts. The mystery shopping exercise supplemented the EBA’s earlier thematic report on fees and charges that was published at the end of last year. Among other things the mystery shopping exercise found that … Continue Reading

FCA consults on proposed securitisation rules

On 7 August 2023, the Financial Conduct Authority (FCA) published a consultation paper, CP23/17, setting out its proposed rules for the UK securitisation markets. The proposed rules would replace the firm-facing provisions from the UK Securitisation Regulation (UK SR) which are being transferred into the FCA Handbook. Supervisory responsibility for the UK SR is currently … Continue Reading

FCA letter to the Chancellor – Freedom of expression and the provision of banking services

On 3 August 2023, the FCA published a letter that its CEO had sent to Jeremy Hunt MP, Chancellor of the Exchequer, concerning freedom of expression and the provision of banking services. In the letter the FCA recognises the increased public concern about payment accounts being closed without fair justification and refers to the role … Continue Reading

EBA consults on draft guidelines amending guidelines EBA/GL/2020/14 on the specification and disclosure of systemic importance indicators

On 1 August 2023, the European Banking Authority (EBA) published a consultation paper on draft guidelines amending guidelines EBA/GL/2020/14 on the specification and disclosure of systemic importance indicators. The EBA methodology for identifying global systemically important institutions (G-SIIs) closely follows the approach of the Basel Committee on Banking Supervision (BCBS) for the identification of global … Continue Reading

EBA publishes findings of ad-hoc analysis on banks bonds’ holdings

On 28 July 2023, the European Banking Authority (EBA) published findings of an ad-hoc analysis of unrealised losses on debt securities held at amortised cost in EU banks. The ad-hoc analysis is a targeted risk assessment conducted by the EBA in collaboration with Member State competent authorities, which aims at understanding the potential evolution of … Continue Reading

Unrealised losses in banks’ bond portfolios measured at amortised cost

On 28 July 2023, the European Central Bank (ECB) published the results of a standalone data collection exercise it conducted jointly with the European Banking Authority in Q2 this year on unrealised losses of significant institutions under its direct supervision. The purpose of the exercise was to enhance the ECB’s assessment of risk in the … Continue Reading

BoE consults on updating UK technical standards on the identification of global systemically important institutions

On 28 July 2023, the Bank of England (BoE) published Consultation Paper CP16/23: Updating UK technical Standards on the identification of global systemically important institutions (G-SIIs) (CP16/23). The Basel Committee for Banking Supervision (BCBS) implemented changes in 2022 to its framework for assessing the systemic importance global systemically important banks. This Consultation Paper sets out … Continue Reading

ECB consults on draft guide on effective risk data aggregation and risk reporting

On 24 July 2023, the European Central Bank (ECB) launched a public consultation on its draft guide on effective risk data aggregation and risk reporting. The guide outlines prerequisites for effective risk data aggregation and risk reporting (RDARR) to assist banks in strengthening their capabilities, building on good practices observed in the industry.  The aim … Continue Reading

Payment account contract termination and freedom of expression

On 21 July 2023, HM Treasury published a Policy Statement setting out the Government’s findings from the call for evidence on the Payment Services Regulations 2017, specifically in relation to the issue of account termination and freedom of expression. It also sets out the Government’s proposed reforms to enhance requirements relating to contract termination for … Continue Reading

EBA final report – Guidelines on the overall recovery capacity in recovery planning

On 19 July 2023, the European Banking Authority (EBA) published a final report containing guidelines on overall recovery capacity in recovery planning. The guidelines specify how institutions should include in the recovery and group recovery plans a summary of their overall recovery capacity (ORC) in accordance with Articles 5 and 7 and Annex, Section A, … Continue Reading

BoE publishes response to the Complaints Commissioner’s Annual Report 2022/23: Reviewing how the financial services regulators consider complaints

On 14 July 2023, the Bank of England (BoE) published its response to the Complaints Commissioner’s Annual Report 2022/23: Reviewing how the financial services regulators consider complaints. In its response, the BoE welcomes the Complaints Commissioner’s Annual Report and states that it remains committed to updating and improving the Complaints Scheme (Scheme) which it will … Continue Reading

Recovery and Resolution: Regulation Around the World

In this latest edition of Regulation Around the World we review the position regarding recovery and resolution for banks. Following the 2008 global financial crisis, the G20 leaders endorsed at the Cannes Summit in November 2011, the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions as the international standard for resolution … Continue Reading

Basel Committee consults core principles for effective banking supervision

On 6 July 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultive document on core principles for effective banking supervision (the Core Principles). The Core Principles are the de facto minimum standards for the sound prudential regulation and supervision of banks and banking systems. They are universally applicable and accommodate a range … Continue Reading
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