On 13 May 2022, HM Treasury issued a consultation on a new form of statutory debt solution, the statutory debt repayment plan (SDRP), that will allow for most of an individual’s debts to be combined into a single plan and repaid over a manageable period, with similar legal protections from creditor action as in breathing … Continue Reading
On 11 May 2022, the European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Among other things the annual report notes: Member State competent authorities (NCAs) made progress in the implementation of the EBA Guidelines on supervisory review and evaluation process (SREP). There needs to be more harmonised practices … Continue Reading
On 9 May 2022, the FMSB announced that it was changing its name from FICC Markets Standards Board to Financial Markets Standards Board.… Continue Reading
On 3 May 2022, the FCA announced that it had made the following senior hires: Mel Gunewardena will take up a Senior Advisor role at the FCA in mid-May. She is currently Chief Market Intelligence Officer at the Commodities and Futures Trading Commission. Graeme Reynolds has been appointed Director of Competition. He is currently one … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 5 April 2022, the Council of the EU adopted conclusions on strategic autonomy of the European economic and financial sector. The Council’s conclusions focus on: Strengthening the international role of the euro. A strong, competitive and resilient European financial sector servicing the real economy, avoiding risks arising from excessive reliance on third-country financial institutions … Continue Reading
On 23 March 2022, the European Commission published a framework laying down practical arrangements to implement EU-Japan cooperation on financial regulation under Annex 8-A to the EU-Japan Economic Partnership Agreement. The framework is between the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union and the Financial Services Agency of Japan. It … Continue Reading
On 8 March 2022, the FCA published a portfolio letter regarding its strategy for credit unions. In the letter the FCA explains that it has recently reviewed the key risks of harm that are present for credit unions, their members and the markets in which they operate. In the letter the FCA: Provide an updated … Continue Reading
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
On 13 December 2021, the Bank of England (BoE) published its Financial Stability Report for December 2021. The Financial Stability Report sets out the Financial Policy Committee’s (FPC) view of the outlook for UK financial stability, including its assessment of the resilience of the UK financial system and the main risks to UK financial stability, … Continue Reading
On 9 November 2021, it was announced that the FICC Markets Standards Board (FMSB), the Bank of England (BoE) and the FCA had signed a tri-party memorandum of understanding (MoU). The MoU establishes a high-level framework formalising the continuing cooperation between the FMSB, the BoE and the FCA in relation to the delivery of the … Continue Reading
On 22 October 2021, the Financial Conduct Authority (FCA) published Handbook Notice 92. The Handbook Notice lists the changes made to the FCA Handbook and other material by the FCA Board under its legislative and statutory powers on 30 September and 21 October 2021. The FCA made changes to the Handbook using the following instruments: … Continue Reading
On 19 October 2021, the European Commission adopted its 2022 Work Programme which sets out an agenda for the next steps towards a post-COVID-19 Europe that is greener, fairer, more digital and more resilient. The Work Programme delivers on President Ursula von de Leyen’s six headline ambitions which were published in the Political Guidelines for … Continue Reading
On 18 October 2021, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) both published sectoral reports on the supervisory independence of Member State competent authorities (NCAs). Both European Supervisory Authorities (ESAs) will use the findings in the reports to consider how to further develop the monitoring and fostering of supervisory … Continue Reading
On 15 October 2021, the FCA published a press release regarding Charles Randell stepping down as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in spring 2022. Charles Randell has sent a letter to Rishi Sunak, Chancellor of the Exchequer asking him to begin the process of appointing his successor. During … Continue Reading
On 15 October 2021, the European Securities and Markets Authority (ESMA) issued a press release stating that its next chair will be Verena Ross. Ms Ross will take up her position on 1 November 2021. … Continue Reading
On 5 October 2021, the European Banking Authority (EBA) published its annual work programme for 2022, describing its activities and tasks as well as key strategic areas of work for next year. For 2022, the EBA has set five vertical priorities: Monitoring and updating the prudential framework for supervision and resolution. Revisiting and strengthening the … Continue Reading
The commissioning of independent reviews is something the board of the Financial Ombudsman Service (FOS) undertakes periodically. On 23 July, the FOS website published a press release stating that another independent review had been commissioned into whether the FOS can continue to meet the needs of its customers, both businesses and consumers. The review will … Continue Reading
On 13 July 2021, the Bank of England published the latest Financial Stability Report. The Report sets out the Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or reduce any risks to it. Highlights from the Report include: The UK financial system has provided … Continue Reading
The Financial Conduct Authority (FCA) has published a web page setting out its expectations for buildings insurance providers in terms of offering fair value insurance for leasehold properties. Recently, leaseholders of apartments have been paying more for buildings insurance, especially where the exterior has been covered with cladding. The FCA says that insurers and intermediaries … Continue Reading
On 3 March 2021, HM Treasury published a letter from Rishi Sunak MP, Chancellor of the Exchequer, to Andrew Bailey, Governor of the Bank of England concerning the remit and recommendations for the Financial Policy Committee (FPC). Among other things the letter notes that in line with the FPC’s responsibility to monitor systemic risks it … Continue Reading
On Thursday, 21 January, the Portuguese presidency of the Council holds its first working group on the review of the European Commission’s proposal for a Regulation on digital operational resilience for the financial sector (DORA). The Council is still in its initial phase of examining the proposal. The Council Presidency Is taking an issue-by-issue approach, … Continue Reading
On 10 December 2020, the Department for International Trade issued a press release stating that the International Trade Secretary, Liz Truss MP, was in Singapore to sign a Free Trade Agreement (FTA). The press release added that the Secretary of State would also be travelling to Vietnam to conclude another rollover trade agreement. The press … Continue Reading
On 24 January 2020, the FCA announced that HM Treasury, with the advice of the Board of the FCA, has appointed Christopher Woolard as Interim Chief Executive. The appointment follows Andrew Bailey’s departure to become Governor of the Bank of England. HM Treasury will be running an open competition for the permanent Chief Executive and … Continue Reading
