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2022 Commission Work Programme

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

EBA and ESMA publish sectoral reports on the supervisory independence of competent authorities

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

Letter from Charles Randell, FCA and PSR Chair, to Rishi Sunak, Chancellor

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

EBA publishes its work programme for 2022

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

FOS board commission independent review

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

Financial Stability Report

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

FCA publishes web page on buildings insurance for leasehold properties in light of cladding concerns

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

Remit and recommendations for the FPC

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

Council organises first working group on DORA proposal in 2021

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

UK strikes Singapore and Vietnam trade deals, start of new era of trade with Asia

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

Christopher Woolard appointed Interim Chief Executive of FCA

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

Joint Statement on the inaugural meeting of joint EU-Japan financial regulatory forum

On 15 October 2019, the European Commission (Commission) and the Financial Services Agency of Japan (JFSA) published a joint statement (dated 11 October) on the inaugural meeting of the joint EU-Japan regulatory forum held in Tokyo. Senior officials present at the meeting included representatives from the Bank of Japan, the European Central Bank, the European … Continue Reading

New leadership of the European Commission announced: Valdis Dombrovskis to keep financial services portfolio

On 10 September 2019 the President-elect of the European Commission, Ursula von der Leyen, announced the list of Commissioner-designates and the allocation of their respective portfolios. Under a new structure of the College of Commissioners with its eight Vice-Presidents, the responsibility for DG Financial Stability, Financial Services and Capital Markets Union (DG FISMA) will remain … Continue Reading

Updated MOU between CMA and FCA

On 7 August 2019, the Competition and Markets Authority (CMA) published two updated memorandums of understanding (MOU) between itself and the FCA on concurrent competition powers, and the use of concurrent powers under consumer protection legislation. The MOUs have been updated to reflect the changes introduced by the Financial Guidance and Claims Act 2018, which … Continue Reading

BoE policy statement on fees regime for FMI supervision 2019/20

On 31 July 2019, the Bank of England (BoE) published a policy statement on the fees regime for the supervision of financial market infrastructure (FMI). The policy statement provides feedback to responses from an earlier consultation paper published in April 2019 on the 2019/20 fees regime for FMI supervision. The policy statement also sets out: … Continue Reading

Updated MOU between Bank of England and FCA

On 18 July 2019, HM Treasury published an updated memorandum of understanding (MOU) between the Bank of England (BoE) (exercising its prudential regulation functions) and the FCA setting out the high-level framework they will use to co-ordinate and co-operate in carrying out their respective responsibilities. The MOU has been updated to reflect the expansion of … Continue Reading

Markus Ferber elected EPP’s new whip in ECON committee

Markus Ferber, a German MEP, has been elected the new whip for the European People’s Party in the European Parliament’s Committee on Economic and Monetary Affairs (ECON). Mr Ferber previously was the first vice chair of the ECON committee and succeeds Burkhard Balz who is leaving the Parliament to join the board of German Bundesbank … Continue Reading