Tag: General

FCA speech: From zeroes to heroes: How culture in financial services can change for everyone’s benefit

On 29 November 2022, the FCA published a speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, titled ‘From zeros to heroes: how culture in financial services can change for everyone’s benefit’. The speech was given at City and Financial Global’s 8th annual culture and conduct forum for the financial services industry. … Continue Reading

Decisions amending the EEA Agreement published in the OJ

On 22 September 2022, the following decisions amending Annex IX (Financial services) to the EEA Agreement were published in the Official Journal of the EU: Decision of the EEA Joint Committee No 138/2022 of 29 April 2022 amending Annex IX (Financial services) to the EEA Agreement [2022/1582] Decision of the EEA Joint Committee No 139/2022 … Continue Reading

HM Treasury and City of London Corporation report on the attractiveness and international competitiveness of UK financial services

On 21 July 2022, HM Treasury and the City of London Corporation delivered on a recommendation made in Lord Hill’s UK Listing Review that the Government produce an annual report on the attractiveness and international competitiveness of UK financial services. The annual report finds that the UK remains a hugely successful financial services centre. Whilst … Continue Reading

Updated MoU between the BoE and the FSCS

On 15 July 2022, the Bank of England (BoE) published an updated memorandum of understanding (MoU) between itself and the Financial Services Compensation Scheme (FSCS). The Scheme exists to provide protection for eligible customers of failed financial services firms and is established under the Financial Services and Markets Act 2000 (FSMA). The MoU sets out … Continue Reading

Consultation launched to decide on future good causes to benefit from £738 million Dormant Asset Fund in England

On 16 July 2022, the Government issued a public consultation on what social and environmental causes should benefit from more than £700 million of dormant assets funding in England. The consultation comes following the recent expansion of the Dormant Assets Scheme to include insurance and pensions, investment and wealth management and securities sectors. The expansion … Continue Reading

Treasury Committee publishes multiple correspondence on confidentiality and transparency

On 11 July 2022, the House of Commons’ Treasury Committee published the following correspondence: Letter from the Financial Conduct Authority (FCA), providing an update following its letter last June setting out changes to the way the regulator was handling complaints. Letter from the FCA to the Financial Regulators Complaints Commissioner, relating to a proposed memorandum … Continue Reading

EBA annual report on convergence of supervisory practices

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

FCA makes senior hires

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

Happy Easter to our readers

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

Council Conclusions on the EU’s economic and financial strategic autonomy: one year after the Commission’s Communication

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

Update: EU-Japan cooperation on financial regulation

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

Senior management responsibility in banks: We compare regulation around the world

Regulators around the world have made clear their view that responsibility for the culture of a bank sits at the top; if senior management creates the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis, the senior management of banks has come under increasing regulatory scrutiny and, in some jurisdictions, … Continue Reading