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The PRA has issued a clarification on its website setting out information on how firms should incorporate IFRS 9 into stress testing and capital planning carried out as part of their ICAAP obligations from 2018. This is only applicable to firms: to which the CRD IV applies; and that apply any of: International Financial Reporting Standards (IFRS); FRS 101; or FRS 102 and have opted to use IFRS 9 for their financial instruments in relation…
The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter – Ombudsman news issue 142. This issue contains: an update on the FCA’s payment protection insurance (PPI) awareness campaign and highlights the common questions the FOS hears from people looking to complain about PPI; FAQs and case studies on PPI; complaints statistics for the second quarter of the 2017/2018 financial year; and a Q&A about the role the FOS plays with travel…
The FCA has published Handbook Notice No. 48. In this Handbook Notice the FCA briefly describes the changes that have been made to the FCA Handbook by the following instruments: Payment Services Instrument 2017; Financial Services Compensation Scheme (Funding and Scope) Instrument 2017; Occupational Pension Scheme Firm (Conduct of Business and Organisational Requirements) Instruments 2017; Conduct of Business (Initial Public Offering Research) Instrument 2017; Supervision Manual (Reporting No. 6) Instrument 2017; and Listing Rules Sourcebook…
There has been published on the legislation.gov.uk website, The Criminal Finances Act 2017 (Commencement No. 2 and Transitional Provisions) Regulations 2017. These Regulations are the second commencement regulations made under the Criminal Finances Act 2017 (the Act) which amends the Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000 (TACT). The Regulations bring the provisions listed in regulation 2 into force on 31 October 2017. Those provisions relate to the following matters: section…
The FCA is open to applications for authorisation under the revised Payment Services Directive (PSD2). In the light of this, it has published the following new and updated webpages: a new webpage on applying to become a registered account information service provider; a new webpage on the application fees for payment institutions; a new webpage on changes in electronic money services; a new webpage on how an electronic money institution (EMI) can change its details;…
On 17 February 2017, we blogged that the European Banking Authority (EBA) published for consultation draft guidelines that govern the process for complaints that payment service users and other interested parties can submit to Member State national competent authorities (NCAs) with regard to payment service providers’ (PSPs) alleged infringements of the revised Payment Services Directive (PSD2). The consultation closed on 16 May 2017. The EBA has now published a final report on the guidelines. Taking…
The Financial Ombudsman Service (FOS) has published a Consultation amendment to rules – Benchmarks Regulation, MiFID II and advising on investments. The consultation proposes to amend the FCA’s Dispute Resolution: Complaints Sourcebook (DISP) and relate to the following: Benchmarks Regulation. The FCA has consulted on removing complaints about “administering a regulated benchmark” from the compulsory jurisdiction, so that complaints about this will not be within the FOS’ compulsory jurisdiction from 1 January 2018. The FOS…
The Council of the EU has adopted a Regulation that amends both Regulation (EU) No. 345/2013 on European venture capital funds and Regulation (EU) No. 346/2013 on European social entrepreneurship funds. The Regulation is part of the EU’s plan to develop a fully functioning capital markets union. Thomas Toniste, Minister of Finance of Estonia and currently holding the Council Presidency noted: “The new rules will help diversify the funding sources available for businesses and long-term…
The FCA has published a speech by Megan Butler, FCA Executive Director of Supervision – Investment, Wholesale and Specialists at the FCA, entitled Where next for investment and asset management regulation? Points of interest include: the FCA is reviewing the responses to its final report on the asset management market study and is preparing a second consultation on transparency-related aspects such as benchmarking, performance reporting and, if needed, objectives and the all-in-fee; the FCA is…
In September 2016, responding to the increasing threat of wholesale payment fraud, the Committee on Payments and Market Infrastructures (CPMI) announced the establishment of a task force (TF) to look into the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions. The CPMI has now published a discussion paper on reducing the risk of wholesale payments fraud relating to endpoint security. The strategy’s aim is to encourage and help focus…