Joe Bamford (UK)

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On 13 December 2018, the FCA published Occasional Paper No 47 – Blackbird’s alarm call or nightingale’s lullaby? The effect of tweet risk warnings on attractiveness, search, and understanding. This Occasional Paper reports on the results of an experiment that investigated the impact of specific features of social media posts and balancing information, including risk warnings, on consumer understanding and product preferences. It also examined the impact of standalone compliance on understanding, preferences and…
On 7 December 2018, the European Commission published an evaluation roadmap for the Distance Marketing of Financial Services Directive. The evaluation will assess whether the Directive’s original objectives have been achieved, how the Directive is functioning from a cost-benefits and burden reduction perspective and how the Directive works together with other legislation in the field of retail financial services, consumer protection and data protection. A public consultation questionnaire will be made available in all EU…
On 6 December 2018, the FCA published a webpage providing the findings of Thematic Review 18/5: Management of long-term mortgage arrears and forbearance (TR18/5). The publication of TR18/5 follows an FCA review which specifically focused on firms’ interactions with customers with mortgage arrears of greater than 12 months. The regulator looked at firms’ arrears management policies and strategies and reviewed customer files, to understand how well firms are delivering appropriate customer outcomes. TR18/5 notes that…
On 27 November 2018, the FCA published a press release announcing that it will be delaying the launch of its Credit Information Market Study (CIMS) Terms of Reference until June 2019 in order to prioritise its market study on general insurance pricing. The CIMS is intended to help the FCA gain a better understanding of the potential for harm in the credit reference agencies’ market, and where necessary, identify remedies.…
On 23 November 2018, the Basel Committee on Banking Supervision (Committee) published a report summarising the steps taken by its members to adopt the Basel III standards, banks’ progress in bolstering their capital and liquidity positions, the consistency of implementation in jurisdictions since the Committee’s last report and the Committee’s implementation work plan. The report provides that overall, further progress has been made since last year’s update to the G20 leaders in implementing the Basel…
On 22 November 2018, the FCA published Consultation Paper 18/35: Rent-to-own (RTO) and alternatives to high-cost credit – feedback on CP18/12 and consultation on a price cap (CP18/35). Our earlier blog on Consultation Paper 18/12: High-cost Credit Review: Consultation on rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit, discussion on rent-to-own pricing (CP18/12) can be found here In chapter 4 of CP18/35 the FCA sets out proposals for a price…
On 20 November 2018, the FCA published a webpage summarising its research into designing effective current account prompts, together with the full report (the Report). The research was conducted following banks and building societies committing to deliver a package of prompts to their customers. These prompts aim to: increase consumers’ engagement with their current account, raise awareness of the current account switching service, and highlight developments in the retail banking market. The Report assists firms…
On 15 November 2018, the PRA updated its strengthening accountability webpage to inform firms that the language within the Level 1 RPS template and data tables had been updated. These are available under the ‘Self-assessment templates and tables’ area of the strengthening accountability webpage. The changes were made in line with the PRA’s recent Letter to Level One firms’ Chairs of the Remuneration Committees ‘Change to supervising remuneration compliance for Level One firms’.…
On 15 November 2018, the PRA published Policy Statement 29/18: Securitisation – the new EU framework and Significant Risk Transfer (PS29/18). In PS29/18 the PRA sets out its final policy approach to the EU Securitisation Regulation and certain aspects of the revised Capital Requirements Regulation banking securitisation capital framework. PS29/18 follows an earlier PRA consultation, Consultation Paper 12/18: Securitisation – the new EU framework and Significant Risk Transfer (CP12/18). The PRA’s final policy covers a…
On 14 November 2018, the PRA published Policy Statement 28/18: UK leverage ratio – applying the framework to systemic ring-fenced bodies and reflecting the systemic risk buffer (PS28/18) UK leverage ratio: applying the framework to systemic ring-fenced bodies and reflecting the systemic risk buffer (SRB). PS28/18 provides feedback to PRA ‘Consultation Paper 14/18: UK leverage ratio – applying the framework to systemic ring-fenced bodies and reflecting the systemic risk buffer’ (CP14/18). It also contains the…