Joe Bamford (UK)

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Latest Articles

On 12 February 2019, the City of London Law Society (CLLS) published its response to FCA Consultation Paper 18/38: Restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38) (our blog on CP18/28 is here). The CLLS notes that given the significant impact of the product intervention proposals in respect of CFD-like options, it is important that the proposed definition of “restricted options” is as certain…
On 8 February 2019, the Council of the EU published an ‘I’ Item note on the proposed Regulation on a pan-European personal pension product. Following negotiations between the Austrian Presidency, the European Parliament and the European Commission, a provisional agreement between the institutions was achieved on 13 December 2018 – a final compromise text is annexed to the note. The Note instructs the Permanent Representatives Committee to approve the final compromise text regarding proposed Regulation.…
On 8 February 2019, the Payments Systems Regulator (PSR) published for consultation a working paper concerning its market review into the supply of card-acquiring services. The final terms of reference (ToR) for the market review were published on 24 January 2019. The ToR state that the PSR will examine how the level of fees merchants pay for card-acquiring services have responded to changes in the fees acquirers pay to card system operators and card issuers. The purpose of…
On 8 February 2019, the Presidency of the Council of the EU published a note concerning the general approach to the review of the European System of Financial Supervision (ESFS). The note mentions that the latest compromise proposal for a negotiating mandate on the European Supervisory Authorities framework, MiFID II and Solvency II, and the Regulation creating the European Systemic Risk Board, is now supported by all delegations. The Council is invited to invite the…
On 8 February  2019, the European Supervisory Authorities (ESAs)  issued final recommendations following their consultation on targeted amendments to the Delegated Regulation covering the rules for the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The ESAs have decided not to propose targeted amendments at this stage. Instead they will initiate a more comprehensive revision of the Delegated Regulation during the course of 2019 which will include a consultation on…
On 7 February 2019, the FCA published a new video on its website in which senior leaders from four financial services firms talk about their experiences of adopting the Senior Managers and Certification Regime. Our SMCR toolkit is a subscription service providing access to all of the key documents that firms need to implement the new regime within their business. To gain access to the toolkit, please contact Charlotte Henry. You can also register…
On 1 February 2019, the FCA published Policy Statement 19/3: General standards and communication rules for the payment services and e-money sectors (PS19/3). In PS19/3 the FCA confirms the following changes to the Handbook following its earlier consultation (Consultation Paper 18/21: General standards and communication rules for the payment services and e-money sectors, our blog is here). In summary, the FCA: is extending the application of the Principles for Businesses to the provision of…
On 31 January 2019, the PRA and FCA jointly published Consultation Paper 19/9 (CP19/9) on the 2019/20 management expenses levy limit (MELL) for the financial services compensation scheme (FSCS). Under Section 223(1) of the Financial Services and Markets Act 2000, the FCA and the PRA must set an annual limit for the total management expenses which the FSCS can levy on financial services firms. The proposed MELL for 2019/20 is £79.6 million and consists of:…
On 30 January 2019, the Banking Standards Board (BSB) published a consultation paper (the Consultation) on its proposed good practice guidance regarding the Senior Managers & Certification Regime (SM&CR). The guidance has also been published. The purpose of a regulatory reference is to provide firms recruiting people into certified roles, senior management functions or notified non-executive director positions with information relevant to the assessment of that person’s ‘fitness and propriety’ that they might not gain…
On 28 January 2019, the European Systemic Risk Board (ESRB) published a report on macro-prudential approaches to non-performing loans (NPLs). The report focuses on the role that macro-prudential policy can play in preventing system-wide increases in NPLs and/or in strengthening banks’ resilience to such increases. Among other things the report identifies business cycle and asset price shocks as two of the main drivers of system-wide increases in NPLs. A downturn of the business cycle and/or…