On 16 October 2019, the Council of the EU (Council) published a note (dated 15 October 2019) from the General Secretariat of the Council to the Delegations attaching the following addenda: a three-column table setting out the opening positions of the European Commission (Commission), the Council and the European Parliament (Parliament) in respect of the proposed Regulation on European crowdfunding service providers for business; and a three-column table setting out the opening positions of the…

On 16 October 2019, the European Banking Authority (EBA) published its latest opinion on the deadline for the migration to strong customer authentication (SCA) under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions. Earlier this year the EBA published an opinion providing a non-exhaustive list of the authentication approaches currently observed in the market and stated whether or not they were considered to be SCA compliant. The opinion also acknowledged that some…

On 16 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper setting out proposed amendments to existing rules underpinning the key information document (KID) for packaged retail and insurance-based investment products (PRIIPS). The main aims of the review are to: address issues that have been identified by stakeholders and supervisors since the implementation of the KID in 2018; and make specific changes to allow the rules to be applied…

On 15 October 2019, the FCA published Consultation Paper 19/28: Motor finance discretionary commission models and consumer credit commission disclosure (CP19/28). In CP19/28 the FCA is proposing a ban on commission models where the amount received by the broker (including motor dealers) is linked to the interest rate that the customer pays and which the broker has the power to set or adjust. The FCA refers to these as ‘discretionary commission models’ and has found…

On 9 October 2019, the Bank of England published the financial policy summary and record (FPSR) of the Financial Policy Committee (FPC) meeting on 2 October 2019. During the course of the meeting, among other things, the FPC agreed a set of principles that will guide its assessment of how prudential regulation and supervision should adjust to fast-moving developments in payments activities, which are currently a central aspect of innovation in the financial services industry.…

On 4 October 2019, the FCA published a statement providing information for Self-Invested Pension Plan (SIPP) operators following the administration of Berkeley Burke SIPP Administration Ltd (BBSAL). On 18 September 2019, the directors of BBSAL placed the company into administration as they were unable to cover the costs of litigation arising out of consumer complaints relating to the business’s failure to carry out proper due diligence before allowing them to make certain investments. Consequently, the…