Peter Snowdon (UK)

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The webex recording of our January 40 minute briefing, Brexit – deal or no deal, is now available. To access the recording, please click here. If you would like access to our Brexit Pathfinder hub referenced in the briefing, registration is free via the NRF Institute here. Our exclusive PathfinderPLUS service, containing conformed copies of the financial services EU Exit statutory instruments, is also available upon request. To find out more, please contact Jochen
On 9 January 2019, the FCA published a Dear CEO letter concerning its expectations as regards clarity in promotions concerning regulated and unregulated business. The FCA reminds firms that it makes it clear in the Handbook that if a firm names the FCA and/or the PRA as its regulator in a financial promotion that refers to aspects of its business (for example products or services) which are not regulated by the FCA and/or the PRA,…
On 14 October 2018, the Financial Action Task Force (FATF) published its annual report 2017-18. Among other things the annual report notes that during the year the FATF: completed its two-year terrorist financing operational plan and adopted a new plan to continue its focus on the evolving threat; revised its standards to respond to the evolving money laundering and terrorist financing threats, including on information sharing and guidance on counter proliferation financing; and adopted…
On 12 October 2018, the PRA published Consultation Paper 22/18: Liquidity reporting: FSA047 and FSA048 (CP22/18). In CP22/18 the PRA sets out proposed amendments to its rules to mitigate risks to the supervision of liquidity in the initial period following the introduction of the new PRA110 report on 1 July 2019. Specifically, the FCA proposes the following changes to its reporting requirements: delay terminating the FSA047 and FSA048 for six months (to 1 January 2020);…
On 28 September 2018, the PRA published version 1 of its Q&As on PRA110 reporting template and instructions. The Q&As are a response to a number of questions from firms on template and reporting instructions stemming from the publication of the final PRA110 template and associated reporting instructions in Policy Statement 2/18: Pillar 2 liquidity. The eleven published Q&As concern monetisation, corresponding to rows 7240-7420 under PRA110.…
On 20 September 2018, the Basel Committee on Banking Supervision (BCBS) published a press release on the outcome of their meeting  of 19 and 20 September 2018 (the Press Release).  The Press Release notes that the BCBS discussed: the results of the annual assessment exercise for global systemically important banks (G-SIBs). The BCBS also agreed to publish the high-level indicator values of all the banks that are part of the G-SIB assessment exercise; progress on…
We have launched a second Brexit report (the Report), produced in conjunction with the Association of Foreign Banks (AFB), exploring the impact of the leave vote on the foreign banking sector. The Report is based on the findings of a survey, carried out over the summer, of a cross-section of AFB members, including senior executives from some of the world’s leading banks. The Report provides an insight into what the foreign banking sector’s sentiment on…
On 11 September 2018, the FCA published a speech delivered by its Chief Executive, Andrew Bailey, at the FCA’s annual public meeting. Key points to note include: the FCA is working with the Government on the EU Withdrawal legislation to ensure the continuity of the financial services’ regulatory framework after Brexit; the FCA remains guided in its work on Brexit by the five principles set out in Andrew Bailey’s letter of 28 October 2016, which…
On 4 September 2018, Parliamentary Under-Secretary for Work and Pensions, Guy Opperman, confirmed that following the recent appointments of its Chair and Chief Executive, the Single Financial Guidance Body (SFGB) is expected to launch in January 2019. This body, created under the Financial Guidance and Claims Act 2018, will bring together the services of the Money Advice Service, the Pensions Advisory Service, and Pension Wise under one body. The delivery functions of the SFGB will…