Our extended 40 minute briefing on 5 February 2020 will be a practical workshop involving lawyers and compliance professionals leading roundtable discussions that provide insight into the FCA’s and PRA’s approach to the scenarios set out below and the good and poor practices they have observed from firms: Managing the supervisory relationship on a business-as-usual basis across a regulatory lifecycle; Skilled Person reviews: Common pitfalls to consider and their impact on firms; and Enforcement: Key…

On 17 January 2020, the FCA published a new webpage providing further data on the mortgage prisoner population. Key findings include: around 250,000 people are in closed mortgage books or have mortgages owned by firms that are not regulated by the FCA; FCA research shows around 170,000 of these borrowers are up-to-date with payments and would be eligible to switch because of the new rules; over half of the group that are eligible are paying…

On 17 January 2020, the PRA updated its webpage concerning Policy Statement 17/19: Supervising international banks: revision of the branch return. On its webpage the PRA states that it has identified that the branch return form published on 12 September 2019 contains incorrect validations in Part 3. Specifically, validation BRv011 should only apply to column 005 rather than all columns of Part 3. Also, incorrect validations that were embedded in Part 3 of the template…

On 17 January 2020, the European Securities and Markets Authority (ESMA) published a consultation paper on guidelines on securitisation repository data completeness and consistency thresholds. Article 10(7) of the Securitisation Regulation requires ESMA to define regulatory technical standards (RTS) on securitisation repository procedures to “verify the completeness and consistency of the information” that they receive. On 12 November 2018, ESMA published and submitted a final report on securitisation repositories technical standards, which includes a set…

On 15 January 2020, the European Cards Stakeholders Group (ECSG), the industry association overseeing cards standardisation in the Single Euro Payments Area, has published version 9.0 of the SEPA Cards Standardisation Volume (the SCS Volume). Version 9.0 of the SCS Volume takes effect immediately for a three year period. In version 9 of the SCS Volume, updates to the books were made to accommodate the following: conformance to new EU regulations including the General Data…