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  • PRA: Transitional arrangements for capital impact of IFRS 9 expected credit loss accounting

    25/09/2017
    PRA has published the text of a “Dear CEO” letter sent to firms with regard to this matter. PRA states... that, provided that the final CRR amendment establishes transitional arrangements broadly similar to those currently being considered, it encourages UK firms to use them from the first day of IFRS 9 application (1 January 2018 for December year-end firms).
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  • HMT: Goods Mortgages Bill

    25/09/2017
    This consultation is published further to Law Commission recommendations published in 2016, which stated that the Bills of Sales Act were... archaic, should be repealed and replaced by a new Goods Mortgages Act which would govern the way that individuals may use their existing goods as security for a loan or other obligation. The consultation seeks views on this and related matters, including the regulatory impact of the proposals and the risks and benefits of extending the draft Bill to Northern Ireland. Responses are required by 13 October 2017.
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  • BoE: FPC (20 September 2017)

    25/09/2017
    BoE has published FPC’s statement from its 20 September 2017 meeting. Issues discussed include: Brexit (FPC notes concerns over the... continuity of contracts between UK and EU27 counterparties, particularly with regard to uncleared derivative contracts between UK and EU27 counterparties and cross-border sharing of personal data). the forthcoming bank stress tests and consumer credit (it is noted that regulatory capital buffers for individual firms will be set following the full stress test results so that each bank can absorb its losses on consumer lending – FPC also expects that banks will begin to factor these market-wide levels of stressed losses on consumer credit into their overall lending and capital plans) and IFRS 9.
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  • FCA: PS17/21: Insurance Distribution Directive implementation

    25/09/2017
    Further to CP17/7, this PS sets out near final rules (due to the fact that some of the rules proposed rely... on domestic legislation that has not yet been made) based on the feedback received. It covers: the scope and application of the IDD, including the regimes for ancillary insurance intermediaries; professional, organisational and prudential requirements for insurance distributors; complaints and out-of-court redress and conduct of non-investment insurance and pure protection business. As a result of feedback, FCA has revised ICOBS guidance on the choice given to customers on how they receive information and included guidance on the means of providing information on renewal to customers who took out their policy before 23 February 2018. FCA notes that it is also considering whether further guidance is needed on the IDD rule which prohibits remuneration of a firm that conflicts with the duty to act in their customers' best interests. Final rules are likely to be published alongside the next PS (likely to be in January 2018).
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  • FCA: CP17/33: Insurance Distribution Directive implementation – Consultation Paper 3

    25/09/2017
    FCA has published a third consultation with regard to IDD implementation. It covers changes to rules to reflect the requirements... of the IDD delegated acts. With regard to life insurance distribution business, this includes changes in relation to: inducements, suitability, appropriateness and disclosure requirements for insurance-based investment products and disclosure requirements for mandatory occupational pensions . With regard to all insurance distribution business, including life and non-investment business, this includes changes with regard to: conflicts of interest; product oversight and governance; PERG; regulatory processes and additional changes, including consequential amendments, to other parts of the Handbook. Responses are required by 25 November 2017.
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  • PSR: Payment scams super-complaint

    25/09/2017
    PSR has published a brief update on its work on the Which? super-complaint, stating that it will publish a report in... November 2017 which will set out details of the regulator’s progress and its thoughts on what should happen next.
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  • ECB: Opinion in relation to the recovery and resolution of CCPs

    25/09/2017
    ECB has published its Opinion on a proposal for a regulation of the European Parliament and of the Council on a... framework for the recovery and resolution of central counterparties (which amends several Regulations, including EMIR).
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  • EC: Speech by Michel Barnier

    25/09/2017
    Text of a speech on Brexit negotiations given by Michel Barnier on 22 September 2017 follows.
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  • ECB: Guide on materiality assessment

    25/09/2017
    Following a consultation, ECB has published its guide on materiality assessment for changes or extensions to counterparty credit risk models.
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  • FRC: Annual Open Meeting

    25/09/2017
    FRC has published speeches from Sir Win Bischoff and Stephen Haddrill from the meeting held on 22 September 2017. Topics... covered include: Brexit; equivalence; third country status; the Government’s call to reform corporate governance; audit quality and enforcement.
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