Bank of England

The UK’s risk-based approach to the “Politically Exposed Persons” regime – section 30 of the Bank of England and Financial Services Act 2016

The Bank of England and Financial Services Act 2016 (the "Act") paves the way for a more risk-based approach to the Politically Exposed Persons ("PEPs") regime in the UK, in response to what the House of Lords has identified as … Continue reading

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Filed under Bank of England, FCA, Sanctions and Money Laundering, UK Regulations

The BoE approach to Solvency II

Geoff Maddock,  partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner A speech by Sam Woods of the Bank of England (BoE) says a lot about its approach to Solvency II and leaves a lot … Continue reading

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Filed under Bank of England, EU, Europe, Insurance, PRA, UK Regulations, Uncategorized

UK: Fair and Effective Markets Review publishes its final report

The Fair and Effective Markets Review (FEMR) has published its final report, setting out 21 recommendations to help restore trust in the wholesale Fixed Income, Currency and Commodity (FICC) markets.  The report follows the consultation which concluded on 30 January … Continue reading

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Filed under Bank of England, Banking, FCA, PRA, Regulatory Reform

UK: Cyber-security – what level of security will be sufficient to meet a firm’s regulatory obligations?

Firms’ confidential information, and the personal data of their customers, is increasingly being recognised as a valuable commodity, attracting the attention of sophisticated organised criminals.  As custodians of what is often their customers’ more sensitive personal data, not to mention, … Continue reading

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Filed under Bank of England, FCA, PRA

UK: FPC seeks new macro-prudential tools

The Bank of England’s Financial Policy Committee (FPC) has recommended that HM Treasury should exercise its statutory power to prescribe two new macro-prudential measures, thereby granting the FPC powers of direction in the residential mortgage market, covering both owner-occupied and … Continue reading

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Filed under Bank of England, Banking, FCA, PRA, UK Government, Uncategorized

UK: Senior Managers, certification and conduct rules: a new regulatory framework for individuals in banking

The final report of the Parliamentary Committee on Banking Standards criticised not just the “firewall of accountability” around senior individuals within banks but also the regime designed to regulate them.   The joint Consultation Paper “Strengthening accountability in banking: a new … Continue reading

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Filed under Bank of England, Banking, FCA, Investment banking, PRA, Retail Banks, UK, UK Parliamentary Committees, UK Regulations

UK: Financial Policy Committee makes two recommendations and sets countercyclical capital buffer rate

The Bank of England’s Financial Policy Committee (FPC) met on 17 and 25 June 2014.  Whilst recognising the improvement in global banking system resilience due to higher levels of bank regulatory capital (including in the case of UK banks as … Continue reading

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Filed under Bank of England, Banking, Retail Banks, UK

UK: Chancellor announces joint review of how wholesale financial markets operate by HM Treasury, FCA and the Bank of England

The Chancellor has today announced the launch of a joint review by the Treasury, the Bank of England and the Financial Conduct Authority (FCA) into the way wholesale markets operate.  The Fair and Effective Markets Review will focus on the wholesale … Continue reading

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Filed under Bank of England, Banking, FCA, UK Government

UK: Banking Standards Review

Sir Richard Lambert has today published a report with his recommendations on plans for a professional body, to be known as the Banking Standards Review Council (BSRC), to contribute to a continuous improvement in the behaviour and competence of all banks … Continue reading

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Filed under Bank of England, Banking, HM Treasury, Investment banking, Retail Banks, UK, UK Parliamentary Committees

Corporate Crime Update – April 2014

Welcome to the April 2014 edition of our corporate crime update – our round-up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on … Continue reading

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Filed under Americas, Asia, Australia, Bank of England, Bribery and Corruption, China, Corporate Crime, Europe, Hong Kong, India, Indonesia, Japan, Middle East, Russia, Ukraine, US