Retail Banks

Hong Kong strides towards a cashless society

The Hong Kong Payment Systems and Stored Value Facilities Ordinance (the Ordinance) came into effect on 13 November 2015. The Ordinance aims to minimise and manage the risks associated with payments through stored value facilities (SVFs). It does this by ensuring the … Continue reading

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Filed under Asia, Banking, Hong Kong, Retail Banks

UK: One month to deadline for implementing FCA and PRA whistleblowing rules

Given the distractions of the summer holiday season and the aftermath of the Brexit referendum, it would be understandable if other developments slipped off the radar. However, there is one particular deadline for regulated firms that demands urgent attention.  Under … Continue reading

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Filed under FCA, Insurance, Investment banking, PRA, Retail Banks, UK

UK: PRA and FCA consult on approach to ring-fencing transfer schemes

The PRA is consulting on a draft statement of policy setting out its approach to ring-fencing transfer schemes (RFTS), and the FCA on guidance.

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Filed under Banking, PRA, Retail Banks, UK, Uncategorized

UK FCA past business reviews: what duties, if any, do financial institutions owe directly to customers? High Court finds no contractual obligations, but tortious duties are arguable

The recent and somewhat surprising decision of the High Court in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB) is important to any financial institution that has agreed to conduct an FCA past business review or redress exercise. … Continue reading

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Filed under Banking, Commercial Litigation, FCA, Retail Banks

Problems with unit-linked products

Unit-linked insurance products have recently given rise to a number of regulatory issues. These cover: mis-selling; the responsibility of the insurer on the one hand and the intermediary on the other; the impact of Solvency II on the calculation of technical … Continue reading

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Filed under Europe, European Regulation, FCA, PRA, Retail Banks, Uncategorized

Assessing and enhancing the legal and contractual aspects of CASS compliance

In the years since the Lehmann collapse there is no doubt that firms have been heavily focussed on CASS compliance, particularly on operational detail and accuracy. But last week’s record CASS fine is a reminder of the critical need to understand, … Continue reading

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Filed under Banking, FCA, Investment banking, Retail Banks, UK, UK Regulations

Financial System Inquiry – Final Report

The Financial System Inquiry (FSI), chaired by David Murray AO, yesterday released its Final Report, which has proposed some significant changes for the financial system in Australia, including in relation to capital adequacy, the regulatory system, consumer outcomes, general advice, … Continue reading

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Filed under Australia, Banking, Investment banking, Regulatory Reform, Retail Banks

Irreconcilable differences? Bank directors, shareholders and regulators

Those tasked with governing UK banks have always faced difficulties in balancing competing interests.  This stems in part from the fact that banks must be operated in accordance with both company law and applicable financial services regulation.  The two regimes … Continue reading

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Filed under Banking, FCA, Investment banking, PRA, Retail Banks, UK, UK Legislation

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