The month ahead in financial services regulatory developments…

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation for June 2019. 3 Jun Deadline for responses to FCA call for input on the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) evaluation; FCA to conduct ongoing research to gather … Read more

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 its disproportionate application in practice to medium-ranking and junior officials. Section 30 of the Act requires … Read more

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 more unsaid. Woods said that he wanted to dispel two myths: that the BoE plans … Read more

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 2015.  The BoE has launched an open forum which will build on aspects of the … Read more

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, in many cases, their assets, banks and other financial services firms make an obvious target.  … Read more

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 buy-to-let lending, to guard against financial stability risks from the housing market, before the end … Read more