We are excited to launch the 2020 edition of our Global Bank Review, #disruption. While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support to vulnerable customers, and supplying vital credit for regrowing our economies. Read more

The High Court has dismissed a Part 8 claim against a bank for allegedly failing to provide an adequate response to the claimant’s Data Subject Access Requests (DSARs). This is a noteworthy decision for financial institutions, particularly those with a strong retail customer base, as it highlights the robust approach that the court is willing to take where it suspects the tactical deployment of DSARs against the institution: Lees v Lloyds Bank plc [2020] EWHC 2249 (Ch). Read more

The PRA has published its Proprietary Trading Review pursuant to section 9 of the Financial Services (Banking Reform) Act 2013. The Review assesses whether the PRA should be granted further powers in relation to, or whether further restrictions should otherwise be placed on, proprietary trading carried on by PRA authorised deposit takers and investment firms incorporated in the UK Read more

The FCA recently published its Industry Feedback for 2019/20 on its 5 Conduct Questions (5CQ) Programme. This year the FCA’s focus was on individuals, and instead of annual conduct meetings (which typically involve top management executives and global heads) it hosted roundtable sessions with individuals at vice president level (or equivalent) – which it refers to as ‘the Engine Room’ – across a number of wholesale banks. Read more

As the end of the Brexit transition period approaches, the PRA has published a letter from Sam Woods, Deputy Governor for Prudential Regulation and CEO of the PRA, to CEOs of all PRA-regulated firms preparing for the end of the transition period and for entering the Temporary Permissions Regime (TPR). The letter stresses the need for firms to be operationally prepared to enter the TPR and to ensure that they are able to meet the PRA’s regulatory requirements once they are in the TPR. The transition period is due to end at 11pm on Thursday 31 December 2020 at which point the TPR will take effect. Read more

Welcome to the August 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more

The FCA and PRA have now both published their Consultation Papers on the implementation of the remuneration provisions of the revised Capital Requirements Directive (referred to as CRD5), which will apply in the UK and the EU from 29 December 2020. Read more

On 31 July 2020, the PRA published a Consultation Paper (CP12/20) on its proposed approach to implementing the CRD V Directive ((EU) 2019/878) in the UK. This will be relevant to banks, building societies and PRA-designated investment firms. Read more