HMT Financial Services Future Regulatory Framework Review: call for evidence on regulatory coordination

HM Treasury (“HMT“) has launched the first phase (a call for evidence on regulatory coordination) in its Future Regulatory Framework Review (“the Review“), originally announced by the then Chancellor in his Spring Statement and more recently repeated in his 2019 Mansion House speech. This Review is focused on improving the coordination between the various regulators/government … Read more

Regulators extend transitional direction powers in line with Brexit delay

The Financial Conduct Authority (“FCA”), Bank of England (“BoE”) and Prudential Regulation Authority (“PRA”) yesterday announced measures to extend certain UK-specific Brexit transitional relief provisions for a further six months until 31 December 2020, in line with the extension of Exit Day until 31 October. This is generally in line with industry expectations and does … Read more

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

Report into supervision of the Co-operative Bank: lessons not just for regulators but also for firms

Authors: Jenny Stainsby, Vicky Man and Cat Dankos While there have been other reviews1 into the near failure of the Co-operative Bank (“Co-op Bank”), on 6 March 2018, HM Treasury announced that it had directed the Prudential Regulation Authority (“PRA”) to conduct a further investigation, specifically focused on the prudential supervision of Co-op Bank between … Read more