PRA has published a statement setting out the conclusions of its evaluation of the written auditor reporting policy to assess how it is delivering against its original objectives. It also sets out how PRA intends to continue to refine its approach to the policy.  PRA has also published the text of a “Dear CFO” letter sent to selected PRA-regulated deposit-takers which provides thematic feedback from the review of written auditor reports received in 2023 which covers accounting for expected credit losses, climate risk and fair value.

FCA’s portfolio letter sets out its supervision strategy for platforms.  Supervisory priorities include: the Consumer Duty, fee transparency and fair value; non-standard assets; operational resilience; fraud controls; transfer times.

The ESAs have published an indicative overview of information and communication technology third-party providers as part of their preparations for DORA. The analysis aims to map the provision of such services by third party providers to financial entities in the EU and to support the ESAs’ policymaking process in the light of the EC’s call for advice to further specify the criteria for the providers and to determine oversight fees.

ECB has published Frank Elderson’s speech of 19 September 2023 in which he discusses governance and culture in the banking sector.

The guidelines have been published in the Official Journal and clarify the application of provisions for financial entities concerning the NIS 2 Directive and DORA which relate to cybersecurity risk-management measures or incident reporting requirements.

FCA has published the text of a letter sent to the CEOs of wholesale banks.  The letter describes the regulator’s areas of supervisory focus over the next two years, including: the external environment; risk management; control risks; operational resilience; organisational changes; LIBOR transition; the Consumer Duty; ESG; AI; and non-financial misconduct.  FCA expects all CEOs to have discussed this letter with their fellow directors and/or Board and to have agreed actions and/or next steps within two months.

This webpage sets out information for firms on how they should be alert to indicators of vulnerability when dealing with consumers seeking advice on transferring out of pension schemes, including FCA’s expectations under the Consumer Duty.  It also includes examples of good outcomes.

FCA has published Laura Dawes’ blog which highlights the finding in the recently published Financial Lives that LGBT+ consumers are almost twice as likely – 44% compared to 25% of adults who do not identify as LGBT+ - to disagree that they have confidence in the UK financial services industry. 

This consultation sets out BoE’s proposed approach to its power to temporarily restrict or prohibit discretionary payments to shareholders or employees of recognised UK CPPs in severe circumstances.  A proposed Statement of Policy seeks to clarify the types of factors BoE may consider in assessing the statutory conditions for the use of the power.  Responses are required by 17 November 2023.

FCA’s press release highlights the commencement of Consumer Duty rules, which came into force on 31 July 2023.