25447 Search Results for
  • FCA: The treatment of PEPs/GC24/4: Proposed amendments to guidance on the treatment of politically exposed persons

    18.07.2024
    FCA has published the results of its multi-firm review on the treatment of PEPs.  It has told firms that they should: ensure their definition of a PEP, family member or close associate is tightened...

    FCA has published the results of its multi-firm review on the treatment of PEPs.  It has told firms that they should: ensure their definition of a PEP, family member or close associate is tightened to the minimum required by law and not go beyond that; review the status of PEPs and their associates promptly once they leave public office; communicate to PEPs effectively and in line with the Consumer Duty, explaining the reasons for their actions where possible; effectively consider the actual level of risk posed by the customer, and ensure that information requests are proportionate to those risks, and improve training offered to staff who deal with PEPs.  FCA is proposing changes to its guidance to: reflect the new legal starting point that UK PEPs should be treated as lower risk; make clear that non-executive board members of civil service departments should not be treated as PEPs solely for that reason, and give greater flexibility in who can approve or sign off PEP relationships within firms.  Responses are required by 18 October 2024.

    Support Information:
    https://www.fca.org.uk/news/press-releases/FCA-calls-on-firms-to-improve-treatment-of-PEPs
    https://www.fca.org.uk/publication/multi-firm-reviews/treatment-politically-exposed-persons-2024.pdf
    https://www.fca.org.uk/publication/guidance-consultation/gc24-4.pdf
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  • FSB: Stocktake on nature-related risks

    18.07.2024
    This report takes stock of regulatory and supervisory initiatives associated with the identification and assessment of nature-related financial risks.  It also enquires about the perceptions of central...

    This report takes stock of regulatory and supervisory initiatives associated with the identification and assessment of nature-related financial risks.  It also enquires about the perceptions of central banks and supervisors regarding whether nature degradation, such as biodiversity loss, is a relevant financial risk.

    Support Information:
    https://www.fsb.org/wp-content/uploads/P180724.pdf
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  • BoE: Speech by Nathanaël Benjamin: Late call

    18.07.2024
    Text of Nathanaël Benjamin’s speech of 18 July 2024 on collateral management follows.

    Text of Nathanaël Benjamin’s speech of 18 July 2024 on collateral management follows.

    Support Information:
    https://www.bankofengland.co.uk/speech/2024/july/nathanael-benjamin-speech-followed-by-panel-preparing-for-liquidity-stresses
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  • PSR: CP24/10: Consultation on draft guidance on supporting the identification of APP scams and civil disputes

    18.07.2024
    PSR notes that, after a series of engagement sessions with PSPs and industry, it is aware of the practical challenges industry face in distinguishing between APP scams and civil disputes.  This draft...

    PSR notes that, after a series of engagement sessions with PSPs and industry, it is aware of the practical challenges industry face in distinguishing between APP scams and civil disputes.  This draft guidance is aimed at helping support payment services providers in making this assessment.  Responses are required by 8 August 2024.

    Support Information:
    https://www.psr.org.uk/media/fztdzutq/cp24-10-app-scams-civil-dispute-guidance-july-2024.pdf
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  • FSB: Speech by Klaas Knot: The AI adventure - how artificial intelligence may shape the economy and the financial system

    18.07.2024
    Text of this speech of 12 July 2024 follows, in which Klaas Knot notes that FSB is not currently developing policy options and that its work in this area is “purely analytical”.  However,...

    Text of this speech of 12 July 2024 follows, in which Klaas Knot notes that FSB is not currently developing policy options and that its work in this area is “purely analytical”.  However, he concludes that “FSB is ready to do what is needed to monitor these risks and implement effective regulatory frameworks”.

    Support Information:
    https://www.bis.org/review/r240716c.pdf
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  • Complaints Commissioner/FCA: 202300837

    18.07.2024
    The complainant had contacted FCA with regard to what he believed to be a gap in the rules the regulator had set for banks to help consumers with “persistent credit card debt” and was unhappy...

    The complainant had contacted FCA with regard to what he believed to be a gap in the rules the regulator had set for banks to help consumers with “persistent credit card debt” and was unhappy with its response.  The Commissioner upheld some elements of the complaint.

    Support Information:
    https://frccommissioner.org.uk/wp-content/uploads/202300837-Issued-04-July-2024.-Published-18-July-2024.pdf
    https://www.fca.org.uk/publication/corporate/fca-response-occ-report-202300837-july2024.pdf
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  • The King’s Speech: Bank Resolution (Recapitalisation) Bill

    17.07.2024
    The Bill introduces a new mechanism to allow BoE to use funds provided by the banking sector to cover certain costs associated with resolving a failing banking institution and achieving its sale in whole...

    The Bill introduces a new mechanism to allow BoE to use funds provided by the banking sector to cover certain costs associated with resolving a failing banking institution and achieving its sale in whole or in part, and is designed to respond more effectively to small bank failures where resolution is judged to be in the public interest by: (i) expanding the statutory function of FSCS which will require FSCS to provide funds to BoE upon request, to be used where necessary to support the resolution of a failing bank; (ii) allowing FSCS to recover the funds provided by charging levies on the banking sector (credit unions will not be in scope of this levy), and (iii) giving BoE an express ability to require a bank in resolution to issue new shares, facilitating the use of FSCS funds to meet a failing bank’s recapitalisation costs.

    Support Information:
    https://assets.publishing.service.gov.uk/media/6697ac9cab418ab05559271d/King_s_Speech_2024_background_briefing_GOV.uk.pdf
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  • EBA/EIOPA/ESMA: DORA

    17.07.2024
    The ESAs have published final draft regulatory technical standards, one set of implementing technical standards and two guideline relating to DORA, all of which may be accessed via the first link. ...

    The ESAs have published final draft regulatory technical standards, one set of implementing technical standards and two guideline relating to DORA, all of which may be accessed via the first link.  Alongside the documentation, the ESAs have published a factsheet on The Systemic Cyber Incident Coordination Framework, also known as EU-SCICF, which has been set up to facilitate communication and coordination among EU authorities and to liaise with other key stakeholders at international level, in case of cyber incidents posing a risk to financial stability.

    Support Information:
    https://www.eba.europa.eu/publications-and-media/press-releases/esas-published-second-batch-policy-products-under-dora
    https://www.eba.europa.eu/sites/default/files/2024-07/aa0d6f08-9979-433f-8e38-456daad62ded/EU-SCICF%20factsheet.pdf
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  • PRA: 2023 survey results

    17.07.2024
    PRA has published the results of its annual survey of PRA-authorised firms who provided feedback on a range of topics, including; the regulator’s understanding of firms; the firms’ understanding...

    PRA has published the results of its annual survey of PRA-authorised firms who provided feedback on a range of topics, including; the regulator’s understanding of firms; the firms’ understanding of its regulatory objectives and expectations; the effectiveness of PRA’s relationship with firms; PRA’s co-ordination with other regulators and data requests; and the clarity and accessibility of prudential policy, rules, and requirements.

    Support Information:
    https://www.bankofengland.co.uk/prudential-regulation/publication/2024/july/results-of-the-firm-feedback-survey-2023
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  • The King’s Speech: Pension Schemes Bill

    17.07.2024
    The Bill includes a measure to ensure that all members are saving into pension schemes delivering value through the Value for Money framework.  FCA is to ensure that the framework is applied to contract...

    The Bill includes a measure to ensure that all members are saving into pension schemes delivering value through the Value for Money framework.  FCA is to ensure that the framework is applied to contract schemes and therefore consistently across the whole pension market.

    Support Information:
    https://assets.publishing.service.gov.uk/media/6697ac9cab418ab05559271d/King_s_Speech_2024_background_briefing_GOV.uk.pdf
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