The latest news from the financial services industry
[Banking] Summer budget... more than we had expected.
As the summer budget is announced, we consider the implications to the banking industry.
[Banking] The significance of de-risking for financial services firms
The global trend of de-risking and the significant impact it has had on the global banking economy has been the topic of much debate over recent years. Today, as we hear of more and more financial institutions and individual account holders struggling to manage the direct effects of de-risking, we review the situation and what can be done.
[Banking] The PRA’s proposed new liquidity regime
The PRA’s proposed changes to the existing liquidity regime have been explained in the consulting paper CP27/14 “CRD IV: Liquidity” issued in November 2014. The modification of the current rules is required to align UK regulation with the Delegated Act to supplement EU regulation 575/2013 (CRR) on the liquidity coverage ratio (LCR) and on the circumstances under which specific inflow and outflow levels should be imposed to cover institutions’ specific liquidity risks.
[Financial Services] The FCA Business Plan and Risk Outlook
The FCA published its annual Risk Outlook and Business Plan in March outlining its approach for 2015/16.
[Financial Services] FATCA Reporting Deadline - Less than 6 weeks to go
The FATCA reporting deadline is fast approaching and Financial Institutions (“FIs”) and other entities which have been classified under FATCA as reporting entities will be required to submit their first return to HMRC by 31 May 2015
[Insurance] PRA and FCA consult on new senior management regime for insurance companies
Both the PRA and the FCA issued consultation papers on the impact of Solvency II on their approved person regime on 26 November. Whilst the changes are stated to have been primarily driven by Solvency II, the PRA and FCA have taken the opportunity to align the regime, where possible, to that proposed for banks. In this respect, the PRA has more or less abandoned its ‘intelligent copy out’ of the Solvency II Directive in favour of a more detailed set of rules for the UK.
[Insurance] PRA consults on further measures for implementation under Solvency II
On 21 November the PRA issued consultation paper CP24/14 concerning further measures for implementation of Solvency II in the UK.
[Insurance] PRA issues consultation paper on Solvency II approvals
The PRA issued CP23/14 ‘Solvency II approvals’ on 15 October 2014. The consultation paper sets out the PRA’s guidance and expectations for firms for applying for various Solvency II approvals.
[Insurance] The FCA focus on improving competition in the add-on market
In a bid to reduce prices and increase transparency in the insurance add-on market the FCA have announced that they are to issue new rules aimed at increasing competition in this arena. Overall the picture is that ineffective competition in the add-on market leads to poor customer outcomes.
[Insurance] Stress testing your arrangements for managing conduct risk - flood claims
As the focus of the recent floods shifts from day-to-day management to dealing with the aftermath we take a look at what insurance firms should be doing now