FCA published its business plan for 2018-19, setting out the key priorities for the coming year. Along with the business plan, FCA published a consultation paper on annual fees, its sector views, and a discussion paper on its evaluation framework.
The priorities in this year’s business plan reflect the high level of resources FCA needs to dedicate to the EU withdrawal, given its impact both on the regulation and the firms FCA regulates. FCA will also focus on seven cross sector priority areas, based on assessments of where there is the greatest harm or potential for harm and where intervention can have the greatest impact. The priority areas are:
- Firms’ culture and governance
- High-cost credit
- Tackling financial crime, including fraud, scams, and anti-money laundering
- Data security, resilience, and outsourcing
- Innovation, big data, technology, and competition
- Treatment of existing customers to ensure that they do not get less attention or receive poorer outcomes than new customers
- Long-term savings, pensions, and intergenerational differences, which reflect the changing UK population and their financial needs
Keywords: Europe, UK, Banking, Insurance, Securities, Business Plan, FCA
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
ECB published eleventh issue of the Macroprudential Bulletin, which provides insight into the ongoing work of ECB in the field of macro-prudential policy.
HM Treasury issued a call for evidence seeking views to reform the prudential regulatory regime—also known as Solvency II—of the insurance sector in UK.
ESRB responded to the EC consultation on review of Solvency II regime.
HM Treasury launched a consultation on Phase II of the Future Regulatory Framework Review, with the comment period ending on January 19, 2021.