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  • The FCA agenda on high cost credit and rent to own: an update

    21/12/2018
    The FCA’s appetite for change in the high-cost credit market shows little sign of abating with its latest set of proposals. With reports earlier this year that over three million consumers are utilising high cost credit, the FCA acknowledges that the task of regulating consumer credit is one of the ...
  • Brexit update for financial services firms - week ending 7 December 2018

    17/12/2018
    The week was again dominated by drama at Westminster with the start of the debate by MPs ahead of the ‘meaningful vote’ on the Withdrawal Agreement (WA) and Political Declaration (PD). (Of course, the Prime Minister has now announced the postponement of the vote in parliament to allow her to have further talks with the EU). There have been a variety of reports, explainers and commentaries published...
  • Managing operational risks in financial institutions – the regulatory perspective

    13/12/2018
    Managing operational risks in financial institutions – the regulatory perspective Not surprisingly given recent high profile IT failures and the ever increasing reliance placed on technology by financial institutions operational risk remains high on the FCA and PRA’s agenda. Building the UK financial sector’s operational resilience was the subject of ...
  • Brexit update for financial services firms - week ending 30 November 2018

    04/12/2018
    The week in outline: The political turmoil at Westminster continued to dominate the headlines. The UK Government (HMG) and the EU published the text of the Withdrawal Agreement (WA) endorsed at the summit on 25th November with the full text of Article 132 provision on the extension of the transitional ...
  • Belgian implementation of IDD now adopted

    03/12/2018
    On 14 November 2018, the Belgian parliament finally adopted the draft law (“Draft Law”) implementing Directive 2016/97/EU on insurance distribution (“IDD”) in Belgium. IDD repeals and replaces Directive 2002/92/EC on insurance mediation (“IMD”) and entered into force (following several delays) on 1 October 2018. The Draft Law will enter into ...
  • Brexit update for financial services firms - week ending 23rd November 2018

    30/11/2018
    The week in outline: This week saw continuing political debate in the UK, while the EU and the UK Government (HMG) published a longer version of the draft Political Declaration of the Framework for the Future Relationship between the EU and the UK (PD) (see Document 1 below). HMG also ...
  • Brexit update for financial services firms - week ending 16th November 2018

    22/11/2018
    The week in outline: The week was dominated by the completion of the negotiations (as between the UK Government (HMG) and the European Commission teams) of the draft Withdrawal Agreement (WA) (see Document 1 below) and the subsequent political drama at Westminster. For financial services (FS) firms, there were no ...
  • Belgium to create new regulatory framework for MGAs

    21/11/2018
    The Belgian regulator has published a draft law amending the law of 4 April 2014 on insurances, which will create a new regulatory framework for managing general agents (“MGAs”) in Belgium (“Proposal”). A legal framework for MGAs already existed in the United Kingdom and the Netherlands but not in Belgium. ...
  • Brexit update for financial services firms - week ending 9th November 2018

    14/11/2018
    The week in outline: In the financial services (FS) sector, the flow of publications on ‘no deal’ preparations continues apace (see Documents 1 to 5 below and most of the additional publications in section 2). The EU is taking a very different approach to that of the UK. EU policy ...
  • Brexit update for financial services firms - week ending 2 November 2018

    06/11/2018
    The week in outline: UK contingency planning for a non-deal scenario continued this week with more material on ‘Nationalising the Acquis’ (NtA) under the European Union (Withdrawal) Act 2018 (EUWA). HMT published 5 new NtA statutory instruments (see Documents 2 to 5 below). We commented on the NtA SIs dealing ...