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  • FCA publish rules in relation to Overdraft Pricing and Competition Remedies

    As part of its review into high-cost credit, the FCA has published new rules designed to simplify and improve transparency of overdraft pricing. The rules, coming into force on 6 April 2020,  require firms to publish a range of overdraft pricing details – with a view to increasing consumers’ awareness of firms’ overdraft charging structures. Firms will be under an obligation to publicise, on a quarterly...
  • Pricing practices in the FCA spotlight

    On 4 October 2019, the FCA published the interim findings of its market study into general insurance pricing practices.  The FCA’s interim report concludes that the home and motor insurance markets are not working well for consumers, finding that 6 million policy holders paid high prices in 2018, at a total estimated cost of £1.2bn. The FCA has taken particular issue with personalised pricing (and...
  • Brexit news for financial services firms -from 28 September 2019 to 4 October 2019

    RegZone reporting on Brexit for financial services firms Until May of this year, RegZone published a weekly email update with Brexit news and commentary. Over the summer we have produced a fortnightly Brexit news report which was on the RegZone website (but not sent out by email). You can access the previous reports here. As promised, we are now reverting to a weekly commentary distributed by emai...
  • Brexit news for financial services firms - from 14 September 2019 to 27 September 2019

    FCA: Temporary transitional powers Further to the directions made on 28 March 2019, FCA has updated and published draft directions and updated its explanatory note providing guidance on the use of the TTP.
  • SMCR and regulatory references- what can solo regulated firms learn from the banking sector?

    Three years have passed since the banking sector implemented the Senior Managers & Certification Regime (SMCR) and two years since the regulatory references regime came into force.  From 9 December 2019, solo regulated firms will also become subject to these rules.  Can any lessons can be learned from the banking sector’s bedding in period? 
  • Germany: BaFin issues an explanatory note regarding the conduct of reinsurance business by US reinsurers in Germany

    BaFin issues an explanatory note with regard to US reinsurers that want to conduct reinsurance business in Germany without having a German licence.
  • Insurance Outsourcing: PRA to publish new Supervisory Statement

    In a speech published yesterday on insurance risk management, the PRA announced that it is planning to issue a new supervisory statement on outsourcing in October. Charlotte Gerken noted that “The supervisory statement is intended to provide a one-stop source of reference on outsourcing and third-party risk management, bringing together previously issued guidance. It also sets out additional guidance...
  • PRA flags current operational risk and resilience, cyber security and outsourcing issues for credit unions

    The PRA has reminded credit unions of its expectations regarding operational risk and resilience, cyber security and outsourcing issues in the published findings of its 2019 annual assessment of the credit union sector. 
  • PSD 2: Strong Customer Authentication and timetable for implementation

    The revised Payment Services Directive (PSD2) brought about a number of fundamental changes to the payments market in the EU, including imposing a requirement for certain payment services providers (PSPs) to apply strong customer authentication (SCA) where a payment service user:
  • Brexit news for financial services firms from-3 September 2019 to 13 September 2019

    1.    EIOPA highlight risks of a no-deal Brexit The Joint Committee of the European Supervisory Authorities published its latest report on Risks and Vulnerabilities in the EU Financial System. The report highlights uncertainties surround the UK's exit from the EU. It states ‘Although there seems to be a “Brexit fatigue” in the financial sector, supervisors continue to encourage institutions to prepare...