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  • Final FCA rules for the rent to own sector confirm benchmarking and price caps to apply from April 2019

    06/03/2019
    On 5 March 2019 the FCA published its Policy Statement and finalised rules on rent to own ('RTO’) products and alternatives to high cost credit, taking account of the feedback received on its earlier consultation paper on this subject. We reported on the consultation paper and the proposed new rules ...
  • Brexit update for financial services firms - week ending 1 March 2019

    06/03/2019
    In outline: Once again, most of the interesting publications this week relate to the regulatory regime for a no-deal scenario i.e. exit without a transitional period (TP) under the proposed withdrawal agreement (WA) (the ND regime). These relate to UK ‘near final’ regulatory rules, deposit protection arrangements and a UK/US ...
  • FCA publishes final findings on motor finance review

    04/03/2019
    The FCA has today published the final findings of its review into motor finance which began in July 2017. The FCA’s findings centre around four key areas: Commission structures; Sufficient, timely and transparent information; Lender controls; and Affordability assessments. Commission Structures In respect of commission structures, the FCA assessed data ...
  • Italy - Brexit: recent development on Contractual Continuity in insurance sector

    04/03/2019
    On October 3, 2018 IVASS issued the attached letter to the market addressed to all the UK insurance undertakings pursuing business in Italy under the FoE and FoS regime, reminding them to duly inform the Italian insureds on Brexit impact in line with EIOPA Opinion dated June 25, 2018. In ...
  • EBA releases outsourcing guidelines

    01/03/2019
    On 25 February 2018, after extensive consultation the European Banking Association (“EBA”) has published its latest set of guidelines (the “Guidelines”) relating to the outsourcing arrangements of those financial institutions that fall within its remit. The impetus of the Guidelines is intended to harmonise the approach of the financial institutions ...
  • Brexit update for financial services firms - week ending 22nd February 2019

    27/02/2019
    In outline: The regulatory arrangements in a no-deal scenario (the “ND Regime”) continued to be the main focus in the financial services (“FS”) sector. For a more detailed view of the different regulatory arrangements, see our updated no-deal database here. HM Treasury (“HMT”) published a revised policy note on the ...
  • Brexit - ESMA clarifies its position on trade reporting in a no-deal climate

    26/02/2019
    In a bid to clarify the reporting obligations of trading data following a no-deal Brexit, the European Securities and Markets Authority (“ESMA”) has published a statement providing guidance on how trading data between the United Kingdom and the European Union should be handled. Under the European Market Infrastructure Regulation (“EMIR”), ...
  • SMCR: how to optimise your project for real gains (as well as satisfying the FCA)

    26/02/2019
    The extension of the Senior Manager & Certification Regime to all solo-regulated firms means that impacted firms should set up their projects to meet the implementation deadline and have time to deal with the practicalities and challenges involved. This webinar will help you optimise your project so that you achieve ...
  • Brexit update for financial services firms - week ending 15 February 2019

    26/02/2019
    In outline: There was not a huge amount of financial services (FS) material published this week. The regulatory regime for a no-deal scenario (the ND regime) continues to be the main area of focus. Steven Maijoor gave a speech which provides a useful overview of ESMA’s preparations for the ND ...
  • Germany: New Law to govern the consequences of a hard Brexit to UK insurer´s German books of business

    25/02/2019
    Germany: Brexit – German legislator has created the basis for a transitional period to settle business after a hard Brexit – BaFin may order to extend passporting rights for UK insurers for transitional period On 21 February 2019, in view of a possible hard Brexit, the German legislator has passed ...