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...
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.
EC: EQUIVALENCE IN THE AREA OF FINANCIAL SERVICES
The EC has set out its approach on equivalence and on recent legislative improvements in terms of how it grants equivalence to non-EU countries. It also describes how the EC and ESAs monitor the situation in those countries after equivalence decisions have been taken and how recent EU legislative changes have strengthened the equivalence framework....
On 12 June 2019 the PRA published a new ‘Dear CEO’ letter summarising the regulator’s findings from a review of 20 non-systemic deposit taking firms that it has undertaken over the past year. The firms reviewed are mostly growing faster than the market as a whole, so the PRA refers ...
On 22 February 2018 The House of Commons Treasury Committee (also referred to as the ‘Treasury Select Committee’ or ‘TSC’) launched an inquiry into the role of digital currencies and the technologies underpinning them. The purpose of this inquiry is to increase understanding of digital currencies and distributed ledger technologies ...
CMS UK held a seminar on 4 September on 'Individual responsibility - extending SMCR to the entire industry', led by Simon Morris and Alison McHaffie.
The seminar covered:
1. What’s going on?
2. What will it look like?
3. The implementation project
4. Senior managers
5. Certified & other staff – and what fit and proper means
6. The rules – and what they mean
The seminar slides are available to view/download via the link in the title.
On 26 July 2017, the FCA published consultation paper CP17/25 on the extension of the Senior Managers and Certification Regime (see our earlier report, which summarises the key proposals here). Our brochure looks at each of the key elements of the new regime, assessing how they will apply to non-banking ...
Today the FCA published its consultation (CP17/25) on the extension of the Senior Managers and Certification Regime (“SM&CR”) to nearly all FCA regulated firms (including incoming branches of non-UK firms that have permission to carry out FCA regulated activities). The proposals regarding insurers are not covered in this consultation. See ...
Over the last month, both the PRA and FCA have produced final versions of updated guidance on remuneration. This follows the form of the FCA’s draft guidance published for consultation last year and the PRA’s consultation. In both cases, the updated guidance consolidates guidance that was previously located in several ...
This article first appeared on Practical Law and is published with the permission of the publishers The Enforcement Review – significant change or more of the same? The long running review of the FCA and PRA enforcement process has finally reached an end, at least for the FCA, with the ...