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  • EC: Retail bank accounts

    19/04/2013
    The EC reports that, on 8 May 2013, it will announce a proposed directive which will focus on the transparency and... comparability of bank account fees, bank account switching and access to a basic bank account.
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  • ESMA: Credit ratings data

    19/04/2013
    ESMA has published the latest set of semi-annual statistical data on the performance of credit ratings including transition matrices and default... rates in its Central Rating Repository (CEREP). This new set of statistics covers ratings data up to 31 December 2012.
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  • FCA: Card Protection Plan Limited

    19/04/2013
    Further to the Final Notice issued in November 2013, FCA has noted that a plan is now being finalised to compensate... customers that were mis-sold a policy they bought directly from the firm, or through a bank or card issuer. It has been agreed in principle that a compensation scheme will be set up to do this but it has not been finalised. Further information will be provided when it is available.
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  • FSCS: 2013/14 levy

    19/04/2013
    FSCS has confirmed its proposed levy for 2013/14 at £285m. The levy has reduced by £26m since FSCS published its initial... assumptions in its Plan and Budget 2013/14 in early February. It follows an up-to-date analysis of claims paid in the previous year and claims assumptions for 2013/14. Firms will be invoiced in July.
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  • HMT: Cross-border OTC derivatives regulation

    19/04/2013
    HMT has published the text of a letter signed by finance ministers in a number of jurisdictions, including the UK, Germany,... France and Russia, as well as Michel Barnier (EC) to the US Treasury secretary and copied to various US regulators and government committees. The letter raises concerns over the lack of progress in developing workable cross-border rules as part of reforms of the OTC derivatives market and sets out a number of draft attached core principles intended to avoid cross-border conflicts.
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  • TSC: Appointment of Dr Mark Carney as Governor of the Bank of England

    19/04/2013
    In this report, which also provides a full transcript of evidence received during this inquiry, TSC raises concern over PRA’s competition... powers: “with only a ‘have regard’ duty given to the PRA, the risk will remain high that, in time, it may merely pay lip service to competition considerations … The concentration of the banking system, in particular, acts against the interests of both business and personal bank customers. For these reasons we do not agree with Dr Carney that the current legislation strikes an adequate balance in this area” TSC also raises concerns with regard to bank account portability and welcomes Mark Carney’s statement that he is “open minded” on the question of whether the UK should introduce this.
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  • EC: Bank supervision: Council confirms agreement with European Parliament

    19/04/2013
    The Council’s Permanent Representatives Committee has approved a compromise agreed with the European Parliament on the establishment of a single supervisory... mechanism (SSM) for the oversight of credit institutions. The SSM will be composed of the ECB and the supervisory authorities in the member states. The ECB will be responsible for the overall functioning of the SSM. It will have direct oversight of eurozone banks, although in a differentiated way and in close cooperation with national supervisory authorities. Non-eurozone member states wishing to participate in the SSM will be able to do so by entering into close cooperation arrangements. The ECB's monetary tasks will be strictly separated from its new supervisory tasks, in order to eliminate potential conflicts of interest between the objectives of monetary policy and prudential supervision. A supervisory board responsible for the preparation of supervisory tasks will be set up within the ECB. Non-eurozone countries participating in the SSM will have full and equal voting rights on the supervisory board. The board's draft decisions will be deemed adopted unless rejected by the ECB governing council. National supervisors will remain in charge of tasks not conferred on the ECB (eg. consumer protection, money laundering, payment services, and branches of third country banks). EBA will retain its competence for further developing the single rulebook and ensuring convergence and consistency in supervisory practice. ECB will assume its supervisory tasks within the SSM either on 1 March 2014 or 12 months after entry into force of the legislation, whichever is later, subject to operational arrangements.
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  • FCA: Santander UK

    19/04/2013
    FCA reports that Santander UK has agreed to contact more than 270,000 mortgage customers that it did not give clear information... when it raised the cap margin linked to its SVR in 2008. The regulator believes letters the bank sent to borrowers in 2008 failed to clearly explain the SVR cap margin increase and what it would mean for them. Some customers did not even receive any notification about the SVR cap margin increase and thus borrowers may not have understood their options, which for some customers may have included an opportunity to move their loan to a lender offering a lower rate or exit their mortgage without incurring an early repayment charge.
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  • PRA: Conducting statutory investigations

    18/04/2013
    This short policy statement sets out how PRA will identify whether the conditions for an investigation into regulatory failure are met,... and how it will carry out investigations both into regulatory failure and matters of public interest. The statement has been approved by the PRA Board and HMT.
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  • European Parliament: CRD IV

    18/04/2013
    Adopted texts of the Regulation and Directive following the vote earlier this week are available to download via the following ...links.
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