BANKING

LSB publishes new Standards of Lending Practice for business customers

The Lending Standards Board (LSB) has published new Standards of Lending Practice (SLP) for business customers. The SLP replace the micro-enterprise provisions of the Lending Code and relate to product information, product sale, declined applications, product execution, credit monitoring, financial difficulty.

portfolio management, vulnerability, governance and oversight. The SLP will apply from 1 July 2017. Until then, the relevant provisions of the current Lending Code continue to apply. Lending Standards Board, 28 March 2017

 

HM Treasury revises special resolution regime code of practice

HM Treasury has published a revised version of the Banking Act 2009 special resolution regime code of practice. The code has been further updated to reflect changes following the Bank Recovery and Resolution Order 2016. The changes include a new section in the renamed chapter 10 on independent resolution of UK branches of third country (non-EEA) institutions and revisions to the text in chapter 11. HM Treasury, 27 March 2017

 

CMA publishes notice of its determination of exceptions to the application of the Retail Banking Market Investigation Order 2017

The Competition and Markets Authority (CMA) has published a notice of its determination of exceptions to the application of the Retail Banking Market Investigation Order, which was made on 2 February 2017 to implement remedies arising from the retail banking market investigation. Competition and Markets Authority, 28 March 2017.

BCBS fourth progress report on banks' implementation of principles for effective risk data aggregation and reporting

The Basel Committee on Banking Supervision (BCBS) has issued its fourth progress report on banks' implementation of its principles for effective risk data aggregation and reporting. The principles, which became effective in January 2016, aim to strengthen banks' risk data aggregation and risk reporting practices to improve their risk management practices, decision-making processes and resolvability. They are applicable to firms designated as global systemically important banks. Basal Committee on Banking Supervision, 28 March 2017

 

PRA consults on amending supervisory statement on internal ratings based approaches

The PRA has published a consultation paper outlining proposed changes to Supervisory Statement (SS) 11/13 that clarify the PRA's expectations for firms applying for Internal Ratings Based (IRB) model approval in relation to: how they can demonstrate that they meet the "prior experience" requirements of the Regulation 575/2013 (Capital Requirements Regulation); and the use of external data for estimating Probability of Default and Loss Given Default for residential mortgages. The consultation ends on 28 June 2017. Prudential Regulation Authority, 28 March 2017

INVESTMENTS AND FUNDS

Investment Association launches public consultation on the standardisation of disclosure for charges and transaction costs

The Investment Association has launched a public consultation on the standardisation of disclosure for charges and transaction costs. The consultation sets out an industry code, which provides a blueprint for the reporting of charges and transaction costs using a consistent approach across the market and in line with regulatory requirements. The consultation forms part of an ongoing industry wide initiative on enhanced transparency. The consultation ends on 19 May 2017. Investment Association, 27 March 2017