Treasury publishes bail-in powers responses: Treasury has published a summary of the responses to its consultation paper on the implementation of the bail-in powers introduced by the Financial Services (Banking Reform) Act 2013. (Source: Bail-in Powers Consultation Paper Responses)

Treasury agrees basic bank account deal: Treasury has reached a landmark deal with nine major banks and building societies on late payment fees for basic bank accounts. The agreement will see new basic bank accounts rolled out for which no fees will be charged if a direct debit or standing order fails. These new accounts will meet the Treasury's financial inclusion policies and start preparation for compliance with the Payment Accounts Directive. (Source: Revised Basic Bank Account Agreement)

Treasury publishes enforcement review responses: Treasury has published a paper setting out the results of its review of the enforcement decision-making process. The detailed paper looks at the themes consulted on, and respondents' views. The review may lead to:

  • the establishment of a new independent decision-making committee for the PRA;
  • a new, signposted, expedited procedure to access the Upper Tribunal;
  • a regular independent review of the regulators’ settlement processes;
  • measures to enhance the accountability of FCA's and PRA’s decision-makers;
  • removal of penalty discounts where those being investigated delay settlement
  • steps to encourage those being investigated to make early admissions;
  • FCA and PRA publishing more information about their criteria for starting investigations, and their approaches to referring cases from supervision to enforcement; and
  • more constructive communication between investigators and those being investigated, with greater senior involvement by the regulators. 

(Source: Enforcement Review Consultation Outcome)