BANKING

PRA's approach to the implementation of the systemic risk buffer

The PRA has published a statement of policy (SoP) that sets out its approach to the implementation of the systemic risk buffer (SRB)

PRA. 5 December 2016

Complaints Commissioner identifies FCA failings in handling complaints concerning Connaught Income Series 1 Fund and FCA announces related independent review

The Office of the Financial Services Complaints Commissioner (FSCC) published its decisions (dated 24 November 2016) in relation to two complaints against the FCA. The FCA has also published its response to each of the decisions:

FSCC & FCA, 5 December 2016

FMLC paper on issues of uncertainty arising from Brexit

The Financial Markets Law Committee (FMLC) published a paper analysing issues of uncertainty arising in the context of the UK's withdrawal from the EU.

FMLC, 2 December 2016

INSURANCE

FCA thematic review report on general insurance intermediaries' PII

The FCA carried out a thematic review report to evaluate the individual policies purchased by a sample of 200 firms to assess whether they complied with the requirements in the Prudential sourcebook for Mortgage and Home Finance Firms (MIPRU). It also considered how effectively the general insurance (GI) PII market was functioning, particularly in terms of the breadth of the market and the availability of cover.

FCA. 5 December 2016

New Insurance Scheme from BIBA offers hope to businesses at risk of flood

The British Insurance Brokers’ Association (BIBA) has announced the launch of a new commercial insurance scheme for businesses that will also include flood cover for many commercial premises and let properties located in areas at risk from flooding. BIBA, 5 December 2016

INVESTMENTS AND FUNDS

Leading investment and pension bodies publish consultation to improve pension and investment transfers and re-registrations

The Association of British Insurers (ABI) and seven other trade bodies have published a joint consultation paper on improving pension and investment transfers and re-registrations.

ABI & Others, 5 December 2016

FMLC response to ESMA consultation on technical standards under Benchmark Regulation

The Financial Markets Law Committee (FMLC) has published its response (dated 1 December 2016) to ESMA's consultation on draft regulatory technical standards (RTS) and implementing technical standards (ITS) required under the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.

FMLC, 5 December 2016