BANKING

AFME paper on Brexit transitional arrangements for financial services

The Association for Financial Markets in Europe (AFME) has published a paper on transitional arrangements in financial services after Brexit. In the paper, AFME repeats its call for transitional arrangements to be agreed to avoid cliff-edge risks in financial services. In particular, it highlights cliff-edge risks relating to the recognition of central counterparties, existing cross-border contracts and data transfers once the UK becomes a third country.

AFME, 6 September 2017

Draft legislation for Finance Bill 2018

The government has confirmed it will publish draft clauses for the Finance Bill on Wednesday 13 September 2017 to be introduced following the autumn Budget. These clauses will remain open for consultation until 25 October and are expected to form part of what will become the Finance Act 2018.

HM Treasury, 6 September 2017

ECB chair discusses competition in the banking market

The chair of the supervisory board of the European Central Bank (ECB), Danièle Nouy, has delivered a speech on the interplay of banking competition and stability, repeating her call for a European deposit insurance scheme and her warning that banks must be allowed to fail without disrupting the market. ECB, 6 September 2017

INSURANCE

Paymentshield breaches Payment Protection Insurance Market Investigation Order 2011

The Competition and Markets Authority has (CMA) published a letter to Paymentshield Limited about its non-compliance with the Payment Protection Market Investigation Order 2011. The Order imposes remedies following the PPI market investigation, including a requirement to provide customers with an annual review.

CMA, 6 September 2017

EIOPA monthly technical information for Solvency II relevant risk-free interest rate term structures

The European Insurance and Occupational Pensions Authority (EIOPA) has published technical information for Solvency II relevant risk free interest rate term structures with reference to the end of August 2017.

EIOPA, 6 September 2017