BANKING

EBA publishes DPM and XBRL taxonomy 2.6 for remittance of supervisory reporting

The European Banking Authority has published an update to the XBRL taxonomy that Competent Authorities should use for the remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. The revised taxonomy will be used for reference dates from 30 June 2017 onwards and includes changes and corrections to validation rules.

EBA, 18 January 2017

Results of the January 2017 euro area bank lending survey

According to the results, loan growth continues to be supported by an increasing demand across all loan categories, credit standards for loans to enterprises are broadly stabilising, continued easing of credit terms and conditions across all loan categories and the easing impact of TLTROs on credits standards increased.

ECB, 17 January 2017

INSURANCE

Cross-industry group on pension and investment transfers announces new Chair

Tom McPhail has been selected by the members of the cross-industry group on pension and investments transfers as the new Chair of the initiative with immediate effect, replacing Ed Dymott.

ABI, 18 January 2017

BIBA’s Manifesto calls to enable the Insurance Market

The British Insurance Brokers' Association has called for the government to commit to no further increases to Insurance Premium Tax and to negotiate for single market access in the EU exit. BIBA has also called for the FCA to prioritise cost-effective supervision following a 70% increase in regulation costs for small insurance brokers.

BIBA, 17 January 2017

BIBA launches "Innovation Station"

At the launch of its 2017 Manifesto BIBA announced that it was forming a new cross-industry group with the working title of the BIBA Innovation Station to support insurance brokers and start-ups and to explore the challenges and opportunities presented by insurance innovation. Innovations and developments to be discussed include the use of big data for more accurate rating, drones for survey work, artificial intelligence and chatbots to handle simple customer queries. BIBA, 17 January 2017

BIBA research reveals more than 750,000 live telematics based policies

BIBA conducts annual research into the number of telematics policies live in the UK and in 2016 the number exceeded three quarters of a million for the first time. The BIBA survey includes information from the leading telematics brands in the UK to determine the number of live policies which, on a like for like basis1, shows an increase of nearly 25% on the 2015 figure. BIBA, 17 January 2017

BIBA Makes EU Exit Calls to Protect UK Insurance Brokers and £7.8Bn of Business

BIBA has written to Prime Minister, calling on Government to negotiate for single market access as part of the EU Exit, or a sectoral solution if whole economy access isn’t achievable. The calls are also made in BIBA’s 2017 Manifesto which was launched in the Houses of Parliament on 16 January and calls for a minimum five year transition period, and also highlights the need for a solution for EU workers in the UK’s insurance industry and UK insurance professionals working around Europe. BIBA, 17 January 2017

INVESTMENTS AND FUNDS

EBA and ESMA call to clarify margin requirements between CRR and EMIR

The EBA and ESMA has published a report on the functioning of the Capital Requirements Regulation (CRR) with EMIR and trade repositories. The report analyses the requirements in the CRR and EMIR that may potentially duplicative and inconsistent, with a particular focus on the position of firms regulated under the CRR that operate as central counterparties.

EBA and ESMA, 18 January 2017

Euan Munro joins Investment Association Board

Aviva Investors Chief Executive Officer Euan Munro has joined the Investment Association Board. The appointment follows the announcement in November 2015 that former Board member, Invesco Perpetual Chief Executive Mark Armour, was to retire from Invesco at the end of last year.

The Investment Association, 18 January 2017