Treasury Committee publishes PCBS report: The Treasury Committee has published a report on progress in implementing the recommendations of the Parliamentary Commission on Banking Standards (PCBS). The report looks at the inadequacies of the Government's initial response to some of the recommendations, and what legislative and non-legislative measures have been taken so far to implement them. The report considers in particular developments in:
- ring-fencing and proprietary trading;
- strengthening individual accountability; and
- non-legislative implementation of recommendations.
(Source: Treasury Committee Publishes PCBS Report)
EU Committee criticises Government over Buy-to-Let: EU Committee Chairman, Lord Boswell, has written to Andrea Leadsom, Economic Secretary, outlining concerns regarding the implementation of the Mortgage Credit Directive and the Commission Delegated Regulation on the minimum amount of Professional Indemnity Insurance or comparable guarantee to be held by credit intermediaries. In particular, he expressed concerns regarding the lack of evidence as to the numbers likely to be affected by the changes. He was particularly critical because the UK had secured an exemption for buy-to-let during negotiations, but Treasury did not fully appreciate the likely problems and failed to raise them at an appropriate stage. (Source: EU Committee Criticises Government over Buy-to-Let)