FCA Handbook Notice 39
The FCA has published Handbook Notice 39, which sets out changes made to the FCA Handbook under instruments made by the FCA Board on 10 November 2016 and on 8 December 2016 and by the board of the Financial Ombudsman Service on 23 November 2016. The relevant instruments are:
- Pension Schemes Instrument 2016.
- Fees (Tariff Data for Insurers 2017/2018) Instrument 2016.
- Recovery and Resolution Directive (Amendment) Instrument 2016.
- Credit Unions Sourcebook (Amendments No9) Instrument 2016.
- Consumer Credit (Total Charge for Credit) Instrument 2016
- Wind-down Planning Guide Instrument 2016
- Standards for Designated Guidance Providers (Amendment) Instrument 2016
FCA, 9 December 2016
Bank of England/TNS Inflation Attitudes Survey – November 2016
The BoE has published a press release which presents the results of their latest quarterly survey of public attitudes to inflation, undertaken between 4 and 8 November 2016.
BoE, 9 December 2016
CMA launches consultation on 2017/18 annual plan
The CMA is seeking views on its priorities for the coming year. In 2017/2018, the CMA proposes to further step up the pace, scales and impact of its enforcement against anti-competitive or unfair practices and to increase its targets for opening new enforcement cases by 50%. At the same time, it will not compromise hard-won improvements to rigour and fairness.
CMA, 9 December 2016
European Commission overview of level 2 financial services measures: December 2016
The European Commission has published a document (dated 7 December 2016) setting out an overview of its level 2 measures in the area of financial services. The initiatives listed set out level 2 measures in preparation, or adopted, relating to level 1 legislation including:
- Alternative Investment Fund Managers Directive
- Bank Recovery and Resolution Directive
- Benchmarks Regulation
- CRD IV Directive and the Capital Requirements Regulation
- Insurance Distribution Directive
- Market Abuse Regulation
- MiFID II Directive and MiFIR
- Solvency II Directive
- UCITS IV Directive
EC, 9 December 2016
FMLC paper on IOSCO MMoU and international transfers of personal data between regulatory authorities
The Financial Markets Law Committee (FMLC) has published a paper on the International Organisation for Securities Commissions' (IOSCO) multinational memorandum of understanding concern consultation and co-operation and the exchange of information (MMoU) and international transfers of personal data between regulatory authorities. The paper relates to concerns raised in the Article 29 Data Protection Working Party about the MMoU.
FMLC, 9 December 2016
Further growth in asset finance and consumer finance in October 2016.
New figures released by the Finance & Leading Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 1% in October, compared with the same month last year. Furthermore the FLA figures also revealed a 6% growth in consumer finance. FLA, 9 December 2016
EBA issues revised list of ITS validation rules
The European Banking Authority has issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those which have been deactivated either for incorrectness or for triggering IT problems.
EBA, 9 December 2016
FCA finalised guidance on fair treatment of long-standing customers in the life insurance sector
The FCA has published finalised guidance on the fair treatment of long-standing customers in the life insurance sector. The guidance sets out the actions that the FCA believes life insurance firms should consider taking to treat their closed book customers fairly.
FCA, 9 December 2016