Banking faces further delay in reforms to avert another crisis
The Daily Telegraph reports that global regulators have delayed approving reforms aimed at making banks safer, with a meeting of central bankers and regulators on the Basel Committee on Banking Supervision, scheduled for this Sunday has been postponed amid disagreement over key parts of the reform package. The Telegraph reports that European authorities are concerned banks will be forced to hold billions of pounds more capital and so deter them from lending.
Daily Telegraph, 4 January 2017
New LMA guide on uncertainty in catastrophe modelling
The Lloyd’s Market Association (LMA) has published a new guide: ‘Understanding Uncertainty in Catastrophe Modelling for Non-Catastrophe Modellers.’ The guide is aimed at anyone who relies upon cat models but does not have a detailed understanding of the uncertainty contained within them.
Lloyds Market Association, 4 January 2017
INVESTMENTS AND FUNDS
WMA publishes response to MiFID consultation paper II
The Wealth Management Association (WMA) has published its response to CP 16/29 – Markets in Financial Instruments Directive Implementation – Consultation Paper III,
Wealth Management Association, 3 January 2017
APFA calls on FCA to drop adviser phone-recording plans
Reported in Professional Adviser, The Association of Professional Financial Advisers (APFA) has called on the FCA not to "gold-plate" its proposed telephone recording rules. APFA has said that current suitability reports already ensure a "clear and unambiguous record" of what advisers recommend to clients.
Professional Adviser, 6 January 2017