Since our last publication, the FCA has announced a delay in publishing its interim report on its mortgage market study. In other news, FCA director Linda Woodall has delivered a speech on the ageing population and financial services.
FCA announces delay to interim report on mortgage market study
The FCA has announced it has delayed publishing its interim report on its mortgage market study until Spring 2018. Initially the FCA intended to publish an interim report setting out its analysis and preliminary conclusions during the summer of 2017. The FCA still intends to publish the final report later on in 2018 following feedback from stakeholders on the interim report.
FCA, 13 October 2017
FCA director gives speech on the ageing population and financial services
Linda Woodall, Director of Life Insurance and Financial Advice at the FCA, has delivered a speech at the Ageing Population Occasional Paper launch event. Her speech highlighted various themes among older consumers, including potential increased vulnerability, unmet needs in terms of financial services, and more diverse needs and preferences. She also proposed a number of specific ideas for firms, trade bodies and consumer groups to take forwards.
FCA, 16 October 2017
FCA opens applications under PSD2
The FCA has published various new and updated webpages in relation to authorisation under PSD2. These include:
- Applying to become a registered account information service provider
- Application fees - payment institutions
- Variations of electronic money services
- Electronic money institution (EMI) - changing details
- Notifying changes to EMI individuals and agents
- Payment institutions – changing details
- Cancelling an electronic money institution (EMI) registration or authorisation
- Applying to become an Electronic Money Institution
- Applying to become a payment institution
- Applying to become a small payment institution
- Applying to become an authorised payment institution
- Applying to become an authorised payment institution in the EEA. Firms can apply to passport from 13 December 2017
- Authorisation and registration of payment institutions.
FCA, 13 October 2017
2017 UK Annual report on Modern Slavery
The UK government has published its annual report detailing the steps the UK government, Scottish Government and Northern Ireland Executive have taken over the last year to combat modern slavery. The UK government has doubled its spending commitment to £150 million in this area. The report includes statistics for prosecutions under the Modern Slavery Act 2015, and emphasises the role that businesses have to play in eliminating slavery from the supply chain. It also draws attention to the launch of the Business Against Slavery Forum, which aims to increase ties between Government and business and accelerate the steps many companies are taking to combat slavery in their supply chains.
Gov.uk, 16 October 2017
FCA evidence to House of Lords Select Committee on consumer protection rights and Brexit
The House of Lords Select Committee on the European Union has published an uncorrected transcript of oral evidence taken from a hearing on 10 October 2017 on consumer protection rights in relation to Brexit, in which Chris Woolard, FCA director of strategy and competition gave evidence. The committee instigated discussions on a number of issues, including particular areas to which the FCA needs to pay close attention, aspects of the EU regulatory regime that the FCA would rather not see retained, and cross-border compensation for consumers.
Parliament.uk, 12 October 2017
Final guidelines on procedures for complaints of infringements of PSD2 published by EBA
The EBA has published final guidelines on procedures for complaints of alleged infringements to ensure compliance by payment service providers under the revised Payment Services Directive (PSD2). The guidelines have been issued under Article 100(6) of PSD2. They govern the process through which payment service users, and other interested parties, can submit complaints to competent authorities with regard to alleged infringements of PSD2 by payment service providers.
EBA, October 2017
EBA publishes opinion on Brexit
The EBA has decided to issue an opinion on Brexit intended to provide guidance on supervisory expectations and to address regulatory and supervisory arbitrage risks that arise from increased requests from entities seeking to relocate to the EU. The opinion focuses on the period before the UK's departure and aims to provide practical recommendations to financial services firms. The opinion also highlights to the Commission areas of the legislative framework that could be updated to respond to challenges posed by Brexit.
EBA, 12 October 2017
EIOPA speech highlighting future challenges and opportunities
The EIOPA has published a speech by EIOPA Chair, Gabriel Bernardino, given to the European Parliament's Economic and Monetary Affairs Committee (ECON) as part of the annual hearing of the chairs of the three European Supervisory Authorities (ESAs). Among other things, Mr Bernardino sets out his views on the future challenges and opportunities facing EIOPA and explains how it can address them. The EIOPA has also published a report summarising its main achievements between October 2016 and September 2017.
EIOPA, 10 October 2017