Treasury Committee raises concerns with UK Asset Resolution over "right to consolidate" buy-to-let mortgage clause

Correspondence with UK Asset Resolution (UKAR) regarding their "right to consolidate" clause has been published by The House of Commons Treasury Committee. They published a letter (dated 17 January 2017), from Andrew Tyrie, Committee Chair, to Ian Hares, UKAR Chief Executive Officer, and a letter (dated 14 February 2017), from Mr Hares to Mr Tyrie, in response.

House of Commons Treasury Committee, 2 March 2017


Prudential Regulation Committee terms of reference

The Bank of England (BoE) has published the terms of reference for the Prudential Regulation Committee (PRC).

The PRC is a new BoE committee which will take responsibility for exercising the BoE's functions in its role as the PRA from March 2017.

Bank of England, 2 March 2017


EBA fourth comparative report on recovery planning under BRRD

The EBA published a thematic comparative report on recovery planning, which focuses on recovery options by providing a comparative analysis on 23 recovery plans across the EU.

EBA, 2 March 2017


BCBS reaffirms commitment to finalising "Basel IV" reforms

The Basel Committee on Banking Supervision (BCBS) has published a press release reporting that the BCBS Chair, Stefan Ingves, had made a statement on the progress of "Basel IV". The BCBS announced in January 2017 that endorsement of the reforms had been postponed to allow more time to finalise them.

BCBS, 2 March 2017


EBA consults on coverage of entities in banking group recovery plans

The EBA has published a consultation paper on draft recommendations on the coverage of entities in a banking group recovery plan. Under the Bank Recovery and Resolution Directive group recovery plans should consist of a recovery plan for the group headed by the EU parent undertaking as a whole, which should identify measures that may be required to be implemented at the level of both the EU parent undertaking and each individual subsidiary.

EBA, 2 March 2017


FCA policy statement and final rules and guidance on PPI complaints

A policy statement has been published by the FCA on payment protection insurance (PPI) complaints, setting out feedback on CP16/20 and final rules and guidance (PS17/3). They have also published an information sheet, outlining the new basis for making a PPI complaint. This statement completes the FCA consultation process which began in November 2015, when it published a consultation paper on changes to PPI complaints handling rules.

FCA, 2 March 2017


EIOPA reports on functioning of colleges of supervisors in 2016 and priorities for 2017

EIOPA has published its end of year report on the accomplishments of its 2016 action plan for colleges, and sets out the priorities for 2017. A press release has also been published.

EIOPA, 2 March 2017


Summary of ICO and FCA forum on use of Big Data in retail general insurance

The Information Commissioner's Office (ICO) has published a summary of a joint ICO and FCA forum on the use of Big Data in retail general insurance. The forum was organised by the FCA and ICO in January 2017 with the purpose of engaging the insurance industry after publication of the FCA's feedback statement following its call for input on Big Data in retail general insurance, which highlighted stakeholders' concerns about the use of Big Data and data protection issues.

ICO, 2 March 2017


Society of Lloyd's takes enforcement action against individual for discreditable conduct

A market bulletin has been published by The Society of Lloyd's on enforcement proceedings taken against Charles Christopher O'Sullivan. The bulletin states that Mr O'Sullivan had been found guilty of three charges of "discreditable conduct." Two of the charges relate to the concealment of brokerage by Mr O'Sullivan in placing risks on behalf of clients, whilst the third charge relates to dishonest deception of a third party to secure the payment of money.


European Commission adopts Delegated Regulation on list of exempted entities under EMIR

The European Commission has adopted a Delegated Regulation amending EMIR with regard to the list of exempted entities.

European Commission, 2 March 2017