BANKING

CMA publishes final versions of regulated payment systems appeals rules and guide

CMA published the final version of its rules of procedure governing appeals made to it under section 79 of the Financial Services (Banking Reform) Act 2013 in respect of certain decisions made by the PSR under the Act. It has also published a guide to assist participants involved in such appeals. In the guide to the rules, the CMA has in particular expanded its explanation of the costs rules. The rules took effect on 18 August 2017.

CMA, 18 August 2017

 

INSURANCE

Joint Committee of ESAs updates Q&A on PRIIPs KID (August 2017)

The Joint Committee of the European Supervisory Authorities (ESAs) published a press release announcing that it has published:

  • Updated Q&A (JC 2017 49) on the key information document (KID) requirements for packaged retail and insurance-based investment products (PRIIPs), as laid down in Commission Delegated Regulation (EU) 2017/653.
  • Flow diagram for the risk and reward calculations in the PRIIPs KID (dated 16 August 2017) setting out the calculation steps for the Summary Risk Indicator (market risk and credit risk assessment) and Performance Scenario calculations described in Commission Delegated Regulation (EU) 2017/653.

The updated Q&A document includes a new section covering "General topics" (which includes a Q&A on the categorisation of a retail investor) and new Q&As on:

  • Market risk assessment.
  • Methodology for assessing credit risk.
  • Summary risk indicator.
  • Presentation of costs.

The Q&A aim to promote common supervisory approaches and practices in the implementation of the KID. They include answers to questions linked with the presentation, content and review of the KID, including the methodologies underpinning the risk, reward and costs information. The questions were raised by different stakeholders, including product manufacturers and distributors.

ESAs, 18 August 2017