Since our last publication, the FCA has published its survey for Credit Conditions, the FLA has reported that consumer finance has seen a rise in new business and the BBA has introduced new ISA guidelines.
FCA Credit Conditions Survey Q4 2016
The FCA has published its latest survey for Credit Conditions, covering Q4 2016. The survey covers secured and unsecured lending to households and lending to non-financial corporations, small businesses and non-bank financial firms. FCA, 13 January 2017
FLA: Consumer finance up 9% in November
The Finance and Leasing Association (FLA) has released figures showing growth of 9% in new consumer finance business in November 2016, compared with November 2015. New credit card and personal loan business grew 10%. FLA, 13 January 2017
TheCityUK sets out key priorities for financial services firms in Brexit negotiations
TheCityUK has published a paper setting out its key priorities for the UK financial services industry in the forthcoming Brexit negotiations. The paper focuses on negotiating a bespoke deal with the EU, based on regulatory co-operation and mutual recognition, rather than specifying retention of EU passports for regulated firms and credit institutions. TheCityUK, 12 January 2017
The Bank of England’s approach to stress testing - letter from the Governor
The Bank of England (BoE) has published the Governor's reply (dated 19 December 2016) to a recent proposal from Sir John Vickers in which he suggested that the BoE supplements its current approach to stress testing by publishing parallel results that take market-based measures of equity capital, rather than regulatory capital, as a starting point.
Bank of England, 11 January 2017
Revised cross-industry cash ISA transfer guidelines
The British Bankers' Association (BBA) has published a revised version of the cross-industry cash ISA to cash ISA transfer guidelines. The BBA, the Building Societies Association (BSA) and the Tax Incentivised Savings Association (TISA) have agreed that a minimum of 80% of transfers will be carried out within 7 working days. The cash ISA transfer process set out in the guidelines reflects providers' legal requirements to complete transfers within fifteen working days. British Bankers' Association, 9 January 2017
Maltese Presidency of Council of EU work programme for 1 January to 30 June 2017: financial services aspects
On 9 January 2017, the Maltese Presidency of the Council of the EU published its work programme for 1 January to 30 June 2017. The key financial services items for practitioners relate to capital markets union, venture capital, banking, EMIR and MLD5. The Maltese Presidency of the Council of the European Union, 9 January 2017