HM Treasury policy paper on extending senior managers and certification regime

HM Treasury has published a policy paper on extending the senior managers and certification regime to all sectors of the financial services industry replacing the discredited Approved Persons Regime. The FCA has also made a statement on the announcement. This policy paper has also sought to remove the highly controversial 'Presumption of Responsibility' from the regime. HM Treasury & FCA, 15 October 2015  

Bank of England and Financial Services Bill published

The Bank of England and Financial Services Bill 2015-16 has been published and has had its first reading in the House of Lords. The bill is to make provision about the Bank of England, regulation of financial services and to make provision about the issue of banknotes and connected purposes. A second reading is expected on the 26th October 2015.  Bank of England, 15 October 2015

Financial Services and Markets Act 2000 (Misconduct and Appropriate Regulator) Order 2015 (Draft)

A draft version of the Financial Services and Markets Act 2000 (Misconduct and Appropriate Regulator)Order 2015 has been published. This Order amends FSMA and enables the PRA to enforce certain requirements concerning accountability of individuals in the banking sector. The Order is due to come into force on 7 March 2016., 13 October 2015

PRA publishes two consultations on ring-fencing and continuity in resolution

The PRA has published two consultation papers: 

  • Implementation of ring-fencing: prudential requirements, intragroup arrangements and use of financial market infrastructures (CP37/15). – Closing 15 January 2015
  • Ensuring operational continuity in resolution (CP38/15). A closing date is to be set on publication of an addendum.

Bank of England: PRA, October 2015

Treasury Committee publishes FCA response to report on conduct and competition in SME lending

The House of Commons Treasury Committee has published the FCA's response to the report on conduct and competition in SME lending which focuses on the FCA's objective to promote competition in the interest of consumers.  UK Parliament, 12 October 2015


House purchase lending down 9% in August

The Council of Mortgage Lenders has found there was a monthly decline in lending in August but an uptick, particularly for buy-to-let compared to August 2014.  The Council of Mortgage Lenders, 12 October 2015

26% of P2P lenders withdraw applications for FCA authorisation  

According to the consultancy firm, Bovill, over a quarter (26%) of applications from UK-based peer-to-peer lenders seeking FCA authorisation have been withdrawn due to concerns over firms’ ability to meet new regulatory requirements.  Bovill, 12 October 2015

First P2P lender joins Council of Mortgage Lenders

Landbay has announced that they are the first peer-to-peer lender to be invited to join the Council of Mortgage Lenders (CML) as a full member. Landbay, 9 October 2015