Since our last publication, HM Treasury has published a regulatory innovation plan for the financial services sector and the Financial Ombudsman Service has published issue 140 of ombudsman news. In other news, the Association for Financial Markets in Europe has published a report on the practical challenges for wholesale banking in adapting to the UK's departure from the EU.
HM Treasury's regulatory innovation plan for financial services sector
HM Treasury has published a regulatory innovation plan for the financial services sector. The plan covers the work of the financial services regulators in ensuring their approach to regulation supports innovation, facilitating the development of new technologies and disruptive business models in financial services, while breaking down barriers to entry and boosting productivity in financial services.
HM Treasury, 4 April 2017 FOS ombudsman news issue 140
The Financial Ombudsman Service has published issue 140 of ombudsman news. The new issue includes case studies displaying how the service is working increasingly flexibly, and putting its expertise and experience at the heart of its investigating.
FOS, 4 April 2017
FCA consults on persistent credit card debt and earlier intervention remedies
The FCA has published a consultation paper on persistent credit card debt and earlier intervention remedies (CP17/10). In CP17/10, the FCA sets out proposed new rules to help customers who are in persistent credit card debt. This follows the FCA's 2016 credit card market study, which identified significant concerns about the scale, extent and nature of problem credit card debt. The consultation ends on 3 July 2017. FCA, 3 April 2017
EPC publishes rules for operating, joining and participating in the standardised proxy
lookup (SPL) service
The European Payments Council has published rules for operating, joining and participating in the standardised proxy lookup (SPL) service which allows the exchange of the data necessary to initiate P2P mobile payments between proxy-based P2P mobile payments on a pan-European level. The European Payments Council, April 2017 AFME report: challenges of Brexit implementation for wholesale banking
The Association for Financial Markets (AFME) in Europe has published a report on the practical challenges for wholesale banking in adapting to the UK's departure from the EU. The report covers implementation issues affecting wholesale banks; clients and end users; and supervisory authorities. Association for Financial Markets in Europe, April 2017 Joint Committee of the ESAs consults on draft guidelines under revised Wire Transfer Regulation
The Joint Committee of the ESAs has published a consultation paper on draft guidelines under Article 25 of the revised Wire Transfer Regulation. The paper sets out draft guidelines which explain what payment service providers (PSPs) should do to detect and prevent the abuse of fund transfers for terrorist financing and money laundering. The consultation closes for comments on 5 June 2017. ESAs, 5 April 2017 ECB explanatory note on co-existence of proposed TIPS service with other instant payment services
The European Central Bank has published an explanatory note to address questions raised during its consultation on the user requirements for the proposed TIPS service, launched January 2017, and its co-existence with other instant payment services.
European Central Bank, 4 April 2017 European Commission asks EBA to perform work on non-performing loans data standardisation
The EBA has published a letter which it received from the European Commission asking the EBA to carry out work on standardisation of data for non-performing loans (NPLs). The Commission explains in the letter that several factors hinder the further development of a functioning secondary market for NPLs in the EU. EBA, 29 March 2017