BANKING Financial Ombudsman consults on plans and budget for 2017/2018
The FOS has published its proposed plans and budget for the next financial year for public consultations, alongside with an update on numbers for the current financial year.
FOS, 14 December 2016
Early arrears management in unsecured lending: Thematic Review, FCA
The FCA has published its thematic review report on early arrears managements in unsecured lending, it was announced in its 2015/2016 business plan. The reports key findings are set out in Chapter 3 of the report, where they found consumer credit lenders are improving the way they deal with customers in arrears and the forbearance and repayment solutions offered to customers varied significantly. FCA, 13 December 2016
Minutes of the meeting of the working group on sterling risk-free reference rates
The Bank of England working group on sterling risk-free reference rates has published the minutes of its meeting held on 22 November 2016. Alongside this they have also published a related letter (dated 6 December 2016) from Chris Salmon, BoE Executive Directors of Markets.
BoE, 13 December 2016
Council of EU non-objection to Delegated Regulation amending list of high-risk third countries under MLD4
The Council of the EU has published the minutes of a meeting held in its configuration as the Economic and Financial Affair Councils. The Council decided not to object to a Commission regulation amending regulation Commission Delegated Regulation (EU) and supplementing the Fourth Money laundering Directive on the prevention of money laundering and terrorist financing by identifying high-risk third countries with strategic deficiencies.
Council of the EU, 13 December 2016
Guidelines on cryptography and key management, and requirements on privacy shielding for PIN entry
The European Payments Council has published two updated documents on useful payment services providers and their technical suppliers, in particular professional dealing with payment security issues.
ECB, 13 December 2016
INSURANCE Commission confirms Insurance Block Exemption Regulation not to be renewed, expires 31 March 2017
The European Commission announced that the Insurance Block Exemption Regulation (IBER) will lapse on 31 March 2017. The latest review has concluded that the two remaining exemptions were no longer warranted because the Commission's Guidelines on horizontal cooperation published in 2011 already offer guidance on how to assess the conformity of joint compilations, table and studies with the antitrust rules. Following the expiry, the Commission will continue to monitor developments in the market to evaluate how insurers adapt to the change. More information can be found in the EC Daily News: 13/12/2016 EC, 13 December 2016
INVESTMENTS AND FUNDS Complaints regarding FCA's handling of query relating to high portfolio turnover in UK investment funds
The Complaints Commissioner published a decision (dated 21 November 2016) upholding a complaint regarding the FCA's failure to adequately respond to a query relating to portfolio turnover, and subsequent delays in the handling of the related complaint.
Complaints Commissioner, 13 December 2016