BANKING

FOS ombudsman news issue 141

The Financial Ombudsman Service (FOS) has published issue 141 of ombudsman news. Items of interest include:

  • Case studies relating to complaints involving problems with credit.
  • An update on PPI complaints focusing on the FOS' actions in the run up to 29 August 2017 when the FCA's new rules and guidance for PPI complaints come into effect.
  • Complaints statistics for the first quarter of the 2017/2018 financial year- PPI complaints remain the most complained about products (42,401 new complaints), followed by current accounts (5,229 new complaints).
  • A Q&A clarifying the role the FOS will play with regards to the future regulation of claims management.

FOS, 15 August 2017

 

INSURANCE

Minor amendment to PRIIPS RTS published in the Official Journal

Published in the Official Journal, a corrigendum to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents. Official Journal, 

UN sets out framework for improving sustainability in insurance

The UN Environment Programme (UNEP) finance initiative has published a five-step framework for taking action towards a sustainable insurance industry. UNEP's report into the future sustainability agenda for supervisors and regulators looks at the growing importance of key sustainability factors in the industry, and how supervisors can act to integrate these factors into the regulation and supervision of insurance companies.

UNEP, 14 August 2017

 

INVESTMENTS AND FUNDS

European Commission publishes draft Delegated Regulation supplementing MiFIR on the treatment of package orders

The European Commission published the draft text of a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (MiFIR) with regard to the treatment of package orders. MiFIR introduces pre-trade and post-trade transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives, subject to certain conditions and to certain waivers. Article 9(1)(e) of MiFIR provides for a waiver specific to package orders: under certain conditions, package orders can be granted a waiver from pre-trade transparency, but the use of that waiver is more limited when the package order is considered liquid.

In this context, Article 9(6) of MiFIR empowers the Commission to adopt, following submission of a draft regulatory technical standard by the ESMA, and in accordance with Article 10 to 15 of Regulation No (EU) 1095/2010, a delegated Regulation establishing a methodology for determining those package orders for which there is a liquid market. The Council of the EU and the European Parliament will now consider the Delegated Regulation. If neither objects, it will enter into force 20 days after its publication in the Official Journal of the EU (OJ). It will apply form 3 January 2018.

European Commission, 14 August 2017

 

IOSCO consults on reporting requirements in secondary corporate bonds markets

The International Organization of Securities Commissions (IOSCO) has published a consultation report on regulatory reporting, public transparency and comparison of data across jurisdictions in secondary corporate bond markets. The report makes a number of recommendations that emphasise the importance of ensuring the availability of corporate bond information, both to regulators and the public in the form of transparency requirements. Consultation closes for comments: 16 October 2017.

IOSCO, August 2017