Following its 2018 report, the FCA investigated changes due to COVID-19, the impacts of digitisation and the benefits of ring-fencing retail banks, in light of facilitating competition. The FCA summarises its key findings as follows: Large banks are in a strong position but face increasing competition, in particular for PCAs (Private Current Accounts) Low levels [...]
The UK government publishes its third 5-year risk assessment of the climate change risks, based on the Independent Assessment of UK Climate Risk (provided by the CCC - Climate Change Committee). The risk assessment considers sixty-one UK-wide climate risks and opportunities cutting across multiple sectors of the economy and prioritises the following eight risk areas [...]
The PSR expresses its strategy along 4 priorities for the next five years. These are: Ensure users have continued access to the payment services they rely on and support a choice of payment options. Ensure users are sufficiently protected when using the UK's payment systems. Promote competition between UK payment systems and the markets supported [...]
The PRA (Prudential Regulator) sent a "Dear CEO" letter to all international banks active in the UK, detailing its priorities (and therefore areas of particular attention for the banks) for 2022. It issued a similar letter to Insurance companies. The main preoccupations for the PRA as far as banks are concerned: 1. Financial resilience - [...]
The FCA issues 2 Policy Statement on climate-related disclosures: one for Listed Companies, issuers of Shares and GDRs (PS21-23) and one for Asset Managers and Asset Owners (PS21-24). The FCA introduced climate-related disclosure requirements in December 2020, through a Listing Rule for premium listed commercial companies referencing the TCFD’s recommendations. PS21-23 extends the application of [...]
The Bank of England’s 2021 ‘solvency stress test’ (SST) shows the major UK banks are resilient to a severe path for the economy in 2021–25 on top of the economic shock associated with the Covid-19 (Covid) pandemic that occurred in 2020. These results support the Financial Policy Committee's (FPC) judgement that the system is resilient [...]
The Risk Coalition brings a useful Guidance to plug a gap in Board Governance: prior to the publication of Raising the Bar, there had been no comprehensive principles-based guidance for risk committees and risk functions. The guidance emphasises the importance and seniority of a Chief Risk Officer (CRO) or equivalent, as well as their independence. [...]
The UK Climate Change Committee is an independent, statutory body which "purpose is to advise the UK and devolved governments on emissions targets and to report to Parliament on progress made in reducing greenhouse gas emissions and preparing for and adapting to the impacts of climate change". The report may draw a slightly optimistic set [...]
The FCA issues a Policy Statement to implement the prudential regime applicable to Investment Firms (the IFPR). The regime will apply to many UK registered firms: any MiFID investment firm authorised and regulated by the FCA that is currently subject to any part of the Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR) [...]
The proposal introduced by the consultation paper would apply the group provisions in the Operational Resilience part of the PRA Rulebook relevant to Capital Requirements Regulation (CRR) firms to Holding Companies. PRA Consultation link: https://www.bankofengland.co.uk/prudential-regulation/publication/2021/november/operational-resilience-operational-continuity-in-resolution-amendments
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