FCA Business Plan 2016/17

Size: px
Start display at page:

Download "FCA Business Plan 2016/17"

Transcription

1 FCA Business Plan 2016/17 Risk & reward Bovill Briefing

2 Overview Introduction Continuing themes The FCA s 7 priorities The FCA s focus What do we think? What it means for you

3 Introduction Our aim is to identify and respond promptly and effectively to emerging issues, before they cause significant harm or grow in scale Many issues presented in this year s Business Plan are carried over from last year s list of key priorities for the FCA Ever increasing focus on individual accountability at firms Risks and rewards regarding innovation and development of technology Increased development of alternative approaches

4 Key words in this year s plan

5 Continuing common themes Culture and controls Increasing complexity in business models Technological innovation and encouraging new business Act in the interests of existing, as well as new customers Boards have a critical role in setting the tone from the top. We expect them to take responsibility for their firm s culture, ensure it remains high on firms agendas and that the tone is replicated throughout the firm.

6 FCA 2016/2017 risk outlook priorities Pensions Financial crime and anti-money laundering Wholesale financial markets Advice Innovation and technology Culture and governance Treatment of existing customers

7 Pensions Risks Consumers unwilling or unable to contribute to pensions Choices facing consumers are increasingly complex Variety of options available create different risks High costs and uncapped fees in pension products disproportionately reduce consumer funds Responses Review on retirement incomes Developing a cap on early exit charges Educating consumers on scams Reviewing the effectiveness of IGCs Consumer protection model for the secondary annuities market

8 Financial crime Risks Firms with weak checks and controls Reduction in investment in systems and controls - online financial crime & cyber attacks increasing Banks de-risking restricts access to financial markets for consumers Vulnerability of consumers to fraudsters; in particular pensions Responses Implementation of 4MLD The Financial Crime Data Return Enforcement Drive to encourage whistleblowing Responding appropriately to de-risking

9 Wholesale financial markets Risks Market volatility as uncertainty about the global economic outlook continues Financial results being prioritised over good conduct Continuing poor management of conflicts of interest, particularly around trader controls in wholesale banks Responses Introduction of MAR MiFIR asset reporting SMR across entire industry Implementation of MiFID 2 Asset management market study report

10 Advice Risks Consumers need support / accessible advice to a range of options Consumers not using paid-for advice due to cost Complex, opaque charging structures used by advisers discourages consumers Sales over suitability Responses Supervisory focus on advice Implementation of the recommendations from FAMR

11 Innovation and Technology Adoption of technology limited by infrastructure vulnerabilities Firms remain reliant on complex IT systems Tighter margins leading firms to outsource more Cyber-attacks increasing FCA Response: Regulatory Sandbox Big data review Operational resilience work Supporting robo advice

12 Culture and governance Poor cultures result in poor outcomes Business models and governance arrangements not aligned with values and good conduct Incentive structures too short term Weak governance and lack of accountability FCA Response: SMR Remuneration Performance management focus Ongoing dialogue with industry

13 Treatment of existing customers Moving existing customers into more expensive products Growing number of over-indebted mortgage holders Restructuring products Applying unjustified exit/switching fees Consumers weak bargaining position FCA Response: Consider CMA findings Follow-up to cash savings market study Additional work surrounding long-standing customers in life insurance sector

14 Brexit more or less regulation? Barely mentioned in the business plan Breaking free from the shackles or more scope for FCA gold plating? Difficult untangling process guaranteed Future of passporting would be unclear The UK s referendum on remaining part of the European Union will take place on 23 June As part of our normal activities, we are considering the issues that may arise, and that could have the potential to impact our objectives. This includes considering the immediate and short-term consequences of any vote to leave the EU, such as the potential for increased market volatility. The longer term consequences of any vote to leave would depend on the UK s eventual relationship with the EU, which would depend on the outcome of negotiations between the UK Government and the EU.

15 Programme of ongoing activities A flavour of things to come. Retail Lending Competition in mortgage sector Mortgages: embedding MMR Credit card market study Pensions & Retirement Income Retirement outcomes review Annuities sales practices review Retail Investments Inducements and conflicts of interest review Wholesale Banking & Investment Management Asset management market study Retail Banking Packaged bank account review

16 What it means for you The focus remains on consumers and the implementation of regulatory change Culture is still very much top of the agenda SMR is coming to all firms Review and improve your processes around: conflicts of interest financial crime and AML corporate governance The development of new technology and innovation for consumers are at the forefront of what the FCA wants to achieve

17 Questions?

FCA Business Plan 2016

FCA Business Plan 2016 April 2016 FCA Business Plan 2016 FCA Business Plan key areas for coming year: Firms culture and governance: strong culture and governance which helps competition and consumers alike; Pensions: fair treatment

More information

FCA Business Plan 2017/18

FCA Business Plan 2017/18 FCA Business Plan 2017/18 Including Risk Outlook and Mission Risk Outlook At a glance FCA s six cross-sector priorities for 2017-18 Key points / insights firms should consider The 2017-18 Business Plan

More information

FCA Business Plan 2017/18

FCA Business Plan 2017/18 FCA Business Plan 2017/18 17 May 2017 www.moorestephens.co.uk PRECISE. PROVEN. PERFORMANCE. Andrew Jacobs Agenda Introduction Andrew Jacobs Main themes of 2017/18 Business Plan Giovanni Giro Governance

More information

Special Edition: FCA Regulatory Business Plan 18/19

Special Edition: FCA Regulatory Business Plan 18/19 Special Edition: FCA Regulatory Business Plan 18/19 The FCA has released its annual Business Plan setting out its priorities for the financial year. As well as setting out new crosssector priorities, some

More information

The FCA s Business Plan Key actions for your firm to consider

The FCA s Business Plan Key actions for your firm to consider The FCA s Business Plan 2016-17 Key actions for your firm to consider High level risks summary Over the next year, we will continue our valuable work with industry and consumers to develop policy and practice

More information

Hot Topic. Stand out for the right reasons Financial Services Risk and Regulation. The FCA releases its 2018/19 Annual Business Plan

Hot Topic. Stand out for the right reasons Financial Services Risk and Regulation. The FCA releases its 2018/19 Annual Business Plan www.pwc.co.uk/fsrr April 2018 Stand out for the right reasons Financial Services Risk and Regulation Hot Topic The FCA releases its 2018/19 Annual Business Plan Highlights FCA s latest business plan builds

More information

Planning ahead: the FCA's 2017/18 Business Plan priorities and strategic framework. April 2017

Planning ahead: the FCA's 2017/18 Business Plan priorities and strategic framework. April 2017 Planning ahead: the FCA's 2017/18 Business Plan priorities and strategic framework April 2017 Planning ahead: the FCA's 2017/18 Business Plan priorities and strategic framework April 2017 1 Planning ahead:

More information

THE FCA PRACTITIONER PANEL S. Response to HM Treasury s Review of the Balance of Competences:

THE FCA PRACTITIONER PANEL S. Response to HM Treasury s Review of the Balance of Competences: THE FCA PRACTITIONER PANEL S Response to HM Treasury s Review of the Balance of Competences: Single Market: Financial Services and the Free Movement of Capital - call for evidence 17 January 2014 1 1.

More information

Business Plan 2018/19

Business Plan 2018/19 Business Plan 2018/19 Business Plan Contents Chair s foreword 5 Chief Executive s introduction 6 Our priority work for the year ahead 8 1 Our role 10 2 EU Withdrawal 16 3 Our priorities for 2018/19 19

More information

What the FCA s 2018/19 Business Plan means for your firm

What the FCA s 2018/19 Business Plan means for your firm What the FCA s 2018/19 Business Plan means for your firm The FCA s attention for 2018/19 as for many firms will major on Brexit, but firms will also need to focus on core priorities, such as culture, cyber,

More information

Annual Report and Accounts 2017/18

Annual Report and Accounts 2017/18 (for the year ended 31 March 2018) HC 1202 (for the year ended 31 March 2018) Presented to Parliament pursuant to paragraphs 11(4) and 15(3) of Schedule 1ZA of the Financial Services and Markets Act 2000

More information

Stand out for the right reasons Financial Services Risk and Regulation. Hot topic. Insurance Distribution Directive Are you ready?

Stand out for the right reasons Financial Services Risk and Regulation. Hot topic. Insurance Distribution Directive Are you ready? www.pwc.co.uk/fsrr August 2017 Stand out for the right reasons Financial Services Risk and Regulation Hot topic Insurance Distribution Directive Are you ready? Highlights IDD impacts both insurers and

More information

Internal audit priorities in the financial sector

Internal audit priorities in the financial sector Internal audit priorities in the financial sector Paul Day Partner Internal Audit Deloitte UK Chris Mayo Director Internal Audit Deloitte UK In an era of continued challenges around conduct and behavior

More information

LMA INTERNAL AUDITORS COMMITTEE (IAC) FORUM EVENT TUESDAY 16 SEPTEMBER 2014

LMA INTERNAL AUDITORS COMMITTEE (IAC) FORUM EVENT TUESDAY 16 SEPTEMBER 2014 LMA INTERNAL AUDITORS COMMITTEE (IAC) FORUM EVENT TUESDAY 16 SEPTEMBER 2014 Welcome / Introductions (Fraser White Amlin) Conduct Risk (Steve Southall and David Sansom Ernst & Young) Effective Internal

More information

Key risks and mitigations

Key risks and mitigations Key risks and mitigations This section explains how we control and manage the risks in our business. It outlines key risks, how we mitigate them and our assessment of their potential impact on our business

More information

I'm delighted to welcome you to the November edition of Regulation round-up. I'd like to take the opportunity to raise awareness of our guidance

I'm delighted to welcome you to the November edition of Regulation round-up. I'd like to take the opportunity to raise awareness of our guidance November 2016 Banks & building societies // Investment managers & stockbrokers Financial advisers // Wealth managers & private banks Mortgage advisers // Insurers & insurance intermediaries Consumer credit

More information

Risk management culture focused on integrity and good conduct

Risk management culture focused on integrity and good conduct Key risks and mitigations Risk management culture focused on integrity and good conduct The Group is exposed to a variety of risks as a result of its business activities. Effective risk management is a

More information

25 The North Colonnade, Canary Wharf, London E14 5HS. John Griffith-Jones (Chair) Christopher Woolard

25 The North Colonnade, Canary Wharf, London E14 5HS. John Griffith-Jones (Chair) Christopher Woolard Minutes Meeting: FCA Board Date of Meeting: 20 & 21 April 2016 Venue: 25 The North Colonnade, Canary Wharf, London E14 5HS Present: Andrew Bailey Sarah Hogg Catherine Bradley Amelia Fletcher Bradley Fried

More information

Financial Regulation Monthly Breakfast Seminar

Financial Regulation Monthly Breakfast Seminar 9 January 2019 Financial Regulation Monthly Breakfast Seminar Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated

More information

Brexit: what might change Investment Management

Brexit: what might change Investment Management 1 Brexit: what might change Investment Management Introduction On 23 June 2016 the UK population voted for the UK s exit from the European Union (EU). The applicable exit procedure and certain possible

More information

FINANCIAL CRIME GUIDE (AMENDMENT NO 3) INSTRUMENT 2015

FINANCIAL CRIME GUIDE (AMENDMENT NO 3) INSTRUMENT 2015 FINANCIAL CRIME GUIDE (AMENDMENT NO 3) INSTRUMENT 2015 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise of its powers under: (1) section 139A (Guidance) of the

More information

European Financial Stability and Integration Report Nadia CALVIÑO Deputy Director General DG Internal Market and Services

European Financial Stability and Integration Report Nadia CALVIÑO Deputy Director General DG Internal Market and Services European Financial Stability and Integration Report 2011 Nadia CALVIÑO Deputy Director General DG Internal Market and Services EFSIR 2011 2011 critical year in the financial and economic crisis complex

More information

KBL European Private Bankers S.A. Due Diligence

KBL European Private Bankers S.A. Due Diligence KBL European 09.2016 Private Bankers S.A. Due Diligence KBL European Private Bankers S.A. Due Diligence 1. GENERAL Name of Distributor: KBL EUROPEAN PRIVATE BANKERS S.A. Address: 43, Boulevard Royal L-2955

More information

Brexit: Licensing for UK Branches of EEA Banks

Brexit: Licensing for UK Branches of EEA Banks London Brexit: Licensing for UK Branches of EEA Banks A Guide to PRA Authorisation January 2018 Financial Services Regulatory Contents Introduction... 1 Which firms are affected by these proposals?...

More information

COMPLIANCE NEWS FOR IFAs January-February 2017 edition

COMPLIANCE NEWS FOR IFAs January-February 2017 edition COMPLIANCE NEWS FOR IFAs January-February 2017 edition Regular newsletters since 2004 see our website www.compliancenews.org Welcome to Compliance News: This free bulletin is issued by Compliance News

More information

DEVELOPMENTS INVESTMENT FUNDS

DEVELOPMENTS INVESTMENT FUNDS DEVELOPMENTS INVESTMENT FUNDS Recently, there have been several relevant developments with respect to investment funds. We address these developments in this update. Go directly to a specific part of this

More information

Money Laundering and Terrorist Financing Risks in the E-Money Sector

Money Laundering and Terrorist Financing Risks in the E-Money Sector Money Laundering and Terrorist Financing Risks in the E-Money Sector Thematic Review TR18/3 October 2018 TR18/3 Contents 1 Introduction 3 2 Overview 5 3 Findings 7 Annex 1 Glossary 16 How to navigate this

More information

Building trust 2017 planning priorities for internal audit in financial services

Building trust 2017 planning priorities for internal audit in financial services Building trust 2017 planning priorities for internal audit in financial services Contents Introduction Retail Section one outlooks Capital outlook Retail outlook Capital outlook outlook Investment outlook

More information

The Rt Hon Philip Hammond MP Chancellor of the Exchequer HM Treasury 1 Horse Guards Road London SW1A2HQ 5 December 2018

The Rt Hon Philip Hammond MP Chancellor of the Exchequer HM Treasury 1 Horse Guards Road London SW1A2HQ 5 December 2018 Mark Carney Governor The Rt Hon Philip Hammond MP Chancellor of the Exchequer HM Treasury 1 Horse Guards Road London SW1A2HQ 5 December 2018 In my role as Chair of the Financial Policy Committee (FPC),

More information

AIFMD. Fundamental considerations to be addressed at a strategic level for marketing in the EU:

AIFMD. Fundamental considerations to be addressed at a strategic level for marketing in the EU: AIFMD Are you ready? The Alternative Investment Fund Managers Directive ( AIFMD or the Directive ) came into force on July 22, 2013 with certain activities or requirements being governed by transitional

More information

Regulation & Compliance for UK Financial Services This course is presented in London on: 02 March 2018, 11 October 2018

Regulation & Compliance for UK Financial Services This course is presented in London on: 02 March 2018, 11 October 2018 Regulation & Compliance for UK Financial Services This course is presented in London on: 02 March 2018, 11 October 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants

More information

Solvency II Where do we stand? Consumer Protection Where do we go?

Solvency II Where do we stand? Consumer Protection Where do we go? SPEECH Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) Solvency II Where do we stand? Consumer Protection Where do we go? Conference organised by the German Federal

More information

THE CO-OPERATIVE BANK PLC RISK COMMITTEE. Terms of Reference

THE CO-OPERATIVE BANK PLC RISK COMMITTEE. Terms of Reference THE CO-OPERATIVE BANK PLC RISK COMMITTEE Terms of Reference 1. CONSTITUTION 1.1 The terms of reference of the risk committee (the "Committee") of The Co-operative Bank plc (the "Bank") were approved by

More information

Pillar 3 Disclosures Year ended 31 st December 2017

Pillar 3 Disclosures Year ended 31 st December 2017 Pillar 3 Disclosures Year ended 31 st December 2017 1 Contents 1. Introduction 3 2. Board and Committee structure 3 3. Capital resources 4 4. Capital requirements 4 5. Key risks 5 6. Directors 9 2 1. Introduction

More information

Risk, liquidity and capital management

Risk, liquidity and capital management Report of the Directors Risk, liquidity and capital management Risk, liquidity and capital management SEB safeguards a strong financial position so that customers and other stakeholders requirements can

More information

T.ONE AU CONTENTS PEER TO PEER LENDING PROTECTION - INCREASING COVER OLDER CLIENTS EU 4TH AML DIRECTIVE FITNESS AND PROPRIETY LEAD GENERATORS

T.ONE AU CONTENTS PEER TO PEER LENDING PROTECTION - INCREASING COVER OLDER CLIENTS EU 4TH AML DIRECTIVE FITNESS AND PROPRIETY LEAD GENERATORS T.ONE ISSUE - ADVISER UPDATE -170704 JULY 2017 T.ONE AU-170704 CONTENTS PEER TO PEER LENDING PROTECTION - INCREASING COVER OLDER CLIENTS EU 4TH AML DIRECTIVE FITNESS AND PROPRIETY LEAD GENERATORS PEER

More information

European Securities Markets Challenges and opportunities ahead

European Securities Markets Challenges and opportunities ahead European Securities Markets Challenges and opportunities ahead Outline ESMA s mission Key activities UK s withdrawal from the EU (Brexit) ESA review MIFID 2 implementation 2 ESMA the EU s financial market

More information

Global Regulatory Developments in Investor Protection. May 2018

Global Regulatory Developments in Investor Protection. May 2018 Global Developments in Investor Protection May 2018 OVERVIEW Securities regulators in Canada and around the world have increased their focus in recent years on regulatory reforms to improve investor protection.

More information

DFSA Annual Outreach Session. Monday, 25 June 2018

DFSA Annual Outreach Session. Monday, 25 June 2018 DFSA Annual Outreach Session Monday, 25 June 2018 Key Note Speech Bryan Stirewalt Managing Director, Supervision Upcoming Event for your Calendars 12 July 2018 Visit from Ms. Sigal Mandelker, US Under

More information

Financial Regulation Monthly Breakfast Seminar

Financial Regulation Monthly Breakfast Seminar 13 March 2019 Financial Regulation Monthly Breakfast Seminar Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated

More information

Lloyds Bank plc. Half-Year Management Report. For the half-year to 30 June Member of the Lloyds Banking Group

Lloyds Bank plc. Half-Year Management Report. For the half-year to 30 June Member of the Lloyds Banking Group Lloyds Bank plc Half-Year Management Report For the half-year to 30 June 2015 Member of the Lloyds Banking Group FORWARD LOOKING STATEMENTS This document contains certain forward looking statements with

More information

Navigating Regulatory Compliance Investment Management Monthly Regulatory Update. April 2016

Navigating Regulatory Compliance Investment Management Monthly Regulatory Update. April 2016 Investment Management Monthly Regulatory Update April 2016 1. Introduction 1.1 In addition to our register of relevant regulatory developments in the past month, we note four themes this month which stand

More information

Dear Chairman, dear Members of the TAX3 Special Committee,

Dear Chairman, dear Members of the TAX3 Special Committee, INTRODUCTORY STATEMENT OF PIERS HABEN, EBA DIRECTOR, AT THE TAX 3 PUBLIC HEARING Introductory statement of the EBA Director of Banking Markets, Innovation and Consumers before the Special Committee on

More information

Key risks and mitigations

Key risks and mitigations Key risks and mitigations This section summarises how we control risk. It sets out how we manage the risks in our business and how we have developed risk management. It summarises the role of the Group

More information

MONTHLY REGULATORY UPDATE JANUARY 2017

MONTHLY REGULATORY UPDATE JANUARY 2017 MONTHLY REGULATORY UPDATE JANUARY 2017 6 February 2017 The following is a summary of the pronouncements issued since our last regulatory update for the financial services sector issued on 3 January 2017.

More information

Trust Company Business Anti-Money Laundering Themed Examination Programme 2007 Summary Findings

Trust Company Business Anti-Money Laundering Themed Examination Programme 2007 Summary Findings Anti-Money Laundering Themed Examination Programme 2007 Summary Findings Introduction The aim of the Commission in conducting a series of themed on-site examinations is to concentrate on a specific area

More information

TABLE OF CONTENTS. Compliance Manual Version 4.8 Author: Updated: 28/05/2017

TABLE OF CONTENTS. Compliance Manual Version 4.8 Author: Updated: 28/05/2017 TABLE OF CONTENTS 1 Introduction... 9 1.1 Purpose & Scope of the Manual... 9 1.2 Responsibility for the Manual... 10 2 Regulatory Framework... 11 2.1 Introduction to the FCA... 11 2.2 Financial Services

More information

MiFID II and Third Countries: How Far Does the Legislation Reach?

MiFID II and Third Countries: How Far Does the Legislation Reach? MiFID II and Third Countries: How Far Does the Legislation Reach? MiFID II, the EU s revised Markets in Financial Instruments Directive and new Markets in Financial Instruments Regulation (MiFIR), comes

More information

Regulatory Focus. Issue 114. A synopsis of the Financial Conduct Authority s (FCA) latest news and publications issued in April and May 2018 INSIDE

Regulatory Focus. Issue 114. A synopsis of the Financial Conduct Authority s (FCA) latest news and publications issued in April and May 2018 INSIDE Regulatory Focus Issue 114 INSIDE 2 SUPERVISION MATTERS Financial Services Compensation Scheme (FSCS) levy Criminal Finance Act 2017 Asset management: A regulatory perspective FCA Director of Competition

More information

Lloyds Bank plc {formerly Lloyds TSB Bank plc}

Lloyds Bank plc {formerly Lloyds TSB Bank plc} Lloyds Bank plc {formerly Lloyds TSB Bank plc} Half-Year Management Report For the half-year to 30 June 2014 Member of the Lloyds Banking Group FORWARD LOOKING STATEMENTS This announcement contains forward

More information

Shifting Tides: Developing Regulatory Strategy in a Dynamic Environment

Shifting Tides: Developing Regulatory Strategy in a Dynamic Environment Shifting Tides: Developing Regulatory Strategy in a Dynamic Environment Shay Lydon (Partner) and Brónagh Maher (Professional Support Lawyer) There has been a significant volume of commentary on the challenges

More information

Summary of feedback received

Summary of feedback received December 2018 Consultation title GC18/1: Proposed guidance on financial crime systems and controls: insider dealing and market manipulation Date of consultation 27 March 2018 28 June 2018 Summary of feedback

More information

Regulatory Update: European legislation on retail investments. Overview of presentation

Regulatory Update: European legislation on retail investments. Overview of presentation Regulatory Update: European legislation on retail investments 20 th June 2013 Katharine King Investments Policy Department 38 Overview of presentation European context Consumer protection ti agenda Looking

More information

Data Bulletin September 2017

Data Bulletin September 2017 Data Bulletin September 2017 In focus: Latest trends in the retirement income market Highlights from the FCA and Practitioner Panel Survey 2017 Issue 10 Introduction Introduction from the editor Jo Hill

More information

DFSA Annual Supervision Outreach Breakout Group # 3 Financial Crime Risks. 25 June 2018

DFSA Annual Supervision Outreach Breakout Group # 3 Financial Crime Risks. 25 June 2018 DFSA Annual Supervision Outreach Breakout Group # 3 Financial Crime Risks 25 June 2018 Breakout Group 3 - Agenda Opening Comments - Lawrence Paramasivam Director, Supervision General updates from the Financial

More information

Financial Policy Committee Statement from its policy meeting, 12 March 2018

Financial Policy Committee Statement from its policy meeting, 12 March 2018 Press Office Threadneedle Street London EC2R 8AH T 020 7601 4411 F 020 7601 5460 press@bankofengland.co.uk www.bankofengland.co.uk 16 March 2018 Financial Policy Committee Statement from its policy meeting,

More information

Credit Unions- Conduct Regulation Presentation to ACE Credit Union Services. Charles Roe Head of Department - Mortgages & Mutuals May 2014

Credit Unions- Conduct Regulation Presentation to ACE Credit Union Services. Charles Roe Head of Department - Mortgages & Mutuals May 2014 Credit Unions- Conduct Regulation Presentation to ACE Credit Union Services Charles Roe Head of Department - Mortgages & Mutuals May 2014 Conduct Regulation for Credit Unions This presentation will touch

More information

ISDA Brexit Advice Summary of Preliminary Analysis of Lifecycle and Other Events

ISDA Brexit Advice Summary of Preliminary Analysis of Lifecycle and Other Events ISDA Brexit Advice Summary of Preliminary Analysis of Lifecycle and Other Events Disclaimer: This page does not contain legal advice and merely is intended as an information resource to assist market participants

More information

Countdown to MiFID II: Final rules for trading venues, participants and investment firms

Countdown to MiFID II: Final rules for trading venues, participants and investment firms Countdown to MiFID II: Final rules for trading venues, participants and investment firms On 31 March 2017, the Financial Conduct Authority (FCA) published its first policy statement (PS 17/5) on the implementation

More information

Annual Report and Accounts 2016/17 (for the year ended 31 March 2017) HC 149

Annual Report and Accounts 2016/17 (for the year ended 31 March 2017) HC 149 (for the year ended 31 March 2017) HC 149 Financial Conduct Authority (for the year ended 31 March 2017) Presented to Parliament pursuant to paragraphs 11(4) and 15(3) of Schedule 1ZA of the Financial

More information

FSRR Hot Topic. European Banking Authority Brexit opinion: what does it mean for firms Brexit plans?

FSRR Hot Topic. European Banking Authority Brexit opinion: what does it mean for firms Brexit plans? www.pwc.co.uk/fsrr October 2017 Stand out for the right reasons Financial Services Risk and Regulation FSRR Hot Topic European Banking Authority Brexit opinion: what does it mean for firms Brexit plans?

More information

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 14/10/2017

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 14/10/2017 TABLE OF CONTENTS 1 Introduction... 10 1.1 Purpose & Scope of the Manual... 10 1.2 Responsibility for the Manual... 11 2 Regulatory Framework... 12 2.1 Introduction to the FCA... 12 2.2 Financial Services

More information

Fraud Control Framework

Fraud Control Framework London Pension Fund Authority Fraud Control Framework Dec 2017 Page 1 of 14 Introduction: From April 2016 the LPFA partnered with Lancashire County Pension Fund (LCPF) in order to establish Local Pensions

More information

TRUST COMPANY BUSINESS

TRUST COMPANY BUSINESS TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2013 SUMMARY FINDINGS DOCUMENT OVERVIEW 1 Introduction... 2 2 Scope... 2 3 Process... 3 4 Overview... 3 Enforcement action and Heightened Supervision...

More information

Hot Topic. Stand out for the right reasons Financial Services Risk and Regulation. SM&CR for insurers: The regulators release near-final rules

Hot Topic. Stand out for the right reasons Financial Services Risk and Regulation. SM&CR for insurers: The regulators release near-final rules www.pwc.co.uk/fsrr July 2018 Stand out for the right reasons Financial Services Risk and Regulation Hot Topic SM&CR for insurers: The regulators release near-final rules Highlights The PRA and FCA have

More information

CAF BANK LTD PILLAR 3 DISCLOSURE

CAF BANK LTD PILLAR 3 DISCLOSURE Company number 1837656 CAF BANK LTD PILLAR 3 DISCLOSURE 30 April 2018 CONTENTS Overview 3 Capital resources 5 Capital instruments issued by CAF Bank 10 Governance 11 Risk management 15 Remuneration 24

More information

Lloyds Bank plc. Q Interim Management Statement. 25 October 2017

Lloyds Bank plc. Q Interim Management Statement. 25 October 2017 Lloyds Bank plc Q3 2017 Interim Management Statement 25 October 2017 BASIS OF PRESENTATION This release covers the results of Lloyds Bank plc (the Bank) together with its subsidiaries (the Group) for the

More information

Governor's Statement No. 30 October 11, Statement by the Hon. PATRICK HONOHAN, Alternate Governor of the Fund for IRELAND

Governor's Statement No. 30 October 11, Statement by the Hon. PATRICK HONOHAN, Alternate Governor of the Fund for IRELAND Governor's Statement No. 30 October 11, 2013 Statement by the Hon. PATRICK HONOHAN, Alternate Governor of the Fund for IRELAND Statement by Mr. Patrick Honohan, Alternate Governor of the Fund for Ireland

More information

Funds, fees and performance

Funds, fees and performance ECMI Commentary No. 54 2 July 2018 Funds, fees and performance Karel Lannoo Despite recent advances made in eliminating fragmentation and in standardising fees and performance across the European market

More information

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 28/10/2017

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 28/10/2017 TABLE OF CONTENTS 1 Introduction... 10 1.1 Purpose & Scope of the Manual... 10 1.2 Responsibility for the Manual... 11 2 Regulatory Framework... 12 2.1 Introduction to the FCA... 12 2.2 Financial Services

More information

Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets

Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Jason Valoti 13 July 2016 MiFID what? MiFID (Markets in Financial Instruments Directive) Sets out rules on what investment services

More information

Featuring contributions from Afme Allen & Overy Asifma Bonn Steichen & Partners Cuatrecasas Elias Neocleous & Co Fellner Wratzfeld & Partners

Featuring contributions from Afme Allen & Overy Asifma Bonn Steichen & Partners Cuatrecasas Elias Neocleous & Co Fellner Wratzfeld & Partners Featuring contributions from Afme Allen & Overy Asifma Bonn Steichen & Partners Cuatrecasas Elias Neocleous & Co Fellner Wratzfeld & Partners Matheson PLMJ Schellenberg Wittmer Simmons & Simmons Mifid

More information

MiFID II / MiFIR seminar Break-out session 1: Retail conduct investor protection

MiFID II / MiFIR seminar Break-out session 1: Retail conduct investor protection MiFID II / MiFIR seminar Break-out session 1: Retail conduct investor protection Peter Snowdon, Partner Charlotte Henry, Senior Associate Norton Rose Fulbright LLP 15 October 2014 Retail conduct investor

More information

Conduct Risk what is it and who cares anyway? Event with Helena Mitchell Head of Consumer Protection: Supervision Division Central Bank of Ireland

Conduct Risk what is it and who cares anyway? Event with Helena Mitchell Head of Consumer Protection: Supervision Division Central Bank of Ireland Conduct Risk what is it and who cares anyway? Event with Helena Mitchell Head of Consumer Protection: Supervision Division Central Bank of Ireland Welcome 3 December 2015 Conduct Risk what is it and who

More information

Managed Pension Funds Limited

Managed Pension Funds Limited . Managed Pension Funds Limited Solvency and Financial Condition Report as at 31 December 2016 Managed Pension Funds Limited General Contents Page Summary... 1 Section A: Business and Performance... 2

More information

Consultation Paper CP29/17 International banks: the Prudential Regulation Authority s approach to branch authorisation and supervision

Consultation Paper CP29/17 International banks: the Prudential Regulation Authority s approach to branch authorisation and supervision Consultation Paper CP29/17 International banks: the Prudential Regulation Authority s approach to branch authorisation and supervision December 2017 Consultation Paper CP29/17 International banks: the

More information

Black Pearl Securities Limited Black Pearl Governance Arrangement and Management of Risk Framework

Black Pearl Securities Limited Black Pearl Governance Arrangement and Management of Risk Framework Black Pearl Securities Limited Black Pearl Governance Arrangement and Management of Risk Framework 1 Introduction Firms are required under the Senior Management Arrangements, Systems and Controls (SYSC)

More information

Your defence toolkit. How to combat the cyber threat

Your defence toolkit. How to combat the cyber threat Your defence toolkit How to combat the cyber threat Contents The threat of cyber crime 4 How UK businesses are targeted 6 Case studies 8 Why cyber security is so important to manufacturers now 10 The

More information

JFSC Risk Overview: Our approach to risk-based supervision

JFSC Risk Overview: Our approach to risk-based supervision JFSC Risk Overview: Our approach to risk-based supervision Contents An Overview of our approach to riskbased supervision An Overview of our approach to risk-based supervision Risks to what? Why publish

More information

Turning Off the Liquidity Tap:

Turning Off the Liquidity Tap: LMA contact T: +44 (0)20 7006 6007 F: +44 (0)20 7006 3423 lma@lma.eu.com www.lma.eu.com Turning Off the Liquidity Tap: the consequences of a no deal Brexit on the European loan market 1. INTRODUCTION This

More information

BREXIT Q&As - PAINTING BY NUMBERS

BREXIT Q&As - PAINTING BY NUMBERS BREXIT Q&As - PAINTING BY NUMBERS POLICY AND TECHNICAL August 2016 Brexit Q&As painting by numbers August 2016 Contents EMIR...2 SEPA...2 Pensions...2 EIB...2 Interest rates...3 Small & Medium sized Enterprises

More information

National Risk Committee (NRC) Semiannual Risk Perspective. Fall 2015

National Risk Committee (NRC) Semiannual Risk Perspective. Fall 2015 National Risk Committee (NRC) Semiannual Risk Perspective Fall 2015 NRC Risk Priorities and Actions Underwriting Strategic Risk Interest Rate Risk Cybersecurity Compliance Easing confirmed in examinations

More information

The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal

The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal MiFID II MiFIR: Necessary adjustments in the new environment HCMC conference Athens : 23 October 2017 MIFID

More information

Appendix 1: Milestones

Appendix 1: Milestones FSA Annual Report 2012/13 163 : Milestones To help measure delivery against our key priorities outlined in the Business Plan, we set out specific milestones and report publicly on our progress against

More information

Keeping ahead of financial crime

Keeping ahead of financial crime Keeping ahead of financial crime 7 September 2016 www.moorestephens.co.uk PRECISE. PROVEN. PERFORMANCE. Agenda Introduction Tim West, Partner Market Abuse Regulation Giovanni Giro, Senior Manager The Fourth

More information

Questions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID

Questions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID Questions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID 1 June 2016 ESMA/2016/904 Date: 01 June 2016 ESMA/2016/904 ESMA CS 60747 103 rue de

More information

Regulatory Focus. Issue 118 INSIDE. A synopsis of the Financial Conduct Authority s (FCA) latest news and publications issued in September 2018

Regulatory Focus. Issue 118 INSIDE. A synopsis of the Financial Conduct Authority s (FCA) latest news and publications issued in September 2018 Regulatory Focus Issue 118 INSIDE 2 SUPERVISION MATTERS The FCA s approach to overseas market operators seeking to apply to become a recognised overseas investment exchange FCA to start regulating claims

More information

FIL Life Insurance Limited. Solvency and Financial Condition Report as at 30 th June 2017

FIL Life Insurance Limited. Solvency and Financial Condition Report as at 30 th June 2017 FIL Life Insurance Limited Solvency and Financial Condition Report as at 30 th June 2017 Table of Contents Introduction and Summary... 1 Section A : Business and Performance... 3 A.1 Business... 3 A.2

More information

2018 Regulatory Bulletin Issue 6

2018 Regulatory Bulletin Issue 6 By failing to prepare, you are preparing to fail. Benjamin Franklin Further to the announcement from HM Treasury on its approach to amending financial services legislation under the European Union (Withdrawal)

More information

25 The North Colonnade, Canary Wharf, London E14 5HS. John Griffith-Jones (Chair) Christopher Woolard

25 The North Colonnade, Canary Wharf, London E14 5HS. John Griffith-Jones (Chair) Christopher Woolard Minutes Meeting: FCA Board Date of Meeting: 27 and 28 July 2016 Venue: 25 The North Colonnade, Canary Wharf, London E14 5HS Present: Andrew Bailey Sarah Hogg Catherine Bradley Amelia Fletcher Bradley Fried

More information

Northern Trust Corporation Liquidity Coverage Ratio Public Disclosure

Northern Trust Corporation Liquidity Coverage Ratio Public Disclosure Northern Trust Corporation Liquidity Coverage Ratio Public Disclosure For the quarterly period ended June 30, 2018 1 Northern Trust Corporation Liquidity Coverage Ratio Public Disclosure For the quarterly

More information

The future of fintech. Amsterdam 9 February 2017

The future of fintech. Amsterdam 9 February 2017 The future of fintech Amsterdam 9 February 2017 Fintech headlines Fidelity gives BlackRock an early leg up in robo advice brawl Reuters, December 2016 One in four UK card payments now contactless Banking

More information

Insurance sector update. CMS Cameron McKenna LLP 15 October 2013

Insurance sector update. CMS Cameron McKenna LLP 15 October 2013 Insurance sector update CMS Cameron McKenna LLP 15 October 2013 The Financial Conduct Authority s competition powers Caroline Hobson Partner CMS Cameron McKenna LLP 15 October 2013 Overview Role of competition

More information

Retail Intermediaries Roadshows Patrick Sage Head of Function - Consumer Protection: Supervision, Central Bank of Ireland 26/27 October 2016

Retail Intermediaries Roadshows Patrick Sage Head of Function - Consumer Protection: Supervision, Central Bank of Ireland 26/27 October 2016 Retail Intermediaries Roadshows 2016 Patrick Sage Head of Function - Consumer Protection: Supervision, Central Bank of Ireland 26/27 October 2016 Welcome! Welcome cont. 1. Introduction 2. Purpose of today

More information

2017 SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21 ST CENTURY: AN AGENDA FOR LATIN AMERICA AND THE UNITED STATES

2017 SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21 ST CENTURY: AN AGENDA FOR LATIN AMERICA AND THE UNITED STATES 2017 SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21 ST CENTURY: AN AGENDA FOR LATIN AMERICA AND THE UNITED STATES http://wp.me/p6mvh9-k7 Harvard Law School December 8-10, 2017 Session 1: Capital

More information

S U M M I T COMPLIANCE FRAUD, RISK & Spliced Knot. Organiser NEW DELHI. Digital Marketing Partner VENUE: HOTEL- HOLIDAY INN M A Y 1 0,

S U M M I T COMPLIANCE FRAUD, RISK & Spliced Knot. Organiser NEW DELHI. Digital Marketing Partner VENUE: HOTEL- HOLIDAY INN M A Y 1 0, M A Y 1 0, 2 0 1 9 VENUE: HOTEL- HOLIDAY INN Organiser NEW DELHI Digital Marketing Partner Spliced Knot WWW.ACHROMICPOINT.COM Overview: Insurance fraud is one of the most serious problems faced by insurers,

More information

A new regulatory focus: the PRA and FCA Senior Insurance Managers framework

A new regulatory focus: the PRA and FCA Senior Insurance Managers framework 1 Briefing note February 2015 A new regulatory focus: the PRA and FCA Senior Insurance Managers framework On 2 February 2015, the PRA and the FCA consultations, which together set out the framework for

More information

2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT

2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT 2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT Mario Quagliariello Director of Economic Analysis and Statistics Background Briefing with analysts and journalists 14 December 2018 Outline

More information

Foreign Banks in Germany

Foreign Banks in Germany Seminar for Managing Directors, Board Members & Management Personnel Foreign Banks in Germany This seminar will be held in English New Minimum Requirements for Risk Management and Outsourcing Alexander

More information

Chairman s Statement. Contents & Introduction. Introduction. About the JFSC Our major priorities for 2019 Budget New Director General

Chairman s Statement. Contents & Introduction. Introduction. About the JFSC Our major priorities for 2019 Budget New Director General Business Plan 2019 Contents Chairman s & Introduction Statement Contents & Introduction Chairman s Statement About the JFSC Our major priorities for 2019 Budget 2019 2 3 5 6 13 New Director General In

More information