FCA Business Plan 2017/18
|
|
- Blaze Roberts
- 6 years ago
- Views:
Transcription
1 FCA Business Plan 2017/18 17 May PRECISE. PROVEN. PERFORMANCE.
2 Andrew Jacobs Agenda Introduction Andrew Jacobs Main themes of 2017/18 Business Plan Giovanni Giro Governance and culture, financial crime, wholesale markets and investment management Lucy Gallagher Cyber security Steve Williams Conclusion
3 The Mission. The Plan. The Views. Mission Statement Business Plan Sector Views
4 The Business Plan Risk Outlook In-depth assessment of emerging risks Identification of key trends Cross sector 6 key cross sector priorities for the year ahead Sector specific Detailed analysis of sector specific performance and issues Complimented by Sector Views Ongoing activities Authorisation of firms Promoting competition Supervising firms Developing policy Understanding consumers
5 Main themes of 2017/18 Business Plan Giovanni Giro, Senior Manger PRECISE. PROVEN. PERFORMANCE.
6 Overview On 18 April the FCA released their 2017/18 Business Plan, Mission Statement and Sector Views, which include: Risk Outlook FCA s cross-sector priorities and sector-specific priorities list of upcoming initiatives The FCA stated: Our aim is to ensure that the UK has effective, innovative and trusted financial services sector that provides public value and meets the needs of all those who use it. Brexit the FCA will provide technical support to the Treasury and Bank of England to ensure smooth transfer of the EU rules into domestic legislation
7 Mission Statement and Sector Views Mission Statement gives detail of the regulatory framework used to assess, mitigate and make judgment-based decisions on the expected impact on the market and further work required Sector Views explains how each sector has been researched and assessed based on 4 key lenses of consumer journey, market drivers, competition and firms behaviour
8 Cross-sector priorities Firms culture and governance Consumer vulnerability and access Financial crime and AML Treatment of existing customers Promoting competition and innovation Technological change and resilience
9 Planned cross-sector activities Promoting competition and innovation Priorities: Publish resources to help firms developing robo-advice services Engage with regional and Scottish FinTech hubs Project Innovate Treatment of existing customers Priorities: Analyse the effect of wake-up packs Look at how firms treat borrowers with interest-only mortgages Consumer vulnerability and access Priorities: Publish Consumer Approach document Work with third parties such as consumer groups, charities and industry Planned work: Investigate how near and realtime compliance monitoring can reduce the regulatory burden Continue to host themed weeks on specific areas of innovation Undertake work with the Money and Mental Health Policy Planned work: Shopping around and switching The response to the CMA review of retail banking Debt management sector review Planned work: Possible changes to after-sales services Focus on high-cost credit and overdraft users Review of long-term mortgage arrears
10 Key sector priorities Wholesale financial markets Investment Management Pensions and retirement income Retail investments Retail banking General insurance and protection Retail lending
11 Planned activities in the key sectors Retail market Priorities: Further thematic work of CFDs Individual accountability under the SM&CR Intervention to tackle the highest levels of consumer harm in riskiest sub-sectors Review of Retail Banking business models PSD2 Pensions and retirement income Priorities: Publish interim report on the Retirement outcomes review Non-workplace pensions General insurance and protection Priorities: Effectiveness of competition in the Wholesale Insurance Market Implementation of the IDD in February 2018 Planned work: Final guidance on the Financial Advice Market Review Thematic work on the suitability of financial advice Compliance review of P2P lending Review of the price cap for high-cost short-term loans in summer 2017 Publish an interim report on the findings of the Mortgage Market Study Planned work: Pension Strategy Review non-advised drawdown sales Initial discovery on nonworkplace pensions market Planned work: Conduct a review of General Insurance pricing practices Review of the Call for Inputs on Big Data feedback from September 2016
12 The FCA s work Pillar 1 ongoing proactive supervision of firms that present the most risks to the FCA s objectives Pillar 2 will be event-driven, reactive supervision of actual and emerging risks Pillar 3 thematic work to focus on risks and issues affecting a number of firms across the market, no specific sectors have been detailed
13 Regulation timeline 4MLD June 2017 IPO reform during 2017 Implementation of MiFID II January 2018 EU Benchmark Regulations January 2018 SM&CR March 2018 Securities Financing Transaction From 2018 Shareholders Directive New Prudential Regime Final Report (investment firms) Mid 2017 PRIIP Rules January 2018 Implementation of PSD2 January 2018 Implementation of IDD February 2018 Ring Fencing Implemented by 2019 SEPA 2019
14 Conclusion Governance, conduct, financial crime and cyber-resilience Consumer credit firms will need to focus on customer vulnerability, conduct and client money protection Firms in the retail market need to focus on customer access, TCF, best execution and suitability/appropriateness Pension sales and transfers will be monitored carefully Insurance and protection firms need to prepare for the new IDD
15 Governance and culture, financial crime, wholesale markets and investment management Lucy Gallagher, Managing Consultant PRECISE. PROVEN. PERFORMANCE.
16 Cross-sector priorities Culture and governance Financial crime
17 Cross-sector: governance and culture FCA issues identified: Poor culture Business models not aligned with appropriate Conduct Remuneration structures Weak governance and oversight Lack of accountability
18 Culture of accountability A culture of accountability at all levels Senior management fully responsible Define what conduct and culture mean to your firm Tone must be set from the top
19 Key planned activities Embedding of the Senior Managers & Certification Regime (SM&CR) for firms already in scope Extend SM&CR to all other FSMA authorised firms Continue to review regulatory framework for remuneration
20 Cross-sector: financial crime FCA issues identified: Changes in risk criteria AML systems and controls De-risking of banks Fraud vulnerabilities
21 Key planned activities Analysis of the annual REP-CRIM data item New AML watchdog Supervisor of Supervisors (Office for Professional Body AML Supervision (OPBAS)) Implementation of 4MLD and the FCA will continue to bring firms to account for poor AML systems and controls
22 Sector priorities Wholesale market Investment management
23 Sector: wholesale market Unprecedented challenge and significant change. Firms business models have to adapt MIFID II and MIFIR 3 January 2018 Market Abuse Regulation Effectiveness of primary markets EU Benchmark Regulation
24 Market Abuse Regulation Took effect 3 July 2016 Article 16 MAR: effective arrangements, systems and procedures to detect and report suspicious orders and transactions FCA business plan states that punishing market abuse is a high priority Link to MiFID II transparency and reporting
25 MAR and MiFID II link Implementing the Markets in Financial Instruments Directive II (MiFID II) allows us to introduce major reforms to improve resilience and strengthen integrity and competition in wholesale markets. The additional information we will get from firms when the Markets in Financial Instruments Regulation (MiFIR) is introduced next year will further increase the effectiveness of our market abuse work. Andrew Bailey, CEO, FCA
26 Sector: investment management Key expectations: Effective competition is essential Investment management firms deliver good consumer outcomes Firms act in the best interests of their investor Investors understand the objectives of funds invested Conflicts are identified and managed
27 Planned activities Asset management market study Price competition is weak Investors not always clear about fund objectives Interim report proposed a number of remedies Final report due to be published by the FCA in Q Fund liquidity FCA discussion paper on fund liquidity released (DP17/1) FCA to review policy options and tools asset managers have to manage liquidity when facing redemptions and valuations Continue discussion with international regulators Custody banks strategy FCA planning a number of interventions in this sector Continue to ensure firms meet CASS obligations for the protection of client assets
28 Summary Changing regulatory framework requires effective implementation planning by firms MiFID II & MiFIR High priority: Governance / Culture Accountability Prevention of financial crime SM&CR MAR
29 FCA Business Plan cyber security Steve Williams, Partner PRECISE. PROVEN. PERFORMANCE.
30 Introduction Cyber security and resilience issues are attracting the attention of the FCA They pervade the FCA s business plan Unclear what work is planned in these areas Highlight our perspective on areas of likely focus and key actions for firms
31 What does the Plan say? Cross sector focus on technological change and resilience The FCA will: establish cyber coordination groups across five sectors to battle cyber attacks increase engagement with the industry in relation to new technologies, resilience of IT systems and cyber crime risk Firms have legacy systems Firms need to change to respond to digital trends Firms sometimes don t manage the risk associated with change well and can introduce resilience risks and cyber security risks
32 Why is this important? Cyber is becoming embedded in the regulator s language The FCA obviously considers cyber and resilience a key risk Cyber Resilience / / /18 Number of mentions of Cyber and Resilience (in an operational context) in FCA business plans
33 What does the regulator expect of firms #1 Governance Training and awareness Staff recruitment and vetting Access rights Passwords and user accounts Monitoring access to customer data Data back-up Access to the internet and Key-logging devices Laptops Portable media including USB devices and CDs Physical security Disposal of customer data Managing third-party suppliers Internal audit and compliance monitoring FCA Financial Crime Guide Parts 1 & 2, offer guidance on information and cyber security
34 What does the regulator expect of firms #2 The FCA has created a dedicated Cyber Specialists Team to oversee the way that firms manage cyber risk The remit and focus of this team is not clear, however recent speeches and correspondence with firms suggest some themes Analysis of language used in last two FCA speeches on cyber security, 14 November 2016 and 24 April 2017
35 Building effective resilience Business continuity planning IOSCO Guidance on cyber resilience for financial market infrastructures June 2016 ( ubdocs/pdf/ioscopd535.pdf) PRA / FCA questionnaire on resilience and insurance (2015): Learning Situational Awareness Testing Recovery Identification Governance Detection Protection /pra/documents/about/insuranc eletter pdf
36 Managing change effectively Plan Build Test Deploy Plan B Why? What? When? How? Risk management Functional and non functional Systems and processes Functional and non functional Systems and processes Plan Validate Back out Many different models for change Principles are consistent between these Critical to know what you are doing, why you are doing it and to test to exhaustion
37 Changing enforcement trends In January 2017, RSA Insurance PLC was fined 150,000 for loss of customer data This was not by the FCA this was by the Information Commissioner s office (ICO) There have been several other enforcement actions (non-security) by the ICO Strict new regulation (General Data Protection Regulation) will be in force in May 2018 Other regulations include
38 Conclusion Andrew Jacobs, Director PRECISE. PROVEN. PERFORMANCE.
39 How should firms respond? Align business risk assessments to the FCA s risks and key priorities: Technology and cyber resilience identified as a key risk facing firms Culture and governance a continuing priority. The FCA aims to consult SM&CR for all other FSMA firms in 2017 and implement the regime from 2018 Financial crime and anti-money laundering implementation of the Fourth Money Laundering Directive, systems and controls to counter financial crime both internal and external to firms Macro-economic changes contingency plans due to sense of uncertainty from the FCA on Brexit
40 Conclusion Cyber security and technology resilience are a growing area of regulatory focus. FCA is obviously investing in its capability, so we expect this focus to grow Analyse the Sector views applicable to your business model and carry out a health check to pre-empt any supervisory or thematic activity Other regulations are due to come into force that will also impact regulated firms, such as MiFID II which will join the regulatory and technology expectations on Firm, particularly in respect of market transparency and prevention of financial crime Align your Compliance Monitoring Plans (CMPs) the specific areas highlighted and the overarching themes we have outlined
41 Questions or comments?
42 FCA Business Plan 2017/ May PRECISE. PROVEN. PERFORMANCE.
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 informationFCA Business Plan 2016/17
FCA Business Plan 2016/17 Risk & reward Bovill Briefing Overview Introduction Continuing themes The FCA s 7 priorities The FCA s focus What do we think? What it means for you Introduction Our aim is to
More informationSpecial 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 informationHot 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 informationPlanning 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 informationFCA 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 informationBusiness 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 informationMONTHLY 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 informationKeeping 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 informationAsset Management Market Study Interim Report: Annex 2 Recent regulatory developments
MS15/2.2: Annex 2 Market Study Interim Report: Annex 2 November 2016 Annex 2: Introduction 1. There has been a range of relevant in the asset management sector over the past year. This annex, while not
More informationWhat 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 informationRt Hon Andrew Tyrie MP Treasury Committee House of Commons 14 Tothill Street SWlH 9NB. 19 January 2017 SA161124A. Our Ref:
Rt Hon Andrew Tyrie MP Treasury Committee House of Commons 14 Tothill Street SWlH 9NB Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS Tel : +44 (0)20 7066 1000 Fax:+44 (0)20
More informationThe 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 informationRegulating financial services
Report by the Comptroller and Auditor General The Financial Conduct Authority and the Prudential Regulation Authority Regulating financial services HC 1072 SESSION 2013-14 25 MARCH 2014 4 Key facts Regulating
More informationPrudential issues seminar
Prudential issues seminar Wednesday 30 November 2016 www.moorestephens.co.uk PRECISE. PROVEN. PERFORMANCE. Agenda Introduction Lorraine Bay, Partner Capital, liquidity and recovery plan Giovanni Giro,
More informationAnti-money laundering Annual report 2017/18
Anti-money laundering Annual report 2017/18 Anti-money laundering Contents 1 Introduction 4 2 Policy developments 5 3 OPBAS 7 4 How our AML supervision is evolving 8 5 Findings and outcomes 9 6 Financial
More informationStrengthening individual accountability in insurance: SIMR, conduct rules and approved persons
UPDATE: November 2015 Strengthening individual accountability in insurance: SIMR, conduct rules and approved persons Summary The PRA and FCA have published a number of policy statements and consultation
More informationESMA Risk Assessment Work Programme 2018
ESMA Risk Assessment Work Programme 2018 9 February 2018 ESMA20-95-839 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
More informationDFSA 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 information2018 Report. July 2018
2018 Report July 2018 Foreword This year the FCA and FCA Practitioner Panel have, for the second time, carried out a joint survey of regulated firms to monitor the industry s perception of the FCA and
More informationESMA Risk Assessment Work Programme 2019
ESMA Risk Assessment Work Programme 2019 7 February 2019 ESMA50-157-1588 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
More informationThe new FCA and PRA Senior Managers and Certification Regime and Code of Conduct. A guide to the current proposals. August
The new FCA and PRA Senior Managers and Certification Regime and Code of Conduct A guide to the current proposals August 2014 www.allenovery.com 2 The new FCA and PRA Senior Managers and Certification
More informationHorizon scanner Financial Crime and Cyber-security RISK RATING. Potential impact
Horizon scanner Financial Crime and Cyber-security RISK RATING Potential impact The Financial Action Task Force (FATF) UK mutual evaluation 2018 FATF conducts reviews of each member on an on-going basis
More informationHot 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 informationKey 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 informationTABLE 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 informationNavigating 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 information1 March Dear CEO. Second charge lenders and responsible lending
1 March 2018 Dear CEO Second charge lenders and responsible lending I am asking you as a CEO of a firm that enters into regulated second charge mortgage contracts to review your mortgage lending processes
More informationEuropean supervision in a changing environment
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) European supervision in a changing environment Supervision and Regulation of the Financial Sector in the European
More informationTABLE 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 informationData 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 informationDiscussion Paper on a duty of care and potential alternative approaches
Discussion Paper on a duty of care and potential alternative approaches Discussion Paper DP18/5 July 2018 Contents Executive Summary 3 1. Introduction 5 2. Our regulatory and legal framework 8 3. How we
More informationFinancial Regulation Year in Review and Year to Come 2017/2018
Financial Regulation Year in Review and Year to Come 2017/2018 Contents 1.0 2.0 3.0 4.0 5.0 1.1 FCA Business Plan and Mission Statement 2.1 Senior Managers and Certification Regime 3.1 Capital Markets
More informationAnnual 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 informationFinancial 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 information1.1 FCA Appoint Andrew Bailey as Chief Executive page FCA Policy Development page 2
Regulatory Update ISSUED 25 th FEBRUARY 2016 UK Edition INDEX JANUARY 2016 1.0 FCA NEWS 1.1 FCA Appoint Andrew Bailey as Chief Executive page 2 1.2 FCA Policy Development page 2 2.0 MIFID II/MIFIR UPDATES
More informationFinancial 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 informationTABLE 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 informationCredit 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 informationFinancial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013
Financial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013 Consultation Paper 13/10: Detailed Proposals for the FCA regime for Consumer Credit In early October
More informationFinWatch - A Weekly Newsletter for the week ended February 03, 2017 EXTERNAL EDITION. Important Links Contact Us Subscribe Previous Editions
help p ro tect KPMG South Africa F inwatch Regulatory Roundup Newsletter FinWatch - A Weekly Newsletter for the week ended February 03, 2017 EXTERNAL EDITION Important Links Contact Us Subscribe Previous
More informationDetails of FCA Consumer Credit Regime (13/29) 14 October 2013
CPA Audit LLP, Talbot House, 8-9 Talbot Court, London EC3V 0BP Telephone: 020 7621 9010 Facsimile: 020 7621 9011 email: info@cpaaudit.co.uk web: www.cpaaudit.co.uk Details of FCA Consumer Credit Regime
More informationI'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 informationThe 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 informationAnnual 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 informationStand 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 informationRegulatory reform. Operating twin peaks and the move towards legal cutover (LCO)
FSA Annual Report 2012/13 11 Regulatory reform Operating twin peaks and the move towards legal cutover (LCO) On 1 April 2012, the Financial Services Authority (FSA) was restructured internally into a twin
More informationIndividual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms
Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms 3 rd November 2017 On behalf of their members, AFME and UK Finance welcome the opportunity to comment on
More informationJC September Joint Committee Report on the results of the monitoring exercise on automation in financial advice
JC 2018-29 5 September 2018 Joint Committee Report on the results of the monitoring exercise on automation in financial advice 1 CONTENTS List of acronyms 3 Management summary 4 Background 5 Section A
More informationInnovation in Payment Services: The Role of EU Policies
Innovation in Payment Services: The Role of EU Policies The Hague, 18 January 2018 Ralf Jacob European Commission FISMA D.3 Retail Financial Services and Payments Objectives of this presentation Present
More informationBrexit: 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 informationRisk 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 informationMid-year review: risk-based regulation in action
Mid-year review: risk-based regulation in action Agenda Welcome and mid-year review John Harris, Director General Keynote JFSC risk appetite Lord Eatwell, Chairman JFSC risk data Darren Boschat Head of
More informationFinancial Regulation Weekly Bulletin
Financial Regulation Weekly Bulletin 17 August 2017 / Issue 924 Major UK and European regulatory developments of interest to banks, insurers and reinsurers, asset managers and other market participants
More informationAnti-Money Laundering Update Domestic and European developments
Anti-Money Laundering Update Domestic and European developments Why Firms Need to Get this Right The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by the Criminal Justice
More informationAnti-money laundering thoughts from an AML/CFT supervisor
Anti-money laundering thoughts from an AML/CFT supervisor A speech delivered to the ACAMS 1 and FIU 2 Anti-Money Laundering and Countering Financing of Terrorism Seminar 2013 in Wellington On 20 June 2013
More informationKey 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 informationSolvency 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 informationSenior Managers Regime: Statement of Responsibilities
Application number or IRN (for FCA/PRA use only) Senior Managers Regime: Statement of Responsibilities This form applies to UK dual-regulated firms including EEA and third country branches. It does not
More informationLLOYDS BANKING GROUP PLC ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2017
21 February 2018 LLOYDS BANKING GROUP PLC ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER In accordance with Listing Rule 9.6.1, Lloyds Banking Group plc has submitted today the following document
More informationRegulatory Update DATE: 21 JANUARY
DATE: 21 JANUARY 2016 www.bridgeconsulting.ie Table of Contents 1. 2016 Regulatory Reporting Deadlines 3 2. New Regulatory Framework for Irish UCITS 4 3. CP 86 Consultation Paper on Fund Management Effectiveness
More informationEU Policy Priorities for Retail Payments
EU Policy Priorities for Retail Payments Conference on 'A new era in payments?' Lisbon, 14 May 2018 Ralf Jacob European Commission FISMA D.3 Retail Financial Services and Payments EU regulations on payments
More informationSolvency II is a huge step forward for policyholder protection and the implementation of a true single market for insurers and reinsurers in the EU.
Interview with Manuela Zweimueller, Head of Policy Department of EIOPA European Insurance and Occupational Pensions Authority with Svijet Osiguranja by Natasa Gajski November 2016 1. The implementation
More informationESMA Risk Assessment Work Programme 2017
ESMA Risk Assessment Work Programme 2017 ESMA50-1121423017-286 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring and
More informationApplication form for banks
1 Regulatory business plan Application for authorisation Application form for banks Full name of applicant firm Before completing the application form for banks, you should review the banking authorisations
More informationLMA 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 information13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice
@KLGates 13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice Moderator: Andrew Massey, Partner, K&L Gates LLP London Dr. Christian
More informationThe distinct nature of insurance business and the introduction of a specific insurance objective;
Financial Regulation Strategy HM Treasury 1 Horse Guards Road London SW1A 2HQ Via Email: financial.reform@hmtreasury.gsi.gov.uk 8 September 2011 Dear Sirs A new approach to financial regulation: the blueprint
More informationPerpetual s Risk Management Framework
Perpetual s Risk Management Framework Perpetual s Risk Management Framework Context Perpetual Limited (Perpetual) is a diversified financial services firm, listed on the Australian Securities Exchange.
More informationLloyds 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 informationSupervisory Statement SS5/16 Corporate governance: Board responsibilities. July 2018 (Updating March 2016)
Supervisory Statement SS5/16 Corporate governance: Board responsibilities July 2018 (Updating March 2016) Supervisory Statement SS5/16 Corporate governance: Board responsibilities July 2018 (Updating March
More informationMiFID2 Investment Business Stakeholder Briefing & Discussion 30 th April 2015
MiFID2 Investment Business Stakeholder Briefing & Discussion 30 th April 2015 Agenda MiFID2 what is it and why is it relevant to me? Results and analysis of Investment Business sensitivity survey JFSC
More informationThe Changing EU Regulatory Framework for Retail Payments
The Changing EU Regulatory Framework for Retail Payments 10 th Jubilee Conference on Payments and Market Infrastructures Ohrid, 5-7 July 2017 Ralf Jacob European Commission FISMA D.3 Retail Financial Services
More informationUNIT 1: THE INVESTMENT ENVIRONMENT V.13 TESTED FROM 1 DECEMBER 2015
INVESTMENT MANAGEMENT CERTIFICATE UNIT 1: THE INVESTMENT ENVIRONMENT V.13 TESTED FROM 1 DECEMBER 2015 UNIT AIMS By the end of this unit, learners should be able to demonstrate: An understanding of the
More information2011 Table 1 - Financial services, regulation and ethics pages 4 to 7
Financial services, and ethics (R01) Wizard Learning Financial services, and ethics Online Multimedia Course contents Gap covered as per the FSA gap fill template from final RDR rules (PS11/01) from January
More informationSUPERVISION AND OVERSIGHT FSA S APPROCH TO SUPERVISION AND RISK STATUTORY FRAMEWORK
SUPERVISION AND OVERSIGHT FSA S APPROACH TO SUPERVISION AND RISK STATUTORY FRAMEWORK I FSA S APPROCH TO SUPERVISION AND RISK 1. FSA: THE STATUTORY FUNCTIONS The FSA has a series of statutory functions:
More informationJFSC 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 informationThe 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 informationDan Waters, FSA Director of Retail Policy and Themes. and Sector Leader, Asset Management. 8 April Testimony to the European Parliament
Dan Waters, FSA Director of Retail Policy and Themes and Sector Leader, Asset Management 8 April Testimony to the European Parliament ECON: Economic and Monetary Affairs Committee Public Hearing on Hedge
More informationWhat will MiFID II mean for your clients with Rathbones?
What will MiFID II mean for your clients with Rathbones? We are committing significant resources to prepare our business and our clients for MiFID II. This summary tells you about the changes and what
More informationRegulation & 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 informationTHE 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 informationThe Payment Systems Regulator Ltd
The Payment Systems Regulator Ltd Minutes Meeting: PSR Board Date of Meeting: 9 November 2016 Venue: 25 The North Colonnade, Canary Wharf, London E14 5HS Present: Andrew Bailey (from 5.3) Noel Gordon My
More informationFSRR 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 informationMoney 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 informationIn producing this updated guide, our aim is that the relationships in which lenders and intermediaries are engaged deliver good customer outcomes.
1 Working together Working Together; An Industry Guide to Lender and Intermediary Accountabilities and Responsibilities in Mortgage Sales and Servicing revised and updated, April 2014 A Joint AMI, IMLA
More informationInternal 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 informationFinancial Crime Governance, Risk and Compliance Fund Managers & Fund Administrators. Thematic Review 2017
Financial Crime Governance, Risk and Compliance Fund Managers & Fund Administrators Thematic Review 2017 Foreword During late 2016 a thematic review of fund managers and fund administrators governance,
More informationEmerging trends in global financial crime prevention and anti money laundering
Emerging trends in global financial crime prevention and anti money laundering Four key takeaways from the recent ACAMS conference in London Introduction The 13th Annual ACAMS European conference was held
More information2017 RESULTS News Release
News Release BASIS OF PRESENTATION This release covers the results of Lloyds Banking Group plc together with its subsidiaries (the Group) for the year ended 31 December 2017. Statutory basis: Audited statutory
More informationEurofinas response to the European Banking Authority s Discussion Paper on the innovative use of consumer data by financial institutions
Eurofinas response to the European Banking Authority s Discussion Paper on the innovative use of consumer data by financial institutions Eurofinas is the voice of consumer credit providers at European
More informationDirect Line Insurance Group plc (the Company ) Terms of Reference of the Board Risk Committee (the Committee )
Direct Line Insurance Group plc (the Company ) Terms of Reference of the Board Risk Committee (the Committee ) Chair An independent Non-Executive Director. In the absence of the Chair of the Committee,
More informationRegulatory 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 informationJournal of the Banking Supervisor Promoting Best Practices for Banking Supervision
Special edition 2017 Journal of the Banking Supervisor Promoting Best Practices for Banking Supervision Dear subscriber, The Association of Supervisors of Banks of the Americas (ASBA) is pleased to present
More informationTechnological Innovations: Challenges for Insurance Supervisors
Technological Innovations: Challenges for Insurance Supervisors 2016 IAIS Annual Conference Panel on Technological Innovation: Insurance Supervision and the Business of Insurance Asunción, Paraguay November
More informationRegulatory expectations of Non-Executive Directors and their relationship with the CRO
Regulatory expectations of Non-Executive Directors and their relationship with the CRO Monday 25 th April 2016 Peter Oakes Copyright Peter Oakes 1 Peter Oakes Executive and non-executive director and advisory
More informationPillar 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 informationParagon Banking Group PLC. Pillar III Disclosures - 30 September 2018
Paragon Banking Group PLC Pillar III Disclosures - 30 September 2018 CONTENTS 1. Introduction Page 3 2. Governance Page 7 3. Risk management objectives and policies Page 11 4. Capital resources Page 28
More information11 th Annual International Seminar on Policy Challenges for the Financial Sector
11 th Annual International Seminar on Policy Challenges for the Financial Sector Washington, D.C 1 3 June 2011 Session 2 Improving supervisory intensity and effectiveness in dealing with SIFIs Nor Shamsiah
More informationCONTENTS. Monthly Regulatory Update November
MONTHLY REGULATORY UPDATE NOVEMBER 2017 CONTENTS Contents... 1 Financial Conduct Authority (FCA)... 3 Policy Statement (PS)... 3 PS17/24... 3 Consultation Paper (CP)... 4 CP17/37... 4 CP17/38... 4 News...
More information