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Building Strong And Simple: The First Step - Speech By Victoria Saporta, Given At The Bank Of England Webinar On PRA Policymaking And The Strong And Simple Discussion Paper Date UK is able to take a new approach to regulating banking and insurance services post-Brexit. Vicky Saporta sets out a new prudential regime that is robust enough to safeguard the stability of the UK’s financial system. She describes our approach to international markets as open, yet safe. Then she talks about our ‘strong and simple’ prudential framework for small, non-systemic banks and building societies th...

  Charlotte Gerken talks about the supervision of annuity firms in the UK. This work is done by our Prudential Regulation Authority. She examines the matching adjustment (MA). In particular, the calibration of the fundamental spread and the application process for MA. She says annuity firms will continue to get significant supervisory challenge from the PRA. Speech Thank you to Westminster and City for inviting me to speak at your bulk purchase annuities conference. At the time the 2020 conference was scheduled to take place, we were all grappling with the early impacts of the COVID 19 pande...

FCA Q1 2021 financial promotions quarterly data On 6 April, the FCA published its first financial promotions quarterly data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with its rules in Q1 2021. The FCA reviewed 441 financial promotions identified through complaints it has received and its own proactive work. 38 cases resulted in 105 promotions being amended or withdrawn. 75% of these amend/withdraw outcomes related to either website or social media promotions. 47% of financial promotions reviewed related to retail lending, 26% to retai...

Brexit HoL EU Services Sub-Committee report on trade in services On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provisions on financial services, and delays to key decisions about the future relationship, particularly on ...

To embed, copy and paste the code into your website or blog: The European Supervisory Authorities (ESAs) have published a Supervisory Statement to clarify the application of the Sustainable Finance Disclosure Regulation (SFDR) 1 in anticipation of the requirements applying in the European Economic Area (EEA) from 10 March 2021. The Supervisory Statement does not impose new requirements on financial market participants and advisers, but confirms the industry approach to using the draft Regulatory Technical Standards (RTS) as a reference point in their compliance efforts for the 10 March 2021 ...