Tyler Woollard
Tyler Woollard

Compliance Consultant

Financial Services Regulatory News

LexisNexis Current Awareness Latest current awareness content from LexisNexis

  • ESRB advisory committee takes issue with EBA proposals for stress testing reform
    on August 6, 2020 at 12:00 am

    The European Systemic Risk Board (ESRB) has published a paper by two members of its Advisory Scientific Committee (ASC) on reforming bank stress testing in the EU in light of a discussion paper published by the European Banking Authority (EBA) on the issue in January 2020. The paper expresses serious concerns about the EBA’s two main proposals and suggests reforms to the methodological side of the existing approach instead.

  • Upper Tribunal orders FCA to pay costs to Financial Solutions (Euro) Ltd
    on August 6, 2020 at 12:00 am

    The Upper Tribunal (Tax and Chancery Chamber) has ordered the Financial Conduct Authority (FCA) to pay Financial Solutions (Euro) Ltd (FSE) £20,360 in respect of the costs it incurred challenging a decision by the FCA to cancel FSE’s permission under Part 4A of the Financial Services and Markets Act 2000. According to the Tribunal, the FCA’s decision to cancel FSE’s Part 4A permission was unreasonable and the FCA had acted unreasonably in defending Tribunal proceedings on the basis of that decision, so the Tribunal had jurisdiction to make a costs order.

  • Chair of ECB supervisory board responds to MEP queries on Wirecard supervision
    on August 6, 2020 at 12:00 am

    The Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, has responded to a letter from Martin Schirdewan, MEP, on the supervision of Wirecard Bank AG. In his response, Enria provides some background on the structure of Wirecard AG and on the cooperation between the ECB and national competent authorities (NCAs) in the Single Supervisory Mechanism (SSM).

  • Latest Financial Stability Report sets out FPC’s views and priorities for the financial system
    on August 6, 2020 at 12:00 am

    The Bank of England (BoE) has published its quarterly Monetary Policy Report alongside its Financial Stability Report for August 2020, together with a record of Financial Policy Committee (FPC) meetings held on 29 July and 3 August 2020. The documents summarise the impact that coronavirus (COVID-19) is having on the UK economy and financial stability, and the steps that the BoE and FPC are taking to keep interest rates low and ensure the financial system can support UK households and businesses. The Financial Stability Report also discusses the FPC’s views on Brexit, Libor and payments innovation.

  • FCA publishes findings of review into relending by high-cost credit providers
    on August 6, 2020 at 12:00 am

    The Financial Conduct Authority (FCA) has published its findings of a review into relending by firms that offer high-cost credit. The review raises concerns about poor practices on behalf of firms and notes that almost half of consumers regretted borrowing more money. The report sets out the FCA’s expectations on how firms in the sector must treat consumers as they begin to lend again.

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