This week has seen the CMA set a date of 26 May 2017 for when online payday lenders must publish product details on at least one price comparison website authorised by the FCA.
REGULATORY
'Obligation to Publish Date' set by CMA
The Competition and Markets Authority (CMA) has announced 26 May 2017 as the date by which online payday lenders must publish product details on at least one price comparison website authorised by the FCA. It also provides for online and high street payday lenders to provide existing customers with a summary of their cost of borrowing. These requirements were introduced by the Payday Lending Market Investigation Order 2015.
Competition and Markets Authority, 14 July 2016
FCA Annual Report and Accounts 2015/16
The Financial Conduct Authority (FCA) has published its 2015/16 annual report and accounts. The report outlines some of the key pieces of work undertaken by the FCA in 2015/2016 and also shows how the FCA has managed to risks achieve the operational objectives it identified in its 2015/16 business plan.
FCA, 12 July 2016
FCA Anti-Money Laundering Annual Report 2015/16
The FCA has published its anti-money laundering annual report for 2015/16. It reports that financial crime is one of its top strategic priorities for 2016/17. The report also covers topics such as developments in the FCA's anti-money laundering supervision strategy and how the FCA cooperates with their partners at home and overseas.
FCA, 12 July 2016
FCA Enforcement Annual Performance Account 2015/16
The FCA has published its enforcement annual performance account for 2015/16. This is the FCA's assessment on whether it is operating fairly and effectively in investigating suspected misconduct and in bringing criminal, civil and administrative proceedings where it is appropriate to do so.
FCA, 12 July 2016
FCA Competition Report 2013-16
The FCA has published its Competition Report 2013-16. The report summarises the FCA's work to promote competition over the last three years as well as explaining how they identify concerns and address competition issues, and setting out future priorities.
FCA, 12 July 2016
UK
CML publishes May mortgage lending data
The Council of Mortgage Lenders (CML) has published its May mortgage data. The data shows that house purchase lending is up 8% on the previous year. Remortgage activity decreased 15% compared to last month but increased by 30% compared to the same period the previous year.
CML, 13 July 2016
FSCS annual report and accounts for 2015/16
The Financial Services Compensation Scheme (FSCS) has published its annual report and accounts for 2015/16. The report outlines some of the key figures and events of the 2015/16 period and the FSCS' strategy and performance over the past year.
FSCS, 13 July 2016
FPC record of recent meetings
The Bank of England has published the record of two Financial Policy Committee's (FPC) meetings held on 28 June and 1 July 2016. In the meetings, the FPC agreed its view on the outlook for financial stability and, on the basis of that, its intended policy action.
The Bank of England (BoE), 12 July 2016
EU
ECB guide on approach when assessing the eligibility of institutional protection schemes
The ECB has published a guide on its approach when assessing the eligibility of institutional protection schemes (IPS) for prudential supervisory purposes. Its purpose is to create a coherent, effective and transparent approach towards the policy that will be introduced for IPSs under the Capital Requirements Regulation.
ECB, July 2016
Contributions to Commission Green Paper on retail financial services
The European Commission has published a summary of contributions received on Green Paper COM(2015) 630, plus an annex with a more detailed summary of the responses which will be the basis for a follow up initiative. One of the main findings from the report was that many consumers were interested in gaining easier access to simple financial products.
European Commission 14 July 2016
ESMA consultation on guidelines on the validation and review of credit rating agencies' methodologies
ESMA has published a consultation paper on guidelines on the validation and review of credit rating agencies' (CRAs) methodologies (ESMA/2016/1121).The consultation closes on 22 August 2016 and ESMA plans to publish a final report in Q1 2017.
ESMA, 13 July 2016
