Since our last publication the FCA has published the findings from its project on the impact of the ageing population in the financial services industry, and the final rules and approach documents on the implementation of PSD2 have been published

UK

FCA occasional paper on ageing population and financial services 

The FCA has published an occasional paper outlining the findings from a project it launched to explore the impact of the ageing population on the financial services industry. The FCA has found that there are risks that the financial services needs of older people are not being fully met, resulting in exclusion, poor customer outcomes and potential harm. The paper focusses on the issues where the FCA believes that regulations and firms can play a greater role and make a difference to those outcomes and its ideas for addressing these issues.

FCA 21 September 2017

FCA publishes its regulation round-up

The FCA has published its regulation round-up for September outlining, among other things, the outcomes of its latest annual review of the anti-money-laundering (AML) and sanctions systems of 100 firms randomly selected from those sectors that present a lower inherent money laundering risk.

FCA 21 September 2017

FCA speech on conduct and culture in financial services

The FCA has published a speech by Jonathan Davidson, FCA Executive Director of Supervision: Retail and Authorisations, on culture and conduct in financial services through the lens of the senior managers and certification regime.

FCA 20 September 2017

PRA supervisory statement on depositor and dormant account protection updated

The PRA has published a revised version of its supervisory statement (SS18/15) on depositor and dormant account protection. The PRA has updated its webpage on SS18/15 to explain that the only updates to the previous version (which was published in January 2017) are to section 3.16.

PRA, 19 September 2017

The PSR approach to monitoring and enforcing PSD2

The Payment Systems Regulator has published guidance on its approach to monitoring and enforcing the revised Payment Services Directive, together with a factsheet. Under the Payment Services Regulations 2017, the PSR will monitor and enforce particular rules covering requests by payment service providers to get access to payment systems. Under the rules, banks and payment system operators must treat the requests in an objective, proportionate and non-discriminatory way.

Payment Systems Regulator, 19 September 2017

FCA policy statement - Implementation of PSD2: approach document and final handbook changes

The FCA has published a policy statement (PS17/19) on the implementation of the revised Payment Services Directive, confirming the final rules the FCA consulted on in CP17/11 and CP17/22, which were published in April and July 2017 respectively. The FCA has amended its approach in some areas in the light of feedback received. In particular, its perimeter guidance, guidance on the new account information and payment initiation services, complaints handling and reporting and conduct of business requirements.

FCA 19 September 2017

FSCS announces new industry-wide agreement to raise consumer awareness of deposit protection

The Financial Services Compensation Scheme (FSCS) has published a press release about a new industry-wide agreement to raise consumer awareness of deposit protection. Banks and building societies will be required to display the FSCS badge on consumer channels and documents including websites, mobile banking apps and customer information sheets.

FSCS, 20 September 2017

EU

ECJ rules fairness of terms in consumer credit agreement

The ECJ has ruled that a term in a consumer loan agreement requiring repayment of the loan in the same foreign currency that the loan was granted, related to the "main subject matter" of the contract and is not necessarily an unfair term, provided the term was in plain and intelligible language.

Andriciuc and others v Banca Românească SA (Case C-186/16) EU:C:2017:703, 20 September 2017

ECB consults on draft guides to credit institution licensing

The European Central Bank (ECB) has published the following two consultations on draft guides to credit institution licensing:

• A draft guide for assessing general credit institution licensing which sets out the general process and the requirements for the assessment of credit institution licensing applications.
• A draft guide for assessing FinTech credit institutions licensing - directed at entities with a FinTech business model that are considering applying for a banking licence.

The guides apply to all licence applications to become a credit institution within the meaning of the Capital Requirements Regulation (CRR). They aim to make the application process more transparent and help applicants in their preparations. Consultation closes: 2 November 2017

European Central Bank, 21 September 2017

Joint Committee of the ESAs final guidelines under revised Wire Transfer Regulation

The Joint Committee of the ESA has published the final guidelines under the revised Wire Transfer Regulation (Regulation (EU) 2015/847) (revised WTR) on the measures that payment service providers (PSPs) should take to detect missing or incomplete information on the payer or the payee, and the procedures they should put in place to manage a transfer of funds lacking the required information (JC/GL/2017/16).

ESA, 22 September 2017