Financial Conduct Authority (FCA)
FCA’s Bailey: firms need Brexit clarity fast
Financial firms will have to make decisions over the coming months that will be very hard to unwind, so certainty on the Brexit transition is pressing
UK’s FCA claims success after first year of ‘sandbox’
Regulatory ‘sandbox’ has had high success rate, but there have been some issues, says regulator
Half of UK consumers ‘potentially vulnerable’ – FCA survey
First survey of ‘financial lives’ finds over 25 million people at greater risk of financial difficulties
People: RBI deputy retires; Paraguay elects new board member
RBI reshuffles responsibilities as deputy retires; Paraguay elects new board member; FCA launches new role in Scotland
FCA set to replace Libor by 2022
The interbank lending rate was manipulated by major banks during the financial crisis to give a healthier picture of their credit quality
FCA threatens further action against firms “misleading” customers
UK regulator says some banks are still incorrectly using currency transfer services, despite warnings last year; customers are “not fully aware” of being misled until registration has taken place
Brexit should not lead to restrictions on financial trade – FCA’s Bailey
If UK and EU work hard to maintain similar regulations, Brexit need not lead to restrictions on open markets and free trade, says FCA chief executive
People: Fijian deputy takes over in interim as Whiteside departs; FCA chairman to step down
Fijian deputy governor takes over as interim governor as Whiteside departs; FCA’s John Griffith-Jones to leave next year; Fed’s payment system director to retire; and more
FCA regulatory sandbox success paves way for new firms to enter
UK regulator to accept 24 firms for sandbox testing in second phase; first cohort has completed six-month testing period and will be reviewed before “transitioning”
UK report sets out steps to unify payment services operators
Move would help drive “innovation and competition”, working group chairman says
PRA and FCA to investigate Barclays’ chief executive
Jes Staley comes under fire for undermining whistleblowing regime after he sought to identify a whistleblower; board to impose “very significant” cut to bonus
BoE’s PRA should clarify approach to insurance, report says
Report asks Prudential Regulation Authority to review boundaries of “policyholder protection”, warning the regulator not to stray into the FCA’s territory
FCA's McDermott joins StanChart
Former FCA acting chief executive starts her new role in March
UK financial regulators finalise plans to strengthen enforcement and transparency
PRA and FCA publish measures that will keep financial firms better informed about investigations; new framework will “command public confidence”
Forex code working group liaising with regulators – Debelle
Many regulators are interested in understanding how the code could be used to monitor market activity, working group chairman says; both FCA and Asic are in talks
FCA urges progress on equivalency for derivatives trading
US and EU regulators should base recognition decisions on outcomes, not technical details
Big data could create divisions in society – FCA’s Bailey
UK FCA chief says in some ways more accurate modelling of behaviour is a good thing, but it could also be damaging in terms of access to insurance for some groups
Regulators still searching for best approach to fintech
OCC chief says experience of other regulators is shaping US approach, but questions use of “sandboxes”; FSB’s Andresen warns of need to act early in rapidly evolving sector
Andrew Bailey looks to reboot UK conduct regulator’s ‘mission’
New chief executive seeks to clarify approach after stumbles in past years, admitting global understanding of conduct regulation still at an early stage
Banks leaving London for Dublin must be ‘run from here’ - senior Irish official
Central bank planning to recruit more regulators if necessary, Cross tells financiers; hints at possible need to boost salary packages for some staff
Andrew Bailey warns of macro impact from pensions trouble
FCA chief says low interest rates and other factors shaping the pensions market are likely to have knock-on effects on the economy, though the area is not well understood
Report sees progress following UK market review but job ‘far from done’
Implementation report notes good progress, suggests responsibility must now fall to market participants; authors note ‘Brexit’ may delay some reforms
UK MPs urge separation of Financial Conduct Authority functions
Parliamentary committee suggests enforcement is separated from the FCA in a report on HBOS failure; the authority says this would inhibit its ability to act as a regulator
Andrew Bailey wants well understood FCA mission
The Financial Conduct Authority has statutory objectives and publishes an annual business plan, but there is “not a lot in between”, he says; new chief wants to run the institution “effectively and tightly”