A new phase in our transatlantic partnership

01 August 2018

President Juncker and President Trump agreed to launch a new phase of close friendship and strong trade relations between the United States and the EU. President of the European Commission Jean-Claude Juncker visited Washington, DC, where he was received in the White House by US President Donald Trump. Leaders agreed on a Joint EU-U.S. Statement launching  “a new phase in the relationship between the United States and the European Union – a phase of close friendship, of strong trade relations in which both of us will win, of working better together for global security and prosperity, and of fighting jointly against terrorism.”
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Results of the July 2018 euro area bank lending survey

31 July 2018

Credit standards for loans to enterprises eased in net terms in the second quarter of 2018, according to the July 2018 bank lending survey (BLS). The net easing (-3%) of credit standards – i.e. banks’ internal guidelines or loan approval criteria – follows on from an easing of credit standards (-8%) for loans to enterprises in the previous quarter and was in line with banks’ expectations in the previous survey round. In addition, credit standards for loans to households for house purchase eased (net percentage of reporting banks at -8%, after -11%), and credit standards for consumer credit and other lending to households also eased (-3%, unchanged from previous period).
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Four former directors of online consumer credit broker banned for misleading customers

30 July 2018

The Financial Conduct Authority (FCA) has banned David James Carter Mullins, Edward John Booth, Christopher Paul Brotherton and Mark Robert Kennedy, the former directors and shareholders of Secure My Money Limited (now dissolved). The firm took fees of over £7.2 million from approximately 124,000 online customers by duping them into believing they had been approved for short term loans.
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ESMA fines five banks €2.48 million for issuing credit ratings without authorisation

26 July 2018

The European Securities and Markets Authority (ESMA) has fined Danske Bank, Nordea Bank, SEB, Svenska Handelsbanken and Swedbank €495,000 each and issued five public notices for negligently breaching the Credit Rating Agencies Regulation (CRAR). ESMA found that the five banks infringed the CRAR by issuing credit ratings without being authorised by ESMA to do so.
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FCA publishes Annual Report and Accounts 2017/18

25 July 2018

The Financial Conduct Authority (FCA) has published its Annual Report and Accounts, which looks back on the key pieces of work undertaken by the organisation throughout 2017/18.  FCA’s Chair Charles Forward: “Financial services affect the lives of everyone. And, as this Annual Report shows, keeping pace with the depth and breadth of developments in financial services can be a challenging balancing act. We must act swiftly and decisively to tackle harm to consumers,  particularly the most vulnerable. In the process, we have to make some difficult choices, learn from what works and what doesn’t – and be open about both.”
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Basel Committee issues revised G-SIB framework

24 July 2018

The Basel Committee on Banking Supervision released the Global systemically important banks: revised assessment methodology and the higher loss absorbency requirement. When the Basel Committee first published the global systemically important bank (G-SIB) framework in 2011, it agreed to review the framework every three years to allow for the opportunity to enhance the framework, as needed.

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The Financial Conduct Authority publishes Approach to Consumers paper, alongside Discussion Paper on Duty of Care

23 July 2018

The Financial Conduct Authority (FCA) has outlined the measures it will take to protect consumers and sets out when and how the organisation takes action.  The Approach to Consumers document sits alongside a new discussion paper on a Duty of Care and taken together are intended to ensure there are no gaps in protection for consumers in the financial sector.
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EBA peer review shows competent authorities have robust and consistent procedures to comply with RTS on passport notifications

20 July 2018

 The European Banking Authority (EBA) published the final peer review Report on the Regulatory Technical Standards (RTS) on the information to be notified when exercising the right of establishment and the freedom to provide services for credit institutions. The Report, which summarises the main findings of the peer review exercise, showed that competent authorities have developed consistent and robust procedures to comply with the RTS requirements although the level of sophistication of these processes varies across Member States. The EBA has, therefore, identified some best practices, which might be beneficial to address some of the identified weaknesses.
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Proportionality in banking regulation

19 July 2018

Speech by Mr Fernando Restoy*, Chairman, Financial Stability Institute, Bank for International Settlements, about building a resilient UK financial sector – next steps for prudential regulation, structural reform and mitigating risks: ‘I think that there is a general sense that the post-crisis regulatory reforms have already made substantial progress in meeting their objectives. While it would be a mistake to claim “mission accomplished”, the time has certainly come to shift the emphasis from standard setting to ensuring an effective implementation of the agreed reforms.’
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