Cappitech, a leading provider of regulatory reporting and intelligence technology for the financial services industry, announced the results of a survey of over 100 European buy- and sell-side compliance decision-makers.  The survey examined how MiFID II regulation has affected financial services organisations and how these plan to tackle new regulations such as Best Execution and RTS27/28 in order to improve their business processes.
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The European Central Bank (ECB) published its expectations regarding institutions’ internal capital and liquidity adequacy assessment processes (ICAAPs and ILAAPs). The guides, which are not legally binding, will be applied from 1 January 2019 and replace the expectations published in January 2016. They aim to assist banks in strengthening their ICAAPs and ILAAPs, and to encourage the adoption of best practices.
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More than 15 million people in the UK* routinely miss out on refunds, replacement products and getting problems sorted because they don’t know how to complain with confidence, new research reveals. In a study for the Financial Conduct Authority (FCA), which is encouraging people to check if they were mis-sold PPI and make a complaint before they miss their chance, 28% of Brits admit they put up with situations including queue jumpers, sub-standard meals and poor service because they lack the confidence and know-how to speak out.
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More than 15 million people in the UK* routinely miss out on refunds, replacement products and getting problems sorted because they don’t know how to complain with confidence, new research reveals. In a study for the Financial Conduct Authority (FCA), which is encouraging people to check if they were mis-sold PPI and make a complaint before they miss their chance, 28% of Brits admit they put up with situations including queue jumpers, sub-standard meals and poor service because they lack the confidence and know-how to speak out.
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The BIS’s Financial Stability Institute (FSI) and the G20’s Global Partnership for Financial Inclusion (GPFI) convened the fourth biennial conference on global standard-setting bodies (SSBs) and innovative financial inclusion on 25-26 October 2018 in Basel, Switzerland. The conference came on the heels of the launching at the International Monetary Fund and World Bank Annual Meetings of the Bali Fintech Agenda – a 12-element blueprint for harnessing fintech’s opportunities, including for financial inclusion and financial sector development, while mitigating emerging risks to vulnerable retail customers and to the integrity and stability of the global financial system.
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It was a clash of old and new. In the lobby of Brussels’ Plaza Hotel were ornate chandeliers, royal portraits and a marble staircase. In the adjacent conference room, compliance officers from across Europe were discussing how the latest trends in technology can help them meet the growing risks to businesses. The experts agreed that some of the most promising risk technologies leverage artificial Intelligence, blockchain and biometrics.
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The European Central Bank has revoked the licence of Malta’s Pilatus Bank after its chairman was arrested in the US on money-laundering charges. Malta’s Financial Services Authority announced the move, saying it had called on the ECB to take action. Journalist Daphne Caruana Galizia, who was killed by a car-bomb a year ago, accused the bank of processing corrupt payments.
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The Financial Conduct Authority (FCA) has set out the issues it will focus on as part of a market study into how general insurance (GI) firms charge their customers for home and motor insurance. As part of the FCA’s 2018/2019 Business Plan, it said it would conclude a piece of supervisory work on insurance pricing practices, the results of which it has published.
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The European Banking Authority (EBA) publishes its final Guidelines on management of non-performing and forborne exposures. The Guidelines, developed in accordance with the European Council Action Plan, aim to ensure that credit institutions have adequate prudential tools and frameworks in place to manage effectively their non-performing exposures (NPEs) and to achieve a sustainable reduction on their balance sheets. To this end, the Guidelines require institutions to establish NPE reduction strategies and introduce governance and operational requirements to support them.
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Nordea expands its digital payment offering by adding Google Pay, a mobile payment solution for Android phones. Nordea customers in all Nordic countries can now use Google Pay at contactless payment terminals and in apps and online stores.