FCA confirms final rules on improving the quality of pension transfer advice

09 October 2018

The FCA has published new rules aimed at improving the advice people receive when considering transferring their pension. This policy statement confirms that the FCA is taking forward most of the proposals put forward for consultation in March 2018, which mainly related to transfers from defined benefit (DB) to defined contribution (DC) pension schemes. This consultation proposed further changes to its rules and guidance on advising on transferring from safeguarded benefit schemes (where there is some form of guarantee or promise about the rate of secure pension income that the member will receive, or will have an option to receive).
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Basel III monitoring results published by the Basel Committee

05 October 2018
Knowledge Base

The Basel Committee published the results of its latest Basel III monitoring exercise based on data as of 31 December 2017. The Committee established a rigorous reporting process to regularly review the implications of the Basel III standards for banks, and has been publishing the results of such exercises since 2012. For the first time, the report sets out the impact of the Basel III framework that was initially agreed in 2010 as well as the effects of the Committee’s December 2017 finalisation of the Basel III reforms.
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ESMA to renew restriction on CFDs for a further three months

04 October 2018

The European Securities and Markets Authority (ESMA) has agreed to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since 1 August, from 1 November 2018 for a further three-month period. ESMA has carefully considered the need to extend the intervention measure currently in effect. ESMA considers that a significant investor protection concern related to the offer of CFDs to retail clients continues to exist. It has therefore agreed to renew the restriction from 1 November.
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DFS advises state-chartered banks of their responsibilities in lending to landlords of rent-stabilized or rent-regulated multi-family residential buildings

03 October 2018

Financial Services Superintendent Maria T. Vullo announced that the Department of Financial Services (DFS) has issued guidance to assist regulated banking institutions in their lending activities involving New York rent-stabilized or rent-regulated multifamily residential buildings.  DFS has received complaints that certain owners of rent-stabilized multifamily residential buildings who have engaged in inappropriate practices including tenant harassment and unsafe living conditions may have obtained loans, directly or indirectly, from banking institutions for the purchase or renovation of buildings, and DFS expects enhanced due diligence of such landlords.
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Task Force report shows momentum building for climate-related financial disclosures

02 October 2018

The Financial Stability Board (FSB) welcomed the publication of a report by the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The Status Report provides an overview of the extent to which companies in their 2017 reports included information aligned with the core TCFD recommendations published in June 2017. The report also provides information to support preparers of disclosures in implementing the TCFD recommendations.
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FCA statement on super-complaint from Citizens Advice to the CMA on excessive prices for disengaged consumers

01 October 2018

Citizens Advice submitted a super-complaint to the Competition and Markets Authority (CMA) calling on it to identify remedies and recommendations to put an end to the penalty paid by loyal and disengaged consumers. The super-complaint covers several markets, including insurance, cash savings and mortgages.
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Task Force report shows momentum building for climate-related financial disclosures

28 September 2018

The Financial Stability Board (FSB) welcomed the publication of a report by the industry-led Task Force on Climate-related Financial Disclosures (TCFD). The Status Report provides an overview of the extent to which companies in their 2017 reports included information aligned with the core TCFD recommendations published in June 2017. The report also provides information to support preparers of disclosures in implementing the TCFD recommendations.
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