Weekly highlights—16 August 2018

Weekly highlights—16 August 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 16 August 2018.

Regulatory architecture

APPG on Fair Business Banking says current regulatory framework is inadequate and calls for public enquiry

The All -Party Parliamentary Group (APPG) on Fair Business Banking published a letter from its co-chair, Kevin Hollinrake MP, to Andrew Bailey, Chief Executive of the Financial Conduct Authority (FCA). The letter sets out a range of general concerns about what the APPG describes as the inadequacy of the current regulatory framework for financial services, as well as specific concerns about the FCA's announcement that no further action will be taken on the investigation into Royal Bank of Scotland (RBS) and its Global Restructuring Group (GRG). It also calls for a public enquiry which would aim to produce a full set of industry standard for treatment of businesses in turnaround units in financial institutions.

ECON publishes minutes of 18 and 19 June 2018 meeting

The European Parliament's Committee on Economic and Monetary Affairs (ECON) published the minutes of its 18 and 19 June 2018 meeting. The meeting included discussion of the location of the seat of the European Banking Authority (EBA) as a result of Brexit. The minutes note that at the next trilogue, the co-legislators will address the remaining issue—the involvement of the European Parliament in the selection of the seat of European agencies.

Authorisation, approval and supervision

Financial Conduct Authority publishes gender splits for regulatory functions

The FCA published its response to a request under the Freedom of Information Act 2000 for gender splits for those performing regulatory functions under the Senior Managers Regime, the Senior Insurance Managers Regime and the Statements of Principle and Code of Conduct for

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.