Weekly highlights—2 November 2017

Weekly highlights—2 November 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 2 November 2017.


Lords to question BoE and PRA executives on post-Brexit regulation

The House of Lords’ EU Financial Affairs Sub-Committee heard evidence on post-Brexit financial regulation and supervision from the Bank of England (BoE) deputy governor for financial stability, Sir John Cunliffe, and the Prudential Regulation Authority (PRA) CEO, Sam Woods. The Committee was looking at potential ways to maintain equivalence or some other form of close relationship between the UK and EU regulatory regimes in order to preserve market access. The hearing took place on Wednesday 1 November. At the hearing, Sam Woods said that the BoE believed that up to 75,000 jobs in UK financial services could be lost as a result of Brexit with 10,000 going on the day Britain left the EU. The figures came from a 2016 estimate by consultants at Oliver Wyman Group and Sam Woods said that whilst the figures are a ‘moving feast’, depending on the exit deal the UK secures with the EU, they are plausible in the long term.

Financial Conduct Authority updates

FCA consultation on review of FSCS funding

The Financial Conduct Authority (FCA) issued consultation paper CP17/36, ‘Reviewing the funding of the Financial Services Compensation Scheme (FSCS): feedback from CP16/42’, final rules, and new proposals for consultation. Comments are required by 30 January 2018.

FCA publishes PPI campaign response data

The FCA released details of the responses it had received to its PPI claims deadline campaign. In September 2017 the FCA received nearly 10,000 calls on its PPI helpline and 400,000 visits to its PPI website.


European Commission, FCA and US SEC make

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About the author:

Chris is a member of the New York Bar with more than two decades of experience as a financial services and capital markets lawyer in London. Before joining LexisNexis in 2016, Chris worked as a Senior Professional Support Lawyer at Linklaters LLP, supporting the firm’s market-leading Financial Regulation Group, with a particular focus on MiFID II. Chris also worked as Legal Analyst at Bloomberg, where he drafted analytical articles on EU, UK and US financial services law and regulation for Bloomberg journals and developed practical guidance content for the award-winning Bloomberg LAW legal research platform. Prior to that, Chris was a partner in the U.S. law group at Allen & Overy, advising issuers and underwriters on a wide range of capital markets and corporate finance transactions including SEC-registered and Rule 144A debt and equity offerings and mergers and acquisitions, as well as providing general U.S. securities law advice. He also co-founded the firm’s Microfinance Working Group and advised on a variety of matters including two landmark securitisations of loans to microfinance institutions.

Chris has written extensively on legal and regulatory issues for numerous publications and lectured on financial regulation, microfinance and capital markets.