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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 22 September 2016.
On 20 September 2016, the House of Commons Treasury Committee published correspondence from the Financial Conduct Authority (FCA) CEO Andrew Bailey on the number of UK financial services firms holding passports to conduct business in other EU Member States. Mr Bailey also set out the number of European Economic Area (EEA) firms holding passports to conduct business in the UK. Chairman of the Treasury Committee, Andrew Tyrie, believes businesses' passporting arrangements could be put at risk following Brexit.
On 15 September 2016, the FCA published an update to its discussion paper (DP16/1) on the needs of older customers first published in February 2016, examining how the financial services sector can meet the needs of older consumers. Key areas of focus include determining how firms can help consumers better engage with products and services in retail banking, assessing what happens as the mind ages, and what that means in terms of products, services, and distribution, and determining if there is more that can be done to help consumers navigate markets where upper age limits exist.
On 15 September 2016, the FCA published occasional paper 21: 'Asymmetries in dark pool reference prices'. The aim of the paper is twofold: (1) to examine the prevalence of trades at stale reference prices, their costs and impact on different market participants, and (2) investigate questions concerning the choice of reference price when implementing best execution where a dark pool references a worse price than
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