Weekly highlights—24 May 2018

Weekly highlights—24 May 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 24 May 2018.

Brexit

​EIOPA issues opinion on solvency position of insurers post-Brexit

The European Insurance and Occupational Pensions Authority (EIOPA) issued an opinion on the solvency position of insurers in light of the withdrawal of the UK from the EU. The opinion calls upon national supervisory authorities to ensure that the risks for the solvency position of insurance and reinsurance undertakings arising from the UK becoming a third country are properly identified, measured, monitored, managed and reported.

Financial Conduct Authority updates

FCA and FRC sign MoU on co-operation and co-ordination

The Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) signed a memorandum of understanding to assist co-operation and co-ordination between the bodies by setting out the respective statutory regulatory responsibilities and the arrangements for the exchange of relevant information. Its purpose is also to aid transparency and understanding on how the FRC and FCA work, for firms, Parliament and the public.

FCA signs MoU with Insolvency Service

The FCA and the Insolvency Service signed a memorandum of understanding that establishes a framework for co-operation between the two bodies and governs the exchange of information between them.

FCA Regulation round-up May 2018

The FCA published its May 2018 regulation round-up. The issue includes updates on Brexit, the Payment Accounts Directive, the FCA's feedback report on its five Conduct Questions and the Bank of England's (BoE) consultation on the new payments messaging standard.

Regulatory architecture

ECON report on sustainable finance

The Economic and Monetary Affairs Committee of the European Parliament

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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.