Weekly highlights—29 June 2017

Weekly highlights—29 June 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 29 June 2017.

Brexit

EU a step closer to agreeing procedure for relocating UK-based EU agencies

On 22 June 2017, EU27 leaders endorsed the procedure for deciding on the relocation of the EU agencies currently located in the UK—including the European Medicines Agency and the European Banking Authority (EBA). The general principles are based on a ‘fair and transparent’ decision-making process with an organised call for offers, based on specified objective criteria such accessibility of the location and adequate education facilities for the children of agency staff. The rules regarding offers to host and the information to be included are also set out. The deadline for Member States to submit offers to host one or both agencies is 31 July 2017.

Financial Conduct Authority updates

FCA publishes regulation round-up for June 2017

On 22 June 2017, the Financial Conduct Authority (FCA) published its monthly email to all regulated firms. The round-up highlights the FCA’s new guide to the foundations of good cyber security, and includes findings on the recent thematic review of the general insurance sector, in which the FCA found significant shortcomings, including examples of mis-selling and customer detriment. Finally, the FCA reminded firms about the launch of its Live & Local events, which are being launched from July 2017.

FCA Handbook Notice No 45 published

On 23 June 2017, the FCA released Handbook Notice No 45, updating on legislative changes and giving consultation feedback. The changes include increases in fees and levies for 2017/18, changes to the Conduct of Business sourcebook (COBS) to give clients more freedom of choice when selecting suppliers, changes to the Market

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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.