Weekly highlights—31 May 2018

Weekly highlights—31 May 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 31 May 2018.

Brexit

Bank of England is ready for Brexit, says Carney

The governor of the Bank of England (BoE), Mark Carney, delivered a speech to the Society of Professional Economists in which he discussed the potential paths for monetary policy during the next phase of Brexit. He said that, as the Brexit process continues and the outcome becomes clearer, the Monetary Policy Committee (MPC) will adapt its specific guidance and monetary policy more broadly in order to meet the inflation target.

EPC publishes position paper on Brexit and UK PSPs' participation in SEPA schemes

The European Payments Council (EPC) published a position paper, which sets out the EPC's current viewpoint in the face of possible post-Brexit scenarios and their impact on the Single Euro Payments Area (SEPA) schemes.

Financial Conduct Authority updates

FCA's Handbook Notice 55 includes final IDD rules

The Financial Conduct Authority (FCA) published Handbook Notice No. 55, which includes changes to the FCA Handbook made by the FCA board on 26 April and 24 May 2018, together with feedback on consultations that will not have a separate policy statement (PS). The changes include new rules to implement the Insurance Distribution Directive (Directive (EU) 2016/97) (IDD).

Regulatory architecture

European Parliament’s provisional text of resolution on sustainable finance

The European Parliament published the provisional version of a text adopted on sustainable finance, and instructed its President to forward the resolution to the Council and the Commission. The resolution stresses the need for a faster sustainable transition as an opportunity for orienting capital markets and

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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.