Weekly highlights—5 January 2017

Weekly highlights—5 January 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 5 January 2017.

Financial Conduct Authority updates

FCA publishes initial feedback on ‘Our future Mission’ consultation

On 3 January 2017, the Financial Conduct Authority (FCA) released preliminary feedback on its October 2016 consultation, 'Our future Mission'. The survey finds respondents want greater clarity as to what the FCA does and why.

Prudential Regulation Authority updates

PRA publishes December 2016 regulatory digest

On 4 January 2017, the Prudential Regulation Authority (PRA) published its regulatory digest for December 2016. It highlights key regulatory news and publications for November 2016, such as policy and materials on regulatory reporting for the banking sector. The issue contains items on Solvency II, including the reporting format of National Specific Templates and reporting clarifications, as well as consultations on matching adjustment for illiquid unrated assets and equity release mortgages, and maintenance of the ‘transitional measure on technical provisions’.

Regulatory architecture

ECB recommendation on dividend distribution published in the Official Journal

On 23 December 2016, a European Central Bank (ECB) Recommendation of 13 December 2016 on dividend distribution policies was published in the Official Journal of the EU (ECB/2016/44).

GHOS delays meeting in order to finalise calibration of Basel III reforms

On 3 January 2017, the Bank for International Settlements (BIS) announced that a meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS)—the oversight body of the Basel Committee on Banking Supervision—originally planned for early January 2017, has been postponed.

New confirmed industry guidance for BCOBS released

On 3 January 2017, the Industry Guidance on the FCA Banking Conduct of Business Sourcebook (BCOBS) provided by the British Bankers Association, the Building Societies Association and Payments

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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.