1 min read
Includes developments in relation to: SDR; AI risks; NBFIs; SME finance; Mastercard and Visa fees; PRA supervision of insurance branches; APP fraud; FOS charging powers; and FCA enforcement.
General
- SDR implementation - HM Treasury, DESNZ and Defra publish update
- Balancing the productivity opportunities and potential risks posed by AI - Bank of England publishes speech
Banking and Finance
- Macroprudential policies for non-bank financial intermediation - European Commission launches consultation
- SME finance - APPG publishes manifesto
- Credit information - Principles for industry remedy development published by FCA
- Market review into card schemes and processing fees - PSR publishes interim report for consultation (MS22/1.9)
Securities and Markets
- Bank of England publishes policy statement on approach to statutory notice decisions for use of its FMI requirement powers
Insurance
- The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 - HM Treasury publishes draft statutory instrument and explanatory memorandum
- PRA publishes policy statement on approach to authorisation and supervision of insurance branches
Financial Crime
- APP fraud - Treasury Select Committee publishes update letter from PSR
Enforcement
- Charging CMCs and legal professionals for bringing FOS cases
- HM Treasury publishes draft statutory instrument and FOS launches consultation
- Trading systems and controls failures - PRA and FCA publish Final Notices and impose financial penalties on firm
- Treatment of customers in financial difficulty - FCA publishes Final Notice and imposes financial penalty on HSBC