Earlier this week, the Chief Executive of the FCA, Andrew Bailey provided us with a recent update about the current state of affairs regarding Brexit. As is fast becoming the norm in Bailey’s Brexit updates, he opened his speech with the progress that has been made thus far; the Temporary Transitional Power regime; the signing of Memoranda of Understanding with EU markets and the passing of over 50 statutory instruments to on-shore EU legislation by the deadline.
Parliament might be prorogued, and clarity on Brexit might still seem an unobtainable goal, but the FCA’s enthusiasm is far from waning. Keen to apply pressure on firms, the FCA is ramping up their efforts to help companies prepare for the impending 31 October deadline.
US regulators have disclosed the much awaited revision of the Volcker Rule that had been taken on by the Trump administration. Wall Street has undoubtedly received a huge win, but who is likely to bear the losses?
The FCA’s recently published Stocktake Report reviewing the implementation of the Senior Managers and Certification Regime (SM&CR) is a polite criticism of senior managers and their superiors in the banking sector.