Press releases

FCA response to the independent review of the prudential supervision of the Co-operative Bank

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On 6 March 2018, HM Treasury announced that it had directed the Prudential Regulation Authority (PRA) to conduct an independent review of the prudential supervision of the Co-operative Bank between 2008 and 2013.

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FCA acts to help mortgage prisoners

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Mortgage customers who have previously been unable to switch mortgages despite being up-to-date with their payments (commonly known as mortgage prisoners), could soon be able to find a cheaper deal after the Financial Conduct Authority (FCA) proposed changes to how lenders assess whether or not a customer can afford the loan.

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PRA and FCA agree Memorandum of Understanding (MoU) with EBA

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The Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and European Banking Authority (EBA) are announcing today that they have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities.

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ISDA Publishes CDM 2.0 for Deployment and Opens Access to Entire Market

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ISDA has today published the full version of the ISDA Common Domain Model (CDM) for interest rate and credit derivatives and has opened access to all market participants, including non-ISDA members.

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FCA fines UBS AG £27.6 million for transaction reporting failures

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UBS AG (UBS) has been fined £27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

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ISDA, SIFMA, ABA, BPI and FIA Comment on Proposed Standardized Approach for Calculating Exposure Amount of Derivatives Contracts

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ISDA, the Securities Industry and Financial Markets Association (SIFMA), the American Bankers Association (ABA), the Bank Policy Institute (BPI), and the Futures Industry Association (FIA) today submitted comments regarding the proposed rule issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency to implement the standardized approach for counterparty credit risk (SA-CCR) as a replacement for the current exposure method (CEM) in the US capital rules.

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FCA puts the spotlight on debt management firms

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The Financial Conduct Authority (FCA) has today published its second thematic review of the debt management sector, looking at commercial and not-for-profit firms that provide debt advice and administer debt management plans to help customers deal with their debts.

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FCA acts to improve competition in the investment platforms market

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The Financial Conduct Authority (FCA) has today set out a package of measures to help consumers who invest through investment platforms more easily find and switch to the right one for them. The package - set out in the final report of its Investment Platforms Market study - includes proposed FCA rules and actions industry is taking forward.

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FCA fines The Carphone Warehouse over £29m for insurance mis-selling

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The Financial Conduct Authority (FCA) has fined The Carphone Warehouse £29,107,600 for failings that led to the mis-selling of ’Geek Squad’, a mobile phone insurance and technical support product. This follows an FCA investigation which stemmed from whistleblowing reports.

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First meeting of the PRA and FCA’s joint Climate Financial Risk Forum

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On Friday 8 March, the PRA and FCA hosted the first meeting of the Climate Financial Risk Forum (CFRF). The objective of the CFRF is to build capacity and share best practice across financial regulators and industry to advance financial sector responses to the financial risks from climate change.

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