Regulatory News
Amongst other matters, the Government is publishing an update that proposes placing duties on occupational pensions trustees to offer decumulation services and products at an appropriate quality and price when savers access their pension assets and is launching a call for evidence on a lifetime provider model to simplify the pensions market by allowing individuals to move towards having one pension pot for life, and on a potential expanded role for collective defined contribution schemes in future. DWP is to launch a consultation this winter on options for DB schemes to consolidate into a new statutory vehicle run by the Pension Protection Fund as well as a consultation on the appropriate regime under which surpluses can be repaid and enabling 100% PPF coverage for DB schemes that opt to pay a higher levy.
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- https://www.gov.uk/government/calls-for-evidence/pension-trustee-skills-capability-and-culture-a-call-for-evidence/outcome/government-response-to-pension-trustee-skills-capability-and-culture-a-call-for-evidence
- https://www.gov.uk/government/calls-for-evidence/looking-to-the-future-greater-member-security-and-rebalancing-risk
- https://www.gov.uk/government/calls-for-evidence/options-for-defined-benefit-schemes-a-call-for-evidence
The regulators have assessed that Turkey has implemented the principles for financial market infrastructures for two FMI types; however, material gaps remain for the other three.
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Further to the June 2018 FS, FCA has now published an update on its work with regard to helping consumers with pre-existing medical conditions to find travel insurance providers. FCA notes that it is developing proposals and plans to consult on these before the summer.
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This SI has now been made.
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A transcript of the session held on 12 February 2019 attended by senior PSR executives follows.
FCA is consulting on potential changes to the permitted links rules in COBS in order to address any unjustified barriers these may present to investment by retail investors in a broader range of long-term assets in unit-linked funds, while continuing to offer an appropriate degree of investor protection. Responses are required by 28 February 2019.
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Text of Theresa May's statement to HoC on 10 December 2018 follows.
EBA has published this Opinion addressed to the EC, along with an accompanying annex. The Opinion had been provided in December 2015 and is now published following the approval of the EC.
PRA ha published this CP, along with an accompanying letter to firms. Proposals relate to “silent” cyber risk;•cyber risk strategy and risk appetite; and cyber expertise. Responses are required by 14 February 2017
As part of its series on Basel III capital regulations, BIS has now published reports in respect of Basel III implementation assessments of Russia and Turkey, noting that, overall, the assessments were deemed to be compliant. Overviews of post-risk-based capital regulations follow-up actions taken by Australia, Brazil, Canada, China, the EU, Japan, Singapore, Switzerland and the USA have also been published and are available to download inpidually via the third link below. BIS intends to publish further such monitoring reports for jurisdictions that were assessed in 2015 in 2017.
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