Bank of England

News & Analysis as of

LMEShield and other developments – the LME’s continuing pivot to Asia

The announcement of the LMEShield initiative arrives off the back of a number of other Asia focused developments for the LME. The LMEShield initiative takes the LME yet one step further towards its desire of having LME...more

UK Financial Regulatory Developments - April 2016 #20

Treasury Committee publishes systemic risk buffer dispute - Andrew Tyrie MP, Chairman of the Treasury Committee, has published correspondence from BoE’s Governor, Mark Carney, in relation to a disagreement between Sir...more

Bank of England to Take Up Benchmark Administrator Role

The Bank of England announced that effective April 25, 2016, it would become the administrator of the Sterling Overnight Index Average interest rate benchmark. SONIA provides bank and building societies’ overnight funding...more

UK Financial Regulatory Developments - April 2016 #13

FCA finalises guidance on sharing SME credit information - FCA has published its finalised guidance on Small and Medium Sized Business (Credit Information) Regulations. This follows Treasury’s designation of the banks...more

Deputy Governor of the Bank of England and Chief Executive of the Prudential Regulation Authority Appointed

Sam Woods was appointed Deputy Governor of the Bank of England and Chief Executive of the Prudential Regulation Authority. Mr. Woods will succeed Andrew Bailey on July 1, 2016. Mr. Bailey will move to the Financial Conduct...more

UK Financial Regulatory Developments - April 2016 #8

OFSI publishes updated Financial Sanctions Guidance - OFSI has published an updated version of Treasury’s Financial Sanctions Guidance. It provides a guide to the approach OFSI will take when issuing licences and...more

UK Financial Regulatory Developments - April 2016 #4

BoE speaks on international banks - Sarah Breeden spoke on “taming” international banks and how, in particular, the risks these banks pose can be managed in the absence of a single global banking regulator. She looked at...more

UK Financial Regulatory Developments - April 2016 #3

FCA considers competition powers - FCA Director of Competition, Deb Jones, spoke on FCA’s use of its competition powers. She looked at the problems faced when promoting competition without a “race to the bottom”...more

UK Countercyclical Buffer Rate Increased from 2017

The Financial Policy Committee of the Bank of England published a Statement from its policy meeting on March 23, 2016. The Statement summarizes the conclusions reached by the FPC. The FPC has decided to increase the UK...more

UK 2016 Banking Stress Test Launched

The Bank of England released details of the UK 2016 banking stress test, the first to be designed under the new approach to stress testing published in October 2015. The 2016 stress test will cover seven UK banks and building...more

PRA publishes consultation paper on ‘bail-in’ provisions

On 15 March 2016, the Prudential Regulation Authority (PRA) issued a consultation paper on its proposed amendments to the contractual recognition of bail-in provisions in the PRA Handbook. This amendment follows the temporary...more

UK Financial Regulatory Developments - March 2016 #13

SFO closes forex investigation - SFO has announced the closure of its investigation into allegations of fraudulent conduct in the foreign exchange market. SFO has concluded that despite grounds to suspect offences...more

Bank of England on EU Membership and its Statutory Objectives

An open letter from Mark Carney, Governor, Bank of England, to Andrew Tyrie, Chairman, Treasury Select Committee, on the effect of UK's EU membership on the Bank of England's statutory objectives was published. The letter was...more

UK Financial Regulatory Developments - March 2016 #8

Administrator’s charge not covered by mis-selling redress payment - A company’s former administrators sought an order under the Insolvency Act 1986 that their remuneration and expenses should be payable out of a sum owed...more

FCA and PRA Confirm That Bonus Cap Will Not Apply to Smaller Firms

On February 29, the Bank of England and Financial Conduct Authority (FCA) published separate press releases in relation to the implementation of the European Union’s fourth Capital Requirements Directive (CRD IV). The press...more

UK Financial Regulatory Developments - February 2016 #3

Treasury plans lending perimeter changes - Treasury has published the draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 for approval by both Houses of Parliament. Treasury...more

UK Financial Regulatory Developments - January 2016 #13

FCA reinstates unfair contract terms library - FCA has reinstated its unfair contract terms library, which it has reorganised in the light of the Consumer Rights Act (CRA) and CMA guidance. FCA does not intend to publish...more

UK Financial Regulatory Developments - January 2016 #9

FCA updates IPRU-INV, FC and EG - FCA is updating its Handbook on its website to convert the Interim Prudential sourcebook for Investment Businesses (IPRU-INV), the Financial Crime Guide (FC) and the Enforcement Guide...more

2016 Trends #3: Board Expectations for Ethics & Compliance Oversight Get More Specific, Uniform and Comprehensive

According to the U.S. Sentencing Guidelines for Organizations—and similar provisions found in other guidelines worldwide—an organization’s governing body is responsible to “exercise reasonable oversight with respect to the...more

BRRD – The UK’s Approach to MREL

The Bank of England (“BoE”) recently published a consultation paper1 (“Consultation”), detailing its approach to setting a minimum requirement for own funds and eligible liabilities (“MREL”) to be maintained by UK banks and...more

BoE issues statement on resolution planning

BoE has issued a policy statement on its power to direct institutions to address impediments to resolvability under the Banking Act 2009. It sets out the circumstances in which BoE would consider using its powers of...more

BoE and PRA consult on MREL

BoE and PRA are consulting on the minimum requirement for own funds and eligible liabilities (MREL) for all UK banks, building societies and certain investment firms. BoE’s consultation looks at its approach to setting the...more

Treasury consults on FPC housing market powers

Treasury is consulting on what powers the Financial Policy Committee within BoE should have in relation to the buy-to-let mortgage market, following FPC recommendations earlier in the year. ...more

BoE Bill passes through Lords Report Stage

The Bank of England and Financial Services Bill (BoE Bill) completed its Report Stage in the House of Lords. The Lords rejected an amendment to disapply the reverse burden of proof for senior managers, and said they would...more

BoE speaks to ECON

BoE Governor, Mark Carney, gave the opening statement at the meeting of EP’s Economic and Monetary Affairs Committee (ECON) in Brussels. He outlined the contributions of the European Systemic Risk Board to market resilience...more

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