New services will become available to meet the cash needs of consumers and businesses, a boss at the City regulator has said.
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority (FCA) was speaking at a “cash summit” hosted by consumer group Which?
He said: “Over the longer term, we believe that new services will become available to meet the needs of consumers and businesses alike.
“Shared branches, cashback and deposit points might become commonplace in some areas, while more consumers embrace digital technology, and many use less cash.”
Mr Mills said research has been taking place into people’s access to cash.
ECB”) published a speech on bank’s role in greening the economy.
The PRA published a discussion paper (DP1/21) that explores the options for developing a simpler prudential framework for non-systemic banks and building societies.
The FCA published a summary of insights from its cyber co-ordination group meetings on current cyber risks and firms practices for responding to them.
The European Insurance and Occupational Pensions Authority (“
EIOPA”) published a discussion paper on blockchain and smart contracts in insurance.
28 April
The FCA published a consultation paper (CP21/9) on changes to conduct and organisational requirements laid down in UK laws and regulations implementing the MiFID II Directive (EU/2014/65) (“
UK Financial Services Regulatory Initiatives Forum: Third Edition Of The Regulatory Initiatives Grid Date
07/05/2021
The Financial Services Regulatory Initiatives Forum was launched in April 2020 to strengthen coordination between its members. It is made up of representatives of the Bank of England, Financial Conduct Authority, Payment Systems Regulator, the Competition & Markets Authority, the Information Commissioner’s Office, the Pensions Regulator and the Financial Reporting Council. HM Treasury is an observer member.
The Regulatory Initiatives Grid sets out the regulatory pipeline. This is so the financial services industry and other stakeholders can understand – and plan for – the timing of initiatives that may have a significant operational impact upon them.
Outcomes-Focussed Regulation: A Measure Of Success? - Speech By Charles Randell, Chair Of The FCA And PSR, To The Building Societies Association Date
Highlights:
Focussing on the best consumer outcomes is the right thing to do – but it’s not yet fully embedded in everything that we and financial services firms do.
By defining the right outcomes, measuring them even more and acting on the results even faster with an enhanced data capacity, we will be able to target our interventions more effectively.
Being transparent about outcomes drives us to act and increases our accountability. Groundhog Day is my favourite movie. I could happily watch it over and over again - in fact, I could watch it every day. Its message is uplifting: by changing your everyday actions to achieve your goals, sometimes in small ways, you can produce better outcomes - not only in your own life, but in the lives of everyone around you.
Recent regulatory developments focussed on the payments sector.
Contents
Interchange Fee Regulation: PSR consults on updating guidance
Draft Payment and Electronic Money Institution Insolvency Regulations
The draft Payment and Electronic Money Institution Insolvency Regulations have been laid before Parliament. The draft Regulations, if made, will create a new special administration regime for payment and electronic money institutions.
A draft explanatory memorandum states that this new regime will give insolvency practitioners administering the insolvencies of payment or electronic money institutions an expanded toolkit. This will allow the insolvency practitioner to keep an insolvent institution operational with the aim of ensuring continuity for consumers and prioritising the return of their funds.