European Commission President Jean-Claude Juncker participated in the Informal meeting of EU27 heads of state or government in Sibiu, Romania, where leaders celebrated Europe Day focusing on strategic plans for the Union in the coming years. At the press conference President Juncker said that today EU leaders demonstrated solid unity underlining that “we have achieved a lot together: we agreed on 348 proposals, 90% of them through unanimity; unemployment and deficits are down compared to 2014 and growth is up. Unity matters and this is our way to the future.”
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The Basel Committee on Banking Supervision issued the Sixteenth progress report on adoption of the Basel regulatory framework. As noted by the Group of Central Bank Governors and Heads of Supervision (GHOS), the Committee’s oversight body, its members expect full, timely and consistent implementation of the finalised Basel III reforms by member jurisdictions. The progess report sets out the adoption status of Basel III standards for each Committee member jurisdiction as of end-March 2019. It includes the Basel III post-crisis reforms published by the Committee in December 2017 and the finalised market risk framework published in January 2019. These reforms will take effect from 1 January 2022.
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The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Middle East and North Africa (MENA) met in Istanbul. Members of the FSB RCG MENA received an update on the FSB’s work programme and deliverables to the June G20 meetings next month in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities, including potential financial stability issues arising from market fragmentation and FinTech, and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms on, for example, financing to small and medium-sized enterprises;correspondent banking; and reinforcing outreach to stakeholders.
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The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make it easier for customers to find the right mortgage.
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Companies will be better protected from fraud, under new Companies House reforms that will do more to safeguard the personal data of business owners and ensure the accuracy of the register. Business Minister Kelly Tolhurst unveiled a substantial package of reforms to Companies House. With the clear aim of minimising the burden on law abiding companies, the reforms will contribute to UK efforts to tackle economic crime by increasing the traceability of company ownership and management while offering business owners and businesses greater protection from fraud.
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The Financial Conduct Authority (FCA) has published a discussion paper on Intergenerational Differences, exploring the changing financial needs of consumers from different age groups. The way people build and use wealth is evolving – having an impact on their financial needs. With one of the FCA’s statutory objectives being to protect consumers, it is important that the FCA approach adapts to the changing needs of the different groups within and between generations.
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Technology is radically changing the nature of terrorism and state-to-state rivalry. The global picture is complex but risk managers have a key role to play – PR Officer at Airmic, Jessica Titherington reports. Managing geopolitical risks was once about anticipating and preparing for physical disruption in volatile regions of the world and understanding how this may impact the business environment. Not an easy task by any means, but one in which risks were visible, easy to define and played out on a global stage.
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Andrew Bailey, Chief Executive of the FCA, gave a speech about the the future of financial conduct regulation, at Bloomberg, London. He started by saying: “You may quite reasonably think that a title of ‘The future of financial conduct regulation’ is overly dramatic in an environment where we have quite enough drama in the world of public policy thank you very much. Or, you may think that it is typical of a regulator to over promise and under deliver. We shall see, but it is a reasonable ask that I should start by explaining why this subject and why now?”
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