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Other October Updates - EG: FOS, EC, UK Government

EP: fact sheet on main EU FS legislation
The European Parliament published a fact sheet outlining the main EU financial services legislation.

See the Fact Sheet.


UK Government: Statutory Instrument - The Facilitation of Tax Evasion Offences (Guidance About Prevention) Regulations 2017 (SI 2017/876)
The Facilitation of Tax Evasion Offences (Guidance About Prevention) Regulations 2017 (SI 2017/876) was laid before Parliament on the 6 September and entered into force on 30 September 2017.

See the Guidance.

EIOPA: monthly updates regarding Solvency II
EIOPA published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of August 2017. EIOPA also issued technical information on the relevant risk free interest rate term structures with reference to the end of August 2017.
Find out more.

EC: Delegated Regulation in relation to Solvency II
Commission Delegated Regulation (EU) 2017/1542 of 8 June 2017 amending Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for certain categories of assets held by insurance and reinsurance undertakings (infrastructure corporates) has now been published in the Official Journal.

Find out more.


EC: EU-US agreement on insurance and reinsurance
The EU and the US have published a statement on a landmark bilateral agreement on insurance and reinsurance. It is noted that the agreement will facilitate the exchange of information between EU and US supervisors and will mean that EU insurers and reinsurers will have to prepare only one risk and solvency assessment (ORSA) in light of their specific risk profile.

See the Statement.

EC: Delegated Regulations in relation to IDD
Delegated Regulations with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products and product oversight and governance requirements for insurance undertakings and insurance distributors have been adopted by the EC.

Find out more.


EC: Cybersecurity
The EC has published details of measures intended to step up cybersecurity capacity, including a cybersecurity agency. It also proposes a new European certification scheme and a new set of rules to govern the free flow of non-personal data in the EU.

See the Press Release.


CMA: Digital comparison tools market study/Price comparison website: use of most favoured nation clauses
CMA has published its final report following a market study into the use of price comparison sites and other apps. CMA provides high-level principles for how digital comparison tools should behave and sets out individual recommendations the Government and for various regulators (including FCA). In addition, CMA has announced that it is investigating suspected breaches of the Chapter I prohibition and Article 101 TFEU in the use of certain retail most favoured nation clauses by a price comparison website in relation to home insurance products and will work with FCA on this.

See the Report.

FOS: complaints data
The Financial Ombudsman Service published its latest six-monthly complaints data relating to banks, insurers and other financial businesses. The FOS recorded a total of around 170,000 new cases in the first six months of this year.

See the data.