The Financial Services Regulatory Initiatives Forum has issued the second edition of the Regulatory Initiatives Grid.
Upcoming work in the latest iteration includes the LIBOR transition and ongoing work to prepare the financial services sector for the end of the EU exit transition period.
Also included are Government reviews, including the payments landscape review and the future regulatory framework review.
The first edition of the Grid, which aims to give firms a clear idea of upcoming regulatory work, was published in May. Click here to see Northey Point’s original briefing from May 2020: Planning for regulatory change.
The Forum is comprised of the Bank of England (including the Prudential Regulation Authority), Financial Conduct Authority, Payment Systems Regulator and Competition and Markets Authority, with HM Treasury attending as an observer member.
The update also includes upcoming initiatives by the Pensions Regulator and the Information Commissioner’s Office, which have both joined the Forum.
Due to the inclusion of the Pensions Regulator, the Information Commissioner’s Office, the impact of COVID and some initiatives being completed the number of items in the Grid has risen from 85 to 111.
Key changes
Key changes for payments related initiatives in this updated grid include:
- HMT | Fintech strategic review | Timing change
- PRA | Operational resilience incident reports | Timing change
- FCA| Guidance on brach and ATM closures | New item
- HMT | Statutory independent review of ring fencing legislation | New item
- PRA | Clarifying supervisory approach to new and growing banks | Timing change
- BoE | CBDC discussion paper | New item
- FCA | Consultation on updates to Payment Services and Electronic Money | New item
- PSR | Faster payments system consumer protection | New item
- PSR | Market review into the supply of card acquiring | Timing change
- PSR | Strategy review | Timing change
- PSR | New Payment Architecture | Timing change
- HMT | Payments landscape review | Timing change.
Click here to see Northey Point’s original briefing from May 2020: Planning for regulatory change.
Click here to access the full updated regulatory grid.