As Fairmort had already implemented flexible working prior to the pandemic, we were confident that our infrastructure and security was ready for any business continuity situation. Ironically, we had planned a test office closure day on the 23rd March 2020, where everyone worked remotely to ensure our hardware was fully tested, when the Prime Minister announced a full lockdown that evening. We were fortunate that our staff were able to seamlessly move to home working without any impact on our ability to support our clients and their projects. At the various points where we have been allowed to return to the office we have done so, but we have retained our flexible working policy. Our staff returned to our South Quay office in Jan 2022, with hopefully no more lockdowns.
During the pandemic we moved out of our old office at Cheyne House into larger premises at South Quay Building in the Docklands. This gave us more space to allow for growth as well as a more open environment for staff to feel safe and comfortable. We have already been resident here for over 1 year, which shows how time has flown by during the pandemic. For those who haven't visited us recently, or have yet to meet us face to face, we'd be delighted to welcome you to our new home.
As a business that works within the financial markets, we wanted to reach out to you and check that you were prepared for the approaching PRA SS2/21 regulations that are due to come into effect at the end of March 2022. The regulations, as set out by the PRA, require all firms operating within financial markets to have stressed exit plans in place for material third-party providers. As your third-party supplier for WILFr, Fast-Fuse or other applications, we are fortunate to be able to offer our customers a stressed exit plan for our services through our partnership with NCC Group - the global leaders in software resilience services. These services can provide your business with the correct processes to anticipate, withstand and respond to unforeseen disruption, therefore adhering to the new regulations set out by the PRA. PRA Regulation Overview (PDF Link)
To ensure our software is compliant with the latest regulations Fairmort proactively checks the regulatory legislation for changes each month. These changes may have an impact on your business.
Source: https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402340
We frequently monitor PRA announcements and publications and log them in our PRA tracker.
| Date | Topic | Ref | Other Ref | Report | Comment | Link to Webpage | |
|---|---|---|---|---|---|---|---|
| Feb 18, 2022 | PRA | Statistical Notice 2022/04 | Statistical Reporting - UAT Window and BEEDS Reporting Update. We can confirm that the next UAT window will take place from Monday 28 February until Friday 18 March. This will be open to all statistical reporters and software houses, to enable testing of Version 1.2.2 of the Bank of England Statistics taxonomy, following the corrective release. | Click Here | |||
| Feb 10, 2022 | BOE | Transforming data collection communication to firms - 10 February 2022 | Click Here | ||||
| Jan 31, 2022 | PRA | Statistical Notice 2022/03 | Reminder - SMMA Reporting for end-December mentioned in the recent SMMA to BEEDS Seminar, we advised that the FAQ Guide and Vimeo link for uploading your SMMA returns into BEEDS would be circulated as soon as possible. | Click Here | |||
| Jan 31, 2022 | PRA | Statistical Notice 2022/02 | Bank of England Statistical Taxonomy 1.2.2 - Corrective Release | Click Here | |||
| Jan 20, 2022 | PRA | Statistical Notice 2022/01 | Following Statistical Notice 2021/17, we can confirm that the Corrective release will be published before the end of January 2022. We will also publish a corresponding update to the Known Issues Log. | Click Here | |||
| Dec 15, 2021 | PRA | FS1/21 - 'Responses to DP1/21 'A strong and simple prudential framework for non-systemic banks and building societies' | This Prudential Regulation Authority (PRA) Feedback Statement (FS) provides a summary of the responses to Discussion Paper (DP) 1/21, which explored options for developing a 'strong and simple' prudential framework in the UK | Click Here | |||
| Dec 15, 2021 | PRA | Guidance on changes to banking reporting requirements | COR016COR017LVR001FSA045 | The PRA has made a number of changes to banking regulatory reporting requirements, and this statement explains how these changes are being implemented in the CRR reporting modules. | Click Here | ||
| Nov 8, 2021 | PRA | Responses to CP13/21 'Occasional Consultation Paper' | PS25/21 | FSA017FSA071-FSA082 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 13/21 'Occasional Consultation Paper' (see page 2 of 2). It also contains the final rules, updated Supervisory Statements (SS), and updated templates, instructions, and associated guidance and notes. | Click Here | |
| Oct 21, 2021 | PRA | PS24/21 | CP10/21 - Implementation of Basel standards: Non-performing loan securitisations | PS24/21CP10/21 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 10/21 'Implementation of Basel standards: Non-performing loan securitisations'. It also contains the PRA's final policy, as follows: a new Non-Performing Exposures Securitisation Part of the PRA Rulebook (Appendix 1); and an updated Supervisory Statement (SS) 10/18 'Securitisation: General requirements and capital framework' (Appendix 2). | Click Here | ||
| Oct 20, 2021 | PRA | PS23/21 | CP7/21 - Credit risk: The identification of the nature, severity, and duration of an economic downturn for the purposes of Internal Ratings Based (IRB) models | PS23/21CP7/21 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 7/21 'Credit risk: The identification of the nature, severity, and duration of an economic downturn for the purposes of Internal Ratings Based (IRB) models' (page 2 of 2). It also contains the PRA's final policy, as follows: a new UK Technical Standards Instrument (Appendix 1); an updated Supervisory Statement (SS) 11/13 'Internal Ratings Based (IRB) approaches' (Appendix 2); and versions of the relevant European Banking Authority (EBA) Guidelines as they stood at the end of the transition period (Appendices 3-5). | Click Here | ||
| Oct 14, 2021 | PRA | Implementation of Basel standards: Final rules | PS22/21 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides the final PRA Rulebook instruments, Statements of Policy (SoPs), Supervisory Statements (SSs), and reporting templates and instructions, which were published as near-final in PS17/21 'Implementation of Basel standards'. | Click Here | ||
| Oct 8, 2021 | PRA | The UK leverage ratio framework - PS21/21 | PS21/21CP14/21 | This document contains feedback from the Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA) on responses to Consultation Paper (CP) 14/21 ‘Consultations by the FPC and PRA on changes to the UK leverage ratio framework'. | Click Here | ||
| Oct 8, 2021 | PRA | Trading activity wind-down | CP 20/21 | This Consultation Paper (CP) sets out the Prudential Regulation Authority's (PRA) proposed expectations in respect of firms' engagement in trading activities that may affect the financial stability of the UK. It also proposes that firms engaged in trading activities be able to carry out a full or partial orderly wind-down of their trading activities in recovery and post-resolution restructuring. In this CP, the wind-down of trading activities, whether it be full or partial, or whether it would be carried out as a recovery or post-resolution restructuring option, is referred to as 'the TWD option' | Click Here | ||
| Sep 6, 2021 | PRA | Version 3.5.0 PWD Bank of England Banking XBRL taxonomy | Published version 3.5.0 public working draft (PWD) of the Bank of England Banking taxonomy to support the collection of Leverage Ratio reporting, alongside related technical artefacts. The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the requirements for CP14/21 'Consultations by the FPC and PRA on changes to the UK leverage ratio framework'. The taxonomy is aligned to EBA Taxonomy 3.0 Phase 1 and we will adopt the European Banking Authority (EBA) filing rules as published on the EBA website. | Click Here | |||
| Aug 2, 2021 | PRA | Versions 3.4.0 Bank of England Banking XBRL taxonomy | Published V3.4.0 of the Bank of England Banking taxonomy to support the collection of Capital+, Financial Statements and Ring-fencing reporting, alongside related technical artefacts. The taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the requirements for PS17/21 'Implementation of Basel standards'. The taxonomy is aligned to European Banking Authority (EBA) Taxonomy 3.0 and we will adopt the EBA filing rules as published on the EBA website. | Click Here | |||
| Jul 26, 2021 | PRA | International banks: The PRA's approach to branch and subsidiary supervision | PS 19/21CP2/21 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 2/21 ‘International banks: The PRA's approach to branch and subsidiary supervision' (page 2 of 2). It also contains the PRA's final Supervisory Statement (SS) 5/21 'International banks: The PRA's approach to branch and subsidiary supervision' (Appendix 1) which will replace SS1/18 'International banks: the Prudential Regulation Authority's approach to branch authorisation and supervision'. This PS is relevant to all existing or prospective PRA-authorised banks and designated investment firms that are headquartered outside the UK or are part of a group based outside of the UK." | Click Here | ||
| Jul 26, 2021 | PRA | International banks: The PRA's approach to branch and subsidiary supervision | SS 5/21 | This Supervisory Statement (SS) sets out the Prudential Regulation Authority's (PRA) expectations for receiving information concerning the risks in the wider group and co-operation from other supervisory authorities concerned with the firm or its wider group. This is necessary for the PRA to be satisfied that the international bank is meeting threshold conditions, particularly the threshold condition concerning the effective supervision of the firm. This SS also sets out expectations of international banks in meeting the threshold condition on the prudent conduct of business, including their systems and controls and risk management. | Click Here | ||
| Jul 20, 2021 | PRA | BTL validation rules | BTL | We would like to inform reporters of upcoming changes to the validation rules we apply to form BTL on 31/07/2020. These changes will necessitate a version of the reporting schema. Credit score - The validation rules have been relaxed to allow credit scores between 0 and 2000. Reporters amending their data to fit the existing validations should start reporting actual credit scores as soon as possible. Initial gross interest rate - the validation rule for reported rates to be at 0 or above has been removed. Stressed rate - the validation rule for reported rates to be at 0 or above has been removed. | Click Here | ||
| Jul 20, 2021 | PRA | OSCA to BEEDS migration | OSCA to BEEDS project overview session Thank you to those that attended the recent OSCA to BEEDS project overview session and we hope that you found the presentation useful. | Click Here | |||
| Jul 9, 2021 | PRA | Implementation of Basel standards | PS17/21CP5/21 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 5/21 'Implementation of Basel standards' (page 2 of 2). It also contains near-final rule instruments, Statements of Policy (SoP), Supervisory Statements (SS), and reporting templates and instructions (see list of appendices below). This PS is relevant to UK banks, building societies, and PRA-designated investment firms, as well as UK financial holding companies and UK mixed financial holding companies of certain PRA-authorised firms. | Click Here | ||
| Jul 9, 2021 | PRA | Liquidity and funding permissions Near-final future version published July 2021. If confirmed final, this SoP would be effective from Saturday 1 January 2022. | LCRNSFR | This Statement of Policy (SoP) sets out the PRA's approach to granting selected regulatory permissions that are relevant to the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) requirements. It also sets out the PRA's expectation that eligible firms should notify the PRA if they intend to use the simplified NSFR (sNSFR) methodology. It is relevant to all UK banks, building societies and PRA-designated investment firms, referred to collectively as 'firms'. | Click Here | ||
| Jul 6, 2021 | PRA | Internal Rating Based UK mortgage risk weights: Managing deficiencies in model risk capture | PS16/21CP14/20 | IRB | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 14/20, 'Internal Ratings Based UK mortgage risk weights: Managing deficiencies in model risk capture' (page 2 of 2). It also contains the PRA's final policy, as follows: an updated Supervisory Statement (SS) 11/13 'Internal Ratings Based (IRB) approaches'. This PS is relevant to PRA-authorised UK banks, building societies, and ring-fenced banks (RFBs) holding IRB model permissions. It may be of interest to other firms, including those considering applying for IRB model permission, and other market participants. | Click Here | |
| Jul 6, 2021 | PRA | Internal Ratings Based (IRB) approaches | SS 11/13 | IRB | This supervisory statement sets out the Prudential Regulation Authority's (PRA's) expectations regarding firms' use of internal ratings based approaches. The supervisory statement covers the following principal topics: corporate governance; permanent partial use and sequential implementation; overall requirements for estimation; definition of default; probability of default (PD); loss given default (LGD); exposure at default (EAD); validation; income-producing real estate portfolios; and notification and approval of changes to approved models | Click Here | |
| Jul 5, 2021 | PRA | CP15/21 - Designating investment firms | CP 15/21 | This Consultation Paper (CP) sets out the Prudential Regulation Authority's (PRA) proposals to make minor changes to its policy on designating investment firms. This includes a proposal to increase the base capital resources requirement for PRA-designated investment firms, thereby aligning it with changes to the same requirement for firms undertaking the same type of business that are only regulated by the Financial Conduct Authority (FCA) and not by the PRA - 'solo-regulated' firms. The CP is relevant to all PRA-designated UK investment firms. | Click Here | ||
| Jun 30, 2021 | PRA | Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251 | PS 14/21CP 6/21 | This Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 6/21 'Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251' (page 2 of 2). It also contains the PRA's and FCA's final policy, in the form of amendments to BTS 2016/2251. This PS is relevant to PRA-authorised firms that are financial counterparties for the purposes of Article 2 of the European Market Infrastructure Regulation (EMIR). | Click Here | ||
| Jun 29, 2021 | PRA | Consultations by the FPC and PRA on changes to the UK leverage ratio framework | Cp 14/21 | The Financial Policy Committee (FPC) conducted a comprehensive review of the UK leverage ratio framework in light of revised international standards, and its ongoing commitment to review its policy approach. This document outlines the changes that the FPC proposes to make to the framework, and the Prudential Regulation Authority's (PRA) proposed approach to implementing these changes. The PRA has reviewed the leverage ratio framework concurrently, including to reflect international developments, and has coordinated closely with the FPC in relation to its review. The PRA considers that the FPC's proposals would advance the PRA's objectives. | Click Here | ||
| Jun 25, 2021 | PRA | Occasional Consultation Paper - June 2021 | CP 13/21 | Proposal to Delete FSA042 amend FSA017 & MLAR to remove references to LIBOR. Amendment of Branch Return and submission by BEEDS | Click Here | ||
| Jun 21, 2021 | PRA | Financial holding companies: Further implementation | CP 12/21 | This Consultation Paper (CP) sets out the Prudential Regulation Authority's (PRA) proposed rules in respect of the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies (holding companies) that have been approved or designated in accordance with Part 12B of the Financial Services and Markets Act 2000 (FSMA). It also proposes guidance with respect to directions and penalties over holding companies under Part 12B FSMA, covering the taking of measures, including directions; the imposition of penalties; and the amount of penalties. | Click Here | ||
| Jun 7, 2021 | PRA | Credit risk: The approach to overseas Internal Ratings Based (IRB) models | PS 13/21CP16/20 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 16/20 'Credit Risk: The approach to overseas Internal Ratings Based (IRB) models' (page 2 of 2). It also contains the PRA's final policy, as follows: an updated Supervisory Statement (SS) 11/13 'Internal Ratings Based (IRB) approaches' (Appendix 1); and an updated pro-forma for firms to complete and submit to the PRA for overseas models moving onto the overseas models approach (Appendix 2). This PS is relevant to UK banks, building societies, and PRA-designated investment firms. | Click Here | ||
| Jun 3, 2021 | PRA | Implementation of Basel standards: Non-performing loan securitisations | CP 10/21 | This Consultation Paper (CP) sets out the Prudential Regulation Authority's (PRA) proposed rules in respect of the implementation of prudential standards agreed by the Basel Committee on Banking Supervision (BCBS) for non-performing loan (NPL) securitisations. It sets out how the PRA proposes to define non-performing exposure (NPE) securitisations, and also proposes changes to the associated capital treatment. | Click Here | ||
| Jun 1, 2021 | PRA | Strengthening accountability: Temporary, long-term absences | Ps 11/21CP23/20 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Chapter 2 of the Financial Conduct Authority's (FCA) Consultation Paper (CP) 20/23 'Quarterly Consultation Paper No. 30'. Chapter 2 of the CP jointly proposed PRA and FCA expectations regarding temporary, long-term absences for Senior Management Functions (SMF). | Click Here | ||
| May 28, 2021 | PRA | Operational continuity in resolution: Updates to the policy. SS4/21 effective 1/1/2023 | Ps9/21CP20/20SS4/21 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 20/20 'Operational continuity in resolution: Updates to the policy' (page 1 of 2). It also contains the PRA's final policy, as follows: amendments to the Operational Continuity Part of the PRA Rulebook (the rules) (Appendix 1); and a new Supervisory Statement (SS) 4/21 'Ensuring operational continuity in resolution', which will supersede SS9/16 (Appendix 2). | Click Here | ||
| May 26, 2021 | BOE | BOE Statistics Taxonomy - Public Working Draft We will aim to publish the final version of the taxonomy and DPM in late July/ early August 2021. | PWD2 | On Monday 24 May we published a second version 1.2.0 public working draft (PWD2) of the Bank of England Statistics taxonomy to support the collection of statistical data previously collected in an XML format. This PWD2 publication incorporates comments received during the PWD feedback window 21 April - 21 May 2021 and offers another opportunity to provide feedback. A change log has been published to outline changes between PWD and PWD2. he taxonomy, data point model (DPM) dictionary, annotated templates and validation rules represent the reporting requirements outlined on the Forms, definitions and validations page, and collected under the Statistical Code of Practice. The data point model is an extension of the European Banking Authority's (EBA) data point model and filings will be subject to the EBA filing rules as published on the EBA websiteOpens in a new window. | Click Here | ||
| May 13, 2021 | PRA/FCA | The FCA and the Bank of England encourage market participants in a switch to SONIA in the sterling exchange traded derivatives market from 17 June | LIBORSONIA | A key milestone recommended by the Working Group on Sterling Risk-Free Reference Rates ('the Working Group') is to cease initiation of new GBP LIBOR exchange traded derivatives expiring after 2021 by end-Q2 2021, other than for risk management of existing positions. The Working Group milestones have supervisory backing from the PRA and FCA as set out in the recent 'Dear CEO' letter sent to regulated firms. | Click Here | ||
| May 7, 2021 | PRA/FCA | Regulatory Initiatives Grid (updated) Gives 24 month view of upcoming changes | This Grid from the Financial Services Regulatory Initiatives Forum sets out the regulatory pipeline. This is so the financial services industry and other stakeholders can understand - and plan for - the timing of the initiatives that may have a significant operational impact on them | Click Here | |||
| Apr 29, 2021 | PRA | A strong and simple prudential framework for non-systemic banks and building societies | DP1/21 | This Discussion Paper (DP) explores options for developing a simpler prudential framework for banks and building societies (firms) that are considered by the Prudential Regulation Authority (PRA) to be neither systemically important nor internationally active. The objective of this framework would be to maintain the resilience of those firms and of the UK financial sector while using simplified prudential regulation, thereby enabling a dynamic and diverse banking sector in the UK. The PRA therefore refers to it as the 'strong and simple' framework | Click Here | ||
| Apr 27, 2021 | PRA | PRA statement on the disclosure of exposures subject to measures applied in response to Covid-19 | COVID-19 measures | It highlighted that UK banks and building societies (firms) that: (i) are, or are controlled by, global systemically important institutions (G-SIIs) or other systemically important institutions (O-SIIs) designated by the PRA in the most recent list; and (ii) have retail deposits equal to or greater than £50 billion on an individual or consolidated basis, should make disclosures on Covid-19 lending for the highest level of consolidation in the UK for semi-annual disclosure periods ending on dates up to, and including, Thursday 31 December 2020. The PRA noted in that statement that it would keep the approach for disclosure periods after this date under review. Given the continued use of Covid-19 support measures in lending by UK firms, the PRA continues to see substantial benefit to its objectives in the disclosure of information on the effects of the measures that UK firms have taken in response to Covid-19. Firms should therefore continue to use the templates published with the PRA's statement on Tuesday 28 July 2020 for semi-annual disclosure reference dates up to, and including, Friday 31 December 2021. | Click Here | ||
| Apr 21, 2021 | BOE | Bank of England Statistical Reporting | We published v1.2.0 public working draft (PWD) of the Bank of England XBRL Statistics taxonomy to support the submission of the data collection forms on this page. Please see the BEEDS web page for more information. | Click Here | |||
| Apr 19, 2021 | PRA | PRA statement on the regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme | Mortgage Guarantee Scheme (MGS) | PRA statement on the regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme | Click Here | ||
| Apr 15, 2021 | PRA | Non-systemic UK banks: The Prudential Regulation Authority's approach to new and growing banks | SS3/21 | This Supervisory Statement (SS) provides an overview of how the Prudential Regulation Authority's (PRA)'s supervisory expectations of 'new and growing' non-systemic UK-incorporated banks (collectively referred to as 'banks'), evolve as they grow from the point of authorisation to being regarded as fully established banks. | Click Here | ||
| Apr 14, 2021 | PRA | Letter from the PRA and FCA 'Obtaining deposits via deposit aggregators' | Deposit aggregators | Letter from the PRA and FCA to chief executive officers regarding the use of deposit aggregators, and how to mitigate some of the key risks. | Click Here | ||
| Apr 7, 2021 | PRA | CP7/21 - Credit risk: The identification of the nature, severity, and duration of an economic downturn for the purposes of Internal Ratings Based (IRB) models | CP7/21 | IRB | This Consultation Paper (CP) sets out the Prudential Regulation Authority's (PRA) proposed approach to implementing new requirements relating to the specification of the nature, severity, and duration of an economic downturn in the Internal Ratings Based (IRB) approach to credit risk. | Click Here | |
| Mar 31, 2021 | FCA | Extension of Annual Financial Crime Reporting Obligation | REP-CRIM | This PS summarises our proposal to increase the number of firms who need to submit the annual financial crime report, which we refer to as 'REP-CRIM'. | Click Here | ||
| Mar 26, 2021 | PRA | Outsourcing and third party risk management | PS7/21 SS2/21 | This Prudential Regulation Authority (PRA) Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 30/19 'Outsourcing and third party risk management' (page 2 of 2). It also contains the PRA's final Supervisory Statement (SS) 2/21 'Outsourcing and third party risk management' (Appendix 1). (effective March 22) | Click Here | ||
| Mar 26, 2021 | PRA | Operational Resiliance | PS6/21 SS1/21 | This Supervisory Statement (SS) sets out the Prudential Regulation Authority's (PRA) expectations for the operational resilience of firms' important business services, for which they are required to set impact tolerances. The policy objective is to improve the resilience of both firms and the wider financial sector to operational disruptions. (effective March 22) | Click Here | ||
| Mar 24, 2021 | PRA | Protection: Identity verification | PS4/21 CP3/21 | "Policy Statement (PS) provides feedback to responses to Consultation Paper (CP) 3/21 'Depositor protection: Identity verification' (page 2 of 2). It also contains the PRA's final policy, as follows: amendments to the Depositor Protection (DP) Part of the PRA Rulebook (Appendix 1); and updates to Supervisory Statement (SS) 18/15 'Depositor and dormant account protection' (Appendix 2). | Click Here | ||
| Mar 19, 2021 | BOE | Future changes to the submission of statistical data to the Data and Statistics Division (DSD) We plan to release the Public Working Draft of the XBRL taxonomy and data point model during the week commencing 19 April for external comments. This will close on 21 May. The final taxonomy will be published in late July or early August | In November 2020, BOE announced that DSD is planning to move the collection of statistical data to the Bank of England Electronic Data Submission (BEEDS) portal. BEEDS is an online application that enables firms to submit data submissions online. Firms can also view the information held about them by the Bank of England and keep it up to date. We can now confirm that we will also move the reporting format from XML to XBRL. | Click Here | |||
| Mar 10, 2021 | PRA | v3.4.0 public working draft (PWD) of the Bank of England XBRL Banking taxonomy | XBRL Taxonomy | PRA published v3.4.0 public working draft (PWD) of the Bank of England XBRL Banking taxonomy to support the collection of Capital+, Financial Statements and Ring-fencing reporting, alongside related technical artefacts. (effective Jan 2022) | Click Here | ||
| Feb 12, 2021 | PRA | CP5/21 - Implementation of Basel standards. Effective 01/01/2022 | CP5/21 | CRR | Our Approach to International Firms summary of responses: feedback to CP20/20. | Click Here | |
| Feb 3, 2021 | FCA | Our Approach to International Firms summary of responses: feedback to CP20/20. | CP 20/2020 | This Grid from the Financial Services Regulatory Initiatives Forum sets out the regulatory pipeline. This is so the financial services industry and other stakeholders can understand - and plan for - the timing of the initiatives that may have a significant operational impact on them | Click Here | ||
| Jan 28, 2021 | FCA | CP21/3: Changes to the SCA-RTS and to the guidance in 'Payment Services and Electronic Money – Our Approach' and the Perimeter Guidance Manual | We've identified barriers to the success of open banking and future innovation in UK payments. To address these, we're proposing amendments to our Technical Standards on Strong Customer Authentication and Common and Secure Methods of Communication. We're also taking this opportunity to amend our guidance on prudential risk management and safeguarding in our Approach Document (AD), and make general updates to a number of areas and onshoring-related changes. We're also updating our Perimeter Guidance Manual (PERG). | Click Here | |||
| Jan 27, 2021 | FCA | FS21/2: Approach to Repossessions: Updated Tailored Support Guidance for firms - Feedback on draft guidance for mortgages and consumer credit | On 13 January 2021, we published updated draft guidance to firms setting out our approach to repossessions from 31 January 2021. This feedback statement summarises the feedback we received on our proposed measures and our response. | Click Here | |||
| Jan 26, 2021 | FCA | Finalised Guidance: Bounce Back Loan Scheme: guidance for firms using Pay as You Grow options | BBLS | This guidance aims to help firms understand how they can use and offer PAYG options, complying with Chapter 7 of our Consumer Credit Sourcebook (CONC) where it applies. | Click Here | ||
| Jan 11, 2021 | PRA | International Banks, PRA's approach to branch and subsidiary supervision - Consultancy Paper | CP 2/21 | Published CP2/21 'International banks: The PRA's approach to branch and subsidiary supervision'. This CP is relevant to existing or prospective PRA-authorised banks and designated investment firms that are headquartered outside of the UK or are part of a group based outside of the UK. This consultation closes on Sunday 11 April 2021. | Click Here |
Despite the absence of the newsletter during the pandemic, we have been continuing to add new features and fix bugs in our software. Below is a brief update of the latest releases for selected software and components.
Multiple feature updates for regulatory reporting and bulk adjustments which allows FACT records to be adjusted to contain multiple changes or new data, with all adjustments audited and authorised. For example, COVID loan payment holidays to allow restructuring but required for reporting immediately, non-working day payments over month-end, mirroring of external GL systems or adding data for subsidiaries. The release also includes other new features and bug fixes.
Various changes to data validation widgets to assist with the identification of potential problematic customers and accounts based upon feedback received from various client submissions. Release also included some minor bug fixes.
To update the December 2021 AEOI reportable jurisdictions to include HMRC updates. To include: Jamaica, Kenya, the Maldives and Morocco To remove: Kuwait and Romania
This release includes multiple updates to assist our Oracle clients.
Various small bug fixes.