Brexit – IRSG report on the architecture for regulating financial services
The International Regulatory Strategy Group (IRSG) has published a report which calls for a review of the UK’s rulemaking system for financial services post-Brexit.
The report outlines four main recommendations for review:
- The powers and resources of UK regulators, including how any significant policy decisions are reached
- Framing the responsibilities of regulators to ensure regulation continues to be at the forefront of global standards, while remaining flexible and adaptive to market needs
- The scrutiny and oversight of regulators, how they interact with the UK parliament, key stakeholders and the public
- The legislative and regulatory process, including consultation and review mechanisms, as well as an assessment of areas for consolidation and simplification.
The report can be viewed at: bit.ly/2kDUM14
The Financial Conduct Authority (FCA) is consulting on proposed amendments to rules on the purchase of products that provide consumers with guaranteed income in retirement (pension annuities).
In October 2017, the UK Financial Conduct Authority (FCA) revealed that it has been monitoring how firms have implemented the consumer renewal disclosure rules, which came into force in April 2017.
The Council of the European Union has announced its agreement to postpone the application date of the Insurance Distribution Directive (IDD) for firms to 1 October 2018.