Investment Management in Financial Services UK

FCA competition study may come to have far-reaching implications for investment and corporate banking

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The Financial Conduct Authority (FCA) has announced that it will kick-off a market study looking at competition in investment and corporate banking services in spring 2015. This comes as part of its review into competition in the wholesale sector, published yesterday, and follows its call for inputs last July. The FCA has found that limited transparency over both price and quality may make it difficult for clients to assess the value for money of investment banking and corporate banking services, and that bundling and cross-selling of services may make it difficult for new or smaller firms to compete against the established investment banks and universal banks.

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Posted on 20/02/2015 | 0 Comments

A watershed year for regulation?

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2015 has the potential to be a turning point in terms of the post-crisis re-regulatory agenda, when the focus shifts from repairing balance sheets and reputations to the role of financial services in promoting jobs and growth.  And indeed from proposing new rules to implementing the multitude that has been agreed over that last few years. Deloitte’s EMEA Centre for Regulatory Strategy have identified what we believe to be the ten key areas of regulatory focus for financial markets in 2015.

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Posted on 15/12/2014 | 0 Comments

Loss-absorbing capacity for banks: EBA consults on EU requirements – ‘MREL’

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Following the recent publication of the Financial Stability Board’s (FSB)  proposals for an international standard for Total Loss-Absorbing Capacity (TLAC), the European Banking Authority (EBA) has published a consultation on a version for the EU – the Minimum Requirement for Own Funds and Eligible Liabilities (MREL).  MREL, like TLAC, is intended to make banks – credit institutions and large investment firms – more resilient and ensure they have enough loss-absorbing capacity so that resolution tools, including the bail-in tool, can be applied effectively.

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Posted on 3/12/2014 | 0 Comments

Global information exchange | What’s that coming over the hill?

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The landscape for global information exchange is changing rapidly. In the next three years the burden of information reporting for funds will expand exponentially driven by new global tax initiatives. As a result, reporting on investor information and financial data will be mandatory for many funds as early as March 2015. This is not just a one off exercise and it represents a new form of annual compliance that is here to stay.

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Posted on 25/11/2014 | 0 Comments

Seismic shifts in investment management | A Channel Islands' perspective

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Deloitte's recent report ‘Seismic shifts in investment management’ explores the drivers behind fundamental changes in the industry and weighs up what they mean in practice for UK-based global asset managers. In this blog post, Alex Adam, a Director in the Deloitte Guernsey office, considers the impact for the Channel Islands of this research. 

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Posted on 12/08/2014 | 0 Comments

Individual Accountability in UK Banking | Details of Senior Management and Certification Regimes Emerge

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The PRA and FCA have published a major consultation paper on the overhaul of the Approved Persons Regime (APR) for banks, building societies, credit unions, and PRA-designated investment firms in the UK. The new framework will make senior individuals more explicitly accountable for specific issues through ‘statements of responsibility’, and a wider range of staff will be subject to a regime of certification and codes of conduct.

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Posted on 31/07/2014 | 0 Comments

PS 14/09 “Review of the Client Assets Regime for Investment Business”

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PS 14/09 “Review of the Client Assets Regime for Investment Business” (the ‘PS’), the FCA’s response to CP 13/5 (the ‘CP’), was published on 10 June and amends large elements of the client money and custody asset (CASS) rules.  It excludes most elements of the CP relating to the return of client assets following a ‘pooling event’ which are expected to be the subject of further consultation following the current review of the Special Administration Regime.

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Posted on 19/06/2014 | 0 Comments

London Office Crane Survey: Gearing up for the next phase of construction

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We have recently launched the summer instalment of the Deloitte Real Estate London Office Crane Survey. This is our flagship report (released bi-annually) which has been monitoring office construction activity in Central London for almost twenty years. The level of construction is widely used as a measure of economic activity - counting the number of cranes / construction sites across Central London is a relatively easy and accurate way to benchmark London’s economic health.

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Posted on 18/06/2014 | 0 Comments

Countdown to MiFID II go-live date begins

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The revised Markets in Financial Instruments Directive (MiFID II) and new Regulation (MiFIR) were published yesterday in the Official Journal and will enter into force on 2 July. This is an important milestone as it officially starts the countdown to the 2017 go-live date, establishing the various deadlines that firms, member states, national competent authorities (NCAs) and the European Securities and Markets Authority (ESMA) will need to meet.

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Posted on 13/06/2014 | 0 Comments

Government consults on the investment strategy of Local Government Pension Schemes

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In this article, Deloitte’s Gavin Bullock looks at the implications for investment managers of the Government’s consultation on the structure of Local Government Pension Schemes.

On 1 May the Government released a consultation in respect of the structure of Local Government Pension Schemes (LGPS) and opportunities to reduce administration and investment management costs. The proposals set out a number of recommendations, which could have a major impact on the asset management industry given the £178bn of assets currently under management by the LGPS. At this stage, the consultation envisages annual savings of £660m.

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Posted on 2/05/2014 | 0 Comments