ETE
Europe Trading Entities

Author Archives: ETE

The FCA has fined TSB Bank plc (TSB) £10,910,500 for failing to ensure customers who were in arrears were treated fairly. It also lacked suitable systems and controls to secure fair outcomes. TSB has paid £99.9m in redress to the 232,849 mortgage, overdraft, credit card and loan customers affected. Between June 2014 and March 2020, TSB’s inadequate processes created a real risk that repayment plans were not realistic. Its training did not fully support its staff in understanding customers’ circumstances. Staff were potentially encouraged by incentive schemes to prioritise the number of plans made over taking enough time to assess individual customer circumstances. As a result of its failings, TSB risked agreeing unaffordable payment arrangements with customers in difficulty or charging them inappropriate fees. This risked increased uncertainty and stress, including for vulnerable customers. The extent of the failings were identified by an independent review into TSB’s treatment of customers who had fallen into arrears, which had been ordered by the FCA in July 2020. TSB had become aware of potential problems with its collections and recoveries in December 2016. However, it was not until the review in 2020 that TSB took effective action to fully address them. Therese Chambers, Joint Executive Director of Enforcement and Market Oversight, commented: ‘If you get into difficulty, you hope for – and we expect – fair treatment so a stressful situation isn’t made worse. TSB’s woeful systems and controls exposed its customers to risk of harm and meant it missed opportunity after opportunity to do the right thing. While it did take action, it took us instigating a review before it acted effectively to address all the issues.’ TSB has worked closely with the independent reviewer and the FCA and has concluded a comprehensive programme to resolve these issues, costing £105m. The FCA continues to supervise all firms to ensure that they have suitable processes in place to support struggling customers.

The FCA has announced a package of work in the insurance market amid concerns about rising prices, alongside the launch of the Government motor insurance taskforce. The FCA has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive […]

ESMA, ECB and EC announce next steps for the transition to T+1 governance

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, the European Commission and the European Central Bank announced today the next steps to support the preparations towards a transition to T+1. ESMA will also deliver its final report on shortening the cycle to the Council and the European Parliament in […]

ESAs respond to the European Commission’s rejection of the technical standards on registers of information under the Digital Operational Resilience Act and call for swift adoption

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today issued an Opinion on the European Commission’s (EC) rejection of the draft Implementing Technical Standards (ITS) on the registers of information under the Digital Operational Resilience Act (DORA). The ESAs raise concerns over the impacts and practicalities of the proposed EC changes to […]

ESMA publishes first consolidated report on sanctions

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its first consolidated report on sanctions and measures imposed by the National Competent Authorities (NCAs) in Member States in 2023. In 2023, more than 970 administrative sanctions and measures were imposed across EU Member States in financial sectors […]

FCA fines TSB £10.9m over treatment of customers in financial difficulty

The FCA has fined TSB Bank plc (TSB) £10,910,500 for failing to ensure customers who were in arrears were treated fairly. It also lacked suitable systems and controls to secure fair outcomes. TSB has paid £99.9m in redress to the 232,849 mortgage, overdraft, credit card and loan customers affected. Between June 2014 and March 2020, […]

FCA fines TSB £10.9m over treatment of customers in financial difficulty

The FCA has fined TSB Bank plc (TSB) £10,910,500 for failing to ensure customers who were in arrears were treated fairly. It also lacked suitable systems and controls to secure fair outcomes. TSB has paid £99.9m in redress to the 232,849 mortgage, overdraft, credit card and loan customers affected. Between June 2014 and March 2020, […]

Improving financial reporting for issuers engaging in carbon allowance programmes

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is today releasing a Public Statement on accounting for carbon allowances in the financial statements. ESMA takes stock of the different accounting approaches in the financial statements of European listed issuers regarding compliance market carbon allowances – specifically emission allowances, rights […]

ESMA publishes its first annual report on EU Carbon Markets

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is today publishing the 2024 EU Carbon Markets report. This first edition of the report is providing details and insights into the functioning of the EU Emissions Trading System (EU ETS) market. Key findings Prices and volatility: Prices in the EU […]

Joint Committee of the ESAs to focus on digital resilience and sustainability disclosures in 2025

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today its Work Programme for 2025, placing particular emphasis on ongoing collaboration to tackle cross-sectoral risks, promoting sustainability in the EU financial system and strengthening financial entities’ digital resilience. More specifically, in addition to fostering regulatory consistency, adequate risk […]

ESMA launches new consultations under the MiFIR Review

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today launched two consultations on transaction reporting and order book data under the Markets in Financial Instruments Regulation (MiFIR) Review. ESMA is seeking input on the amendments to the regulatory technical standards (RTS) for the reporting of transactions and to […]