Central Bank of Nigeria issues Consumer Protection Framework

The Central Bank of Nigeria has issued Consumer Protection Framework (Framework) for the financial services industry.  The Framework is aimed at enhancing consumer confidence in the industry and promoting financial stability, growth and innovation. The CBN requires regulated institutions to develop policies, to be approved by their respective Boards, to ensure compliance with the Framework […]

Bank of England proposes to stress test financial stability implications of climate change

The Bank of England is consulting on its proposed framework for the 2021 Biennial Exploratory Scenario (BES) exercise, in relation to climate-related risks. The objective of the BES is to test the resilience of the largest banks and insurers (firms) to the physical and transition risks associated with different possible climate scenarios. The BES will […]

Iceland: Central Bank amends liquidity coverage requirements for credit institutions

The Central Bank of Iceland has amended the rules on liquidity coverage requirements for credit institutions.  Currently, credit institutions’ liquidity ratio in all currencies combined is required to be at least 100% at all times. In addition, their liquidity ratio in all foreign currencies must similarly be at least 100% at all times.  The amendment […]

Australia: Prudential regulator modernizes standard on banking credit risk management

The Australian Prudential Regulation Authority (APRA) has released an updated prudential standard on credit risk management requirements for authorised deposit-taking institutions. The updated standard addresses recommendation 1.12 from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.  As recommended by the Royal Commission, APRA has amended APS […]