- Managers of Wealth - Europe -Wealth, private banking and asset management news and opinion

Supreme Court judgment in FCA’s business interruption insurance test case

This test case involved complex legal issues.

Financial Regulation Update

The FCA has also published an accompanying instruction guide and has updated its webpage on defined benefit pension transfers accordingly.

TPR issues update on funding proposals

The draft Code will contain firm proposals, with TPR saying "we will certainly take account of COVID-19 when...we develop Fast Track guidelines".

EU Exit: FCA lists MoUs with European authorities

The Guidance currently contains some references - listed in the note - which are no longer appropriate and will be amended in due course.

HSBC introduces monthly €5 fee for banking services

Low earners, pensioners could be impacted, Consumers' Association warns

FCA performance scorecard - comparison metrics for personal current accounts 2021

The survey results are published twice a year

Call for experts to join Network on Pension Tracking Systems

The expertise gathered from the Network should benefit current work of EIOPA to identify best practices for the set-up of a National Pension Tracking System tool following the call for advice from the European Commission.

Update on Pension Regulation in Jersey

The Government of Jersey announced in December 2020 that the phased introduction of regulation of private pensions provided by local financial services businesses is to proceed following two consultations on the matter in 2018 and 2019

Brexit will spur divergence in the regulation of digital services

Digital trade under the agreement is guided by the overarching principle of 'national treatment' which stems from the General Agreement on Tariffs and Trade (GATT).

Further commentary on the new EU-UK Trade and Cooperation Agreement

Note that the landing page of our Beyond Brexit Legal Guide is being updated so that the relevant sections will soon also have links to relevant updates from our Beyond Brexit blog.

FCA proposes update to guidance on mortgages and consumer credit repossessions

In November 2020, we announced further support for mortgage and consumer credit borrowers experiencing payment difficulties as a result of coronavirus (Covid-19).

Osborne Clarke advises UK casting platform Spotlight on its acquisition by Talent Systems

The Osborne Clarke team was led by Partner Tim Hewens and Associate Director Ken Wilkinson.

FCA warns consumers about unauthorised forex investment xchloesworld

Consumers should be wary of adverts online and on social media promising high returns from investing online.

EBRD reports record 2020 investment in response to Covid-19

The EBRD stepped up its investment to address immediate needs and to create the foundations for recovery, with a focus on building back better economies in the future.

EU Regulator Warning on Post-Brexit Financial Services EU Access Exemptions

ESMA's statement aligns with our previous advice to clients on the narrow scope of this exemption, particularly where it relates to services being provided to retail clients.

Trade Finance and IBOR Transition

For loan-based trade finance products, the need for forward-looking rates might be less obvious.

PwC to examine fraud risks of UK's Covid-19 loan programme

It was little surprise in mid-2020 then, that the taxpayer-owned British Business Bank had paid out £20 million in consulting fees, as it scrambled to hasten government-backed lending to struggling companies.

Advertisers: a guide to advertising regulation in the UK

Understanding the advertising codes that apply and the underlying regulatory framework is particularly important in the digital age and during this time of public health restrictions too, when consumers are spending more time on devices.

Annual 3% tax on French real estate: do not miss the new electronic filing obligations for 2021

This deadline must be strictly observed, as the French Supreme Court recently ruled that repeated late filings of the declaration could lead to liability for the 3% tax.

Covid-19: BI insurance test case - Supreme Court to deliver judgment on 15 January 2021

Firms should therefore address any operational challenges - especially as a result of Covid-19 - to ensure that they are able to respond to customers appropriately.

Legal, Regulation & Compliance