08/01/2023
PRA’s approach to supervision of the banking and insurance sectors
They are designed to help regulated firms and the market understand how we supervises these institutions, and to aid accountability to the public and Parliament.
Legal, Regulation & Compliance
08/01/2023
EBA publishes its final amending technical standards on supervisory reporting to introduce new reporting on interest rate risk in the banking book
In addition, they aim at providing quality data to supervisors to monitor institutions’ IRBB risk and the implementation of the policy package published by the EBA in October 2022.
08/01/2023
Consumer Duty sets higher standards for financial services customers
The new rules, known as the Consumer Duty, set a higher standard of consumer protection in financial services.
08/01/2023
Boodle Hatfield achieves best financial results in its 300 year history
Over the last six years the firm has averaged an annual increase of 6% in revenue and a 12% increase in profit.
08/01/2023
Leeds-based advice firm fails after FSCS claim upheld
The claims are mainly mortgage endowment advice related.
08/01/2023
Consumer Duty: ‘most significant change’ to UK financial services regulation in a decade comes into force
The duty requires financial firms to act in good faith, avoid foreseeable harm and enable and support their customers to achieve their financial objectives.
07/31/2023
FCA secures Confiscation Order against convicted money launderer
The FCA will now contact the identified victims of Richard Faithfull’s offending to provide further information.
07/31/2023
EBA stress test proves Commerzbank's high resilience
The stress test assumed a static balance sheet based on the 2022 financial year and therefore did not take account of any current or future business strategies and management initiatives.
07/31/2023
FCA sets out 14-point action plan on cash savings
There has also been significant variance between firms, with smaller firms offering higher interest rates on average than their larger competitors.
07/31/2023
Addleshaw Goddard: Financial Services & Banking News
The next FCA board meeting is scheduled for 28 September 2023.
07/31/2023
The end of the road for retained EU law
The law will nevertheless make significant changes to the relationship between UK law and retained EU law
07/31/2023
A shake-up for alternative dispute resolution in employment tribunals
This appointment would be held on a confidential, without prejudice basis and the judge conducting it would have no further involvement in the case if it did not settle after the appointment.
07/28/2023
Regulators finalise clearer, more transparent Complaints Scheme
The regulators carefully considered the responses received to their consultation.
07/28/2023
Regulators ditch £10k compensation cap for any failures
Complaints made prior to this date will be considered under the existing scheme.
07/28/2023
Addleshaw Goddard: Financial Services & Banking News
The FCA states it intends to make changes to other application forms once the work on Form A is complete
07/28/2023
Home REIT proposes investment policy overhaul as rent collection falls to 7%
General meeting set for 21 August 2023
07/28/2023
FCA gives update on BSPS redress scheme
When it is complete, the adviser will write to the individual if the advice was suitable or not.
07/28/2023
UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
HM Treasury and Monetary Authority of Singapore joint statement on the eighth meeting of the UK-Singapore Financial Dialogue.
07/27/2023
Financial Lives survey highlights importance of the FCA’s Consumer Duty
The regulator’s findings come only days away from the introduction of the Consumer Duty.
07/27/2023
Italian Supreme Court Extends the Participation Exemption Regime to Non-resident Parent Companies
In such a case, the capital gain would be subject to a 1.2% effective tax (resulting from the application of the 24% CIT ordinary rate on a taxable income equal to 5% of the capital gain).