04/11/2022
HSF Financial Regulation: Daily Update
The FCA explains that the review does not represent a shift in FCA policy or changes in firms' requirements.
Legal, Regulation & Compliance
04/08/2022
FCA launches three-year strategy to improve outcomes
A key focus of the strategy is shutting down problem firms, which do not meet basic regulatory standards.
04/08/2022
EBRD adopts new country strategy for Bosnia and Herzegovina
The strategy was approved days before a planned visit to the country by EBRD Vice President for Policy and Partnerships, Mark Bowman, who will be in Sarajevo on 11 and12 April to discuss its implementation with the authorities.
04/08/2022
Herbert Smith Freehills Financial Regulation: Daily Update
It sets out the regulator's expectations for financial services over the next three years and explains how the FCA will measure its own performance.
04/08/2022
EBA publishes final Report on the amendment of its technical standards on the exemption to strong customer authentication for account access
The amendment aims to reduce frictions for customers using such services and to mitigate the impact that the frequent application of SCA and the inconsistent application of the current exemption have on AISPs’ services.
04/08/2022
Bank of England increases spending on data scientists
The most significant increase came between 2019 and 2020, amidst the Covid-19 pandemic, when the BoE’s total payroll for data scientist rose from £224,579 to £914,472, an increase of 307 per cent.
04/08/2022
Clifford Chance advises Amundi on the proposed acquisition of Lyxor
The finalization of this transaction will take place no later than February 2022, after consultation with the representative bodies of Société Générale's staff, and subject to obtaining prior authorization from the compete
04/08/2022
EU authorities update disclosure regulation transition guidance
The new supervisory statement clarifies the ESAs' expectations towards market participants and national competent authorities to use the new transition period until 1 January 2023 to prepare for the application of the Commission's delegated act.
04/08/2022
Cayman freezes US$7.3 billion in Russian assets
These amendments include new financial, trade, and maritime measures, and restrict specified financial services with the Russian Central Bank and other Russian Federation agencies.
04/08/2022
Zeidler Group announces registration of UK MiFID firm in Luxembourg
“As investment management firms increasingly look to develop their business through new distribution channels"
04/08/2022
Russian sanctions: the impact of UK, EU and US sanctions for UK and EU businesses
New sanctions are coming into force and existing sanctions are being amended without notice or often with no or little lead in time to comply.
04/08/2022
Germany: Government approves draft bill reducing interest rate on late tax payments/refunds
The draft bill still must go through the legislative process and be approved by the upper and lower houses of parliament.
04/08/2022
FSCS declares BSPS advice firm in default
The FSCS told FTAdviser it had received two claims against the firm so far, both of which are for pensions advice.
04/08/2022
Financial Services & Banking News
The response confirms that it intends to proceed with the reforms.
04/07/2022
DWP made further six state pension errors since 2007
Webb said an error was made in the way these payments were uprated.
04/07/2022
Herbert Smith Freehills Financial Regulation: Daily Update
The PSR opened the investigation in October 2017 and concluded it on 18 January 2022.
04/07/2022
The levy on advice firms as a percentage of the Fos’ total levy will be 2.34 per cent, up from 1.9 per cent this year.
It hopes this will protect consumers from potential fraud, poor treatment and create a better market.
04/07/2022
Advisers face 5.2% FCA fee hike to £86.5mn
The regulator also justified the advice firm fee change, suggesting that between 2021/22 and 2022/23 the number of advice firms under its watch will decrease from 12,301 to 11,901.
04/07/2022
Tax cut worth up to £1,000 for half a million small businesses starts today
Nearly half a million UK businesses will benefit from a tax cut worth up to £1,000 from today (6 April 2022).
04/07/2022
Employer Compliance – Reporting Employment Related Securities
A penalty of up to £5,000 can also be charged for a material inaccuracy in an ERS return which is not immediately addressed and resolved.