03/11/2022
FATF Public Statements
A copy of these documents has been uploaded on the FIAU’s website under ‘Country Statements’.
Legal, Regulation & Compliance
03/11/2022
EU Data Act: new rules for data exchanges between businesses, users and third parties
Data generated by using online or mobile services are of equal economic value, for example data from any app using location data.
03/11/2022
Russian Central Bank Suspended From Umbrella Organization
In recent years, it has hosted and supported the development of digital financial instruments and set up an innovation hub network across the globe.
03/11/2022
FCA proposals mean FSCS levy will 'continue to rise'
In its discussion paper, the FCA asked whether there should be changes to the scope of FSCS protection, for example excluding high net worth clients or EU products.
03/11/2022
Goldman Sachs eyes stake in Nucleus
First reported by Sky News, sources have since confirmed the firms involved in the share sale and the combined value to FTAdviser. Nucleus declined to comment.
03/10/2022
Russian billionaire Roman Abramovich hit with sanctions by the UK
The UK becomes the first Western country to impose harsh sanctions on the Russian billionaire.
03/10/2022
UK Prospectus Regime set for significant overhaul and reform
The FCA will be given greater powers to determine the requirements for prospectuses, including having flexibility to set the content of the prospectus and the freedom to scrap the requirement for a prospectus for further issues.
03/10/2022
Public Consultation on the FATF Risk-Based Guidance to the Real Estate Sector
Although this FATF guidance is non-binding, it supports the national AML/CFT legislative framework. Subject persons, especially real estate practitioners, experts and individuals/entities involved in the real estate business are encouraged to submit their
03/10/2022
Financial Services and Banking News
It sets out the government’s priorities for the digital regulatory landscape, building on the vision as outlined in the Plan for Digital Regulation.
03/09/2022
Financial Regulation: Daily Update
The FCA advises firms that they should consider how their letter applies to their business and act as necessary.
03/09/2022
Russian invasion of Ukraine: operational and cyber resilience
The NCSC has also set out more guidance for small and medium sized firms, as well as microbusinesses and sole traders.
03/09/2022
A guide to Account Freezing Orders and Account Forfeiture Orders
These applications are generally brought by law enforcement agencies (National Crime Agency (NCA), Serious Fraud Office and Her Majesty’s Revenue and Customs) and particularly their criminal investigators who attempt to preserve assets for forfeitur
03/09/2022
Quilter pays out £15mn to Lighthouse clients
During 2021, Quilter said it paid out £4mn in redress on BSPS cases, and spent £2mn on professional fees.
03/09/2022
EU Data Act: new rules for data exchanges between businesses, users and third parties
The Commission said it expects the new rules to add €270 billion to the EU's gross domestic product by 2028.
03/09/2022
Financial Regulation: Daily Update
The Online Advertising Programme will review the regulatory framework of paid-for online advertising in an effort to ensure transparency and accountability across the whole supply chain.
03/09/2022
Financial Services and Banking News
Firms would also be expected to be able to explain what they did in response to this letter if contacted by a Supervisor. FCA, 8 March 2022 (letter dated 7 March 2022)
03/08/2022
Acceleration of UK transparency measures: Economic Crime (Transparency and Enforcement) Bill
The current position is that the publicly accessible register held at the Land Registry for a particular piece of land only discloses the name or names of the legal title holder.
03/08/2022
London Stock Exchange suspends trading in 28 Russian companies
LSE halts transactions in firms hit by sanctions and warns more may follow
03/08/2022
Recent statements by Binance and Eqonex Limited
The FCA can take steps to suspend or cancel the registration of a cryptoasset business if it is not satisfied the firm or its beneficial owner is fit and proper.
03/08/2022
FCA publishes letter on Amigo's Scheme of Arrangement proposal
Since Amigo Loans’ last proposed Scheme of Arrangement was rejected by the High Court, the FCA has continued to engage with the firm and seek to get a better, fairer deal for Amigo’s customers due redress.