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

FSCS wants ban for individuals involved in multiple firm failures

Recent data from the Financial Conduct Authority showed it had thwarted a dozen advisers attempting to phoenix in the first 10 months of 2020.

FCA, DWP and MaPS enter into MoU

The FCA has announced that half of reporting firms who have previously submitted their regulatory reporting on Gabriel are now using RegData, the new data collection platform.

African Development Bank, European Investment Bank sign Joint Partnership Action Plan to fast-track development in Africa

The Joint Action Plan was developed following an EIB delegation meeting with the African Development Bank in February 2020

Significant Changes for Small/Mid Cap M&A and Digital Players – Amendment of German Act Against Restraints of Competition in force now

New Filing Obligation – Order of the FCO to Notify

ABN Amro money laundering probe close to settlement, FD reports

ABN has not taken a provision for a settlement, but analysts expect the investigation to lead to a settlement with a fine of hundreds of millions of euros.

Fitness and Probity - Central Bank of Ireland Expectations Not Being Met

The Central Bank will continue to engage with firms to assess the robustness of their application of the F&P Regime and will initiate necessary supervisory responses to any weaknesses identified."

FCA proposes CMC fee price cap

'We estimate that the proposed cap on fees could save consumers around £9.6m a year.'

Brewin Dolphin to pay out after client hit with £60k tax bill

Brewin Dolphin recommended he invest the £160,000 funds into a Sipp on the basis that Mr B had not contributed to a pension in the past three years and so had built up his annual allowance.

Fallen tycoon faces jail after failing to turn up to court

A warrant was issued for his arrest.

The Banks and the Police formalise their co-operation on anti-money laundering

The idea has been to find ways of increasing the level of co-operation between the banks and the Police and, by doing so, to improve the identification and prevention of money laundering, and combat organised crime and terrorist financing.

Banque de France CBDC used for fund settlement project

The initiative is one of a number of different experiments underway at the Banque de France on potential applications for a central bank digital currency in interbank settlements.

Compliance at home - The new normal

As we enter the latest lockdown, Newgate is working with clients to ensure their policies, procedures and risk assessments have been updated to take into account these significant changes to working practices.

Dynamic Planner extends reporting feature to handle Mifid II rules

The reports are prepopulated from work completed in Dynamic Planner and created at the “touch of a button”.

Post-Brexit Personal Data

With effect from 1 January 2021 the UK became a "third country" to EU Member States for data protection purposes.

Carey Olsen advises Checkout.com on US$450 million Series C fundraising

Greenoaks Capital also joined the round, along with existing investors Insight Partners, DST Global, Coatue Management, Blossom Capital, Endeavor Catalyst, and Singapore's Sovereign Wealth Fund GIC.

FCA criticised for falsely black-marking adviser

The regulator got in contact with the individual to request further information, which it said needed to be provided within 10 days and if this was not possible, there were three further options available.

LendingClub Receives Final Approval for its Acquisition of Radius Bank

LendingClub Bank will soon become a reality as the government issues final approval for the Radius Bank acquisition

Stephenson Harwood advises Primonial REIM on real estate acquisition

The acquisition of this supermarket, which was previously held owned by a private individual, will strengthen Primonial REIM’s existing portfolio of shops.

EBA observes an increase in the asset encumbrance ratio amidst extensive use of central bank facilities

In this context, the asset encumbrance ratio rose substantially in the first half of 2020.

ESAs publish final draft ITS on reporting templates for intra-group transactions and risk concentration under FICOD

The draft ITS aim at further increasing comparability amongst conglomerates of different EU Member States thereby improving supervisory consistency.

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