08/21/2023
Addleshaw Goddard: Financial Services & Banking News
It states responses to its consultation were generally supportive of its approach.
Legal, Regulation & Compliance
08/21/2023
National Trust resists pressure to ditch Barclays over environmental concerns
Attempt to cut ties with bank, which directly invests in new fossil fuel projects, fails at AGM
08/18/2023
PDG unveils insurers best practice list amid claims delay
The charter encourages better outcomes for claimants by improving basic levels of Best Practice undertaken by insurers.
08/18/2023
FCA fines Commerzbank London £37,805,400 over anti-money laundering failures
Despite these clear warnings, the failures continued.
08/18/2023
Rishi Sunak commits to retention of state pension triple-lock
As earnings growth exceeded 8% in June
08/18/2023
FCA Consultation Paper on UK Securitisation Rules
This "repeal and replace" process is intended to provide a more agile regulatory framework by giving responsibility for most of the rules to the FCA and the PRA.
08/17/2023
FINMA, CONSOB and Banca d’Italia sign cooperation agreement
This agreement establishes a formalised framework for cooperation and exchange of information between the three authorities
08/16/2023
Addleshaw Goddard: Financial Services & Banking News
The FCA is currently reviewing how financial services firms have applied the PEPs regime and whether changes to our guidance are required.
08/16/2023
CreditNature secures major investment from Scottish Government, NatureScot and CivTech
This agreement follows successful completion of the accelerator stage to build out and test the CreditNature platform.
08/15/2023
UBS to pay $1.4bn to settle fraud claims from 2008 crisis
The bank had previously sought to have the case dismissed, saying prosecutors had not presented evidence of any intentional fraud.
08/15/2023
FCA analysis reveals there are fewer than 1 million interest-only mortgages outstanding
This means borrowers without a repayment plan still have time to act and reduce at least some of their outstanding capital by the end of their mortgage.
08/15/2023
UK – Court of Appeal overrules first instance judge on Bitcoin File Format question
Since some of the defendants were based outside of the jurisdiction, Dr Wright required permission of the court to serve his claim form.
08/14/2023
Q2 2023 Global Regulatory Update
The second quarter saw a multitude of regulatory updates across many key jurisdictions.
08/14/2023
ESA’s Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority
The appeal was brought in relation to an EIOPA Report assessing the valuation of Euroins’ technical provisions.
08/14/2023
Supervisory cooperation in the fight against financial crime is improving, the EBA finds
The Report highlights good practices that will be useful for competent authorities to further improve the effectiveness of AML/CFT colleges and of supervisory outcomes.
08/14/2023
Spain nominates Nadia Calviño to run European Investment Bank
Finance minister will face Margrethe Vestager in race for top job.
08/14/2023
Credit Suisse Shareholders File Suit in Zurich Court
More than 500 people are behind the lawsuit. Shareholders had suffered heavy losses when the bank was rescued by UBS in March.
08/14/2023
UK-based financial advice firm fails
Lifeboat scheme has received five claims related to pension transfers and Sipps
08/14/2023
L&G set to reveal profit hit as insurers tackle new accounting rules
New rules introduced from January this year are expected to hamper reported profits for insurance firms in the short term.
08/11/2023
The role of housing wealth in the transmission of monetary policy
Over recent years, many advanced economies experienced a significant rise in real house prices that became even more marked during the pandemic.