02/14/2023
FCA censures Amigo for failing to conduct affordability checks on borrowers and guarantors
The FCA would have imposed a fine of £72,900,000, however Amigo demonstrated that this would cause it serious financial hardship.
Legal, Regulation & Compliance
02/13/2023
EBA consults on the amending ITS on supervisory disclosures
These draft amending ITS aim at specifying the format, structure, contents list and annual publication date of the supervisory information to be disclosed by competent authorities.
02/13/2023
Taking Wing? Barclay Bank’s Eagle Labs Scores £12.9 Million To Grow Britain’s Tech Ecosystem
That spelt the end of the road for Tech Nation, the publicly-funded body set up a decade ago to nurture the innovation economy.
02/13/2023
Frenkel Topping Partnership Programme Grows
Frenkel Topping Partnership Programme Grows Again with Top Tier Law Firm, Serious Injury Law
02/10/2023
Legal & General CEO would like to see UK ‘move more quickly’ on Solvency II reforms
He explained that the Solvency II reforms could free up capital to be invested in social housing and renewable energy projects, in letting insurers use a wider set of investments as protection against the threat of insolvency.
02/10/2023
Addleshaw Goddard: Financial Services & Banking News
FMIs will be required to comply with the expectations set out in the relevant supervisory statement by 9 February 2024.
02/10/2023
Counting down to the end of EU law in the UK
All EU-derived secondary legislation will expire under the Bill unless the government takes positive steps to preserve it.
02/10/2023
OECD releases Pillar Two administrative guidance
The publication of the administrative guidance follows the release of the Pillar Two model rules in December 2021 and commentary in March 2022, as well as rules for safe harbors and penalty relief released in December 2022.
02/10/2023
FCA seeks sustainable governance feedback
Calling for feedback on the paper and how the FCA should shape its sustainability practices, the UK regulator is asking for interested contributors to respond to questions using an online form by the 10th of May 2023.
02/09/2023
ECB promises proportionate approach to new IRRBB test
But banks still fear regulatory and investor response if many are classed as outliers
02/09/2023
Regulators worried savers will make ‘wrong decision’ with pension info
Leveridge said this is an approach the UK is considering adapting, but she noted that those involved with the consultation are cautious of giving that information to savers in case they make the wrong decision.
02/09/2023
The accounts and audit rules applicable to Jersey companies
Part 16 was amended in 2010, first
02/09/2023
Bank of England and Treasury Reveal Digital Pound Plans: Reaction
The Treasury and the Bank of England look to ready a CBDC in response to potential new forms of privately-issued digital money which could impact the UK economy.
02/08/2023
FCA starts court process to recover money for investors
The FCA has obtained undertakings equivalent to interim orders freezing AWL’s/Mr Willis’ remaining assets.
02/08/2023
British steel pension scheme misleading offers - update
Under the scheme firms will have to review the advice they gave and pay redress to those who lost money because of unsuitable advice.
02/08/2023
Addleshaw Goddard: Financial Services & Banking News
The most recent statement confirms that the FCA will publish its final rules for cryptoasset promotions once the relevant legislation has been made, and that it expects to take a consistent approach to cryptoassets to that taken in its new rules for other
02/08/2023
The Bank of London scores $40 million Series C extension
The Bank of London operates on three fronts: taking on established banks in the market for clearing and settlement; delivering transactions banking services for the corporate market; and fielding a banking-as-a-service offfering for companies wanting to e
02/08/2023
Addleshaw Goddard: Financial Services & Banking News
As opposed to crypto assets and stable coins, a digital pound would be issued and controlled by a central bank, rather than by the private sector, meaning it would sit alongside cash rather than replacing it.
02/07/2023
Turning Points and Monetary Policy Strategy
Speech by Catherine L. Mann
02/07/2023
NFTs ruling shows courts ahead of legislators on question of crypto property law
The NFTs are said to confer benefits on the holder, including access to exclusive virtual events, and are said to be worth between £3,000 and £5,000.