02/15/2023
FCA takes action against unregistered crypto ATM operators in Leeds
The FCA gathered evidence from several sites around the city as part of a joint operation with West Yorkshire Police’s Digital Intelligence and Investigation Unit.
Legal, Regulation & Compliance
02/15/2023
FCA censures Amigo for failing to conduct adequate affordability checks
A fine would also have threatened Amigo’s ability to meet its commitments to a High Court-sanctioned scheme of arrangement, which aims to pay redress to customers.
02/15/2023
ASA rules against DeadHappy’s Harold Shipman advert
In a ruling published today (February 15), the ASA upheld complaints which argued that the advert irresponsibly caused serious, as well as widespread offence and unjustified distress.
02/15/2023
Financial Services & Banking News
The first roadmap priority will focus on the centralised RTGS identity service (PKI) and no active work is planned at this stage on the third category which covers all remaining features in the consultation.
02/15/2023
Invesco shutters Balanced Risk 8 fund due to shrinking assets
'No longer commercially viable'
02/14/2023
IFA firm accused of misappropriating client funds
Around £1.5m was reportedly transferred to the personal accounts of the company’s sole director
02/14/2023
deVere company named as lead pension adviser for UK MPs
This deVere Group-owned company is constantly subject to a process of expert scrutiny and analysis and was subsequently awarded the agreement to advise MPs.
02/14/2023
Driverly achieves FCA authorisaton for dynamically priced app based insurance
After a detailed review of its customer-centric processes and corporate governance structure, Driverly received direct authorisation to sell car insurance courtesy of the behavioural data collected from its ground-breaking app.
02/14/2023
Britain sets out legislation to regulate buy-now-pay-later credit
With Britain facing a cost of living crisis, consumer groups worry cash-strapped people are getting into debt by using BNPL to buy food or pay energy bills.
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.
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.