08/24/2022
UK FCA issues clarification on IFPR and SM&CR
This was to retain the definition in the FCA’s rules following deletion of the IFPRU sourcebook.
Legal, Regulation & Compliance
08/24/2022
Industry veteran Moret calls for rewrite of Sipp regulation
He explained the implications for providers of all types of Sipp, particularly those operating on an execution-only basis, are significant.
08/24/2022
Sky-high inflation risks British Steel victims being short changed
‘Based on the current methodology, the higher the rate of gilt yields then the lower the redress will be’
08/24/2022
Is bank capital the next flashpoint over City regulation?
Topic has potential to cause schism between Westminster and Threadneedle Street
08/24/2022
14,000 online whistleblowers prompt HMRC crack down on furlough fraud
Significant numbers of employees who found themselves unwittingly playing a part in a breach of the rules or even fraud will have reported them in response.
08/23/2022
Addleshaw Goddard: Financial Services & Banking News
The purpose of this letter is to remind lenders and merchants who offer BNPL agreements that they must meet regulatory obligations when promoting those agreements, or risk committing a criminal offence.
08/23/2022
101 firms in scope of new emergency asset retention rules for British Steel Pension Scheme transfer advice
These emergency rules increase the likelihood that former BSPS members will get compensation directly from firms for any losses they suffered from being given unsuitable pension transfer advice.
08/23/2022
Police Scotland data ruling a ‘helpful reminder’ of erasure rights
Two months later, Bartosik submitted a complaint to Police Scotland, claiming that officers had failed to record and investigate the allegations and had not responded to his report.
08/23/2022
Large UK firms suspected of underpaying £1.4bn in employment taxes
These so-called ‘hidden employees’ include workers who are paid by businesses on a self-employed basis, as well as those who are paid through a personal service company and fall within the tax rules for off-payroll workers – known
08/23/2022
FOS rules against Tilney over Blackmore Bond and LC&F advice
Ms M complained after she invested £20,000 in Blackmore Bond and £20,000 in London Capital & Finance following an email exchange with a Tilney adviser.
08/23/2022
Banks of UK To Collect Fees for Frozen Russian Accounts
The license corresponds with the package of sanctions imposed against the Russian Federation.
08/22/2022
FCA responds to complaints into its regulation of Premier FX
The FCA investigated the circumstances that led to Premier FX's insolvency.
08/22/2022
FCA fines Citigroup’s international broker-dealer £12.6m for failures relating to the detection of market abuse
Citigroup Global Markets’ flawed implementation resulted in significant gaps in its arrangements, systems, and procedures for additional trade surveillance.
08/22/2022
FCA warns Buy Now Pay Later firms about misleading adverts
Unauthorised firms might be committing a criminal offence if they don’t have an FCA-authorised firm approve their financial promotions.
08/22/2022
Change to procedure in English court could help victims of crypto fraud
Cryptocurrency fraud claims have increased in volume significantly over the last 12 to 18 months
08/22/2022
GB Bank receives full banking licence, set to lend £3bn over five years
The Teesside Pension Fund (TPF) has agreed to invest up to £48 million to support the bank’s growth plans.
08/22/2022
EBRD promotes innovative financing for Polish SMEs
The loan of €5 million is the first transaction in Poland under the Bank’s Digital Approach
08/22/2022
CV fraud case highlights need for due diligence in recruitment
The High Court initially granted the confiscation order against Andrewes.
08/22/2022
FCA fines Citi £12.5m for trading oversight failings
These rules mandated that firms monitored all trading activity across a wide range of markets and instruments.
08/19/2022
Liz Truss eyes merger of regulators
It has around 4,000 staff overseeing firms from financial advisers and pension providers to asset managers and large high street banks.