12/02/2022
Businesses subject to competition class action censured by UK tribunal
The CAT’s intervention concerns 11 of 12 companies that are defendants to collective proceedings before the tribunal.
Legal, Regulation & Compliance
12/02/2022
FCA fines Pembrokeshire Mortgage Centre Ltd £2.4m for serious failings in relation to the British Steel Pension Scheme
Many of the people advised were in a vulnerable position due to the uncertainty surrounding the future of BSPS and the short timescale they had to make a decision.
12/02/2022
Legislation enacted ahead of entry into force of trade agreements with India and UK
Australian businesses wishing to take advantage, from the outset, of the customs duty and trade facilitation benefits offered by the Indian and/or UK agreements should now be familiarizing themselves with the specifics of the relevant agreement for the pa
12/02/2022
FCA sets out plans to improve engagement with pensions
The FCA has set out its approach to supervision and enforcement for dashboard operators, including on fees, regulatory reporting, record keeping, prudential requirements and conduct rules.
12/01/2022
Julius Baer Pays Hefty Fine on Business with Yukos
The amount was previously disclosed in the mid-year report of the Julius Baer group.
12/01/2022
The PRA consults on proposals for implementation of the Basel 3.1 standards
Prudential Regulation Authority (PRA) has published consultation paper CP16/22 setting out its proposed rules and expectations that cover the parts of the Basel III standards that remain to be implemented in the UK.
12/01/2022
Addleshaw Goddard Financial Services & Banking News
The PRA will assess rates in 2023 based on the updated the Financial Policy Committee’s May 2022 framework
12/01/2022
Switzerland Freezes Billions in Russian Deposits
This reporting requirement does not affect people who either have citizenship or permanent residency in Switzerland or the European Economic Area (EEA).
11/30/2022
From Zeroes to Heroes: How culture in financial services can change for everyone’s benefit
The world of film and television focuses on the reckless and scandalous trope as – frankly – it makes for more exciting viewing.
11/30/2022
Danish financial regulator refers Jyske Bank to police for AML violations
The alleged shortcomings related to Jyske Bank’s handling of several high-risk customers, as well as a failure to investigate suspicious transactions.
11/30/2022
Meta GDPR fine levied over data protection by design and default
The enforcement action taken by the Data Protection Commission (DPC) also includes an order for Meta to bring its personal data processing into compliance with the requirements.
11/30/2022
NIS2 cyber laws approved by EU legislators
The NIS2 is likely to have effect in national legislation across the EU by early October 2024 at the latest.
11/30/2022
TSB named among those leaving customers vulnerable to ‘spoofing’ scams
Scammers forge the name or number that comes up on an email, phone call or text so it appears to match that of a genuine firm.
11/30/2022
FCA proposes ways to make financial advice more accessible
As part of its consumer investment strategy, the FCA has set out new proposals to improve people’s access to financial advice so they can invest with confidence.
11/30/2022
FCA fines Julius Baer International Limited £18m and publishes decision notices for three individuals
This was done on the understanding that the Yukos Group companies would then place large cash sums with Julius Baer from which Julius Baer could generate significant revenues.
11/30/2022
SBAI publishes Guidance on Internal Governance - A Roadmap for Asset Managers
Governance is at the heart of the SBAI, forming the basis of its Alternative Investment Standards and seen throughout the practical guidance memos in its Toolbox.
11/30/2022
Withers tech advises as Edenred Capital Partners joins a £5 million seed investment into 5Mins AI
5Mins AI curates short-form video content from leading creators worldwide, designed to inspire employees, managers and leaders to unlock their personal and business potential.
11/29/2022
BankClarity Partners with Moneycorp to Deliver Global FX Purchasing Power and STP of Cross Border Payments
Specifically, the agreement will hugely benefit global providers of administration services to international corporations, trusts and funds.
11/29/2022
Compliance checks come with the territory
Strict rules affect high-earning professionals but help is at hand to cut through the red tape
11/29/2022
Clients in Aviva Investors' property fund to receive fourth payment
The decision was taken to wind the fund down after the uncertainty caused by the pandemic made it increasingly challenging to generate positive returns whilst also retaining enough liquidity to re-open the fund.