12/17/2021
FCA enforcement action – conflicts of interest, gifts and entertainment
The changes to the SDs come into force on 1 January 2022.
Legal, Regulation & Compliance
12/17/2021
FCA fines HSBC £64m for money laundering failings
HSBC did not dispute the FCA’s findings and agreed to settle at the earliest possible opportunity
12/17/2021
Financial Services and Banking News
The European Banking Authority (EBA) has published final report EBA/REP/2021/38 on a feasibility study of an integrated reporting system under article 430c CRR.
12/16/2021
Appointed Representatives reforms – ‘strengthening’ of existing regime for now but more fundamental changes likely
This is a model used by around 3,600 principals and 40,000 ARs across a wide range of financial services markets.
12/16/2021
Financial Regulation: Daily Update
The PRA welcomes further comment on the FS1/21; it will publish further consultation papers during 2022 and/or 2023.
12/16/2021
Financial Services and Banking News
Ofcom should require internet service providers to conduct internal risk assessments
12/16/2021
Cyprus revamps temporary permissions regime for British firms
Regulator set up the scheme in December 2020
12/16/2021
FCA and PSR respond to announcement from Cash Action Group (CAG)
We respond to the Cash Action Group’s (CAG) announcement that retail banks and building societies will create an independent body to assess the needs of local communities and direct cash solutions.
12/16/2021
Gibson Dunn Grows Corporate Practice in London
The announcement is a continuation of the firm’s strategy of expanding its transactional offerings around the globe.
12/16/2021
GAM Settles FCA Probe Into Greensill
The GAM Group’s cash, and capital position remains robust.
12/16/2021
Debevoise Advised Morgan Stanley Capital Partners
The continuation fund is led by Glendower Capital with participation from other secondary investors including Pantheon.
12/15/2021
HSF Financial Regulation: Daily Update
The FCA welcomes the review’s finding that most customers eligible for the scheme in all likelihood obtained better outcomes than could have been achieved outside of it.
12/15/2021
Addleshaw Goddard: Financial Service & Banking News
The government aims to issue proposals in spring 2022, and legislate when Parliamentary time allows.
12/15/2021
Business interruption insurance test case – Insurer claims data
The letter also set out our intention to gather information from all affected insurers regularly on the progress of their non-damage BI claims, and to publish some of this data.
12/15/2021
Scottish budget focuses on climate change
Hundreds of millions of pounds were also pledged to a raft of projects designed to fight climate change.
12/15/2021
Lawyers back UK data protection law voluntary undertakings process
In its paper, the Department for Digital, Culture, Media and Sport (DCMS) said it is “considering whether to introduce a new voluntary undertakings process”.
12/15/2021
UK banks pass the solvency test
This year the stress test incorporated extreme conditions
12/15/2021
UK regulator says won't widen rate hedging redress scheme
The FCA said on Tuesday there were “clear shortfalls” in processes, governance and record-keeping related to the scheme.
12/15/2021
LIBOR transition - impact for trustees
In light of the discontinuation of LIBOR, trustees should ensure that, going forwards, interest rates are no longer linked to LIBOR for any new loan relationships.
12/14/2021
NatWest fined £264.8 million for anti-money laundering failures
This is the first time the FCA has pursued criminal charges for money laundering failings.