- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

Govt completes final sale of Bradford & Bingley and Northern Rock

The treatment of customers was a key element in selecting the successful bidder, the Treasury said.

BNP Paribas ‘anti-semitism’ row: Malta judge says bank can appeal summons

Top brass from BNP Paribas will be allowed to appeal a court decree to testify in Malta in a case filed against them by British financer Jacob Agam

Financial Regulation: Daily Update

ESMA launches two consultations on draft RTS and ITS to improve supervisory cooperation for investment firms

FCA returns funds to victims of unauthorised deposit taking and collective investment schemes

The FCA has obtained High Court Approval to return £3.42 million to compensate victims of a series of unauthorised deposit taking and collective investment schemes.

FCA responds to High Court decision to stay proceedings in enforcement case

The FCA will be seeking permission to appeal from the Court of Appeal.

German accounting watchdog head to step down in wake of Wirecard scandal

Germany’s financial watchdog BaFin called on FREP in February 2019 to investigate Wirecard’s accounts, but it had not yet issued results by the time the company collapsed in June 2020.

Draft UK adequacy decision published following Brexit - implications for UK-EU data transfers

If the full decision is granted by the European Commission, this will mean that data flows from the EEA to the UK will be able to continue without any additional protection mechanisms

World auditors voice concern at access to Cyprus cash-for-passport scheme records

Before that, authorities had defended the initiative, which was popular with Russians, Ukrainians, Chinese and Cambodians.

Guernsey’s fast track pre-authorisations expected to help boost captive formations in 2021

A captive can go ahead with changes to retentions, changes to reinsurance, to fronting arrangements, they can add new lines of business and they can do that without needing to provide any notification or await any approval from the Commission.

FCA censures Premier FX for payment rule breaches

In doing so, Premier FX seriously misled its customers about the services it was authorised to provide and how it held customers’ money.

Withers wins Swiss Estate Planning Team of the Year Award

The awards recognise firms working in Switzerland’s wealth management and advisory fields, and are judged by a panel of leading professionals working in these industries.

Fideuram Intesa Sanpaolo Private Banking: Agreement For State Street To Serve As Depositary Bank And Fund Administrator

The completion of the transaction, which is conditional on the necessary authorizations from the competent authorities, is expected by the end of June 2021.

Financial Regulation: Daily Update

The FCA emphasises that the fair treatment of vulnerable customers should be embedded as part of a firm's healthy culture.

How the EU is catching up to the U.K. in open banking adoption

TrueLayer raised $25 million in September 2020, PayPal Ventures put £9 million into Modulr in November 2020, Tink raised €85 million in December 2020, and Token raised $15 million in January 2021.

Ex-Privatbank CEO Named as Suspect in $5.5 Billion Fraud Case

Zelenskiy has vowed to claw back the state’s rescue funds -- something foreign donors including the International Monetary Fund also want

FCA launches guidance for firms on the fair treatment of vulnerable customers

Firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in vulnerable circumstances can receive the same fair treatment and outcomes as other customers.

FCA returns £3.4m to Ucis victims

The schemes raised more than £15m from 1,000 individual accounts.

HMRC loses appeal against TV presenter in IR35 case

According to some commentators, this case could now provide comfort to other media-based freelancers who are currently on HMRC’s radar.

EBA calls on national authorities to take supervisory actions for the removal of obstacles to account access under the Payment Services Directive

The Opinion sets out the EBA’s expectations on the actions NCAs should take to ensure that remaining obstacles are removed from the interfaces of account servicing payment service providers (ASPSPs).

Rewriting the narrative of Malta’s enforcement against AML practices

In order to be sanctioned, these individuals must have been found to be responsible (thus who have caused or contributed to) for AML/CFT breaches committed by that subject person.

Legal, Regulation & Compliance