04/16/2021
Business Loan Network Limited enters administration
Business Loan Network’s retail Peer to Peer activities have been in wind down since 9 December 2019.
Legal, Regulation & Compliance
04/16/2021
FCA stops FXVC offering CFDs to UK customers
The FCA has stopped FXVC conducting any regulated activities in the UK and required the firm to close all trading positions and return the money to customers.
04/15/2021
AML systems and controls – an ever-increasing area of focus
Mr Steward addressed how seriously the FCA takes this crucial area of regulatory focus and reiterated the requirement for firms to have in place systems and controls that are purposeful and efficient in managing financial crime risk.
04/15/2021
Joint PRA and FCA Statement on the FSB Peer Review on remuneration
The Financial Stability Board published its report on the Peer Review of the United Kingdom.
04/15/2021
Regulating the UK as a global financial centre
Speech delivered by Nausicaa Delfas, Executive Director of International, Interim Chief Operating Officer and Executive Director of International, at City & Financial Global's Future of UK Financial Services Regulation Virtual Summit.
04/15/2021
Financial Regulation: Daily Update
The FCA and PRA have published a template version of their 'Dear CEO' letter regarding obtaining deposits via deposit aggregators.
04/15/2021
Malta involved in Italian fuel tax fraud investigation worth €1 billion
€600 million in assets seized and 23 people arrested.
04/15/2021
Ireland Update – Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021
These obligations are expected to come into further focus as the European Commission designates additional high-risk third countries in response to the FATF expanding its list of monitored jurisdictions.
04/15/2021
Ashurst advises on the €774 million cash offer for Globalworth Real Estate Investments Limited
Globalworth is managed by approximately 226 professionals across Cyprus, Guernsey, Romania and Poland and has an overall real estate portfolio valued at approximately €3.0 billion as at 31 December 2020.
04/15/2021
EBRD at 30: the Bank steps up its climate ambition
Under its current strategy, the EBRD has committed to dedicating most of its investments to support the transition to a green economy by 2025.
04/15/2021
Self regulatory organisation VQF hunts for new CEO
VQF is still authorised as an SRO to regulate financial intermediaries in the parabanking sector who have to abide to the AMLA, but not to FinIA and FinSA.
04/15/2021
40% of Tavistock shareholders reject Jersey fund M&A bid
Board does not see any ‘commercial logic to justify a combination of the two businesses’
04/15/2021
Landlords warned to tread carefully with tax rules on holiday lets
It has to be let on a commercial basis with a view to making a profit – letting to family and friends at reduced rates does not count.
04/15/2021
FCA bans and fines Warwickshire adviser
Today’s ban should act as a deterrent to other senior individuals who abuse a position of trust.’
04/15/2021
Financial Regulation: Daily Update
The FCA has imposed a fine of £68,3000 and banned the individual from working in financial services.
04/15/2021
UK tax compliance and enforcement for wealthy individuals
Cases are chosen for the programme if there is a significant amount of tax at risk and it is thought that compliance interventions by the HRWP will add value.
04/15/2021
The challenges with data and AI in UK financial services
Discussion at the meeting centred on the issues and challenges surrounding data quality, data strategy and economics, data governance and ethics, and data standards and regulation.
04/14/2021
Enforcement of judgments: Brussels opposes UK entry to the Lugano Convention legal pact
Brussels is pushing for the UK to not be able to join the Lugano Convention, an international legal pact, after officials held a crunch meeting yesterday.
04/14/2021
Financial Regulation: Daily Update
The FCA has published the latest data collected from all affected insurers on the progress of their non-damage business interruption (BI) insurance claims on a new webpage.
04/14/2021
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