07/21/2023
UK government to clamp down on “unfair” bank account closures
Banks and fintechs will not be able to refuse service owing to political reasons under new rules.
Legal, Regulation & Compliance
07/20/2023
ESMA proposes revised technical standards on anti-procyclicality margin measures
The revised RTS aim to harmonise the policies and procedures for selecting and reviewing the anti-procyclicality margin measures and to provide more granularity on design and use of specific APC tools
07/20/2023
The EBA publishes final guidance on the overall recovery capacity in recovery planning
The assessment by competent authorities of an institution’s overall recovery capacity allows to understand to what extent an institution would be able to recover from a range of potential crisis situations.
07/20/2023
Proposed Irish Tax Measures to Apply to Outbound Payments
The proposals have been developed in the context of the OECD BEPS process and the recommendations of the European Commission that EU Member States take actions to reduce aggressive tax planning.
07/19/2023
UK-based adviser loses regulatory permissions
After he failed to file returns to the FCA
07/19/2023
PIMFA welcomes Chancellor’s Mansion House Reforms to promote greater investment in the UK
PIMFA looks forward to working with the Government on how best this can be achieved.
07/19/2023
GAM Parries NewGame With Call to Approve Liontrust Offer
The Group opposes the takeover by Liontrust and wants to effect a turnaround at GAM.
07/19/2023
Addleshaw Goddard: Financial Services & Banking News
The decision entered into force on 6 July 2023 and details provisions relating to the data to be reported, the date and frequency of the submission and the format and procedure for the submission.
07/19/2023
CMA probes £242mn takeover of Curtis Banks by Nucleus
The CMA has invited comments on the transaction from any interested party by the deadline August 2, 2023.
07/19/2023
Individual charged with fraud over unauthorised investment scheme
The case was sent to Southwark Crown Court, where the defendant will appear on 15 August 2023 for a plea and trial preparation hearing.
07/18/2023
Social media guidance set for revamp
The proposals for new social media guidance will modernise the information firms should use when promoting financial products or services online.
07/18/2023
PRA statement on the recalculation of the Transitional Measure on Technical Provisions
This statement highlights the PRA's recent invitation to insurance firms to recalculate the Transitional Measure on Technical Provisions.
07/18/2023
Addleshaw Goddard: Financial Services & Banking News
Financial promotions on social media, which seeks to ensure firms understand how the FCA's rules apply and its expectations for financial promotions on social media.
07/17/2023
Andrew and Peter Currie sentenced to a combined 8 years for fleecing consumers through Collateral P2P platform
Before its collapse into administration in February 2018, Collateral offered peer-to-peer style investments on a website fraudulently claiming it was authorised and regulated by the FCA.
07/17/2023
Innovation Fund: EU invests €3.6 billion of emissions trading revenues in innovative clean tech projects
The funding will contribute to the greening of significant sectors of the European economy, in particular those that are difficult to decarbonise.
07/17/2023
FCA cracks down on 'finfluencer' social media promotions ahead of Consumer Duty deadline
This crackdown is particularly needed during the cost-of-living crisis as people are more likely to turn to alternative sources with the promise of high returns being tempting for cash-strapped individuals without their eyes open to risks involved.
07/17/2023
Goldman Sachs accused of 'culture of bullying' in High Court case
Firm sued for £1m
07/17/2023
FCA eyes stringent social media rules in financial promotions crackdown
Eight-week consultation
07/17/2023
FCA to revamp social media guidance
The consultation follows the announcement of new advertising rules for crypto firms marketing to UK consumers.
07/17/2023
DC pension scheme ‘value for money’ framework moves closer
To inform grading, DC scheme providers will be obliged to obtain, publish, and then assess data concerning investment performance, costs and charges, and quality of services in what will be a major disclosure and compliance exercise.