03/27/2020
Coronavirus Job Retention Scheme (Furlough leave)
It seems it is unlikely that the system will be up and running for several weeks which means the money to reimburse employers for employee wages may not be accessible for some time.
Legal, Regulation & Compliance
03/27/2020
Businesses to Receive 3-Month Extension Period to File Accounts During COVID-19
While companies will still have to apply for the three month extension to be granted before the accounts are due to be filed, those businesses citing issues around COVID-19 will be automatically and immediately granted an extension.
03/27/2020
UK in-house lawyer was ‘puppet director’ for dubious £16m schemes
The schemes resulted in multi-million-pound losses and the creation of meritless legal charges required the intervention of a liquidator.
03/27/2020
RollOnFriday calls for hiatus on pay and job cuts as Fieldfisher and more take savage measures
The board of Knights is taking a 30% pay cut, although the nobility of their sacrifice is debatable given that an interim dividend of 1.1p per share was declared last week which showered them all in cash.
03/27/2020
The impact of coronavirus on arbitration: the options
Virtual hearings will not be a panacea in every case, however they may be a viable option for parties who might otherwise be faced with an extended period of financial uncertainty.
03/26/2020
UK Government Provides COVID-19 Related Tax and Financial Support for Businesses
In addition to financial support, the UK Government has also announced a number of other tax-related measures to help businesses, employees and contractors manage the COVID-19 pandemic.
03/26/2020
Lenders halt mortgage lending amid Covid-19
The halt on new mortgage lending applies only to new customers approaching the lender.
03/26/2020
Police warns on fraudsters targeting the self-isolated
Commander Karen Baxter, national co-ordinator of economic crime at the City of London Police, said criminals would exploit "tragedies and global emergencies" to take money from the public.
03/26/2020
Round up of EU banking regulators issue updates and advisories on COVID-19
Mostly importantly the EBA confirms that banks can fully use capital and liquidity buffers, including Pillar 2 Guidance (P2G) and will benefit from relief in the composition of capital for Pillar 2 Requirements.
03/26/2020
Covid-19: What next in Jersey - should I be worried about wrongful trading?
Businesses face a serious challenge in the current crisis.
03/26/2020
FCA gives firms 2 month extension to file results
Companies and auditors should be granted time.
03/26/2020
Close friend of Spain’s emeritus king transferred $39 million from “donation” to a US bank
A request for judicial cooperation sent by Swiss prosecutors to a Spanish judge reveals multiple payments to Corinna Larsen, who used part of the money to purchase real estate
03/26/2020
FCA’s expectations on financial resilience for FCA solo-regulated firms
Government schemes to help firms through this period can be part of a firm’s plans for how they will meet debts as they fall due.
03/26/2020
Joint statement by the FCA, FRC and PRA
Successful and sustainable businesses underpin our economy and society by providing employment and creating prosperity.
03/26/2020
Malta Financial Regulator Warns Against Unauthorized Crypto Firms
The document’s letterhead prominently displays the British royal coat of arms.
03/26/2020
London City Airport to suspend all commercial and private flights
British Airways, which operates the majority of flights from London City, suspended all its services there on Monday.
03/26/2020
EIOPA info request points to Solvency II changes: AM Best
EIOPA was originally scheduled to deliver its advice based on this review in June 2020,
03/26/2020
UK regulator to support struggling advice businesses
As it postpones publication of policy paper because of covid-19
03/26/2020
PFS pushes for grace period on PI amid 'evidence of serious impact'
The professional body also asked the regulator to confirm the loans and grants announced by the government in a bid to keep businesses afloat during the market downturn would not breach adviser's capital adequacy requirements.
03/26/2020
Self-employed targeted in Covid-19 scam
The message contains a link which asks for bank details to complete the transaction.