03/24/2023
Govt repays £300mn in state pension underpayments
This is an update on figures issued in November which showed 31,817 underpayments were identified and £209.3mn returned.
Legal, Regulation & Compliance
03/23/2023
Scottish case confirms legal proceedings exemption as possible defence for GDPR claims
The claim was dismissed by the court, as the claimant’s allegations against the employer were found to be “lacking in specification” and “irrelevant”.
03/23/2023
FINMA provides information about the basis for writing down AT1 capital instruments
Due to numerous enquiries about Credit Suisse’s capital instruments, so-called AT1 bonds, FINMA is providing information about the basis for writing down these instruments.
03/23/2023
EBA consults on amendments to the reporting on the Fundamental Review of the Trading Book
The planned amendments will provide the supervisors with the necessary data to monitor institutions’ implementation of the FRTB approaches and their compliance with the own funds requirements for market risk.
03/23/2023
Crestbridge gains depository services licence in Luxembourg
Crestbridge gained its fund administration licence in Luxembourg in 2019.
03/23/2023
New EU foreign subsidies regime will increase costs and complexity in M&A deals
If the Commission finds that the foreign contributions in question constitute subsidies which distort the EU market, it can adopt remedial measures.
03/23/2023
FCA places restrictions on advice firm
The client understood that his money would be paid into a bond with an interest rate of between 3.25 per cent and 4.25 per cent.
03/23/2023
Fos hikes compensation limit to £415k
The compensation award increase by the Fos is in line with prior increases by the organisation.
03/23/2023
Swiss National Bank raises rates, says Credit Suisse takeover prevented larger crisis
Swiss National Bank raises interest rate by 50 basis points
03/22/2023
Update on FCA Authorisations operating service metrics
Service metrics are a lagging indicator and so take time to show decisive improvement.
03/22/2023
The new simplified advice regime and the advice / guidance boundary review
This conference is therefore a great opportunity to speak to and hear from industry today on our next steps to making the UK financial services industry the best it can be.
03/22/2023
Government proposes new infrastructure levy on developments
The new levy will remove opportunities for negotiations between developers and local planning authorities.
03/22/2023
Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
The Russian invasion of Ukraine – which you have selected as a topic for this hearing – is first and foremost a human tragedy for the people of Ukraine.
03/22/2023
Phased implementation of new fees for financial regulation and oversight
Extensive engagement has taken place in order to develop a simplified, proportionate and more sustainable funding model that aligns with international best practice, while being mindful of the Island’s competitive position.
03/22/2023
Addleshaw Goddard: Financial Services & Banking News
The FCA therefore plans to offer as much regulatory clarity for firms as possible and understands some of the concerns that have been raised concerning the limitations of the definition of "target market".
03/21/2023
No surprise if BoE uses abruptness of banking failures to pause rate hikes
The Bank of England appear to be looking for an excuse to pause hikes, citing the lags that monetary policy works over.
03/21/2023
Pension Scams Industry Group publishes guidance on transfers
The guide clarifies the situation around discretionary transfers and navigating instances where a red or amber flag may exist, and so should speed up genuine pension transfers.
03/21/2023
Credit Suisse impact on Italian banking system "insignificant" - minister
Some of the world's largest central banks came together on Sunday to try to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group to buy rival Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a histor
03/20/2023
Two major banks in Europe look to regulators to stem contagion risk
The two banks have held their own internal deliberations on how soon the European Central Bank should weigh in to highlight banks' resilience, specifically their capital and liquidity positions, the people said.
03/20/2023
UK finance minister, Bank of England governor in contact over Credit Suisse - source
The UK has been a key market for the Swiss lender.