10/19/2023
Bernie Ecclestone guilty plea is ‘major return on investment’ for HMRC
This result shows that HMRC is more than willing to take on the most complex cases involving high net worths.
Legal, Regulation & Compliance
10/19/2023
HSBC disables text functions on staff phones as regulators probe unauthorised communications
The new measures will reportedly apply across the firm, with HSBC already blocking staff from using WhatsApp on work phones.
10/19/2023
The Joint Regulatory Oversight Committee welcomes OBL’s submission of two data collection frameworks
This also aligns with the findings that the Strategic Working Group published in February 2023, where there was broad support from ecosystem members to address these gaps.
10/19/2023
Three firms declared in default
With claims being made in relation to investment advice and life insurance
10/19/2023
Maples Group Earns Top Rankings in 2024 Legal 500 and Chambers and Partners UK Guides
The Maples Group’s London office provides full service legal advice on the laws of the BVI, the Cayman Islands, Ireland and Jersey
10/17/2023
Kennedys recognised as a leading firm in The Legal 500 UK 2024
Kennedys are an excellent firm which provides a first-class level of service to its clients. All practitioners see the big picture and think strategically.
10/17/2023
FCA: Almost all authorisation cases assessed within deadlines
This was part of the authority’s focus on supporting international competitiveness and growth over the medium to long term.
10/17/2023
Singapore Crypto Bourses Work With UK Investigators
According to Benton, this unique NFT cuts down the duration to freeze assets.
10/17/2023
FCA's Rathi pushes for radical overhaul of stock exchange rules
LSE reforms
10/17/2023
Fintech chiefs raise AI regulatory fears in Parliament
It was a theme that was expounded upon by SEC chief Gensler in an interview with the FT, noting that regulating AI is a "hard challenge"
10/17/2023
FCA and Modulr agree customer onboarding restrictions
These include regulatory changes such as the new UK consumer duty, adjustments to push payment fraud reimbursement, and a ban on incentive marketing for high-risk assets like crypto.
10/16/2023
Liverpool DFM with £400m falls into administration
Wealth manager and stockbroker Blankstone Sington previously agreed with the FCA to stop taking new clients in 2021.
10/16/2023
Canada Life shuts UK property fund after redemptions surge
Assets in the Canlife UK Property fund sank to slightly more than £100m, leaving the fund ‘too small to manage effectively’.
10/16/2023
London broker collapses after FCA restrictions
IBP Markets has fallen into special administration after the FCA imposed restrictions on the broker after identifying possible crime risks.
10/16/2023
Lloyds, Natwest and Barclays customers handed 16-day warning
An increase in online banking has been cited by all three banks as the reason for the changes
10/16/2023
Conister makes history by gaining UK deposit taking licence
These deposits, and Isle of Man sourced deposits, will reportedly drive the company’s lending expansion here and in the UK.
10/13/2023
FCA decides to fine and ban James Staley
The FCA considers that, in failing to correct the misleading statements in the letter, Mr Staley recklessly misled the FCA and acted with a lack of integrity.
10/13/2023
GAM Holding AG: Newgame SA withdraws its appeal against the Swiss Takeover Board’s ruling of 31 August 2023
Newgame SA withdrew its appeal on 27 September 2023, as a result of which FINMA’s Takeover and State Liability Committee wrote off the appeal proceedings as having become redundant.
10/13/2023
British Steel associated firm on FSCS default list
Customers who are owed money by these firms may be entitled to compensation from the FSCS.
10/13/2023
Financial watchdog fines Equifax Ltd £11 million for role in one of the largest cyber-security breaches in history
The UK consumer data accessed by the hackers ranged from names, dates of birth, phone numbers, Equifax membership login details, partially exposed credit card details, and residential addresses.