10/18/2022
FCA to consult on advice regime for stocks and shares Isas
“Savers and investors are clearly crying out for help,” he said.
Legal, Regulation & Compliance
10/18/2022
ACER and ESMA enhance cooperation to strengthen oversight of energy and energy derivative markets
The two EU agencies have a long-established cooperative relationship considering the interlinkages between spot and derivative energy markets.
10/18/2022
FCA places restrictions on twice as many consumer investment firms this year
The FCA stopped 17 firms and seven individuals attempting to obtain a new FCA authorisation in the investment market where phoenixing or lifeboating was suspected.
10/17/2022
FCA fines Gatehouse Bank £1.5m for poor anti-money laundering checks
As a result, over a two-year period, Gatehouse accepted US$62,000,000 into the account without properly vetting the funds for financial crime risks.
10/17/2022
FCA allows Amigo to start lending again on a pilot basis
The lending pilot will enable the firm to test its updated approach, policies and procedures in a controlled environment and demonstrate that its new systems and controls meet our expectations and deliver good outcomes for consumers.
10/17/2022
CACEIS and Royal Bank of Canada sign a Memorandum of Understanding on the proposed acquisition of RBC Investor Services operations in Europe
This would include custody, global custody FX, fund administration, transfer agency, middle office and securities lending.
10/17/2022
UK's Hargreaves hit by lawsuit over Woodford fund failure
Both institutions have failed WEIF investors
10/17/2022
German central bank boss says rate hikes ‘needed’ in eurozone
The ECB lifted rates by a historic 0.75 percentage points at its last meeting in September to pull down eurozone consumer prices, which have hit an all-time high.
10/14/2022
What the UK’s updated anti-money laundering rules mean for the art market
This was partly put down to the lack of transparency and complexity of some deals that take place in the sector.
10/14/2022
Addleshaw Goddard Financial Services & Banking News
The discussion paper aims to further the supervisory authorities' understanding and to deepen dialogue on how AI may affect their respective objectives and should therefore be considered within the context of the evolving wider national and internati
10/14/2022
Plan to harmonise global crypto regulation could change FCA regulatory perimeter
Currently, the UK’s financial regulator generally has oversight of security tokens, stablecoins and other crypto assets that behave like e-money
10/14/2022
LDI crisis ‘not a moral hazard issue’, says Schroders group CIO
The UK LDI market faces tightened standards after the recent intervention by the Bank of England, but Johanna Kyrklund believes these products are not ‘about taking risk’.
10/13/2022
Bank of England once again intervenes to maintain financial stability
It is stuck between a rock and the hard place in combatting inflation at the same time as fiscal policy causes shockwaves in markets.
10/13/2022
FCA brings in paralegals to tackle FOI backlog
The actions we took were to increase some capacity in that team a little bit, some of it through a third party so we've had paralegals brought in, in order to just help get through that burden.
10/13/2022
Privy Council clarifies the nature and ranking of a former trustee's equitable lien in insolvent trusts
Privy Council clarifies the nature and ranking of a former trustee's equitable lien in insolvent trusts
10/13/2022
FCA brings in paralegals to tackle FOI backlog
They can also use a DSAR to ask that certain actions be taken with their data.
10/13/2022
Fiscal fogginess offsetting govt's tax cuts, experts say
Many of the policies focused on tax cuts, including abolishing the 45p higher income tax rate, a cut in the basic tax rate of 1p in the pound, and the scrapping of the previous government’s health and social care levy.
10/12/2022
Transact boss warns IFAs about white labelling
Compliance work that has to be done.
10/12/2022
Ogier in Luxembourg assists WISAG in acquisition of Nettoservice
The team was headed by mergers and acquisition specialist Bertrand Géradin
10/12/2022
FCA updates guidance for branch closures
In new guidance published today, the Financial Conduct Authority (FCA) has set additional expectations for banks that are considering branch or ATM closures.