09/22/2023
Bank rate maintained at 5.25% - September 2023
Monetary Policy Summary and minutes of the Monetary Policy Committee meeting
Legal, Regulation & Compliance
09/22/2023
Addleshaw Goddard: Financial Services & Banking News
GFANZ defines transition finance as investment, financing, insurance, and related products and services that are necessary to support an orderly real-economy transition to net zero.
09/21/2023
New FCA gateway for firms approving financial promotions in the UK
Under the new regime, an approver will be required to file regular notifications to the FCA and all approvers will be subject to bi-annual reporting requirements.
09/21/2023
Naylors Finance Limited enters administration
All existing loan agreements remain in place and the Joint Administrators will provide updates to customers as soon as possible.
09/21/2023
Lloyds Bank completes first digital trade transaction under new UK legislation
The Act will also significantly reduce the environmental impact that paper documentation has, while reducing the cost and time taken to conclude international trade transactions.
09/21/2023
Wren Sterling adds £250mn AUM with south west deal
Twining said Keith Stockdale and his team have the “entrepreneurial drive” the firm is looking for and a very loyal client bank.
09/20/2023
FCA sets out initial findings on bank account access and closures
The FCA will be doing further work with firms to verify the data and to better understand the reasons behind, for example, the closure of accounts due to reputational risk.
09/20/2023
HMSA joins the 16% of applicants who have a Finma trustee licence
The wealth-planning specialist is the latest firm to be authorised as the regulator works through its lengthy backlog.
09/20/2023
Online Safety Bill passes final reading in the Lords – positive reaction
The legislation establishes a ‘Duty of Care’ on social media websites and search engines, making them more responsible for the content they publish for the first time.
09/20/2023
FCA calls on insurers to take action as it publishes latest fair value data
The FCA also identified further evidence that some Guaranteed Asset Protection (GAP) products may be failing to provide fair value to customers.
09/19/2023
ESAs warn of risks resulting from a fragile economic outlook
The economic outlook remains fragile, not least amid persistently elevated geopolitical risks, high inflation, and an uncertain macro-financial outlook.
09/19/2023
Swiss Employers’ Association backs second pillar pension reform
The Swiss government is supporting a further reform of the first pillar, taking into account also the second pillar, to link retirement age with life expectancy.
09/19/2023
FCA finds no evidence of de-banking based on political views
FCA review sparked by Nigel Farage’s claims concludes that banks are not closing accounts primarily based on customers’ political views.
09/19/2023
Withers' UK media and reputation team wins pro bono freedom of expression victory for clients
The successful outcome for our clients is one which also emphasises the ongoing significance of academic freedom as a right protected under Article 10 of the European Convention on Human Rights.
09/19/2023
UK and Ireland strengthen energy cooperation with new agreements
Under the terms of both MOUs, the UK and Ireland will hold bi-annual meetings, with their respective ministers periodically convening to assess progress and discuss challenges.
09/18/2023
FCA orders WealthTek Limited Liability Partnership to cease operations as High Court appoints Joint Special Administrators and arrest made
WealthTek is an FCA authorised and regulated wealth management firm which provided discretionary, advisory and execution only services to their retail clients and intermediaries.
09/18/2023
Bank of England readies what may be its final rate hike
Financial markets are less certain than economists – with rate futures last Friday showing a 25 per cent chance of a pause – but both are coming to the view that the streak of rises in borrowing costs since December 2021 is in its last days.
09/18/2023
Customers of collapsed WealthTek set for payout
The Financial Conduct Authority ordered the Newcastle-based wealth manager to cease all regulated activities in April following the discovery of regulatory and operational issues.
09/15/2023
Review of later-life mortgages finds poor advice and misleading promotions
The FCA has required those firms which fell short to improve the quality of their advice.
09/15/2023
SER opens investigation against Banque Cantonale du Valais (Walliser Cantonal Bank)
The alleged violation concerns regulations on ad hoc publicity and is related to the disclosure of price-relevant facts.