08/23/2023
Bank of England warns higher rates could lead to corporate defaults
Added pressure to repay debts
Legal, Regulation & Compliance
08/23/2023
Simon Collins: FCA has something to prove with Consumer Duty
It has not gone unnoticed that the supervisory interventions by the FCA across all sectors over the last 12 months have referenced its expectations on firms’ future proofing their operations to be Consumer Duty ready.
08/23/2023
Ex-NatWest boss Alison Rose set for £2.4m payout after resigning over Farage row
Ms Rose is currently seeing out her 12-month notice period with the banking group.
08/23/2023
Big tech to face full force of new EU law
The landmark law is part of the EU's legal arsenal deployed to bring tech companies to heel
08/22/2023
Half of advisers think commission-based advice could be beneficial
In addition, a further 25 per cent said it would be “somewhat” beneficial, while 38 per cent said it would of not benefit at all.
08/21/2023
Financial Services & Markets Act 2023 gives FCA new powers to protect access to cash
Over the past few years, we have been carefully monitoring access to cash.
08/21/2023
Italy to propose ex-minister Franco for ECB board, source says
Franco, 70, is one of Italy's most experienced economists having served as both deputy governor at the Bank of Italy and state auditor, a key role in the management of public finances.
08/21/2023
Addleshaw Goddard: Financial Services & Banking News
It states responses to its consultation were generally supportive of its approach.
08/21/2023
National Trust resists pressure to ditch Barclays over environmental concerns
Attempt to cut ties with bank, which directly invests in new fossil fuel projects, fails at AGM
08/18/2023
PDG unveils insurers best practice list amid claims delay
The charter encourages better outcomes for claimants by improving basic levels of Best Practice undertaken by insurers.
08/18/2023
FCA fines Commerzbank London £37,805,400 over anti-money laundering failures
Despite these clear warnings, the failures continued.
08/18/2023
Rishi Sunak commits to retention of state pension triple-lock
As earnings growth exceeded 8% in June
08/18/2023
FCA Consultation Paper on UK Securitisation Rules
This "repeal and replace" process is intended to provide a more agile regulatory framework by giving responsibility for most of the rules to the FCA and the PRA.
08/17/2023
FINMA, CONSOB and Banca d’Italia sign cooperation agreement
This agreement establishes a formalised framework for cooperation and exchange of information between the three authorities
08/16/2023
Addleshaw Goddard: Financial Services & Banking News
The FCA is currently reviewing how financial services firms have applied the PEPs regime and whether changes to our guidance are required.
08/16/2023
CreditNature secures major investment from Scottish Government, NatureScot and CivTech
This agreement follows successful completion of the accelerator stage to build out and test the CreditNature platform.
08/15/2023
UBS to pay $1.4bn to settle fraud claims from 2008 crisis
The bank had previously sought to have the case dismissed, saying prosecutors had not presented evidence of any intentional fraud.
08/15/2023
FCA analysis reveals there are fewer than 1 million interest-only mortgages outstanding
This means borrowers without a repayment plan still have time to act and reduce at least some of their outstanding capital by the end of their mortgage.
08/15/2023
UK – Court of Appeal overrules first instance judge on Bitcoin File Format question
Since some of the defendants were based outside of the jurisdiction, Dr Wright required permission of the court to serve his claim form.
08/14/2023
Q2 2023 Global Regulatory Update
The second quarter saw a multitude of regulatory updates across many key jurisdictions.