07/26/2023
Existing data transfer mechanisms remain useful and can benefit from EU-US adequacy decision
TIAs will not need to be carried out by businesses that self-certify against the DPF’s privacy principles.
Legal, Regulation & Compliance
07/26/2023
European Commission adopts the Final Draft Regulatory Technical Standards relating to Risk Retention
This differs from the 2022 Draft RTS which required these conditions to be “taken into account”.
07/26/2023
Stephenson Harwood advises Kudu Investment Management on investment
The Stephenson Harwood team advised Kudu on both of these transactions.
07/26/2023
FCA shines spotlight on vulnerability ahead of Consumer Duty deadline
Financial services firms can play a key role in helping those with additional requirements manage their finances.
07/25/2023
Archegos Probe Reveals Full Extent of Credit Suisse Failure
The shortcomings are serious and Finma has ordered far-reaching measures applying to the bank and its legal successor, UBS.
07/25/2023
Number of people taking out mortgage terms of 35 years or more skyrockets by nearly 120%
There are now also nearly four times as many people taking out mortgages with terms that they will be still paying off in their 70s.
07/25/2023
The EBA publishes Report on interdependent assets and liabilities in the net stable funding ratio
The EBA has only limited recommendations for the Commission at this stage, which concern extendable maturity triggers for covered bonds and indirect derivatives client clearing activities.
07/25/2023
UBS to pay $388m fines for Credit Suisse’s Archegos failings
Credit Suisse has been jointly fined by the Federal Reserve and UK's Prudential Regulation Authority
07/25/2023
No funds from FCA fines passed on to charity
Since April 2012, the money collected from FCA fines has gone to the Treasury, which are then able to go towards charity donations.
07/25/2023
The PRA imposes record fine of £87m on Credit Suisse for serious risk management and governance failures in connection with Archegos Capital Management exposure
This is the PRA’s highest fine and the only time a PRA enforcement investigation has established breaches of four PRA Fundamental Rules.
07/25/2023
International expat advice group receives Cyprus licence
It is a ‘crucial step and milestone for the growth of our EU business’
07/25/2023
Addleshaw Goddard: Financial Services & Banking News
The information provided is aimed at supporting firms' planning and ongoing work in maintaining and enhancing resolvability.
07/24/2023
Metro Bank accused of closing account over Brexit by Reform UK leader
Richard Tice believes his party has been caught up in the same debanking scandal as Nigel Farage, but the lender says it is not its policy to reject customers on the grounds of political or personal beliefs.
07/24/2023
ECB asks banks to provide liquidity data
Supervisory chief says financial markets in a ‘delicate phase’
07/24/2023
Two advice firms fail after FSCS claims
The FSCS said it received four claims relating to pension transfer advice and investments for Cheshire Trafford.
07/24/2023
Spain reportedly axes 6-month absence rule for losing temporary residency
Change ‘could result in a huge amount of confusion’
07/22/2023
PayPoint faces law suit from energy charity
This led PayPoint to make a £12.5m donation to Ofgem's voluntary redress fund and to voluntary agree to remove the clauses in question.
07/21/2023
‘Absolute candour’ demanded by HMRC to avoid UK tax fraud prosecution
HMRC said the CDF was a “vital tool” against tax fraud which enabled officials to recoup millions of pounds for the taxpayer without having to resort to costly criminal prosecutions.
07/21/2023
OECD Pillar One: Amount B report and public consultation
It also seeks stakeholder input in a number of areas.
07/21/2023
New HMRC proposal to change income tax rules on inheriting pensions needs urgent clarification
A single sentence at the end of a policy statement appears a rather odd way to announce a sea change in such a material aspect of the pensions tax regime.