02/03/2023
Financial Services & Banking News
The FCA consultation also sets out new perimeter guidance to clarify when the regulated activity of debt counselling could be being carried out by unauthorised lead generators.
Legal, Regulation & Compliance
02/03/2023
FCA clamps down on financial promotions
The Financial Conduct Authority (FCA) required authorised firms to amend or remove 8,582 promotions during 2022. That is 14 times more than 2021, a report published today (3 February) shows. In 2021, the regulator required authorised firms to amend or r
02/03/2023
Nexus flagged by Nucleus and 7IM over ad hoc fees
On Companies House, chief executive Kerry Nelson is listed as the only active director at Nexus Independent Financial Advisers Limited.
02/03/2023
FCA cracks down on fraudulent promotions
The UK regulator aims to instate harsher limitations for financial promotions to deter unauthorised ‘fin-fluencers’ that are taking advantage of consumers.
02/02/2023
UK government proposes statutory dismissal and re-engagement code
The code recognises that dismissal and re-engagement is a lawful strategy for changing employee terms and conditions where there is a real business need to do so.
02/02/2023
ESMA publishes data for the systematic internaliser calculations
Investment firms are required to perform the SI test by 15 February 2023.
02/01/2023
Restrictions placed on Nexus Independent Financial Advisers and Nexus Investment Managers
Nexus Independent Financial Advisers and Nexus Investment Managers have the right to make written or oral representations to us on the First Supervisory Notice.
02/01/2023
ECB to stress test 99 banks
The results will shed light on the impact of adverse shocks on banks’ resilience under challenging macroeconomic conditions.
02/01/2023
FCA warning on pre-paid probate plans could signal increased regulation
The FCA warned that pre-paid probate plans are not protected by the Financial Services Compensation Scheme (FSCS) and there is no requirement for money to be held in trust or backed by insurance.
02/01/2023
Financial Services & Banking News
These themes are based on over 350 findings from intelligence-led penetration tests conducted on 14 firms during this cycle of testing
01/31/2023
UK turns to industry to solve £26bn lost pensions problem
‘It is time for the DWP to get off the fence and take action’
01/31/2023
ESMA approves of proposed sustainability disclosures
Further guidance on the materiality assessment process should also be issued ahead of adoption by the European Commission, Esma also noted.
01/31/2023
DORA: New EU Operational Resilience Regime for the Financial Sector
Notably, certain unregulated technology providers, such as ICT third-party service providers, are now within the direct scope of financial regulatory requirements for the first time.
01/31/2023
Finma lodges 27 criminal complaints for unlicensed portfolio managers and trustees
The regulator has also put 153 companies on its warning list.
01/30/2023
Chancellor sets out long-term vision to grow the economy
Chancellor Jeremy Hunt today set out his vision for long-term prosperity in the UK, calling on businesses in key growth areas to invest in the UK and expressing his desire to make the UK an attractive site for innovators and entrepreneurs.
01/30/2023
FCA extends asset retention rules for British Steel advice firms
As it writes Dear CEO letter telling pension providers to comply with information requests
01/30/2023
BNP Paribas Frankfurt office searched in cum-ex probe
German prosecutors said they have been conducting a search at a banking institution in Frankfurt since Tuesday in relation to cum-ex, without naming the bank.
01/30/2023
Addleshaw Goddard: Financial Services & Banking News
This instrument comes into force on 27 January 2023.
01/30/2023
Barclays and UBS face questions over Roman Abramovich’s billion-dollar trusts
Exclusive: Leak shows oligarch was a major client of Barclays in Monaco and UBS in Zurich, with at least $940m in assets held at the banks
01/27/2023
The Bank of England’s Annual Report on FMIs: A stocktake and detail on the future approach on FMI supervision
BoE focuses on four key areas: operational resilience, CCP resilience and recovery, innovation in payments and recognition and supervision of cross-border CCPs and CSDs.