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Legal, Regulation & Compliance

08/02/2023

Home Office publishes new Statement of Changes to the Immigration Rules, effective from 17 July 2023

Only students on courses at degree level or above will be able to apply before course completion to switch to sponsored work routes, as long as their employment start date is not before their course completion.

08/02/2023

PFI dispute resolution forum could help ‘ensure quality of decisions’

The report said the forum could hold a database of fully accredited ‘PFI mediators’ and publish anonymised versions of adjudicative decisions to create a body of ‘PFI common law’.

08/01/2023

PRA’s approach to supervision of the banking and insurance sectors

They are designed to help regulated firms and the market understand how we supervises these institutions, and to aid accountability to the public and Parliament.

08/01/2023

EBA publishes its final amending technical standards on supervisory reporting to introduce new reporting on interest rate risk in the banking book

In addition, they aim at providing quality data to supervisors to monitor institutions’ IRBB risk and the implementation of the policy package published by the EBA in October 2022.

08/01/2023

Consumer Duty sets higher standards for financial services customers

The new rules, known as the Consumer Duty, set a higher standard of consumer protection in financial services.

08/01/2023

Boodle Hatfield achieves best financial results in its 300 year history

Over the last six years the firm has averaged an annual increase of 6% in revenue and a 12% increase in profit.

08/01/2023

Leeds-based advice firm fails after FSCS claim upheld

The claims are mainly mortgage endowment advice related.

08/01/2023

Consumer Duty: ‘most significant change’ to UK financial services regulation in a decade comes into force

The duty requires financial firms to act in good faith, avoid foreseeable harm and enable and support their customers to achieve their financial objectives.

07/31/2023

FCA secures Confiscation Order against convicted money launderer

The FCA will now contact the identified victims of Richard Faithfull’s offending to provide further information.

07/31/2023

EBA stress test proves Commerzbank's high resilience

The stress test assumed a static balance sheet based on the 2022 financial year and therefore did not take account of any current or future business strategies and management initiatives.

07/31/2023

FCA sets out 14-point action plan on cash savings

There has also been significant variance between firms, with smaller firms offering higher interest rates on average than their larger competitors.

07/31/2023

Addleshaw Goddard: Financial Services & Banking News

The next FCA board meeting is scheduled for 28 September 2023.

07/31/2023

The end of the road for retained EU law

The law will nevertheless make significant changes to the relationship between UK law and retained EU law

07/31/2023

A shake-up for alternative dispute resolution in employment tribunals

This appointment would be held on a confidential, without prejudice basis and the judge conducting it would have no further involvement in the case if it did not settle after the appointment.

07/28/2023

Regulators finalise clearer, more transparent Complaints Scheme

The regulators carefully considered the responses received to their consultation.

07/28/2023

Regulators ditch £10k compensation cap for any failures

Complaints made prior to this date will be considered under the existing scheme.

07/28/2023

Addleshaw Goddard: Financial Services & Banking News

The FCA states it intends to make changes to other application forms once the work on Form A is complete

07/28/2023

Home REIT proposes investment policy overhaul as rent collection falls to 7%

General meeting set for 21 August 2023

07/28/2023

FCA gives update on BSPS redress scheme

When it is complete, the adviser will write to the individual if the advice was suitable or not.

07/28/2023

UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech

HM Treasury and Monetary Authority of Singapore joint statement on the eighth meeting of the UK-Singapore Financial Dialogue.

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