12/14/2022
Update on the sixth edition of the Regulatory Initiatives Grid
The Regulatory Initiatives Forum has announced that the sixth edition of the Grid, planned for publication in November 2022
Legal, Regulation & Compliance
12/14/2022
FSCS declares firm facing two pension transfer claims in default
Neither of the claims against the firm are related to the British Steel Pension Scheme scandal, an FSCS spokesperson told FTAdviser.
12/14/2022
Danske Bank reaches coordinated resolutions with the US and Danish authorities regarding the Estonia matter
Under the SCU resolution, Danske Bank has agreed to accept a fine and confiscation for violations of the Danish AML Act and the Danish Financial Business Act.
12/14/2022
Financial Services & Banking News
Earlier this year, the FCA Board agreed to establish the Committee to support the Board in executing oversight of ESG-related issues relevant to the FCA as a corporate entity and as a regulator.
12/14/2022
AFH-acquired advice firm fails
It is one of two companies that have gone bust according to the UK lifeboat scheme
12/13/2022
FCA sets out ideas to improve information provided to retail investors
The FCA will now be responsible for designing and developing new disclosure rules which meet the needs of the UK market and supports investors to make informed investment decisions.
12/13/2022
UK’s appointed representative reforms mean new data demands on firms
Under the new rules, principals will be required to notify the FCA of future AR appointments 30 calendar days before they take effect and provide complaints and revenue information on their ARs to the FCA on an annual basis.
12/12/2022
European banks' asset quality, profits at risk as economy deteriorates – EBA
Higher volumes of loans with weaker credit quality could drive a rise in nonperforming loans, or NPLs, in the future, while the economic slowdown and some negative effects from rising interest rates could hit bank profits.
12/12/2022
UK banking rules in biggest shake-up in more than 30 years
Rules that forced banks to legally separate retail banking from riskier investment operations will be reviewed.
12/12/2022
Four charged with taking bribes in EU corruption probe
Prosecutors said they had suspected for months that a Gulf state was trying to influence decisions in Brussels.
12/12/2022
Credit Suisse accepted suspicious invoices for $140mn Greensill loan
Companies listed on bills tell the FT they did not do the stated business
12/12/2022
Metro Bank and two former directors fined for financial reporting breach
'The UK’s Listing Rules impose high standards on issuers and their officers which Metro Bank, Mr Donaldson and Mr Arden failed to meet in this case.'
12/12/2022
FCA begins targeted review of appointed representatives
It is writing to principal firms requesting mandatory information about their ARs
12/09/2022
EU proposes rules to spur clearing shift to bloc from London
The EU wants to reduce its dependence on London, which continues to dominate Europe’s financial infrastructure even after Brexit.
12/09/2022
Credit Suisse Can Pursue Softbank Suit in London
The lawsuit is likely to involve claims of around $440 million, which the Greensill company is asserting against US construction firm Katerra.
12/09/2022
FCA sets out how mortgage firms should be supporting borrowers
It has published guidance setting out options firms can use to support their customers to manage their monthly mortgage payments, alongside new information for borrowers affected by rising prices.
12/09/2022
FCA fines three broker firms £4,775,200 for failures relating to the detection of market abuse
It is of fundamental importance to the integrity of the market that brokers such as BGC/GFI have effective market abuse surveillance systems in place.
12/09/2022
FCA fines Santander UK £107.7 million for repeated anti-money laundering failures
The firm also failed to properly monitor the money customers had told them would be going through their accounts compared with what actually was being deposited.
12/09/2022
Financial sector rules slacked by growth-seeking government
Edinburgh reforms
12/09/2022
Lower house approves bill that would reduce scope of extraterritorial taxation
The bill must still be approved by the upper house of parliament