11/04/2022
Financial Ombudsman Service publishes its latest quarterly complaints data
The Financial Ombudsman Service continued to uphold 34% of complaints in the consumers’ favour.
Legal, Regulation & Compliance
11/04/2022
Bank of England raises interest rates to 3%
Both dissenters wanted to raise rates at a lower rate, with one voting to raise the rate by 0.5 percentage points, and the other voting for 0.25 percentage points.
11/04/2022
£12 million compensation to be paid to thousands of struggling borrowers
The FCA expects lenders to learn the lessons from good and poor practice during the coronavirus (Covid-19) pandemic to help borrowers during the cost-of-living squeeze.
11/04/2022
Withers tech advises as SI2 Fund leads a £550k investment into We Are Digital
SI2 Fund invests in social enterprises that offer breakthrough solutions to the societal challenges of our time.
11/04/2022
2023 finance bill would implement EU solidarity contribution for fossil fuel sector
In line with the EU regulation, if the average taxable result for the previous four years is a loss, the average would be deemed to be zero, and the solidarity contribution would be due on the first euro of taxable result for FY22.
11/04/2022
Addleshaw Goddard: Financial Services & Banking News
The individual criteria for the application of the ISF were mostly assessed as acceptable and easy to verify by these banks.
11/03/2022
Decision of the Court of Appeal - R (Sutton) v Financial Conduct Authority
An application to judicially review the FCA’s decision was brought by the UK subjects to overturn the decision to seek evidence from them.
11/03/2022
Building trust in macroprudential policy − speech by Colette Bowe
Given at the Annual Maxwell Fry lecture, Birmingham University Business School
11/03/2022
FCA's key priorities for the financial advice industry
Birmingham has been on a roll this year, and not just in sport with the Commonwealth Games, but being an important and substantial financial and professional services hub.
11/03/2022
FINMA publishes partially revised FINMA Anti-Money Laundering Ordinance
FINMA also recognised the regulations issued by the SRO-SIA, which have been adjusted to reflect the revised regulatory principles, as a minimum standard.
11/03/2022
Withers tech advises as climate fund ETF Partners leads on £10 million Series A investment
Withers tech is the technology, life sciences and venture capital focused team at international law firm Withers.
11/03/2022
Disclosure requirements and product labels among FCA ‘greenwashing’ proposals
The labels reflect different sustainability objectives – rather than being a hierarchy with one label regarded as better than another.
11/02/2022
FCA prosecutes five individuals for role in 'all-or-nothing’ investment scheme
It is alleged that that money was used to fund their lifestyles, rather than the binary options investments that were advertised.
11/02/2022
Addleshaw Goddard: Financial Services & Banking News
The methodology is aimed at National Competent Authorities and outlines a common European approach on how to identify unit-linked products which may offer poor or no value for money and require a close monitoring by the NCAs.
11/02/2022
European Commission publishes study on options for a unified SPC system
While the EU SPC Regulation provides for harmonised framework for granting SPCs, SPCs are national rights which must be registered in individual EU member states for them to have effect there.
11/01/2022
Addleshaw Goddard: Financial Services & Banking News
The guidelines provide guidance and best practices for banks, draws a distinction between Correspondent Relationships and Correspondent Banking activity and addresses entities other than banks who have Correspondent Relationships.
11/01/2022
Stephenson Harwood partners with litigation intelligence provider Solomonic
Users have the ability to track more than 60,000 claims, 130,000 parties and 5,000 law firms, as well as glean insights on case prospects and past litigant behaviour.
11/01/2022
UK: A Warning For Swiss Pensions?
They hedged the associated risks with derivatives using borrowed money and British government bonds as collateral.
11/01/2022
Dutch money laundering amendments to prompt greater AI use in transaction monitoring
The Council of State was unusually critical about the lack of data protection safeguards in a previous draft of the Act.
11/01/2022
Pensions disputes: Ombudsman addresses out of time complaints
A cashflow analysis established that, on the facts in place at the time, the scheme would run out of funds within a year.