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.
Legal, Regulation & Compliance
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.
07/27/2023
Financial Lives survey highlights importance of the FCA’s Consumer Duty
The regulator’s findings come only days away from the introduction of the Consumer Duty.
07/27/2023
Italian Supreme Court Extends the Participation Exemption Regime to Non-resident Parent Companies
In such a case, the capital gain would be subject to a 1.2% effective tax (resulting from the application of the 24% CIT ordinary rate on a taxable income equal to 5% of the capital gain).
07/27/2023
UK government faces £150bn bill to cover Bank of England’s QE losses
Estimated cost to taxpayers has increased sharply as interest rates have risen
07/27/2023
BNP Paribas faces US fine over messaging violations
Earnings at eurozone’s biggest bank beat forecasts but hit by litigation and restructuring costs