08/01/2022
BoE stats show worrying increase in consumer credit as cost-of-living strain takes hold
The cost of living crisis is clearly starting to hamper people’s ability to put money away for the future as it gets sucked up by increased prices.
Legal, Regulation & Compliance
07/29/2022
Addleshaw Goddard: Financial Services & Banking News
The FCA has also published its finanlised non-Handbook guidance to provide firms with the information they need to implement the duty.
07/29/2022
PIMFA welcomes extension of the Consumer Duty implementation timeline
Under the FCA’s revised timeline firms will have until 31 July 2023 to implement the Duty for new and existing policies – an extension of three months – and a further 12 months from then – until 31 July 2024
07/29/2022
FCA publishes Decision Notices for Carillion plc (in liquidation) and three of its former executive directors
The FCA has imposed a public censure on Carillion, rather than a financial penalty, given the firm is insolvent and in liquidation.
07/29/2022
General insurance pricing practices - amendments
Some of these rules also apply to insurers and intermediaries of other general insurance and protection products.
07/29/2022
Addleshaw Goddard: Financial Services & Banking News
Their unique qualities mean that many digital assets do not fit easily into traditionally recognised private property law categories or definitions.
07/28/2022
Burges Salmon named Best HNWI UK Law Firm 2022
At the Fintech Awards 2022, the firm has been named as Best HNWI UK Law Firm
07/28/2022
£13.7m boiler room fraudsters jailed
They persuaded 800 victims to invest in a fund involved in the buying and selling of properties
07/28/2022
The FCA’s Consumer Duty will lead to a major shift in financial services
It will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first.
07/28/2022
Russian invasion of Ukraine: operational and cyber resilience
This guidance considers the pressure a protracted threat can have on firms’ systems, processes and workforce. I
07/27/2022
HMRC Announces Welcome Changes to the QAHC Regime
The regime is part of the UK government’s attempt to increase the attractiveness of the UK as a jurisdiction for asset management
07/27/2022
Bosses at City firms could face fines for failing to prioritise consumers
FCA’s new rules are expected to help reduce call wait times, end rip-off charges and make it easier to change investments
07/27/2022
London Data Charter is key to letting capital ‘recover and thrive’
Drafted by experts at Pinsent Masons and London First last year, the charter encourages signatories to become “a part of London’s data ecosystem” by sharing data.
07/27/2022
EIB Board, supported by the EU Commission, approves €1.59 billion of EU financial assistance for Ukraine
This relief package is part of the EIB Ukraine solidarity response prepared in cooperation with the European Commission.
07/27/2022
Firms given extra three months to implement FCA's consumer duty
Mills said it will still be challenging for the industry, and the regulator recognises that, so it will “do its best” to support firms.
07/26/2022
Banks Start Using Information-Sharing Tools to Detect Financial Crime
Technology can help banks team up to find money launderers, but the legal basis for information-sharing is murky in many countries
07/26/2022
Addleshaw Goddard: Financial Services & Banking News
The changes are designed to reduce the cost of the annual O-SII identification process, both for the PRA and for firms, while continuing to achieve the intended outcome of identifying firms whose distress or failure would have a systemic impact on the UK
07/26/2022
New guidance brings clarity on employment status for workers and businesses
New government guidance will act as one-stop-shop for individuals and businesses to understand which employment rights apply to them.
07/26/2022
Advisers must not approach vulnerability half-heartedly
The new guidance made clear that identifying and supporting vulnerable customers needs to be as systematic as it is consistent, and it needs to be done quickly, too.
07/26/2022
Quilter calls on government to extend the Scheme Pays and Abatement deadline to avoid perfect storm for the NHS
The continuation of the extension of the end of abatement rules, brought in during the pandemic to help allow recently retired NHS staff to return to work and tackle the pandemic without suffering a financial penalty on their pension.