05/05/2022
Financial Services & Banking News
The EBA's report highlights areas where specific risks have been detected
Legal, Regulation & Compliance
05/05/2022
Herbert Smith Freehills Financial Regulation Daily Update
In conducting the current review, the FCA focused on the experience of non-advised consumers, examining how easy it is to access charging information and whether the information available helps them understand what they pay.
05/05/2022
Jersey commits to climate change by signing Paris Agreement
The UK’s climate obligations under the Agreement will, therefore, also now include Jersey and its territorial waters.
05/04/2022
Addleshaw Goddard Financial Services & Banking News
In regards to corporate criminal liability, the Government intends to engage promptly with the Law Commission on the findings of the review once it has concluded but notes it is important that any reforms are proportionate, and evidence based.
05/04/2022
KPMG Law Set To Double In Size Over Next 3 Years In UK
The Big Four firm wants to add 220 lawyers in the U.K. to its existing 180 in the region.
05/04/2022
FCA Unite members begin two day walkout
The FCA said today it had not seen any change in the number of staff logging onto an FCA device from the office and remotely and that "the overwhelming majority" of staff are at work.
05/04/2022
The Chancellor announces a £25 million “fraud squad” to recover £5 billion
There has been recent criticism of the UK’s role in illicit finance and the UK Government’s efforts to tackle serious fraud.
05/03/2022
Bank of England poised to raise interest rates further to curb inflation
Most economists predict a 0.25 percentage point increase as central bank tries to avoid exacerbating economic slowdown
05/03/2022
FCA stops advice firm from disposing of assets
The firm will now have to seek written consent from the regulator before selling any assets.
05/03/2022
FCA serves Terry Smith’s Fundsmith Section 166 order
Smith’s £28bn fund firm was ordered to conduct a skilled person review in the first quarter, according to reports.
05/03/2022
Canton rejects proposal to abolish GLKB's state guarantee
As a result, the current Cantonal Bank Act remains in force. The canton retains its majority stake and the state guarantee continues to apply. The bank also retains its legal form as a special-law stock corporation.
05/03/2022
FSB launches consultation on supervisory and regulatory approaches to climate-related risks
The report includes recommendations on the identification of authorities’ information needs, reliability of data, use of common definitions and coordination towards common regulatory reporting requirements.
05/03/2022
Deutsche Bank headquarters searched by German authorities
Deutsche Bank is fully cooperating with the authorities.
05/03/2022
Contentious Trusts – Can the recipient of assets from a trust end up with a claim against them?
This decision dismissed SICL’s long-running claim that Saudi National Bank was liable in “knowing receipt” of trust property - by the time of the judgment the trust property had a market value in excess of £320 million - comprising
05/03/2022
Financial Regulation: Daily Update
The European Banking Authority (EBA) has published a Discussion Paper (DP) on the role of environmental risks in the prudential framework
05/02/2022
Herbert Smith Freehills Financial Regulation Daily Update
The PRA will publish a Policy Statement on the definition of a simpler-regime late 2022 or early 2023.
04/30/2022
Cardinal Pell praises Pope Francis’ curial reform after financial scandals
‘We cannot afford to lose another 500 million though incompetence or corruption in the next 40 years,’ said Cardinal George Pell.
04/30/2022
Proposed Russian law puts ‘unfriendly’ assets at risk
The draft law defines assets widely, to include movable and immovable property, cash, bank deposits, securities, corporate rights and other intangible assets such as data.
04/30/2022
HSBC set to be accused of greenwashing
The UK advertising authority judged the effect of the campaign was to lead customers to believe the bank was making "a positive overall environmental contribution as a company," a ploy that could influence decisions around financial products.
04/30/2022
FCA launches consultation on Russia side pockets
Closes 16 May 2022