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Legal, Regulation & Compliance

12/19/2022

‘Increased rigour’ in HMRC export controls enforcement since Brexit

The committees also said that data on criminal convictions for export control breaches should be published in the government’s strategic export controls annual reports in future.

12/19/2022

Switzerland presses for ‘open finance’ in banking industry

The Federal Council wants regulators to compel companies to share data, bringing a philosophy of ‘open finance’ to Switzerland for the first time.

12/19/2022

Wall Street to Slash Bonuses, Eyeing More Sovereign Wealth Fund Opportunities

In a measure to contain a drop in profits, Goldman Sachs Group could remove up to 4,000 jobs, or around 8% of the bank’s workforce.

12/16/2022

Treasury committee approves Ashley Alder as FCA chair

That included financial services regulation, the operational independence of the FCA, and the role of the FCA in combatting fraud.

12/16/2022

ECB slows rate hikes but pledges more to keep up inflation fight

In a move shadowing similar steps this week by the Federal Reserve and Bank of England, it raised the rate it pays on bank deposits by 50 basis points to 2%, moving further away from a decade of ultra-easy policy.

12/16/2022

PS12/22 – Insurance special purpose vehicles: Further updates to authorisation and supervision

The PRA received six responses to the CP. Respondents generally welcomed the PRA’s proposals.

12/16/2022

DAC 8 proposal would require service providers to report crypto asset users

Beyond crypto assets, DAC 8 would extend the scope of the automatic exchange of advance cross-border rulings for high net worth individuals

12/16/2022

IFS pension tax reform proposals branded ‘ludicrous’

“This could lead to complaints en masse with advisers picking up the tab.”

12/16/2022

Addleshaw Goddard: Financial Services & Banking News

As a result, the Government does not plan to make secondary legislation under the Taxonomy Regulations this year.

12/16/2022

Central bank trio hikes rates as hawks and doves jostle for position

After simultaneous 50 basis point rate rises in the US, Europe and the UK, we look at the different outlooks and circumstances the respective central banks face.

12/16/2022

Bailey the ‘Grinch’: Five reactions to the BoE rate hike

Wealth and asset management pundits gave mixed reactions as the Bank of England raised interest rates to 3.5% on Thursday.

12/16/2022

Cerved partners Greenomy to support sustainable finance regulation compliance in Italy

Thanks to this strategic agreement with Greenomy, Cerved’s corporate and financial institution clients will be provided an end-to-end solution to perform a more complete risk assessment and help mitigate their climate risk.

12/15/2022

European wealth managers predict tougher suitability regulations

Most feel they will be pressured to pay compensation for failing to understand clients’ risk profiles

12/15/2022

InvestEU: Commission signs agreement with EBRD to unlock €2.1 billion in sustainable infrastructure, green economy and digitalisation

These investments will help the EU to achieve its broader strategic objectives of securing the green and digital transitions.

12/15/2022

FCA announces next steps on improving the compensation framework

The review aims to make sure the compensation framework continues to provide an appropriate level of consumer protection, with costs to industry distributed in a fair and sustainable way supporting innovation and growth.

12/15/2022

Festive shoppers at rising risk of loan fee scams as fraudsters pile on the pressure at Christmas

As consumers across the country are affected by the rising cost of living, more will face increasing financial stress at Christmas this year.

12/15/2022

UK FCA Action Against Firms Relating to Arrangements with Third Party Intermediaries – Lessons Learned

The finding, in particular, that JBIL failed to act with integrity stands out, with there being very few cases where the FCA has considered that there has been a breach of Principle 1 of its Principles for Businesses.

12/15/2022

UK festive period travel disruption: UK Border staff industrial action 23 to 31 December 2022 inclusive

UK Border Force staff will be striking at a number of UK airports from Friday 23 December to Saturday 31 December 2022, the Public and Commercial Service (PCS) union has announced. The strike action falls during what is typically a period of high-volume t

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

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.

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