12/20/2022
Addleshaw Goddard: Financial Services & Banking News
The consultation will be of particular interest for banks, building societies and PRA-designated investment firms.
Legal, Regulation & Compliance
12/20/2022
HM Treasury’s plans to build a smarter UK financial services framework
The task requires more than simply repealing EU law.
12/20/2022
TSB fined £48.65m for operational resilience failings
The Financial Conduct Authority and the Prudential Regulation Authority (PRA) have fined TSB Bank plc.
12/19/2022
HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking
Open banking has a continuing role in promoting greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK’s international competitiveness and leadership in the field.
12/19/2022
Fos freezes levy citing cost pressure on businesses
Case fees will also be flat, at £750.
12/19/2022
Bank Governors endorse Basle Committee limit on bank exposure to crypto assets
The Committee's standard on cryptoasset is a further example of our commitment, willingness and ability to act in a globally coordinated way to mitigate emerging financial stability risks.
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.