04/13/2022
Addleshaw Goddard: Financial Services & Banking News
The letter proposes new time limits for the submission of regulatory mandates
Legal, Regulation & Compliance
04/13/2022
FCA expects only 8% of staff to strike
The 75% of Unite members who voted in favour of strike action would equate to about 450 staff
04/13/2022
ABN AMRO Bank Signs to Extend Partnership on the Temenos Banking Cloud
Dutch bank accelerates the pace of innovation and speed of software delivery with Continuous Deployment on the Temenos Banking Cloud
04/13/2022
Central Bank of Ireland makes changes to controlled function roles for financial firms
All existing PCFs classified as PCF-2 will automatically be classified as PCF-2A, ‘non-executive director’, unless a firm notifies the CBI that they should be an independent non-executive director.
04/13/2022
Financial Regulation: Daily Update
The Bank of England (BoE) has published an update on the joint BoE and FCA data collection transformation programme
04/12/2022
Wellington Management Group: BaFin imposes administrative fine
The company may lodge an appeal against the administrative fine order.
04/12/2022
Regulators warn P&O staff over DB pension transfers
In the meantime, the FCA pointed current and former P&O employees to impartial guidance from MoneyHelper, which is run by Maps.
04/12/2022
Banks are tightening interest rates
The assessment of business prospects in business with corporate customers is encouraging: 86 percent rate them as good or very good.
04/12/2022
Jersey headquartered corporate admin firm gets licence in Ireland
Highvern understands the market opportunities and appetite to establish structures in Ireland and aims to grow in line with this.
04/12/2022
Regulators warn P&O staff against DB transfers after mass redundancies
The FCA and TPR warn that transferring out of a defined benefit pension scheme is unlikely to be in the best interests of most people,
04/11/2022
Herbert Smith Freehills: Financial Regulation: Daily Update
The SS aims to ensure that high-quality and convergent supervision is applied to run-off undertakings and portfolios subject to the Solvency II regime
04/11/2022
French bank BNP Paribas reported regulatory failings to National Crime Agency, whistleblowing court case details reveal
BNP said the report to the NCA was about suspicious activity of third parties rather than BNP. It said BNP did not find any evidence of suspicious activity within its own organization.
04/11/2022
Supreme Court declines appeal in landmark Carey pensions case
A condition of the acquisition was the indemnity on any claims in the Adams v Carey case, with the benefit of significant existing PI cover held by the vendors.
04/11/2022
FCA removes firms’ unused permissions 161 times in 2021
The FCA also revealed it now rejects one in seven applications for authorisation, up from one in 13. It said it will continue to test the limits of its powers going forward.
04/11/2022
HSF Financial Regulation: Daily Update
The FCA explains that the review does not represent a shift in FCA policy or changes in firms' requirements.
04/08/2022
FCA launches three-year strategy to improve outcomes
A key focus of the strategy is shutting down problem firms, which do not meet basic regulatory standards.
04/08/2022
EBRD adopts new country strategy for Bosnia and Herzegovina
The strategy was approved days before a planned visit to the country by EBRD Vice President for Policy and Partnerships, Mark Bowman, who will be in Sarajevo on 11 and12 April to discuss its implementation with the authorities.
04/08/2022
Herbert Smith Freehills Financial Regulation: Daily Update
It sets out the regulator's expectations for financial services over the next three years and explains how the FCA will measure its own performance.
04/08/2022
EBA publishes final Report on the amendment of its technical standards on the exemption to strong customer authentication for account access
The amendment aims to reduce frictions for customers using such services and to mitigate the impact that the frequent application of SCA and the inconsistent application of the current exemption have on AISPs’ services.
04/08/2022
Bank of England increases spending on data scientists
The most significant increase came between 2019 and 2020, amidst the Covid-19 pandemic, when the BoE’s total payroll for data scientist rose from £224,579 to £914,472, an increase of 307 per cent.