08/30/2022
BSPS redress scheme likely to be challenged at court by campaigners
The group submitted evidence to the now concluded Public Accounts Committee’s inquiry into BSPS.
Legal, Regulation & Compliance
08/30/2022
Completion of BNP Paribas Jersey Trust Corporation Limited
This latest deal will bring additional scale and local expertise to ZEDRA’s already fast growing Jersey office.
08/29/2022
PRA and FCA conclude investigations into senior managers in relation to the 2008 failure of HBOS plc
The Authorities’ joint investigations considered the performance of certain former senior managers at HBOS in the years before its failure.
08/29/2022
Euro zone bond yields shoot up to two-months highs on hawkish ECB, Fed
Comments from Federal Reserve Jerome Powell, speaking at the Jackson Hole central banking conference in Wyoming, added to the unease in bond markets over rapidly rising rates to contain inflation.
08/29/2022
Andy Bell: Common sense failure risks good work on pension transfers
Pension scam protection is vital but some trustees are determined to only consider the ‘letter of the law’ and not to apply common sense
08/29/2022
Scots court issues ‘timely reminder’ on interpretation of terms in contracts
McLure remains a 40% shareholder in the company, which provides support services to the oil and gas industry.
08/26/2022
Insurance woman wins discrimination lawsuit against Swiss Re
Sommer says she was passed over for two managerial positions while she was on maternity leave, despite having more experience than those hired later.
08/26/2022
UK Online Safety Bill updated to require content to be assessed in context
In a separate factsheet, the government highlighted other new clauses it has added to the Bill, which are designed to enhance protections for journalism.
08/25/2022
Addleshaw Goddard: Financial Services & Banking News
The FCA are now seeking expressions of interest from external experts to join the Committee
08/25/2022
Germany plans new financial crime authority in bid to tackle money laundering
With the new authority, the finance ministry hopes to make it easier to tackle complex international money laundering cases, which have long been a weak spot for the country.
08/25/2022
FCA board approves final appointed rep rules
The final minor changes include reducing the pre-notification period from 60 to 30 days.
08/25/2022
FCA plans to broaden retail access to LTAFs ‘may not go far enough’
LTAFs are intended to help better manage the liquidity risk of long-term illiquid assets
08/25/2022
Dutch doing a better job fighting money laundering, international monitor says
FATF also praised the cooperation between various Netherlands agencies in detecting and fighting money laundering.
08/24/2022
ECB confirms sanctions on Crédit Agricole for classifying shares as CET1 capital without prior approval
The subsidiaries CACIB and CACF took a similar approach for three consecutive quarters.
08/24/2022
European Investment Bank’s €150 Million Retrocession and Undertaking Agreement With UniCredit Bank
The EGF is designed to support companies that are considered to have economic viability and would be able to meet the requirements of a lender or other financial intermediary for commercial financing.
08/24/2022
Bank of England may be forced to raise interest rates to 4% in 2023
City traders bet central bank will more than double cost of borrowing to combat soaring inflation
08/24/2022
UK FCA issues clarification on IFPR and SM&CR
This was to retain the definition in the FCA’s rules following deletion of the IFPRU sourcebook.
08/24/2022
Industry veteran Moret calls for rewrite of Sipp regulation
He explained the implications for providers of all types of Sipp, particularly those operating on an execution-only basis, are significant.
08/24/2022
Sky-high inflation risks British Steel victims being short changed
‘Based on the current methodology, the higher the rate of gilt yields then the lower the redress will be’
08/24/2022
Is bank capital the next flashpoint over City regulation?
Topic has potential to cause schism between Westminster and Threadneedle Street