03/31/2021
FCA urges Claims Management Companies and High Cost Lenders to work better t
All firms are also reminded of the need to have regard to previous FOS decisions when they are dealing with complaints.
Legal, Regulation & Compliance
03/30/2021
Co-op Legal Services warns of digital assets time bomb as 'unclaimed funds' pot swells
Figures released by Finder in February 2021* show that almost a fifth (19%) of Brits say they’ve now bought cryptocurrency - equivalent to 9.8 million people - meaning that the number of crypto-users in the UK has surged by 558% since the beginning
03/30/2021
A new year, a new set of arbitral rules: a summary of the key changes introduced in the 2021 ICC arbitration rules
This introduces greater flexibility in the manner in which hearings are conducted and allows for parties’ to ensure their voices are heard and cases are plead even if they are prevented from traveling physically to a hearing.
03/30/2021
Financial Regulation: Daily Update
The action outlined in the Decision Notice is therefore provisional and will have no effect pending the determination of the case by the Upper Tribunal.
03/30/2021
The FCA and the Bank of England encourage market participants in a switch to SONIA in the sterling non-linear derivatives market from 11 May
Where new LIBOR transactions are entered into, market participants should be aware of the risks and take appropriate steps to establish that their clients are too.
03/30/2021
Sanne secure first specialised depositary services licence in Ireland
The new licence expands Sanne’s already well-established product offering to cater for Irish domiciled closed-ended funds.
03/30/2021
The English High Court holds that “awareness” is required for LIBOR misrepresentation claim
The claimants contended that their loans were tainted by false representations on LIBOR.
03/30/2021
7IM suspends dealing in two funds over liquidity concerns
Based on two illiquid securities
03/30/2021
Vatican official ‘offered call girl as thank you for £300m Chelsea property deal’
Judge Tony Baumgartner dismissed the restraint orders on Torzi, who denies charges of embezzlement, fraud, extortion and money laundering.
03/30/2021
Better Growth Offsets Inflation ANGST
The first quarter of 2021 was most notable for the bond tantrum as inflation expectations in the market started to adjust to the reality of higher prices.
03/30/2021
Will 2021 be the year of special purpose acquisition companies (SPACs) in Luxembourg?
A SPAC is essentially a shell company formed with no business purpose or undertaking other than to raise funds for some future undefined object, and then later use the proceeds of that offering to acquire a private company in a reverse merger.
03/30/2021
ESMA fines Moody's €3.7 million for conflicts of interest failures
ESMA believes it is crucial, to ensure independent good quality ratings and to protect investors, that CRAs carefully identify, and subsequently eliminate or manage and disclose conflicts of interest to avoid interference by shareholders with the rating p
03/30/2021
Davy taps A&M for forensic investigation into operations
The news comes weeks after Davy was fined €4.1 million by Ireland’s Central Bank for a number of regulatory breaches related to a 2014 transaction.
03/29/2021
European supervisory authority issues €8.15m fine for international data transfer and processing failings
This case demonstrates that organisations that transfer
03/29/2021
PIMFA Welcomes the Enhancements to Consumer Protection Laid out in New Work and Pensions Committee Report on Pension Savers and Scams
Savers cannot continue to be liable to lose their life savings because of what amounts to regulatory shades of grey and the government must act to both empower the Regulator, as well as place a duty of care on tech providers to undertake proper due dilige
03/29/2021
BSPS adviser enters default with 13 FSCS claims
The scheme had about 130,000 members at the time of which 43,000 were deferred, which meant transferring out of their pension was an option for them.
03/29/2021
FCA bans IFA convicted of grooming
Given the nature and circumstances of his offence, the FCA considers that Mr Frensham is not a fit and proper person to perform any function in relation to any regulated activity
03/29/2021
First Decision of a German Data Protection Authority on Supplementary Measures for International Personal Data Transfers from Europe
A German publishing company based in Munich used the online service "Mailchimp".
03/29/2021
City may never be the same as five-day-a-week commute ends, says former Bank of England deputy
The switch will impact the economy “in ways we don’t fully foresee”, the former deputy governor for monetary policy at the Bank said this morning.
03/28/2021
FCA: Feedback on open finance call for input
It also summarises the industry and HM Government initiatives which have developed since the FCA originally issued its Call for Input.