01/25/2021
FSCS Levy Forecast of £1BN Compensation Bill is Scandal that Shows Regulation is Failing Both Consumers and Firms
This is a further sign that the cost of compensation is truly out of control.
Legal, Regulation & Compliance
01/25/2021
Financial Regulation Update
ISDA published the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol on 23 October 2020.
01/22/2021
Collapsed DB transfer adviser’s wind-up drags on
Kingsway was also one of 45 firms put on the Financial Services Compensation Scheme’s default list between May and October last year.
01/22/2021
"Judgment laundering" doesn’t wash with the English Court of Appeal
While the Cayman Islands judgment was within the literal definition of the term “judgment” in the 1920 Act, Lord Justice Males preferred a more purposive construction.
01/22/2021
FSCS levy to breach £1bn as scheme eyes 48% hike
Due to the advice class breaching its limit, alongside the investment provision class
01/22/2021
Financial Regulation Update
The FCA has also published research conducted by IFF Research on CMCs, fee rules and financial services claims.
01/22/2021
Convicted London Trader Forfeits $5.4 Million in Profits
The confiscation comes after the pair lost a bid to overturn their conviction last month.
01/22/2021
Former Vatican Banker Convicted of Money Laundering and Embezzlement
The ruling by the Vatican court signaled the church’s desire to get its financial house in order following past scandals.
01/22/2021
FSCS wants ban for individuals involved in multiple firm failures
Recent data from the Financial Conduct Authority showed it had thwarted a dozen advisers attempting to phoenix in the first 10 months of 2020.
01/21/2021
FCA, DWP and MaPS enter into MoU
The FCA has announced that half of reporting firms who have previously submitted their regulatory reporting on Gabriel are now using RegData, the new data collection platform.
01/21/2021
African Development Bank, European Investment Bank sign Joint Partnership Action Plan to fast-track development in Africa
The Joint Action Plan was developed following an EIB delegation meeting with the African Development Bank in February 2020
01/21/2021
Significant Changes for Small/Mid Cap M&A and Digital Players – Amendment of German Act Against Restraints of Competition in force now
New Filing Obligation – Order of the FCO to Notify
01/21/2021
ABN Amro money laundering probe close to settlement, FD reports
ABN has not taken a provision for a settlement, but analysts expect the investigation to lead to a settlement with a fine of hundreds of millions of euros.
01/21/2021
Fitness and Probity - Central Bank of Ireland Expectations Not Being Met
The Central Bank will continue to engage with firms to assess the robustness of their application of the F&P Regime and will initiate necessary supervisory responses to any weaknesses identified."
01/21/2021
FCA proposes CMC fee price cap
'We estimate that the proposed cap on fees could save consumers around £9.6m a year.'
01/20/2021
Brewin Dolphin to pay out after client hit with £60k tax bill
Brewin Dolphin recommended he invest the £160,000 funds into a Sipp on the basis that Mr B had not contributed to a pension in the past three years and so had built up his annual allowance.
01/20/2021
Fallen tycoon faces jail after failing to turn up to court
A warrant was issued for his arrest.
01/20/2021
The Banks and the Police formalise their co-operation on anti-money laundering
The idea has been to find ways of increasing the level of co-operation between the banks and the Police and, by doing so, to improve the identification and prevention of money laundering, and combat organised crime and terrorist financing.
01/20/2021
Banque de France CBDC used for fund settlement project
The initiative is one of a number of different experiments underway at the Banque de France on potential applications for a central bank digital currency in interbank settlements.
01/20/2021
Compliance at home - The new normal
As we enter the latest lockdown, Newgate is working with clients to ensure their policies, procedures and risk assessments have been updated to take into account these significant changes to working practices.