06/19/2020
Charging ban to cost IFAs up to £400k a year
These costs include both compliance costs arising from the regulator’s interventions and the loss of revenue for adviser businesses
Legal, Regulation & Compliance
06/19/2020
Deutsche Bank Pays $10.25M in Reporting Failures, Spoofing Settlements
The consent order stems from a complaint filed in August 2016, after an unprecedented swap reporting platform outage at Deutsche Bank that began on April 16, 2016.
06/18/2020
DC Advisory advised Fidelius Group on its strategic alliance with Pacific Asset Management
The proposed terms of the strategic alliance involved a share swap arrangement whereby
06/18/2020
China Pacific Insurance List GDRs in London
China Pacific Insurance received clearance to list in London from the CBIRC (China Banking and Insurance Regulatory Commission) in May and the CSRC (China Securities Regulatory Commission earlier this month.
06/18/2020
With consolidation, Raisin takes on European promise of single market
The consolidation means Raisin can now offer uniform banking services to all of its continental European customers.
06/18/2020
IMA Releases New Reports on the Role of CFO in Sustainability
Reports analyze integration of finance professionals in sustainable business activities
06/18/2020
FCA makes mini-bond marketing ban permanent
This includes bringing listed bonds with similar features to speculative illiquid securities and which are not regularly traded within the scope of the ban.
06/18/2020
Firms must do more to ensure that they are always giving appropriate equity release advice, FCA review finds
The FCA’s review found equity release to be working well for many consumers.
06/18/2020
TPR launches interim regime for DB superfunds
Guidance will help protect savers and give employers and trustees more choice ahead of Government legislation
06/18/2020
COVID-19: FCA updated guidance on mortgages
The FCA states that firms should give customers adequate information on support offered
06/18/2020
Coronavirus and UK tax-exempt artworks and heritage assets
The owners of a national heritage property should follow the relevant public health authority’s social distancing guidance.
06/17/2020
A financial system to support the recovery
Speech by Charles Randell, Chair of the FCA and PSR, to a virtual roundtable of bank chairs hosted by UK Finance.
06/17/2020
European Commission kicks off major EU trade policy review
The results of this consultation will feed into a communication to be published towards the end of the year.
06/17/2020
The FCA’s and PSR’s joint approach to Access to Cash
The shared objective of the FCA and PSR during the crisis has been to work with industry to ensure the provision of essential services for consumers, including access to cash, in light of bank branch and cash machine closures due to coronavirus and govern
06/17/2020
Guernsey simplifies application process for MGAs
The GFSC said a new application form for MGAs made it simpler for them to apply for a Guernsey licence.
06/17/2020
FSCS to reopen offshore property cases
The group also offers a range of corporate bonds.
06/17/2020
Fines, short jail terms for four ex-ICBC Spain employees in laundering case
A spokesman for the court said that the judge would have to ratify the agreement, which was considered a formality.
06/17/2020
FCA fines London bank branch £38m over anti-money laundering failures
Firms operating in the UK, including branches of overseas firms, must take reasonable care to organise and control their affairs responsibly and effectively
06/17/2020
PIMFA welcomes FCA Chairman Charles Randell’s comments regarding the FSCS Levy
It is also encouraging to see the Chairman of the FCA acknowledge the FSCS Levy is already at an unacceptable level placing an unfair financial burden on firms that serve their customers well and give good advice.
06/16/2020
Standard Chartered closes Guernsey trust business
Standard Chartered's own statement simply read: "Please be aware that the company no longer offers trust and fiduciary services in Guernsey."