05/03/2024
New London Base for Guernsey Finance
The decision to open an office was made following a lengthy consultation with industry stakeholders and will be used by the Guernsey Finance team to facilitate its busy schedule of meetings.
Legal, Regulation & Compliance
05/02/2024
HMRC rejecting high numbers of SSAS applications, AMPS warns
We are becoming increasingly concerned that HMRC are rejecting new SSAS approvals.
05/01/2024
Building operational resilience at the heart of the financial system − speech by Sasha Mills
Given at the London Institute of Banking and Finance
05/01/2024
HMRC is rejecting increasing numbers of SSAS approvals warns association
A number of Association of Member-Directed Pension Schemes members have reported rejections on new applications and delays in communication
05/01/2024
AFH sues ex-adviser for £1.6m in restricted covenant breach claim
The wealth firm alleges that ex-adviser Samantha Baker broke a restricted covenant to take 121 clients with her to Regentia Lifestyle Planning.
05/01/2024
FSCS declares firm in default over poor pension transfer advice
The last two provided investment advice, and recommended clients transfer their pensions into self-invested personal pensions
05/01/2024
Are you prepared for FCA’s next deep dives?
The FCA will be looking closely to ensure it is not a compliance-led or tick box rubber stamping exercise.
05/01/2024
Crypto regulation in the UK: what are stablecoins?
The rationale behind the legislative approach was, along with other jurisdictions, to bring cryptoassets into the same regulatory perimeter as other asset classes.
05/01/2024
Chancellor Hunt warns FCA over ‘name and shame’ plans
The regulator is consulting on plans to name firms under enforcement investigation when it is in the public interest, but the industry is fiercely opposed.
04/30/2024
Insurance intermediaries: mandatory follow-up documentation to be submitted to FINMA by the end of June 2024
Insurance intermediaries who submit their follow-up documentation by then may continue to operate as insurance intermediaries until FINMA decides whether they meet the registration requirements.
04/29/2024
FCA issues almost 600 alerts in initial months of tighter financial advert rules
11% related to clone scams
04/25/2024
Ex-Manulife financial adviser gets 12 year ban over S$1.2m ‘fictitious investment’ transfer
The banning order was issued following Ong’s conviction in the State Courts for cheating offences
04/25/2024
FCA charges man with fraud over £2.7m investment scheme
Maggs is alleged to have operated an unauthorised investment scheme called 'Kube Trading'
04/25/2024
What’s next? Bulk annuity insurers – Regulatory developments − speech by Lisa Leaman
Given at Westminster and City’s 21st Annual Conference on Bulk Annuities
04/25/2024
FCA is keeping close eye on systemic risk following private equity fears
As high interest rates raise the risk of losses for banks and the private equity sector is heavily reliant on debt, regulators are stepping up their scrutiny of private equity markets.
04/25/2024
Calls for urgent reform of LoA process after report reveals wasted cost
The LoA is a gateway process for individuals navigating financial advice or pension transfers
04/25/2024
How have financial firms adapted with Consumer Duty implementation?
The Consumer Duty regulation has already shown it will have a long-lasting impact
04/25/2024
FCA proposes extension of the SDR regime to portfolio managers
The proposals to extend the regime are primarily aimed at wealth management services for individuals and model portfolios for retail investors.
04/24/2024
FCA extends SDR rules to portfolio managers
This will include model portfolios, customised portfolios and/or bespoke portfolio management services.
04/24/2024
50% of Emea firms seek clearer AML regulations
Despite the digital push, 35% of respondents see skilled staff as vital for effective AML compliance, hindering digital tool adoption that could boost the detection of suspicious activities.