05/31/2019
FSB publishes peer review of implementation of the Legal Entity Identifier
The regulatory uses of the LEI are multiple and the benefits can be substantial.
Legal, Regulation & Compliance
05/31/2019
Raphaels Bank fined £1.89m for outsourcing failings
Raphaels failed to have adequate processes to enable it to understand and assess the business continuity and disaster recovery arrangements of its outsourced service providers
05/31/2019
LV and L&G offload GI businesses
The transaction will close on December 31, 2019
05/31/2019
FSCS edges closer to compensating mini-bond investors
The scheme stated: "Following our investigations, we now understand London Capital & Finance’s business practices much better, and we believe there are sufficient grounds for us to carry on exploring these issues.
05/30/2019
Advisers told to warn clients of Help to Buy crunch
This means buyers only need a 5 per cent cash deposit and a 75 per cent mortgage to make up the rest. In London the government loan even amounts to 40 per cent.
05/30/2019
Iress launches XPlan upgrade to save advisers' time
"Advisers work with one set of documents, one set of compliance rules and one client file record ensuring consistent and accurate advice at all times."
05/30/2019
FSCS receives £6m claims against jailed brothers
The FSCS told FTAdviser it had received 229 claims against the brother's advice arm Taylor & Taylor Associates, totalling £5.5m.
05/30/2019
Brexit 'shadow of uncertainty' costs City 'world's financial hub' status
London is no longer perceived as the world's preeminent financial centre by global professionals, the majority of whom now see New York as the world's financial hub, with Brexit uncertainty weighing heavily on perceptions of the UK capital'
05/30/2019
Santander launches 10-year fix
It has also unveiled rate reductions of up to 0.20 percentage points across seven of its two-year and five-year fixed rate products, with LTVs ranging from 85-95 per cent.
05/30/2019
NCA secures Unexplained Wealth Orders for prime London property worth tens of millions
The London property is linked to a politically exposed person believed to be involved in serious crime.
05/30/2019
New framework for funds recognition established by Dutch and Hong Kong regulators
“The new arrangements will lead to smoother operations in areas such as information exchange, regulatory cooperation and ultimately the authorisation of funds,” said ZEDRA Hong Kong Managing Director, John Ashwood.
05/30/2019
UK Financial Conduct Authority Identifies Significant Shortcomings in Firms Operating Appointed Representative Platforms
The FCA identified significant shortcomings by principal firms as to how they understood and complied with their regulatory responsibilities in respect of their ARs.
05/30/2019
ICOs and Digital Assets: A New and Optional Legal Regime in France
This new initiative follows Italy, which enacted in early February 2019 a set of rules establishing an overarching legal foundation for the validity and enforceability of distributed ledger technologies and smart contracts.
05/30/2019
Latest Developments in relation to the Market Abuse Regulation
ESMA has been asked to provide its contributions by no later than 31 December 2019.
05/30/2019
Mifid rules inhibit use of multiple platforms by advisers
While Mr Milton only uses one platform, he had a client who had assets spread across two platforms.
05/29/2019
Church of England asset management report reveals huge pay gap
Church Commissioners, the organisation that manages the assets of the Church of England, has a huge pay gap between its highest and lowest-earning employees, according to its latest annual report.
05/29/2019
One Year On: The Impact of the GDPR on Digital Banking
The GDPR implications for the financial services sector were undoubtedly significant, and the move towards digitisation and open banking has compounded an already complicated privacy landscape in an industry where trust is crucial.
05/29/2019
FCA warns of disruption to stock markets
The regulator called on the EU to adopt "equivalency" for a short period in the event of a no deal
05/29/2019
FCA bans former broker over 'dishonest' trades
The trades are designed to cancel each other out, so the investors are in the same position as when they started, except that the brokers charge the clients a fee for carrying out the trades, which are typically not needed by the client.
05/29/2019
Leading offshore law firm advises bank on credit facility
We are delighted to have advised JPMorgan Chase Bank