10/31/2018
Will Cost Disclosure Be The 'Halloween' of MiFID II ?
All wealth management firms, no matter how big or small will have to disclose every single cost and charge that they pass on to their end client.
Legal, Regulation & Compliance
10/31/2018
DWP claims it will cost £500m to ‘unfreeze’ expat pensions
Uprating of expat pensions bound by legal requirements in the country to which person has retired
10/31/2018
Sipp providers must check offshore investments, UK court rules
FCA warns Sipp providers to notify regulator of any financial strains due to claims from ruling
10/31/2018
Bahamas placed on UK’s money laundering watchlist
Under the UK’s Money Laundering, Terrorist Financing and Transfer of Funds law British regulated businesses are obliged to “take into account geographical risk factors” when assessing risk and the extent of anti-money laundering measures
10/31/2018
Danske Bank whistleblower will give department of justice information on massive Russian money laundering scheme
But the British bank official was required to stay silent because he had signed a nondisclosure agreement with his former employers.
10/30/2018
The crash is going to be violent: Italy headed for crisis, warns banker
The Italian government has not understood this.
10/30/2018
Asset managers buck trend as financial services complaints reach record high
Investment product complaints just 2% of total
10/30/2018
Did UBS Have a `Serious' Hiring Problem? Judge Asks at Tax Trial
Judge takes blunter stance after banker discredits witness
10/30/2018
SJP and Sesame are most complained about advice firms
As a whole, when complaints against St James's Place Wealth Management are factored in, SJP received 1,602 complaints
10/30/2018
Royal Bank of Scotland signs First Data for merchant services in UK
Worldpay Inc., in an 8-K filing with the U.S. Securities and Exchange Commission, disclosed the deal to end its referral agreement between its Worldpay U.K. Ltd. subsidiary and RBS in 2019.
10/30/2018
Cold calling ban to become reality in autumn
A draft of the full SI is published at Annex A of the consultation response document.
10/30/2018
Cryptoasset Taskforce publishes report on UK approach to cryptoassets
The Financial Conduct Authority (FCA) has today, as part of a Treasury (HMT) led Cryptoasset Taskforce published a report on the UK’s policy and regulatory approach to cryptoassets.
10/30/2018
Cryptoassets Taskforce: final report
It provides an overview of cryptoassets and DLT, assesses the associated risks and potential benefits, and sets out the path forward with respect to regulation in the UK.
10/30/2018
Sweden Finds Flaws in Nordea's Anti-Money Laundering Defenses
The review follows the warnings and fines Nordea and Handelsbanken got from the FSA in 2015 after deficiencies were found in their work to prevent money laundering.
10/30/2018
FCA hit by staff exits ahead of Brexit deluge
More than one in nine staff left the regulator in the last financial year, with headhunters saying executives can receive higher salaries elsewhere
10/30/2018
CMA confirms concerns about investment consultants
The new results were based on an extension to the previous sample dataset, following criticism from some of the major consultant firms.
10/30/2018
Lawyers build numbers for class action against NAB, Clydesdale
The TBLs at the heart of the dispute were purportedly fixed-rate loans, but RGL says they contained embedded or hidden swaps that were not disclosed to customers.
10/30/2018
FCA fines Liberty £5.2m for oversight failures
The third party undertook all administrative functions associated with the mobile phone insurance on Liberty’s behalf including all claims and complaints handling functions.
10/30/2018
Hong Kong and UK regulations clash
Some retail funds in Hong Kong do not meet UK requirements for local distribution under new agreement
10/30/2018
EU citizens to retain rights to remain in Jersey
The planned amendments to the Jersey Immigration Rules will launch the Jersey EU Settlement Scheme, which will begin in January 2019.