12/20/2018
FCA bans debt management boss who purchased firm with client money
Mr Newton knew these monies from First Step should only have been used to pay customers’ creditors or to be returned to customers.
Legal, Regulation & Compliance
12/19/2018
FCA package of measures for high-cost credit review
The FCA has also made new rules strengthening the protections for consumers using home-collected credit (doorstep lending), catalogue credit and store cards and it is consulting on further measures on buy now pay later offers.
12/19/2018
Opinion of the European Banking Authority on preparations for the withdrawal of the United Kingdom from the European Union
A ratified withdrawal agreement may provide all stakeholders with more time to implement the necessary changes, but, given the lack of certainty, mitigating actions need to start now if they have not already done so.
12/19/2018
Oslo Børs signs agreement with UnaVista
The transaction reporting will be based on a tri-party partnership.
12/19/2018
MiFID II prompts Bloomberg to partner with ETF providers to launch volume feed
Increasing transparency
12/18/2018
The financial services contracts regime
The Government has now published draft legislation (link is external) for the financial services contracts regime (FSCR) which will provide a limited period of time during which EEA passporting firms can continue to service UK contracts
12/18/2018
Commission proposes to extend equivalence for Swiss share trading venues for six months
Once adopted, the measure will ensure that businesses and markets can continue to operate smoothly and without any disruptions after 31 December 2018.
12/18/2018
New rules for claims management companies to boost consumer protection and professionalism
'The new rules will ensure firms are transparent about their estimated fees before the customer signs on the dotted line, and notify customers of free statutory ombudsmen or compensation schemes.
12/18/2018
Catella divests Card Issuing operations in Luxembourg to Advanzia Bank and completes strategic review
The balance sheet total of Catella Group will be reduced by approx.
12/18/2018
Financial adviser accused of £31K fraud
The alleged victim visited the bank mostly on a Monday and Thursday, although sometimes it was not always possible for her to stick to those days.
12/18/2018
FCA intervenes on overdraft fees
Under the proposed rules arranged overdraft prices will have to be advertised in a standard way, including an annual percentage rate (APR) to help customers compare against other products.
12/18/2018
Calls for independent regulator
The FRC currently regulates auditors, accountants and actuaries in the UK, sharing this responsibility with professional membership bodies.
12/18/2018
EU agrees bad-loan rules, stricter provisioning schedule
The rules are meant to avoid a future build-up of bad loans at banks, which have hampered the EU’s economic recovery after the 2007-2008 financial crisis.
12/17/2018
Ex-CFO of failed bank BES sues Bank of Portugal, KPMG for $4.9 bln
Various lawsuits by BES bondholders and depositors have challenged the way the central bank’s forced “resolution” imposed losses on them
12/17/2018
French luxury dynasty in court battle over 'Mona Lisa' of Ferraris
My brother and sister have never accepted that (my father) gave this car to me
12/17/2018
Anti-corruption strategy: year 1 update
This update highlights the action taken since the launch of the UK anti-corruption strategy 2017 to 2022.
12/17/2018
Shock waves of #MeToo reach the City of London
Some senior female executives who have already broken the glass ceiling have been instrumental in accelerating the pace of change.
12/17/2018
A Billionaire Hit by Sanctions Makes Life Hard for Nordic Banks
The billionaire is suing Svenska Handelsbanken AB for refusing to accept cross-border transactions
12/17/2018
UK govt to stop use of illicit money in property purchases by foreigners
The phenomenon has turned the real estate markets of North American and European cities into the savings accounts of wealthy foreigners - some of whom face allegations of corruption or crime back home.
12/17/2018
Guernsey regulator clarifies collateral rules for ILS cells
The regulator, the Guernsey Financial Services Commission (GFSC), has clarified a number of issues around the authorisation process for ILS cells following talks with the Guernsey International Insurance Association.