02/01/2023
ECB to stress test 99 banks
The results will shed light on the impact of adverse shocks on banks’ resilience under challenging macroeconomic conditions.
Legal, Regulation & Compliance
02/01/2023
FCA warning on pre-paid probate plans could signal increased regulation
The FCA warned that pre-paid probate plans are not protected by the Financial Services Compensation Scheme (FSCS) and there is no requirement for money to be held in trust or backed by insurance.
02/01/2023
Financial Services & Banking News
These themes are based on over 350 findings from intelligence-led penetration tests conducted on 14 firms during this cycle of testing
01/31/2023
UK turns to industry to solve £26bn lost pensions problem
‘It is time for the DWP to get off the fence and take action’
01/31/2023
ESMA approves of proposed sustainability disclosures
Further guidance on the materiality assessment process should also be issued ahead of adoption by the European Commission, Esma also noted.
01/31/2023
DORA: New EU Operational Resilience Regime for the Financial Sector
Notably, certain unregulated technology providers, such as ICT third-party service providers, are now within the direct scope of financial regulatory requirements for the first time.
01/31/2023
Finma lodges 27 criminal complaints for unlicensed portfolio managers and trustees
The regulator has also put 153 companies on its warning list.
01/30/2023
Chancellor sets out long-term vision to grow the economy
Chancellor Jeremy Hunt today set out his vision for long-term prosperity in the UK, calling on businesses in key growth areas to invest in the UK and expressing his desire to make the UK an attractive site for innovators and entrepreneurs.
01/30/2023
FCA extends asset retention rules for British Steel advice firms
As it writes Dear CEO letter telling pension providers to comply with information requests
01/30/2023
BNP Paribas Frankfurt office searched in cum-ex probe
German prosecutors said they have been conducting a search at a banking institution in Frankfurt since Tuesday in relation to cum-ex, without naming the bank.
01/30/2023
Addleshaw Goddard: Financial Services & Banking News
This instrument comes into force on 27 January 2023.
01/30/2023
Barclays and UBS face questions over Roman Abramovich’s billion-dollar trusts
Exclusive: Leak shows oligarch was a major client of Barclays in Monaco and UBS in Zurich, with at least $940m in assets held at the banks
01/27/2023
The Bank of England’s Annual Report on FMIs: A stocktake and detail on the future approach on FMI supervision
BoE focuses on four key areas: operational resilience, CCP resilience and recovery, innovation in payments and recognition and supervision of cross-border CCPs and CSDs.
01/27/2023
British Steel pension scheme misleading redress offers
Some firms have told consumers that their redress would amount to zero if it is calculated in accordance with our guidance.
01/27/2023
Research agency supporting high risk, high reward research formally established
Science Minister George Freeman today announces the formal establishment of the Advanced Research and Invention Agency (ARIA) as an independent body.
01/27/2023
Harneys wins Caribbean Law Firm of the Year - Citywealth IFC
The winners are those judged to have excelled in achievement, innovation, expertise, and service.
01/27/2023
UK ‘green’ claims probe should spur governance rethink, says expert
They said the probe also highlights the need for all businesses engaging in product promotions to undertake robust due diligence over the environmental credentials of their products to verify that what they claim publicly on packaging and in marketing mat
01/27/2023
Withers tech advises as ETF Partners co-leads a £50 million Series C funding round into The Modern Milkman
ETF Partners is a UK-based venture capital fund focused on identifying and backing high-potential start ups with a positive impact.
01/27/2023
Addleshaw Goddard: Financial Services & Banking News
The proposals set out in the consultation paper provide the Bank of England with new powers and tools to effectively manage the failure of a major insurer, ensuring the UK is aligned with the relevant international standards.
01/26/2023
UK financial adviser charged with 29 counts of fraud
He is accused of duping more than 20 victims out of just over £5m