12/16/2022
PS12/22 – Insurance special purpose vehicles: Further updates to authorisation and supervision
The PRA received six responses to the CP. Respondents generally welcomed the PRA’s proposals.
Legal, Regulation & Compliance
12/16/2022
DAC 8 proposal would require service providers to report crypto asset users
Beyond crypto assets, DAC 8 would extend the scope of the automatic exchange of advance cross-border rulings for high net worth individuals
12/16/2022
IFS pension tax reform proposals branded ‘ludicrous’
“This could lead to complaints en masse with advisers picking up the tab.”
12/16/2022
Addleshaw Goddard: Financial Services & Banking News
As a result, the Government does not plan to make secondary legislation under the Taxonomy Regulations this year.
12/16/2022
Central bank trio hikes rates as hawks and doves jostle for position
After simultaneous 50 basis point rate rises in the US, Europe and the UK, we look at the different outlooks and circumstances the respective central banks face.
12/16/2022
Bailey the ‘Grinch’: Five reactions to the BoE rate hike
Wealth and asset management pundits gave mixed reactions as the Bank of England raised interest rates to 3.5% on Thursday.
12/16/2022
Cerved partners Greenomy to support sustainable finance regulation compliance in Italy
Thanks to this strategic agreement with Greenomy, Cerved’s corporate and financial institution clients will be provided an end-to-end solution to perform a more complete risk assessment and help mitigate their climate risk.
12/15/2022
European wealth managers predict tougher suitability regulations
Most feel they will be pressured to pay compensation for failing to understand clients’ risk profiles
12/15/2022
InvestEU: Commission signs agreement with EBRD to unlock €2.1 billion in sustainable infrastructure, green economy and digitalisation
These investments will help the EU to achieve its broader strategic objectives of securing the green and digital transitions.
12/15/2022
FCA announces next steps on improving the compensation framework
The review aims to make sure the compensation framework continues to provide an appropriate level of consumer protection, with costs to industry distributed in a fair and sustainable way supporting innovation and growth.
12/15/2022
Festive shoppers at rising risk of loan fee scams as fraudsters pile on the pressure at Christmas
As consumers across the country are affected by the rising cost of living, more will face increasing financial stress at Christmas this year.
12/15/2022
UK FCA Action Against Firms Relating to Arrangements with Third Party Intermediaries – Lessons Learned
The finding, in particular, that JBIL failed to act with integrity stands out, with there being very few cases where the FCA has considered that there has been a breach of Principle 1 of its Principles for Businesses.
12/15/2022
UK festive period travel disruption: UK Border staff industrial action 23 to 31 December 2022 inclusive
UK Border Force staff will be striking at a number of UK airports from Friday 23 December to Saturday 31 December 2022, the Public and Commercial Service (PCS) union has announced. The strike action falls during what is typically a period of high-volume t
12/14/2022
Update on the sixth edition of the Regulatory Initiatives Grid
The Regulatory Initiatives Forum has announced that the sixth edition of the Grid, planned for publication in November 2022
12/14/2022
FSCS declares firm facing two pension transfer claims in default
Neither of the claims against the firm are related to the British Steel Pension Scheme scandal, an FSCS spokesperson told FTAdviser.
12/14/2022
Danske Bank reaches coordinated resolutions with the US and Danish authorities regarding the Estonia matter
Under the SCU resolution, Danske Bank has agreed to accept a fine and confiscation for violations of the Danish AML Act and the Danish Financial Business Act.
12/14/2022
Financial Services & Banking News
Earlier this year, the FCA Board agreed to establish the Committee to support the Board in executing oversight of ESG-related issues relevant to the FCA as a corporate entity and as a regulator.
12/14/2022
AFH-acquired advice firm fails
It is one of two companies that have gone bust according to the UK lifeboat scheme
12/13/2022
FCA sets out ideas to improve information provided to retail investors
The FCA will now be responsible for designing and developing new disclosure rules which meet the needs of the UK market and supports investors to make informed investment decisions.
12/13/2022
UK’s appointed representative reforms mean new data demands on firms
Under the new rules, principals will be required to notify the FCA of future AR appointments 30 calendar days before they take effect and provide complaints and revenue information on their ARs to the FCA on an annual basis.