Monthly Archives: August 2017
The Basel Committee on Banking Supervision today released a consultative document on the implications of fintech for the financial sector. The document assesses how technology-driven innovation in financial services, or “fintech”, may affect the banking industry and the activities of supervisors in the near to medium term. Various future potential scenarios are considered, with their […]
FMLC was invited to comment on the EU (Withdrawal) Bill, and has now provided its views to the Ministry of Justice. It is concerned that the wording of the Bill will create confusion. The Bill essentially says that all EU measures that are effective in the UK immediately before exit day will be effect post-exit. […]
We have updated our article on the Criminal Finances Act, to reflect the decision to bring into force the offence of failing to prevent facilitation of tax evasion on 30 September. Have you considered how this affects your internal policies and procedures?
The FCA has today launched its PPI campaign with a television advert in order to raise awareness of the two year deadline to make a complaint about payment protection insurance. The deadline, which has been introduced by the FCA in order to prompt people to check whether they had PPI and whether they want to make a complaint, ends […]
The Commission is urgently making an amendment to clarify the scope of the MiFID 2 systematic internaliser category. It has noted certain technological developments which risk undermining what should be a clear separation between bilateral own account trading when executing client orders and multilateral trading. The Commission stresses that a systematic internaliser is not allowed to engage, […]
A recent case looked at the extent to which there is an agency relationship between an AR and its principal. In the case, an AR entered into a client agreement with the claimant under which it arranged an investment in a company. The client claimed the the AR gave incorrect and misleading information and breached COBS rules and […]
In 2001, the European Commission identified certain barriers relating to post-trade services, and although major changes have taken place in the capital markets such as EMIR, CSDR and SFTR), no review had been undertaken. The Commission has now published a consultation paper on post-trade services in the CMU in order to understand stakeholders’ views on […]
Treasury has confirmed its plans to ban cold calling, emails and texts in respect of private pensions as part of its measures to address pension scams. It will also tighten rules to ensure that only active companies which produce up-to-date accounts can register pension schemes and introduce measures to help prevent money being transferred from […]
The Ministry of Justice has published guidance for claims management companies when they handle cases relating to Plevin. The guidance mainly explains what FCA’s expectations are and stresses that CMCs must not mislead clients about likely levels of redress. It also cautions against referring complaints to FOS without properly engaging with the relevant financial business […]
Bond Dickinson will be hosting and speaking at the 2017 Financial Crime Compliance Professionals Certification Course on 4 October. Attendance is limited to only 30 delegates, so book soon!