Monthly Archives: April 2018
Chancellor calls for international approach to tackling corruption
Philip Hammond is to use the G7 and IMF meetings in Washington this week to call for: international agreement on denying North Korea access to finance. He wants all jurisdictions to push their banks and insurance companies to be more alert to spotting new methods of deception that attempt to bypass restrictions; and the IMF to target global corruption. He […]
FCA gives application guidance
FCA has updated its website on pre-application stages for firms wishing to become authorised. The changes focus on what asset managers should consider.
UK and US announce working group creation
HM Treasury and the US Treasury Department have announced the formation of a Financial Regulatory Working Group, to formalise engagement on bilateral regulatory cooperation. The group is scheduled to meet twice a year
EP publishes MLD5 text
Following its vote to approve MLD5, the EP has now published the provisional version of the approved text.
FCA creates new basic advice page
FCA has created a new page on its website explaining the basic advice regime under MiFID 2 and the IDD. It explains it needed to update its guidance to firms to explain the impact of these pieces of legislation. In particular, it addresses how it needed to apply some MiFID 2 requirements (or “at least […]
FCA publishes latest complaints data
The latest complaints data from FCA shows 3.76m complaints were received by firms in the second half of 2017. This is a significant increase on the previous half year, with 1.55 million complaints relating to PPI – 40% more than the previous half year and the highest level for over 4 years. Similarly, firms paid […]
FCA writes to CEOs on irredeemable preference shares
FCA has written a “Dear CEO” letter on irredeemable preference shares and similar instruments. FCA is looking to ensure investors have all the information they need to assess the risks and rewards of certain fixed income shares and is particularly concerned about those described or implied in some way to be permanent. It therefore wants […]
RBS to pay £3.5bn to pension scheme ahead of ring-fencing
Royal Bank of Scotland (RBS) has agreed to pay contributions of up to £3.5 billion to its pension scheme in readiness for UK ring-fencing legislation taking effect from 1 January 2026. RBS has agreed a Memorandum of Understanding with the trustee of the Main Scheme of the RBS Group Pension Fund under which it will […]
EP votes through MLD5
The European Parliament adopted in plenary session on 19 April the proposals for MLD5. In an EP press release prior to the vote: the proposals to require public access to beneficial ownership information, to introduce registers for beneficial ownership of trusts and for banks accounts and safe deposit boxes were highlighted as important measures; EP […]