Author Archives: Emma Radmore
The new Sanctions and Anti-Money Laundering Bill (the Bill) was introduced in Parliament on 18 October, following the publication of the Bill in August. This Bill seeks to enable the UK to continue to comply with the current UN sanctions regime after Brexit, by covering matters currently deal with through the European Communities Act 1972 (which will […]
The European Security and Markets Authority (ESMA) has published the responses received to the Consultation on Guidelines on certain aspects of the MiFID II suitability requirements. The draft Guidelines are intended to implement enhanced provisions to ensure investor protection. The consultation was therefore of particular relevance to investment firms and credit institutions providing investment advice or discretionary portfolio management services. […]
After collecting responses from over 13,000 UK consumers, FCA has revealed the results of its largest tracking survey of consumer behaviour and use of retail financial products and services. Aiming to tell the financial story for six age demographics (and key themes of each life stage), the survey found that 50% of the adult population shows one […]
The European Commission has opened a public consultation on broadening law enforcement access to centralised bank account registries, with a view to increasing the speed and effectiveness with which authorities can trace criminal assets and investigate corruption. Targeted at consumers, law enforcement agencies and almost all within the banking sector, the consultation seeks to collect opinions […]
The European Commission has invited feedback on whether supervisory reporting requirements in financial services legislation are fit for purpose. It has published a roadmap on which it asks for views by 14 November. The roadmap looks at the work the Commission has done to date and comments it has received, but it says does not prejudge […]
Steven Maijoor has spoken on the state of European financial markets. He spoke not only about Brexit, focussing on the need for a strong supervisory culture, but also on the importance of building the CMU and improving understanding of trends, risks and vulnerabilities in the financial markets. He spoke about the continuing lack of trust […]
The second commencement order for the Criminal Finances Act 2017 brings into force several new provisions, including those on the potential extension of the moratorium period following a SAR and the new procedure for allowing regulated sector entities to share information on suspicions. These parts of the Act take effect from 31 October 2017.
TheCityUK has called on the government to progress the Brexit transitional arrangements as quickly as possible, before firms have to implement their contingency plans because they cannot wait any longer. The paper stresses what is at stake for both the UK and the EU, and calls for an early agreement on transitional arrangements which should be […]
Linda Woodall has spoken at an event to launch FCA’s Occasional Paper on the ageing population. FCA has for some years been aware that the financial services needs of older consumers are generally not being met. Not all older consumers are disadvantaged and not all have the same needs. But, while there is no “one-size-fits-all” […]
The Wolfsberg Group has updated: its Correspondent Banking Due Diligence Questionnaire. The Questionnaire has been around for some years, but this is its first significant and substantial overhaul; and its Payment Transparency Standards. Additional standards have been added to those originally recommended.