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Author - Emma Radmore

HMRC updates MSB MLR guidance

HMRC has published updated guidance for MSBs on understanding risks and taking action. It confirms that MSBs are seen as attractive vehicles for criminals and gives examples of how MSBs have been used for money...

FCA publicly censures former Sonali Bank CEO

FCA has at last issued its final notice which publicly censures Mohammed Ataur Rahman Prodhan, former CEO of Sonali Bank UK.  FCA had already taken regulatory action against both the bank and its MLRO in relation to AML...

New FSMB Amendments published

The House of Commons has published an amendment paper for the FSM Bill, tabling two new additional clauses. The new clauses relate to stewardship reporting requirements for OPS and for large institutional investors...

Law Commission consults on DAOs

The Law Commission has published a call for evidence, seeking information about how decentralised autonomous organisations (DAOs) should be characterised and how the laws of England and Wales might accommodate them in...

FOS feeds back on future funding

FOS has published feedback following its discussion paper on its future funding. Following comments, it will not take forward some of the options on which it sought views, such as charging professional representatives...

LSB and PSR sign MoU

The LSB and PSR have signed and published a memorandum of understanding. setting out how the bodies will co-operate and communicate. The accompanying press release note who LSB champions the CRM Code and wants to work...

FCA reacts to FTX failure

FCA has noted that UK customers of FTX may be alarmed following its provisional liquidation in the Bahamas and filing for bankruptcy in the US. It had previously warned customers that FTX is not regulated in the UK and...

Treasury updates AML advisory

Treasury has updated its money laundering advisory notice on high risk third countries. The following list has also been substituted for the current list in Schedule 3ZA of the MLRs: Albania Barbados Burkina Faso...

FCA bans director

FCA has banned Ashkan Zahedian, former sole director of an authorised consumer credit firm, following his conviction for serious, violent offences that took place while he was an approved person. FCA said the offences...

FCA updates ARs page

FCA has updated its website page on Appointed Representatives, to reflect the changes coming in on 8 December.  Among other things, the page reminds firms of: the s165 information request that principals will receive...

CMA writes to Barclays on PPI breaches

The CMA has written a public letter to Barclays because the bank failed to send reminders to up to 1,306 customers about their payment protection insurance (PPI) policies. This meant a breach of Article 4 of the Payment...

FCA updates on mortgage switching

Following its update earlier this year, the FCA has published a technical note on switching in the mortgage market which includes more in-depth analysis. Key findings include: since the mortgage market study (MMS) (H2...

Final day of FSMB debate published

In the morning and afternoon of the final day of the Public Bills Committee debate on the FSM Bill, the remaining tabled new clauses were discussed: that the Chair of the PSR should be a member of the FCA board:  this...

FCA and BoE agree MoU with Bank of Greece

FCA has published a Memorandum of Understanding (MoU) between the Bank of Greece (BoG) and the BoE and FCA which aims to formalise supervisory cooperation and information sharing arrangements in the wake of Brexit...

FSM Bill completes Commons committee stage

The FSM Bill has completed the committee stage in the House of Commons and Parliament has published a revised version of the Bill. Of the amendments tabled in the committee stage, the following have been added to the...

FCA publishes financial promotions data

FCA has published data covering the period of 1 July to 30 September 2022 assessing its action against authorised firms for breaching financial promotion rules and referrals, as well as its investigations into...

FSMB amendment paper published

The House of Commons has published an updated version of the  FSM Bill amendment paper which lists all amendments tabled to the Bill together with any withdrawn amendments. The tabled amendments include: Government...

FOS publishes latest complaints data

The latest quarterly complaints data from FOS reveals: 38,470 new complaints from July – September 2022 (Q2), an increase of 3,000 on Q1; nearly 6,000 complaints about current accounts (up by 500) nearly 3,400...

Andrew Griffith letters on FSMB

The House of Commons has published a letter from Andrew Griffith on the FSM Bill dated 10 October to Tulip Siddiq and Abena Oppong-Asare. The letter followed the second reading of the Bill and addresses: the...

OFSI updates Russian sanctions guidance

The FCDO, OFSI and the ECJU have updated its guidance on the scope of the sanctions against Russia and when a licence might be available.  The update caters for the most recent regulations (Amendment number 15), which...

FCA makes new rules

FCA’s latest Handbook Notice confirms changes to SUP 16 to reflect requirements on firms subject to IPRU(INV) 5. The changes take effect from 31 December and mainly amend form FSA035 for affected firms.

ASA rules against Cryptocurrency Ad

ASA has ruled against Luno Money’s poster ad for its cryptocurrency exchange service for failing to contain any risk warning that the value of Bitcoin could go down as well as up, in breach of CAP Code 3.1, 3.3...

ASA rules on more debt advice service ads

On 7 April, ASA published 2 more rulings on the advertising of debt advice services, this time by Flexible Digital Solutions Ltd (FDS) and TFLI Ltd t/a Wise Old Mary (TFLI). As with their previous rulings, both resulted...

EFMLG and FMLC Joint Letter: LIBOR transition

Together with the European Financial Markets Lawyers Group, on 19 March 2021 FMLC sent a letter to regulatory authorities in key jurisdictions urging cooperation in relation to the discontinuance of LIBOR. Given the...

FCA announcements on the end of LIBOR

FCA has confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: immediately after 31 December 2021, in the case of all sterling, euro, Swiss franc and...

CAP guidance on delayed payment services

In December the Committee of Advertising Practice (CAP) published new guidance on marketing communications for delayed payment services. This specifically relates to those services not regulated by the FCA. The guidance...

What next in BI appeal?

The hearing of the business interruption insurance test case appeal in the Supreme Court is now over. FCA has published the draft transcripts up to day 3, and the judges are aware of the importance of an early judgment...

FCA updates on Supreme Court BI appeal

FCA has updated its website to reflect the running order for the Supreme Court hearing in its test case on business interruption insurance. The hearing started on 16 November and is expected to close on Thursday. The...

FCA writes to CEOs of LLMI firms

FCA has written a portfolio strategy letter to Lloyd’s and London Market Intermediaries and Managing General agents. It sees the key risks these firms present in: financial resilience and orderly wind-down...

FCA confirms BI appeal date

FCA has confirmed the Supreme Court’s permission to appeal in the test case on business interruption insurance. The appeal will be heard from 16 November, probably for 4 days. RSA has confirmed it will not be...

FCA publishes BI High Court declarations

FCA has published the High Court declarations made in the test case, which are the culmination of the test case judgment. The declarations set out how and to what extent the policies in the representative sample used in...

BI consequentials hearing set for 2 October

FCA says the Court has confirmed the consequentials hearing following judgment in the BI insurance test case will take place on 2 October, probably in the morning. FCA will live stream the hearing, at which the parties...

FCA writes to CEOs on BI judgment

FCA has written to the CEOs of insurers following publication of the High Court judgment on the BI test case. It expresses its gratitude to the insurers that were parties to the case and to all those who have co...

Court approves insurance transfer

The High Court has approved a Part VII transfer of an insurance portfolio from Legal and General to Reassure. The portfolio includes around 900,000 insurance-based savings, pensions, life and with-profits business and...

Rothesay/Prudential transfer to go to appeal

In the week that the Court published its agreement to one Part VII transfer involving it, Rothesay Life has announced the Court of Appeal hearing against the court decision to decline to sanction the Part VII transfer...

FCA updates on BI test case

The test case FCA brought to get court clarity on the application of certain clauses in a number of business interruption insurance policies is now complete. FCA has now published the draft transcripts for days 1-7 of...

FCA publishes Day 2 BI test case transcript

FCA has published the draft transcript from Day 2 of the Business Interruption Test Case hearing.  Counsel developed the arguments from the details discussed on the first day, with reference to specific policies, and to...

Lloyd’s updates on Part VII and Brexit

Lloyd’s has confirmed that, as of the end of the Transition Period on 31 December, Members’ policies will be transferred to Lloyd’s Insurance Company SA. The affected policies will be those where all...

Day 1 BI test case transcript published

FCA has published the draft transcript of Day 1 of the business interruption insurance test case.  Much of the first day focused on how the pandemic developed, the actions of UK government and the effects on business...

FCA updates BI papers ahead of trial

FCA has updated its list of documents relating to the business interruption insurance test case in preparation for the trial starting on 20 July. The documents now published are: the agreed list of issues and common...

FCA updates on BI test case

FCA has published its and the Intervenors’ skeleton arguments for the trial, which will commence on 20 July.  Over the weekend, it published: its skeleton argument: this runs to over 300 pages and explains, among...

FCA serves BI insurance Reply

FCA has published its Reply and defence to Counterclaims to the Defences of the insurers in its Business Interruption Insurance test case, as well as its amended Particulars of Claim, the judgment from the first Case...