The Lending Standards Board (LSB) published a report (dated May 2017) setting out the findings of its Standards Development Project (SDP) on digital. The SDP included credit card, loan and overdraft products. In the report, the LSB notes that, in the context of the Standards, the most significant areas of digital development for firms are […]
The latest forecast from the European Parliament’s legislative observatory indicates the first plenary hearing of the MLD5 proposals will be on 23 October.
A swathe of delegated legislation and adopted technical standards relating to MiFID 2 has been published in the OJEU. Key measures now published (many of which had been finalised some time ago) include: the MiFID 2 level 2 Regulation on organisational requirements and operating requirements for investment firms, and defined terms; the MiFIR level 2 […]
At the Legal Business Awards on 23 March, we were delighted to win Insurance Team of the Year 2017. Click here to read more about our team’s achievement.
Philip Hammond’s Spring Budget has not sprung any surprises on financial regulation. The Chancellor is required to write to FCA and PRA (to be operated by the Prudential Regulation Committee) each year with recommendations, and has accordingly done so. The letter to FCA applauds FCA’s work to date, and highlights that: the Government is particularly […]
The Investment Association (IA) has published an updated version of its guidance for members on authorised funds. This is a document designed for use by investors who are considering investment in a UK authorised fund and for firms to use in answering their questions.
A direct mail order and online business has agreed with FCA that it will set up a redress scheme to provide around £12.5m redress to 330,000 customers to whom it sold insurance which offered them little or no value. Express Gifts Ltd was authorised to sell general insurance, and sold cover against accidental damage and […]
The Loan Market Association (LMA) has responded to the UK Treasury Committee’s call for evidence on EU exit and transitional arrangements, in preparation for the start of official negotiations upon the triggering of Article 50. The LMA response sets out the need for transitional arrangements for the loan market following the UK’s exit from the […]
Treasury has published a draft legislative reform order to amend the Limited Partnerships Act 1907 in respect of private investment funds, such as venture capital and private equity funds. The proposals include the creation of a private fund limited partnership (PFLP) as a new form of limited partnership. The order is due to come into force […]
Industry has reacted to Theresa May’s speech of 17 January, when she confirmed Britain would leave the single market. In her speech, the Prime Minister reiterated that it is for the Government alone to invoke Article 50 and take responsibility for negotiations with the EU, working with the devolved administrations. She confirmed the plan, soon, to […]