HSBC fined £57.4m for customer deposit protection failings – BBC News
‘HSBC has been fined £57.4m by the Bank of England for “serious failings” over its requirements to protect customer deposits.’
BBC News, 30th January 2024
Source: www.bbc.co.uk
Category: financial regulation
UK to legislate for cryptoasset regulatory regime – OUT-LAW.com
‘The UK government has confirmed that it will legislate for a new regulatory framework for cryptoassets.’
OUT-LAW.com, 31st October 2023
Source: www.pinsentmasons.com
UK government to introduce new rules to restrict ‘de-banking’ – OUT-LAW.com
‘The UK chancellor has announced new rules to restrict the practice of ‘de-banking’ amid reports that some banks may have closed customer accounts because of their political beliefs.’
OUT-LAW.com, 25th October 2023
Source: www.pinsentmasons.com
Financial Services and Markets Act 2023: Financial promotions and cryptoassets – Mills & Reeve
‘The Financial Services and Markets Act 2023 (FSMA 2023) has recently come into force, having received Royal Assent on 29 June 2023. It’s a significant piece of legislation which will introduce some fundamental changes to UK’s post-Brexit and regulatory landscape.’
Mills & Reeve, 24th August 2023
Source: www.mills-reeve.com
UK sustainability disclosure standards expected by July 2024 – OUT-LAW.com
‘New UK sustainability corporate disclosure standards are expected to be endorsed by the UK government by July 2024.’
OUT-LAW.com, 16th August 2023
Source: www.pinsentmasons.com
Shah v Pensions Regulator: UT confirms Contribution Notice – Pensions Barrister
‘On Friday 28 July, the Upper Tribunal (Tax and Chancery Chamber) published its decision in Shah v The Pensions Regulator [2023] UKUT 00183 (TCC), in which it upheld the issue by tPR’s Determinations Panel of a contribution notice under s.38 of the Pensions Act 2004.’
Pensions Barrister, 31st July 2023
Source: www.pensionsbarrister.com
Consumer Duty: ‘most significant change’ to UK financial services regulation in a decade comes into force – OUT-LAW.com
‘The Consumer Duty, which comes into force today, is the “most significant change to financial services regulation” in a decade, according to one legal expert.’
OUT-LAW.com, 31st July 2023
Source: www.pinsentmasons.com
UK retail financial services set for biggest overhaul in 20 years – The Guardian
‘The biggest regulatory shake-up of UK retail financial services for two decades will come into force on Monday in an effort to crack down on rip-offs and poor customer service.’
The Guardian, 31st July 2023
Source: www.theguardian.com
New Financial Services and Markets Act will establish UK’s post-Brexit regulatory framework – OUT-LAW.com
‘Less than a year since it was first laid before parliament, the Financial Services and Markets Bill has been granted Royal Assent – firing the starting pistol on what is likely to be a marathon effort to establish the UK’s post-Brexit financial services legislative and regulatory landscape.’
OUT-LAW.com, 29th June 2023
Source: www.pinsentmasons.com
New recommendations for reform and development of the law on digital assets to secure UK’s position as global crypto hub – Law Commission
‘The Law Commission of England and Wales has today published recommendations for reform and development of the law relating to digital assets.’
Law Commission, 28th June 2023
Source: www.lawcom.gov.uk
Crypto ads will need to carry risk warnings under new UK rules – The Guardian
‘Crypto firms must warn customers they should not expect protection if their investment goes wrong and introduce a “cooling off” period for first-time investors, under new rules imposed by the UK financial watchdog.’
The Guardian, 8th June 2023
Source: www.theguardian.com
UK watchdog plans to shake up stock listing rules – BBC News
‘The UK’s financial watchdog has announced plans to shake up its rules in a bid to attract more companies to list shares on UK stock markets.’
BBC News, 3rd May 2023
Source: www.bbc.co.uk
PwC fined for Babcock audit failings including creating false record – The Guardian
‘The consultancy group PwC has been hit with a £7.5m fine over a string of serious breaches while auditing the engineering company Babcock’s accounts, including creating a false record of documents reviewed for a sensitive government contract.’
The Guardian, 8th March 2023
Source: www.theguardian.com
A sustainable future – reforming club football governance – Government publications
‘This White Paper sets out the government’s comprehensive plan to introduce an independent regulator for professional clubs in the English football pyramid.’
Government publications, 23rd February 2023
Source: assets.publishing.service.gov.uk
FCA set to regulate ‘buy now pay later’ payment products in UK – OUT-LAW.com
‘The UK government has published draft legislation which would bring the fast-growing “buy now pay later” (BNPL) industry within Financial Conduct Authority (FCA) regulation and bolster protection for consumers.’
OUT-LAW.com, 17th February 2023
Source: www.pinsentmasons.com
Government promises robust crypto regulation – BBC News
‘The government is announcing measures to “robustly” regulate the cryptocurrency industry.’
BBC News, 31st January 2023
Source: www.bbc.co.uk
FCA fines show focus remains on AML compliance – OUT-LAW.com
‘Recent fines issued to two banks by the Financial Conduct Authority (FCA) highlight the regulator’s continued focus on driving compliance with anti-money laundering (AML) requirements in UK financial services, an expert has said.’
OUT-LAW.com, 13th January 2023
Source: www.pinsentmasons.com
