LATEST NEWS

This following lists some of the latest announcements and articles relating to compliance within the financial services sector. It is built from many RSS feeds and is updated daily. The page can get quite large so if you are looking for a particular topic we suggest you use your browser's find bar.

Financial Conduct Authority

Arab National Bank (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
17 June 2019, 2:12pm

FCA calls on consumer to act now as PPI complaints deadline pressure builds
As new ads launch today, 90s icon Mr Motivator and personal finance expert Sarah Pennells join ‘Animatronic Arnie’ on FCA’s ‘Pressure’s on Panel’ to help galvanise consumer action The FCA releases latest figures on PPI
17 June 2019, 9:00am

FCA and CSRC announce their support for the Shanghai-London Stock Connect scheme
The Financial Conduct Authority (FCA) and the China Securities Regulatory Commission (CSRC) have today made a joint announcement of their approval of the Shanghai and London Stock Exchanges’ proposed new Shanghai-London Stock Connect. They have also published a memorandum of understanding (MoU) aimed at providing the basis for the regulatory co-operation that will support the success of the scheme.
17 June 2019, 8:00am

Pentagon (UK) Limited and Atlantic Finance (UK) Limited enter administration
On 13 June 2019, Pentagon (UK) Limited and Atlantic Finance (UK) Limited were placed into administration by KPI (Nominees) Limited, who hold a charge over these firms.
14 June 2019, 5:39pm

Swiss Investment FX (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
14 June 2019, 3:43pm

Swiss Investment Ltd (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
14 June 2019, 12:35pm

Goldman Sachs Asset Management International (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
14 June 2019, 10:55am

Fiedler Hans Peter (FHP) (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
13 June 2019, 2:13pm

Deccan Loans (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
13 June 2019, 12:31pm

Infinity Capital Markets
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
13 June 2019, 12:05pm

Claims Careline Ltd (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
13 June 2019, 11:48am

Daxhelet Capital (clone of authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
13 June 2019, 11:46am

FCA publishes final report in relation to RBS GRG
The Financial Conduct Authority (FCA) has today published the final report on its investigation in to Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). This follows the update provided in July 2018 on the investigation. 
13 June 2019, 10:00am

Regulatory co-operation between the UK and US: now and in the future
Panel appearance by Nausicaa Delfas, Executive Director of International at the BritishAmerican Business Transatlantic Finance Forum, New York City
12 June 2019, 5:34pm

GPC SIPP Limited enter administration
Following discussions with the Financial Conduct Authority, on 11 June 2019, the sole director of GPC SIPP Limited, a firm authorised and regulated by the FCA, appointed Adam Stephens and Henry Shinners of Smith & Williamson LLP as joint administrators.
12 June 2019, 1:45pm

Collier Consulting Group LLC
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
12 June 2019, 8:34am

FCA publishes final rules on Buy Now Pay Later products
The Financial Conduct Authority (FCA) today confirmed it will introduce new rules in the Buy Now Pay Later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period, will be in force by 12 November 2019.
12 June 2019, 8:00am

HG Financial Management Co - Huber Gustav (clone of EEA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
11 June 2019, 5:02pm

LAMP Insurance Company Limited (LAMP) has entered into liquidation
LAMP is an insurance firm authorised and regulated by the Gibraltar Financial Services Commission (GFSC).
11 June 2019, 5:01pm

ECM Asset Management Limited (clone of FCA authorised firm)
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 
11 June 2019, 4:55pm

Norton Rose Fulbright

Financial services: Regulation tomorrow

ESMA letter on EMIR Refit hedging exemption for calculation of clearing thresholds for non-financial groups
On 14 June 2019, the European Securities and Markets Authority (ESMA)  published a letter to the Commission, dated 7 June 2019, regarding the calculation of the month-end average positions of financial counterparties (FC) in non-financial groups under the EMIR Refit regulation, which is used to determine whether FCs are subject to the clearing obligation when...… Continue Reading
16 June 2019, 5:01pm

New note on IOSCO report on sustainable finance
We have published a new two-part briefing note summarizing the International Organization of Securities Commission’s (IOSCO) report of 5 June 2019 on sustainable finance in emerging markets and the role of securities regulators (our blog is here). The report takes a cross-border look at how emerging jurisdictions are implementing measures to promote the development of...… Continue Reading
14 June 2019, 2:22pm

AMLD5: European Commission considers new methodology to identify high-risk third countries
Following the rejection by the Council of the European Union (“the Council”) on 07 March 2019 of a draft list of 23 high-risk countries, as proposed in February 2019 by the European Commission in accordance with Article 9 of Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes...… Continue Reading
14 June 2019, 2:09pm

Back to basics: AML
On 3 July 2019, our financial services team will be holding its next 40 minute briefing, discussing key anti-money laundering (AML) developments. This event will take the form of a webinar; registration and further details can be found here. This briefing will discuss, amongst other things: The changes under the Fifth Anti-Money Laundering Directive High risk...… Continue Reading
14 June 2019, 2:03pm

Financial Supervision Funding Regulation 2019 published in Dutch Government Gazette
On 12 June 2019, the Financial Supervision Funding Regulation 2019 (Regeling bekostiging financieel toezicht 2019, the Regulation) was published in the Dutch Government Gazette (Staatscourant). The Regulation is based on the Financial Supervision Funding Act (Wet bekostiging financieel toezicht) and the Financial Supervision Funding Decree 2019 (Besluit bekostiging financieel toezicht 2019) and sets out the...… Continue Reading
14 June 2019, 1:22pm

PRA Policy Statement on 2019/20 regulatory fees and levies
On 13 June 2019, the PRA published Policy Statement 12/19 (PS12/19) on regulated fees and levies, detailing its rates for 2019/20. Specifically, PS12/19 sets out the PRA’s final policy on: the fee rates to meet the PRA’s 2019/20 Annual Funding Requirement (AFR) for the financial period 1 March 2019 to 29 February 2020; amendments to...… Continue Reading
14 June 2019, 12:46pm

Economic and Monetary Union: Commission reports on progress
On 12 June 2019, the European Commission issued a press release which takes stock of the progress made to deepen Europe’s Economic and Monetary Union since the Five President’s Report. The press release also states that ahead of the Euro Summit of 21 June, the Commission invites EU leaders to: reach an agreement on the...… Continue Reading
14 June 2019, 12:45pm

PRA Rulebook (EU Exit) (Amendment) Instrument 2019
On 13 June 2019, the PRA published an updated version of Policy Statement 5/19, regarding the Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018. The Appendix of the Policy Statement has been amended to include B.2A, containing the PRA Rulebook (EU Exit) (Amendment) Instrument 2019. The updated Instrument...… Continue Reading
14 June 2019, 12:44pm

BoE, FCA and MAS announce collaboration on cybersecurity
On 13 June 2019, the Bank of England (BoE) published a press release alongside the FCA and the Monetary Authority of Singapore (MAS) regarding collaboration in the field of cyber security. Specifically, the MAS, the BoE and the FCA have announced that they will be working together to strengthen cyber security in their financial sectors....… Continue Reading
14 June 2019, 12:41pm

FCA consults on framework for assessing adequate financial resources
On 13 June 2019, the FCA published Consultation Paper 19/20: Our Framework: Assessing Adequate Financial Resources (CP19/20). Understanding a firm’s financial risks, its proximity to failure and how harm is minimised in failure is an important component of the FCA’s supervisory work. Firms should undertake their own assessment of the adequacy of financial resources and...… Continue Reading
14 June 2019, 12:40pm