City firms’ regulatory burden rises as UK and EU diverge on financial rules September 27, 2023 City firms face an increasing regulatory burden as the UK and the EU begin to diverge on financial services regulation.
Bank of England set to delay bringing in Basel overhaul of banking rules September 25, 2023 The Bank of England is planning to push back implementation of the final round of Basel reforms by six months after receiving a deluge of industry feedback.
Sky urges UK government to cut red tape and protect creative sector September 20, 2023 Sky has urged the government to loosen its regulatory grip on the creative industry, which it believes could boost the economy by £10bn.
Water industry shake-up: Ministers accused of ‘deep-rooted complacency’ September 19, 2023 The government has been accused of “deep-rooted complacency” over water industry regulation in a report by the House of Lords. Peers, who reported on issues such as investment, water supply and wet wipes, have branded the government’s response to its findings one of “dismissive brevity and complacent tone”. It comes after the committee published a [...]
PRA hits back at claims it has been ‘captured’ by insurance sector September 13, 2023 The head of the banking and insurance regulator today rebuffed accusations that it had been "captured" by the insurance industry as it considers major reforms to the sector.
Government won’t create single insolvency regulator in its industry overhaul September 12, 2023 Insolvencies will not be regulated by a single body, after the government dropped plans to create a solo watchdog for the sector. Ministers had proposed setting up a single regulator of insolvency practitioners to run within the insolvency service – but have since reversed on the idea. The move comes as high street retailer Wilko [...]
Global watchdog warns over ‘very high leverage’ in hedge funds September 6, 2023 Leverage is now very high in parts of the $7 trillion hedge fund sector, G20 risk watchdog Financial Stability Board (FSB) warned on Wednesday, while noting that significant data gaps make it hard to get a full picture of vulnerabilities among "non-banks".
Consumer Duty comes into force in biggest regulatory shake-up for a decade July 31, 2023 The City watchdog’s flagship new regulation, the Consumer Duty, comes into force today with experts describing it as the most important regulatory change in a decade. The new principle aims to ensure firms deliver good outcomes for consumers on the quality and price of products and services, and make sure a higher standard of consumer [...]
Financial services tribunal can boost competitiveness and help small businesses, experts argue July 30, 2023 A financial services tribunal could boost the City’s competitiveness by providing a body of consistent case law and a route for firms to seek justice, experts told City AM. Speaking to City A.M. Richard Samuel, barrister at 3 Hare Court Chambers, said “London’s common law dispute resolution system is a key part of what makes [...]
Government looks to scrap EU short selling rules in post-Brexit deregulation drive July 11, 2023 The government is looking to ditch EU-era short selling rules and will scrap a requirement for individual investors to reveal their bets against companies as part of a post-Brexit push to scrap red tape in the City.