Proposals to relax rules for small banks in UK a ‘game-changer’ despite US regional banking crisis May 30, 2023 Experts were quick to praise proposals to relax rules on smaller domestic banks as the consultation on the so-called ‘strong and simple regime’ came to an end today. The proposals include simplifying disclosure and liquidity rules for domestically focused banks with less than £15bn in assets.. The rules, the Prudential Regulation Authority (PRA) said, aim [...]
Consumer Duty: why City firms need to prepare now or face ‘robust action’ May 10, 2023 A clampdown is looming for City firms as the Financial Conduct Authority prepares to roll out its new consumer duty this summer, in the biggest shake-up of consumer protections in over a decade.
Regulator’s new enforcement proposals meet with mixed reviews from experts May 9, 2023 Plans to encourage self-reporting from financial firms under investigation have received mixed reviews from regulation experts. Under proposals set out last week, the Prudential Regulation Authority (PRA) said subjects under investigation could halve their fines by cooperating early in the investigation. The PRA said the so-called ‘early account scheme’ is designed to provide “greater clarity [...]
Crypto: As government consultation closes, what next for UK regulation? May 1, 2023 The government’s consultation on crypto regulations closed over the weekend with figures in the crypto industry welcoming proposals for greater oversight of the sector. The government hopes the regulations will turn the UK into a digital hub. The plans follow soon after a series of high-profile problems in the crypto industry, such as the collapse [...]
Post SVB reforms to UK banking regulation leaves sector divided April 19, 2023 Figures in the banking sector are divided over suggested reform to deposit protection, with regulators reported to be mulling raising the deposit insurance threshold in the wake of the collapse of Silicon Valley Bank (SVB) last month. According to a report from the Financial Times, regulators are considering updating the Financial Services Compensation Scheme (FSCS) [...]
Analysis: After the Silicon Valley Bank collapse, is it time for tighter liquidity rules? April 7, 2023 Experts have suggested that the global banking system needs tighter liquidity rules after the largest bank run in history felled Silicon Valley Bank (SVB) last month. The impact of mobile banking, new technologies and social media means it is easier than ever to move money around. More than $42bn flowed out of SVB in just [...]
No firms charged with ‘failure to prevent’ tax evasion in 6 years – here’s why April 3, 2023 The UK taxman has not charged any British firm with the ‘failure to prevent tax evasion’ offence since it was introduced six years ago, HMRC has confirmed. Under the offence, introduced in 2017, a British company can be criminally prosecuted if it was found to have not put adequate checks and systems to prevent its [...]
Power of Inclusion Breakfast To Discuss Cost of Living Crisis and Social Mobility within the City February 14, 2023 Bringing together some of the City’s most insightful minds including Alderman Vincent Keaveny and Sarah Churchman to discuss social mobility, the cost-of-living crisis and its immediate impact on businesses, The Lord Mayor’s Appeal will host its first Power of Inclusion breakfast workshop on Tuesday 28th February at Ashurst. Part of the Power of Inclusion initiative’s 2022-2024 [...]
Britcoin needs to prove it can secure adoption and not spy on our consumers, experts warn February 13, 2023 The digital pound faces a range of challenges before it could be adopted in the UK, experts told City AM, as industry figures continue to grapple with the announcement that a central bank digital currency (CBDC) is “likely to be needed” in the future. The risks a so-called Britcoin poses to financial stability and the [...]
British companies are failing to keep up with criminals, in-house lawyers warn November 3, 2022 In-house lawyers working in major British companies are becoming increasingly concerned that the firms they work for are failing to keep up with the methods being used by criminals to carry out financial crime. More than two-thirds of in-house lawyers surveyed by law firm Ashurst said they have concerns about their companies’ abilities to keep [...]