Region: United Kingdom

Individual accountability and the SMCR: a portent of success for the FCA's new Consumer Duty?

Similarities between the FCA’s introduction of the Senior Managers and Certification Regime, and current proposals for a consumer duty, may be a harbinger of success for the latter, writes Jenny Stainsby, the head of Herbert Smith Freehills’ global financial services regulatory practice.

12 January 2022

Natwest names Linklaters alum as GC

Linklaters’ former firmwide managing partner Gideon Moore has joined Natwest as its general counsel.

12 January 2022

Bank of England introduces West’s first shariah liquidity facility

Advised by Ashurst, the UK’s central bank has set up the first shariah-compliant liquidity facility outside of the Islamic world.

22 December 2021

ESMA to tackle exposure to non-EU CCPs

The EU’s securities regulator has called for extra powers to reduce the financial stability risks posed by the bloc’s exposure to non-EU central counterparties, naming clearing services provided by LCH and ICE Clear Europe as of “substantial systemic importance”.

22 December 2021

“Highly concerning”: Bank of England calls for post-Archegos bank review

The UK’s financial regulators have called on major banks to review their equity finance businesses in the wake of the Archegos collapse – proposing they cut senior executives’ bonuses until they can demonstrate improved risk management – as the US Fed also issues its post-Archegos guidance.

15 December 2021

Kleptocracy in the UK: regulation and lawyers at fault, report says

Despite progress on paper, the UK remains a safe haven for dirty money and kleptocrats, a Chatham House report says, recommending the country follow the United States’ lead in reporting all transactions of politically exposed persons.

09 December 2021

FCA proposes banning Greensill-style “regulatory hosting”

The UK’s Financial Conduct Authority has proposed banning regulatory hosting regimes, used by the now-collapsed supply chain finance group Greensill to operate in the UK without a banking licence, saying the scheme is causing a “wide range of harm”.

06 December 2021

O-SII buffers to exclude central reserves under new FPC proposals

O-SIIs’ total assets “may no longer be a desirable metric” to determine their buffer rates, according to the Bank of England’s financial policy committee, as it proposes to reduce their buffer thresholds by £15 billion by excluding central reserves.

17 November 2021

BoE proposes tighter post-Brexit CCP rules

The Bank of England has proposed a new tiered system for non-UK central counterparties looking to do business in the country, following the EU’s introduction of its own stricter post-Brexit approach last year.

10 November 2021

Credit Suisse retrenches following Archegos and Greensill debacles

Credit Suisse has announced plans to draw back from its hedge fund financing activities to focus on private banking and wealth management, following a year that has seen it burned by both the Archegos and Greensill collapses and a set of regulatory interventions.

04 November 2021

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