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Financial Services

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UK banks, payments firms reimburse over 90 percent of APP fraud under new rules January 21, 2025 | Phoebe Seers

UK banks and payments firms are reimbursing more than 90 percent of fraud claims since new rules took effect in October, the head of the payments regulator said today. It's a marked increase from approximately... (more story)

UK online safety laws can fight fraud on tech platforms, FCA says (update**) January 21, 2025 | Phoebe Seers and Frank Hersey

Tech platforms could be effectively targeted under the UK's online safety laws to tackle consumer fraud emanating from their services, a senior official with the Financial Conduct Authority said today, noting ... (more story)

UK finance minister seeks to intervene in car-financing dispute January 21, 2025 | Sofia Gerace

The UK finance ministry has said it wants to intervene in the Supreme Court's three-day hearing over a major judgment on the mis-selling of car finance. The ministry fears that an outcome in favor of consumers... (more story)

EU and UK financial regulators to meet next month as divergences grow January 20, 2025 | Jean Comte

The third EU-UK Joint Financial Regulatory Forum will take place in London on Feb. 12, MLex has learned. The meeting will take place as the UK steers its regulatory framework further away from the European one... (more story)

UK financial firms to see reporting burden eased by regulator's growth plan January 17, 2025 | Sofia Gerace

UK financial services companies will see duplicative reporting requirements eliminated under plans by the Financial Conduct Authority to help back the new Labour government's growth mission. In a letter publis... (more story)

Andrea Beltramello to head capital markets union team at EU Commission January 17, 2025 | Helena Freitas

Andrea Beltramello has been appointed head of unit for capital markets union at the European Commission’s department for Financial Stability, Financial Services and Capital Markets Union. He will be leading th... (more story)

Socialite Stunt denies allegations in UK money laundering ‘plot’ January 17, 2025 | Martin Coyle

James Stunt, a UK socialite and businessman, today rejected knowing that millions of pounds in cash and gold were being deposited in his offices in London’s upmarket Mayfair district as he denied a 207 million... (more story)

UK delays Basel bank rules in anticipation of Trump’s deregulatory push January 17, 2025 | Sofia Gerace

UK banks will see the implementation of Basel 3.1 rules begin in January 2027, a year later than previously planned, the UK central bank's supervisory arm said today. The delay was due to the uncertainty over ... (more story)

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UK FCA’s proposed failure metrics underscore risks in pro-growth agenda January 20, 2025 | Phoebe Seers and Sofia Gerace

The UK government's relentless pro-growth agenda could lead to more companies failing and more fraud, the financial services watchdog has warned. The question now is how much failure the government is willing ... (more story)

UK's Russia sanctions regime faces key tests as Supreme Court hears challenges January 14, 2025 | Martin Coyle and Phoebe Seers

The UK will see its Russian sanctions regime stress-tested this week as the country's top judges hear appeals from billionaire oil tycoon Eugene Shvidler and Russian businessman Sergei Naumenko. The government... (more story)

EU banks brace for key rulings on the future of banking union January 10, 2025 | Jean Comte

The EU's highest court is set to rule on three cases which could significantly impact the EU banking resolution framework; one of the main pillars of the framework for banking stability built after the great f... (more story)

As listed companies flee UK's junior stock market, can regulators stop the rot? January 09, 2025 | Sofia Gerace

The London Stock Exchange's junior market, the Alternative Investment Market, turns 30 this summer after enduring a record year for delistings. Will there be anything to celebrate? The exodus of companies from... (more story)

Behnam's US CFTC crypto crackdown ends with departure January 07, 2025 | Neil Roland

Rostin Behnam's announcement today that he will step down as US Commodities Futures Trading Commission chair marks the departure of an aggressive enforcer on cryptocurrency matters on the eve of a new administ... (more story)

US Fed’s suspension of capital, liquidity rulemaking ensures pro-banking tilt January 06, 2025 | Neil Roland

The US Federal Reserve will shelve policy making on Basel III capital requirements, stress tests, long-term debt and discount window rules until a replacement is confirmed for Biden appointee Michael Barr. Bar... (more story)

UK consolidated tape takes shape, but cost is still unclear January 06, 2025 | Sofia Gerace

The tender for the UK consolidated tape for bonds data is set to open this month, and the tape should then enter into service at the end of the year. But there is still uncertainty on how much it will cost. Th... (more story)

Third Party Litigation Funding industry sees EU regulatory clouds forming January 03, 2025 | Jean Comte

Third-Party Litigation Funding is getting increased attention from EU regulators, fueled by pushes from business representatives who say it presents a risk for their activity. The TPLF industry, which says the... (more story)