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Financial Services

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Experian hit with US CFPB lawsuit over alleged mishandling of consumer disputes January 07, 2025 | Xu Yuan

Credit-reporting agency Experian was sued by the US Consumer Financial Protection Bureau for alleged faulty practices in handling consumer disputes over credit rating reports.

Samherji sees UK legal fight reignited as spoof-apology artist lodges appeal January 07, 2025 | Martin Coyle

Icelandic fishing giant Samherji could see further UK court action after a conceptual artist who created a spoof website apologizing for the company's involvement in a bribery scandal appealed a ruling against... (more story)

Updates to UK ring-fencing regime, short-selling rules move closer to adoption January 07, 2025 | Sofia Gerace

An easing of the UK's bank ring-fencing regime and updated rules on short selling of securities both came closer to entering force today with the backing of a committee of lawmakers tasked with scrutinizing se... (more story)

New Zealand data-portability bill moves ahead, with changes recommended January 07, 2025 | Saloni Sinha

The data-portability bill introduced to New Zealand's parliament last year has taken a significant step forward, with a committee green-lighting the proposal, subject to changes including additional privacy sa... (more story)

Terraform Labs co-founder Kwon pleads not guilty in US fraud case January 02, 2025 | Samuel Rubenfeld

Terraform Labs co-founder Do Kwon pleaded not guilty to US fraud charges following the collapse of his decentralized financial world that prosecutors say was built on lies. Kwon was extradited to the US from M... (more story)

Record capitalization of crypto asset market means more risks, ESMA says January 02, 2025 | Jean Comte

The current record capitalization of the crypto asset market also means an increase in risks, the European Securities and Markets Authority told EU member states in December, according to a document seen by ML... (more story)

Tech companies 'critical' to UK financial services enter new regime tomorrow December 31, 2024 | Phoebe Seers

Tech companies see new UK rules take effect tomorrow that will see oversight handed to financial services regulators for the first time. Third-party providers of technology deemed “critical” to the financial s... (more story)

Banks could see UK payments regulator require data sharing December 23, 2024 | Phoebe Seers

The failure of UK banks and other payments firms to cooperate with each other against scammers could lead to a regulatory requirement to share data, the head of policy at the payments regulator told MLex. The ... (more story)

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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)

Banks, US Fed nearing possible showdown over stress tests January 02, 2025 | Neil Roland

Banks and regulators appear to be approaching another clash — this time over stress tests — just months after the firms forced US officials to retreat from their proposal for Basel III capital requirements. Sm... (more story)

EU starts race against time toward shorter settlement cycle January 02, 2025 | Jean Comte

The EU aims to reduce the maximum time allowed to settle a trade to one day — compared to two days currently — by October 2027. The timing is tight, as the process requires both legal tweaks and adjustments fr... (more story)

UK faces renewed debates on delaying Basel rules as Trump presidency begins December 31, 2024 | Sofia Gerace

The election of US President Donald Trump is expected to contribute to a further delay to the Basel capital requirements in the country's banking sector. But what does that mean for the UK? Some have mentioned... (more story)

UK financial watchdog ends year with marked shift from EU rules December 30, 2024 | Sofia Gerace

The UK Financial Conduct Authority’s last consultation of 2024 marks one of its most significant shifts from EU financial services regulation. The watchdog wants to amend the disclosures regime meant to provid... (more story)

UK financial firms to see red lines drawn over bullying, harassment next year December 27, 2024 | Phoebe Seers and Martin Coyle

A recent ban for a company director who lied about a serious violent crime has been a reminder of the UK financial watchdog's drive to act against non-financial misconduct, whether at work or outside. But a la... (more story)