The U.K’s Financial Conduct Authority said Wednesday it will allow banks and asset managers to continue using exchanges in the European Union to trade shares when the Brexit transition period ends in January, a decision in stark contrast to the more restrictive expectations the European Union outlined last month.
The United Kingdom’s Financial Conduct Authority said Tuesday that it had made changes to its requirements for open banking identification, in an effort to “limit the risk of disruption” to these services in the wake of Brexit.
The U.K. Supreme Court on Monday said it would permit six insurance companies and Britain’s financial regulator to appeal a landmark decision that insurers should have to pay most business interruption claims stemming from the COVID-19 pandemic, scheduling a hearing to start Nov. 16 in the closely-watched case.
A U.K. financial regulator on Monday reprimanded Aviva for an announcement the London-based insurer made 2018 about the possibility of canceling preference shares at par value, which was below where they were trading at the time, saying it had the “potential to mislead the market.”
Goldman Sachs has reached a $2.9 billion settlement with regulators around the world for risk management failures connected to the 1Malaysia Development Berhad fraud scandal, ending several yearslong investigations into the investment bank's wrongdoing and prompting it to decide to claw back $174 million in pay to current and former executives.
The U.K.’s financial regulator and six insurance companies are applying to appeal to the country’s Supreme Court over last month’s watershed High Court ruling that left insurers on the hook for most business interruption losses stemming from the COVID-19 pandemic, as policyholders continue to press for more immediate payouts.
A global financial standard-setter laid out a roadmap on Friday to transition the finance world off a widely used but soon-to-be-discontinued interest-rate benchmark, saying it expects lenders to be able to offer loans not tied to the London Interbank Offered Rate by the end of this year.
Insurers may undergo a difficult transition when a key interest-rate benchmark sunsets at the end of next year, forcing an adjustment in billions of dollars of assets and debt holdings, ratings agency AM Best said.
The United Kingdom’s financial watchdog stressed on Monday that banks must adapt to the varieties of risk that may present themselves as staff continues working from home during the pandemic, saying that the potential for market abuse may rise without appropriate oversight.
The U.K.’s Financial Conduct Authority banned the sale of certain types of crypto derivatives Tuesday, saying that the products are “ill-suited for retail consumers” because of the high potential for harm and for sudden, unexpected losses.
The International Swaps and Derivatives Association’s proposed amendments to its standardized model documents in preparation for the cessation of interbank-offered rates has moved one step closer to publication after the U.S. Department of Justice said Thursday that it sees no competition issues with the process in the immediate future.
The U.K.’s financial regulator, along with six insurance companies and one policyholder group, won permission Friday to apply to appeal directly to the country’s Supreme Court regarding a landmark High Court ruling last month that holds insurers liable for most COVID-19 business interruption claims.
A ruling is expected in a matter of weeks in a closely watched Australian test case over whether insurers must pay out for COVID-19-related business interruption claims after the New South Wales Court of Appeal heard legal arguments in the case Friday.
Banks and other financial institutions in the U.K. will have some breathing room before having to implement most rule changes related to the Brexit transition, according to a financial regulator.
A high-stakes U.K. ruling finding insurers largely liable for COVID-19 business interruption claims appears headed for the Supreme Court, after seven companies and one policyholder group joined the Financial Conduct Authority in seeking expedited appeals as the parties failed to reach a preemptive agreement Wednesday.
Ardonagh Group agreed to reverse its purchase of the U.K.’s top motorcycle insurance broker, Bennetts Motorcycling Services, to resolve monopoly concerns raised by a competition watchdog.
The U.K.’s financial regulator said Tuesday that it applied to bring an expedited appeal to the U.K. Supreme Court in its COVID-19 business interruption test case in hopes of getting payouts to policyholders faster, after the High Court found that many, but not all, insurance policies should trigger coverage.
The U.K.’s Financial Conduct Authority said Monday it plans to change the default interest-rate benchmark for swap pricing and trading next month from the tarnished London Interbank Offered Rate to a replacement.
Analysts at Fitch Ratings warned that new reforms recently proposed by the U.K. Financial Conduct Authority to tackle high insurance prices in the home and motor insurance sectors could reduce non-life insurers’ profitability.
Lawyers for hundreds of Hiscox policyholders asked British regulators to force the company to pay out COVID-19 business interruption claims, saying it has “refused” to do so following a U.K. High Court ruling deeming insurers largely liable for such claims.