Global Anti-Corruption Sanctions Regime 2021

On 26 April 2021, the Global Anti-Corruption (GAC) sanctions regime was established via The Global Anti-Corruption Sanctions Regulations 2021. The primary legislation underpinning the Regulations is the Sanctions and Anti-Money Laundering Act 2018. The GAC sanctions regime allows the UK government to impose sanctions in response to serious corruption around [...]

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FCA’s business plan for 2021/2022

On 20 April 2021, the FCA announced that it would publish its 2021/22 Business Plan in July, rather than April. The Business Plan will be published alongside its 2020/21 Annual Report and Accounts, and will include an update on its plans for transforming the FCA. https://www.fca.org.uk/news/statements/fca-business-plan-2021-22 [...]

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FCA webpage on climate change and sustainable finance

On 23 April 2021, the FCA published a new webpage on climate change and sustainable finance. The FCA states that its sustainable finance strategy is based on 3 themes: Transparency – promoting good disclosures along the investment chain. Trust – ensuring that the market delivers sustainable finance instruments and products [...]

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Fixing the Laundering Cycle

Paul Grainger – Chairman, Complyport Limited. The COVID-19 Pandemic demonstrated two things. First, we humans are relatively good at adapting to changed circumstances and trying to carry on as best we can. Second, criminals will find opportunity even in adversity and will exploit it mercilessly. Nowhere is this better demonstrated [...]

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FCA admits FSCS levy is unsustainable

Speaking at the Personal Investment Management & Financial Advice Association (Pimfa) Virtual Fest V2, FCA director of life insurance and financial advice Debbie Gupta the FCA admitted that admitted the Financial Services Compensation Scheme (FSCS) levy is unsustainable. She added that the regulator shares the frustration of wealth managers and [...]

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FCA Announcements on the end of LIBOR

On 5 March 2021, the FCA announced the dates that panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available. This is an important step towards the end of LIBOR, and the Bank of England and FCA urge market participants to [...]

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