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HM Treasury unveiled yesterday its long awaited consultation paper for a new Insurer Resolution Regime ("IRR") with the consultation set to run until 20 April 2023. Read more
On 19 December 2022 the Bank of England ("BoE") published its annual report on Financial Market Infrastructures' ("FMIs") supervision which sketches the BoE's work undertaken during 2021/22 and sets out its supervisory approach for 2022/23 ("Report"). Read more
The FCA's review of firms' progress on implementing the Consumer Duty contains some important guidance for firms to follow in the lead up to 31 July 2023. Read more
The Upper Tribunal has issued its judgment in the case of Moneybrain Ltd v The Financial Conduct Authority. The judgment is relevant to cryptoasset businesses, particularly those dealing with tokens that have some (theoretical or practical) correlation to other assets, and the promotional material in respect of these tokens. Read more
Herbert Smith Freehills LLP has published an article in Butterworths Journal of International Banking and Financial Law on artificial intelligence (AI) and the Consumer Duty. Read more
Herbert Smith Freehills recently hosted a webinar to discuss the way in which the recent Russian oil price cap measures will operate across the UK, EU and US and to consider the potential challenges that may arise for companies wishing to deal in Russian oil and those who provide related services. The introduction of the … Read more
The last week has seen a further flurry of Russian sanctions activity, with both the UK and the EU introducing new restrictions. In this briefing we summarise the new UK restrictions, in particular the additional restrictions on the provision of services to Russia, and the EU's ninth Russia sanctions package. Read more
On 9 December 2022, the Chancellor of the Exchequer announced a package of reforms to the UK financial services sector – the "Edinburgh Reforms". We posted a summary of the Edinburgh Reforms here. To help you digest the proposals, we have created a series of webcasts which will explain:
what the key proposals are
who they might impact
next steps and timing
the potential significance and impact of the proposals
On 12 December 2022, the FCA published the findings from its qualitative research in respect of the diversity and inclusion ("D&I") strategies and practices that regulated firms currently have in place to improve D&I within their workforce ("FCA Review"). Read more