Author Archives: ETE

In its fifth report, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has found that while most Professional Body Supervisors (PBS) are complying with money laundering regulations, how they supervise is still not consistently effective. OPBAS is housed within the FCA and is responsible for supervising 25 PBSs for anti-money laundering purposes in the […]

ASIC has commenced proceedings in the Federal Court against Diamond Wheels, Keo Automotive and a former director for allegedly providing unlicensed car loans to consumers, many of whom paid an excessive interest rate. ASIC alleges Lansvale Motor Group (operated by Diamond Wheels Pty Limited) and Keo Automotive Pty Ltd offered unlicensed car loans with principal, […]

ASIC welcomes the new Australian financial market infrastructure (FMI) laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system. Financial market infrastructures (FMIs) are the key entities that enable, facilitate, and support trading in Australia’s capital markets. FMIs include financial market operators, benchmark administrators, clearing and settlement (CS) facilities, and […]

The Government and FCA announce plans to reform UK retail disclosure rules and will temporarily exempt investment trusts from assimilated EU law requirements. The Government and FCA are committed to the ongoing reform programme to reinvigorate our capital markets. Ensuring retail investors can make informed investment decisions is an important part of ensuring healthy capital […]

This statement sets out our forbearance given the Government’s intention to exclude some investment trusts from the PRIIPs Regulation and other assimilated law. The Government is committed to replacing EU-inherited disclosure regulation with a new framework tailored to UK markets and firms. In November 2023, the Treasury issued draft legislation on the repeal and replacement […]

It’s great to be here for my second time at StepChangeLink is external. Thank you Vikki for inviting me and for all you and your team do to protect vulnerable consumers. And I’m delighted that the FCA, like StepChange, has become a major employer in Leeds. With an office on Queen Street since 2022, we […]

From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual sustainability reports containing mandatory climate-related financial disclosures, following the passage of a major bill through Parliament. The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) passed Parliament on 9 September 2024 and received Royal Assent […]

The Federal Court has dismissed ASIC’s case against superannuation trustee, Retail Employees Superannuation Pty Ltd (Rest), for allegedly making misleading representations about limitations on members’ rights to transfer superannuation funds out of the Retail Employees Superannuation Trust between March 2015 and May 2018. ASIC Deputy Chair Sarah Court said, ‘Superannuation portability and choice of superannuation […]

We have published an update on the actions we have taken since our July 2023 cash savings market review, and the work we have done with the largest 9 firms on the value they provide. The average interest paid on easy access savings accounts rose to 2.11% in June 2024, up from 1.66% in July […]

New rules from the FCA to protect access to cash have come into force and are already having a positive impact in local communities. Since the rules were confirmed in July, LINK, which manages the UK’s cash access and ATM network, has reassessed the needs of local areas where banking services are changing. As a […]