Tel: +44 (0) 7841 513 323 | +44 (0) 1732 875 808 | Email: info@LSCPROM.co.uk

News

Nationwide refunds £6m to customers

Nationwide refunds £6m to customers following Competition and Markets Authority (CMA) action. Nationwide has committed to refund £6m to affected current account customers after it broke a legal order from the CMA. The action comes after Nationwide was found to have broken Part 6 of the CMA’s Retail Banking Market Investigation Order 2017, which ensures [...]

August 9th, 2019|Comments Off on Nationwide refunds £6m to customers

Recruitment agency to be prosecuted

A recruitment agency and its managing director are to be prosecuted by The Pensions Regulator (TPR) on suspicion of trying to avoid providing their staff with a workplace pension. Hertfordshire-based SKL Professional Recruitment Agency Ltd and managing director Linus (Lee) Kadzere are accused of wilfully failing to comply with their automatic enrolment duties under section [...]

August 9th, 2019|Comments Off on Recruitment agency to be prosecuted

19-207MR Finclear Execution pays $70,000 infringement notice

Finclear Execution Limited (Finclear) has paid a penalty of $70,000 to comply with an infringement notice given by the Markets Disciplinary Panel (the MDP). The MDP had reasonable grounds to believe that Finclear contravened the market integrity rules in relation to a pre-arranged crossing in April 2018 for an on-market buy-back by a company listed [...]

August 8th, 2019|Comments Off on 19-207MR Finclear Execution pays $70,000 infringement notice

EBA publishes the first of three opinions on the implementation of the Deposit Guarantee Schemes Directive

The European Banking Authority (EBA) published today an opinion on the implementation of the Deposit Guarantee Schemes Directive (DGSD) in the EU. It proposes a number of changes aimed at strengthening depositor protection, enhancing financial stability and improving operational effectiveness. Two other opinions are forthcoming later in 2019. The EBA opinion responds to a mandate [...]

August 8th, 2019|Comments Off on EBA publishes the first of three opinions on the implementation of the Deposit Guarantee Schemes Directive

ESAs respond to the European Commission on the exclusion of performance scenarios options from PRIIPs consumer testing exercise

The European Supervisory Authorities (ESAs) have written to the European Commission concerning the exclusion of a few options proposed by the ESAs on 23 May 2019 for presenting information on performance scenarios to be tested during a consumer testing exercise conducted by the European Commission under the Level 2 Review of the PRIIPs KID Regulation. On [...]

August 8th, 2019|Comments Off on ESAs respond to the European Commission on the exclusion of performance scenarios options from PRIIPs consumer testing exercise

CMA and FCA memorandums of understanding

These Memorandums of understanding set out working arrangements between the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) in relation to their concurrent competition powers and their consumer protection powers in the financial services sector. On 25 April 2018, paragraphs 48 and 49 of the MoU relating to the CMA’s and FCA’s [...]

August 7th, 2019|Comments Off on CMA and FCA memorandums of understanding