ASIC has canceled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. ASIC Commissioner Danielle Press said, ‘SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, which holds more than $865 billion in assets in over 600,000 funds. It is...
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FCA reappoints Chair of the Financial Ombudsman Service for a second term
Baroness Zahida Manzoor CBE has been reappointed as Chair of the Financial Ombudsman Service. The reappointment was made by the FCA Board with the approval of the Treasury. Richard Lloyd OBE, Interim Chair of the FCA, said: ‘I congratulate Zahida on her reappointment and I look forward to continuing to work with her. The Financial...
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ESMA publishes data for the quarterly liquidity assessment of bonds
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its new quarterly liquidity assessment of bonds. Due to a technical error, the data was published earlier than the usual publication date (1 February 2023). This does not have any impact on the application date. The transparency requirements for...
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British Steel pension scheme misleading redress offers
We are aware that 4 firms who are associated with the British Steel Action Group may be engaged in this conduct. We have introduced a redress scheme for former BSPS members who have not complained. Under the scheme firms will have to review the advice they gave and pay redress to those who lost money...
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ESMA issues its first opinion on the draft European Sustainability Reporting Standards
The European Securities and Markets Authority, the EU’s financial markets regulator and supervisor, has issued an opinion on the first set of draft European Sustainability Reporting Standards (ESRS Set 1) developed by the European Financial Reporting Advisory Group (EFRAG). ESMA finds that ESRS Set 1 broadly meets the objective of being conducive to investor protection...
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ESMA and the UK FCA agree MOU on the recognition of UK benchmark administrators in the EU
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, and the UK Financial Conduct Authority (FCA) have agreed on a new Memorandum of Understanding (MoU) regarding cooperation and the exchange of information with respect to benchmark administrators based in the UK. The MoU concerns benchmark administrators who seek recognition or...
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Consumer warning on pre-paid probate plans
Pre-paid probate plans are unregulated in the UK. We strongly advise that you consider carefully whether these products meet your needs and offer value before buying as there are no regulatory protections in place for you. In England, Wales, and Northern Ireland, probate is the legal right to deal with someone’s property, money, and possessions...
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Short Term Finance Ltd enters Creditors Voluntary Liquidation
On 19 January 2023, Short Term Finance Ltd entered creditors’ voluntary liquidation. Michael Solomons and Milan Vuceljic of Moorfields Advisory Ltd were appointed Joint Liquidators. Short Term Finance Ltd is a high-cost lender based in Birmingham. It offered customers home-collected cash loans of between £100 and £300, with a maximum repayment term of 16 weeks....
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Home finance companies and directors to pay $150,000 for failing to cooperate with AFCA
Home finance companies General Commercial Group Pty Ltd (formerly known as Urban Commercial Group) and Eden Capital (Australia) Pty Ltd (formerly known as Southside Lending) have each been penalised $50,000 by the Federal Court for failing to cooperate with the Australian Financial Complaints Authority (AFCA). General Commercial director Dale Brendan Heremaia and his son, Eden...
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ESMA ANALYSES PRELIMINARY EFFECTS OF MARKET CORRECTION MECHANISM ON EU NATURAL GAS DERIVATIVE MARKET
The report describes the structure and main participants in the EU natural gas derivative market. It focuses on market indicators aimed at assessing the potential effects of the adoption of the MCM. Based on available data at this point in time, ESMA has not identified significant impacts resulting from the adoption of the MCM Regulation...
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