Thousands more UK companies affected by Senior Managers and Certification Regime

The UK’s Senior Managers and Certification Regime (SM&CR) is being extended this week to tens of thousands of companies across the financial sector. Three years after the initial introduction of accountability rules for banks and insurers, from today asset managers, independent financial advisers and hedge fund managers will be subject to significant fines it is established they failed to take reasonable steps to prevent wrongdoing. The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.

Thousands more UK companies affected by Senior Managers and Certification Regime

Dec 09, 2019

The UK’s Senior Managers and Certification Regime (SM&CR) is being extended this week to tens of thousands of companies across the financial sector. Three years after the initial introduction of accountability rules for banks and insurers, from today asset managers, independent financial advisers and hedge fund managers will be subject to significant fines it is established they failed to take reasonable steps to prevent wrongdoing. The SM&CR already applies to UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA.

Finance and Leasing Association calls for urgent reform of Consumer Credit Act during 2020

The UK government that takes office after Friday’s general election must prioritise a complete overhaul of the Consumer Credit Act, party leaders have been told. In one of his first statements since becoming the new director general of the Finance and Leasing Association (FLA), Stephen Haddrill (pictured) warned the current legislation is outdated and failing consumers. The 45-year-old Consumer Credit Act (CCA) underpins every consumer credit transaction in the UK, but the FLA says it requires lenders to send “old fashioned and severely worded” letters to those in financial difficulty, while also delaying how quickly lenders can step in to offer customers more time to make payments.

Finance and Leasing Association calls for urgent reform of Consumer Credit Act during 2020

Dec 09, 2019

The UK government that takes office after Friday’s general election must prioritise a complete overhaul of the Consumer Credit Act, party leaders have been told. In one of his first statements since becoming the new director general of the Finance and Leasing Association (FLA), Stephen Haddrill (pictured) warned the current legislation is outdated and failing consumers. The 45-year-old Consumer Credit Act (CCA) underpins every consumer credit transaction in the UK, but the FLA says it requires lenders to send “old fashioned and severely worded” letters to those in financial difficulty, while also delaying how quickly lenders can step in to offer customers more time to make payments.

UniCredit launches cyber security investigation after data breach affects 3 million records

UniCredit, Italy’s largest bank by assets, has launched an internal investigation after uncovering a data breach involving 3 million records. Its cyber security team identified the incident involving a file generated in 2015 that affected Italian customers, with records containing names, city, telephone number and email. The bank said no other personal data or any bank details permitting access to customer accounts or allowing for unauthorised transactions have been compromised.

UniCredit launches cyber security investigation after data breach affects 3 million records

Nov 18, 2019

UniCredit, Italy’s largest bank by assets, has launched an internal investigation after uncovering a data breach involving 3 million records. Its cyber security team identified the incident involving a file generated in 2015 that affected Italian customers, with records containing names, city, telephone number and email. The bank said no other personal data or any bank details permitting access to customer accounts or allowing for unauthorised transactions have been compromised.

Lease accounting

Finance and Leasing Association welcomes “common sense approach” from HMRC as it gives clarity to VAT treatment of PCPs

Mar 01, 2019

An announcement by HM Revenue and Customs providing clarity about the tax treatment of hundreds of thousands of personal contract purchase (PCP) and similar contracts in the UK has been welcomed by the industry. The briefing note follows a European Court of Justice ruling on a legal wrangle between HMRC and Mercedes-Benz Financial Services over its ‘Agility’ product. At the heart of the row was how to interpret at key part of VAT rules on whether PCPs are a supply of goods or services.

BREXIT

Negotiators struggle to build bridges as Brexit looms

Nov 10, 2017

While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.

General legal and regulatory

UK finance leaders urged to review preparations for Senior Managers & Certification Regime

Sep 06, 2019

There are fewer than 100 days left until the Senior Managers & Certification Regime (SM&CR) extends to all regulated firms, including those within the motor industry, and senior leaders need to ensure they are ready for the changes ahead, according to MotoNovo Finance deputy chief executive officer Karl Werner. He argues that while an increasing focus has been given over to the Financial Conduct Authority’s review of motor finance, only limited reference has been given to the escalating regulatory scrutiny of almost all regulated firms by the introduction of SM&CR. It is due to be implemented in the consumer credit sector on December 9 and will replace the current Approved Persons regime.