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.

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

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.

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.

Businesses warned to raise awareness to fight growing threat of financial fraud

UK businesses transferred £93 million into the accounts of criminals who were posing as legitimate payees last year, latest figures have revealed. There were 3,280 invoice and mandate scam cases involving businesses during 2018, with an average loss per case of more than £28,000, according to UK Finance. Only around one-third of the losses (£27 million) was eventually recovered. Despite the massive financial impact of thefts, four in 10 businesses in the UK are unaware of the risks posed by criminals, its research shows.

Businesses warned to raise awareness to fight growing threat of financial fraud

Mar 28, 2019

UK businesses transferred £93 million into the accounts of criminals who were posing as legitimate payees last year, latest figures have revealed. There were 3,280 invoice and mandate scam cases involving businesses during 2018, with an average loss per case of more than £28,000, according to UK Finance. Only around one-third of the losses (£27 million) was eventually recovered. Despite the massive financial impact of thefts, four in 10 businesses in the UK are unaware of the risks posed by criminals, its research shows.

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

Five F&I compliance headaches – and how automation can help

Jan 21, 2019

Gone are the days when UK car dealerships had carte blanche in terms of selling finance and insurance. While compliance may often be seen as a barrier to business, best-practice can prove to be an enabler – if it’s done right. Sam Marsden, compliance manager at DealTrak, explains the five key regulatory headaches facing dealerships in 2019 – and how automation can help.