Latest by Ashley Daniells

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Emerging Risks: crypto-assets under international and domestic regulatory scrutiny

Published on 30 October 2019. By Carina McFadden, Associate and Ashley Daniells, Associate

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The latest in our emerging risks series of blogs discusses the long-running saga of cryptocurrency regulation. At an international level, the Financial Stability Board has been looking at the regulation of stablecoin. On the domestic front, the Financial Conduct Authority has published a consultation paper regarding the recovery of their costs for supervising cryptoasset businesses.

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Actuarial monitoring scheme announced

Published on 16 October 2019. By Ashley Daniells, Associate and George Smith, Senior Associate

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The Institute and Faculty of Actuaries (IFoA) has launched a new monitoring scheme, designed to improve the effectiveness of actuarial regulation, as well as make wide-spread improvements across the profession. The Actuarial Monitoring Scheme was created following a consultation by the IFoA.

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Emerging Risks: Equity release products increasing, despite concerns over lack of understanding

Published on 12 September 2019. By Ashley Daniells, Associate

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Equity release products are becoming an increasingly popular option to home owners looking to release cash, especially with the over 65 population. However despite the increase in use and the encouragement of these products from the Equity Release Council, advisers need to tread with caution to ensure customers are aware of the potential pitfalls.

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FCA announces new rules on peer-to-peer lending

Published on 08 July 2019. By Ashley Daniells, Associate

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The FCA has published its policy statement on peer-to-peer (P2P) lending following a lengthy public consultation into the crowdfunding industry in general. The policy statement introduces a large number of new rules for P2P platforms and includes restrictions on direct marketing to non-sophisticated / high net worth investors unless they are receiving regulated advice, and ensuring such investors do not place more than 10% of their investable capital in P2P platforms.

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FCA and PRA jointly fine bank for repeated outsourcing failings

Published on 12 June 2019. By Ashley Daniells, Associate

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R. Raphael & Sons PLC (Raphaels), one of the UK's oldest lenders, has been criticised and fined jointly by the FCA and PRA after it was found that the bank had failed to manage its outsourcing arrangements properly.

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FCA promises "greater clarity" over Crypto regulation

Published on 31 January 2019. By Ashley Daniells, Associate

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The Financial Conduct Authority (FCA) has made further progress in relation to the regulation of cryptocurrencies such as bitcoin, in an attempt to tackle the growing market. The aim of regulation will be to provide greater clarity to both the industry and consumers.

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Regulation of cryptocurrencies inches ever closer

Published on 21 November 2018. By Ashley Daniells, Associate

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The long awaited regulation of cryptocurrencies has moved one step closer, with the Financial Conduct Authority (FCA) announcing plans to consult on regulation before the clock strikes twelve on 31 December 2018. The news comes after pressure for regulation has grown following a $15 billion crash.

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FCA proposes FOS award limit increase to £350,000

Published on 17 October 2018. By David Allinson, Senior Associate and Ashley Daniells, Associate

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The FCA has announced plans for an increase in the current FOS compensation cap. Currently standing at £150,000, the changes would see the limit increase to £350,000, an increase of 133%. It is also proposed that the limit will further increase automatically each year in line with inflation.

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What's next for the FCA after Brexit?

Published on 10 October 2018. By Ashley Daniells, Associate

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Brexit - you can rarely go a day without hearing this word. But what does it mean in real terms for financial professionals? The FCA has acknowledged that a looming Brexit will have implications for how the FCA works in the future and has begun to discuss its plans.

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New rules for peer-to-peer lending announced by FCA

Published on 01 August 2018. By Ashley Daniells, Associate

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The popularity of peer-to-peer (P2P) lending has increased exponentially in recent years, with nearly £10 billion being transferred through such platforms in the past ten years. In an attempt to fix "increasingly complex business structures", the FCA has announced new plans for new rules for peer-to-peer (P2P) lending.

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IMF provides framework to analyse cyber risk for the financial sector

Published on 26 June 2018. By Ashley Daniells, Associate

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The increased risk of cybercrime is well known to all. Attacks against large companies has meant that the International Monetary Fund have taken action by publishing a working paper which predicts the average annual losses to financial institutions.

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TPR announces new approach for pension regulations

Published on 17 May 2018. By Ashley Daniells, Associate

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The Pensions Regulator (TPR) has announced new plans for the regulation of pensions, which will see a "clearer, quicker and tougher" approach. The plans are aimed at increasing standards in the pension sector following criticisms levied at TRP after the collapse of businesses such as Carillion and BHS.

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Cybercrime and its impact on D&O insurance

Published on 15 May 2018. By Ashley Daniells, Associate

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Cybercrime has risen in recent years, perhaps more than anybody ever expected. For a long time, the focus was on defending businesses against such crimes. Now, with more people aware of cybercrime and the risks, insurers are becoming increasingly aware of the impact such crime may have on D&O policies.

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Unregulated cryptocurrencies – an end in sight?

Published on 18 April 2018. By Ashley Daniells, Associate and Matthew Watson, Associate

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Since their creation, cryptocurrencies have been somewhat of an enigma. Decentralised digital currencies such as Bitcoin have remained unregulated, despite becoming more prevalent in our day-to-day lives. That could be about to change with the FCA announcing plans to include them as part of their other regulated products or services.

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FCA reviews approach to enforcement and penalties

Published on 28 March 2018. By Ashley Daniells, Associate and Sarah Dowding, Senior Associate

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The FCA has announced plans in its recent consultation paper on enforcement to review how it applies penalties which have gone from record highs to record lows over the past 5 years.

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