Queensland farmer battling Suncorp Bank vows to keep pushing to fix financial services

A farmer who appears to be on the verge of losing his farm after attacking his bank over what he says is questionable lending practices has pledged to continue fighting for accountability in financial services. Key points: Ronald Feierabend has accused Suncorp Bank of withholding key documents that would have allowed him to resolve his … Read more

The SAFE Banking Act and CLIMB Act would reassure financial institutions that choose to provide services to marijuana-related businesses

Currently, more than two-thirds of US states have legalized marijuana (cannabis containing more than 0.3% THC) for medical use, and more than one-third have legalized recreational marijuana for adults. Bank of America Securities research estimates that cannabis sales in 2021 were $25 billion, a 40% increase from the previous year. Yet, marijuana remains a controlled … Read more

ASIC extends transitional relief for foreign financial service providers

On August 2, 2022, ASIC announced that it would extend the transitional period of relief for foreign financial service providers (FFSP) an additional 12 months (under ASIC Corporations (Amendment) Instrument 2022/623). As a result, the current relief regime will now remain in place until March 31, 2024. Given that it is still unclear what the … Read more

Robinhood’s Crypto Unit Fined $30 Million by Top New York Financial Regulator

The New York State Department of Financial Services has fined online brokerage Robinhood Markets Inc.’s cryptocurrency trading unit $30 million for alleged violations of anti-money laundering regulations. money and cybersecurity, as part of the department’s first crypto enforcement action. Newsletter Sign-Up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news … Read more

The Financial Services and Markets Bill: What Made the Difference?

The Financial Services and Markets Bill (the Bill), introduced in Parliament last week, implements the future regulatory review that has been carried out to examine how the regulatory framework for financial services should fit now that the UK is no longer part of the EU. Nadhim Zahawi, in his maiden speech at Mansion House as … Read more

Enforcement risk rises for UK financial services firms due to ‘green laundering’

Cases of enforcement actions regarding greenwashing claims increase as regulatory regime on sustainability claims expands At COP26, it was announced that the UK would be the world’s first net-zero aligned financial centre. In light of the role of the financial services (FS) sector in the transition to net zero, we examine the UK perspective on … Read more

The Business Case for Cybersecurity Performance Management in Financial Services

According to the Verizon Data Breach Investigation Report (DBIR) 2022, data breaches caused by ransomware increased nearly fivefold, from 5% to over 25%. Additionally, the cost of data breaches has increased dramatically in recent years. In 2021, the cost of a data breach rose to $4.24 million on average, an increase of more than 10% … Read more

ESG and Financial Services – Lexology

July 2022 saw a number of significant financial services-related developments in the ESG space. Greenwashing Reflecting the ongoing focus on how best to combat greenwashing, the European Commission has asked EBA, ESMA and EIOPA (AES) to report on greenwashing and greenwashing risks, as well as the implementation, oversight and enforcement of sustainable finance policies aimed … Read more

Time is running out for financial services leaders

The objective is ambitious: the government wants to make the United Kingdom the first net zero financial center in the world. In 2023, most major businesses and financial services institutions in the UK will have to start publishing detailed plans on how they intend to achieve net zero, under proposed Treasury rules. These plans should … Read more

Online financial services: Commission proposes to strengthen consumer protection

On May 11, 2022, the European Commission adopted a proposal to reform the European regulatory framework governing financial services contracts concluded at a distance1 (Proposal). The proposal would strengthen consumer rights and promote cross-border provision of financial services in the single market. The context In 2002, Directive 2002/65/EC on the distance marketing of consumer financial … Read more