British Foreign Minister Boris Johnson resigned! Former mayor of London and the front man of persuading Britons to quit the European Union. That has been announced by the office of Prime Minister Theresa May. His departure follows the earlier departure of David Davis, who was in charge of the Brexit File, from the May cabinet.

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Former Pakistan Prime Minister Nawaz Sharif has been sentenced to 10 years in prison and fined $10.6 million on corruption charges linked to 2016 Panama Papers revelations about his family’s properties overseas. Continue reading…

 The European Banking Authority (EBA) published the first products of its FinTech Roadmap, namely (i) a thematic report on the impact of FinTech on incumbent credit institutions’ business models and (ii) a thematic report on the prudential risks and opportunities arising for institutions from FinTech. Both reports fall under the wider context of the newly established EBA FinTech Knowledge Hub and aim to raise awareness within the supervisory community and the industry on potential prudential risks and opportunities from current and potential FinTech applications and understand the main trends that could impact incumbents’ business models and pose potential challenges to their sustainability.
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The Financial Conduct Authority (FCA) has proposed a new Directory to help consumers and firms check the status and history of individuals working in financial services. The Directory will include all those who hold Senior Manager positions requiring FCA approval and those whose roles require firms to certify that they are fit and proper. This includes those in consumer-facing roles, such as mortgage and investment advisers.
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The Financial Conduct Authority (FCA) announces the 29 firms that were successful in their applications to begin testing in the fourth cohort of the sandbox. The regulatory sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring that appropriate protections are in place. It is part of Innovate, an initiative kicked off in 2014 to promote competition in the interest of consumers. Since its inception Innovate has had over 1200 applications and has supported more than 500 firms. The sandbox was a first for regulators worldwide, underlining the FCA’s commitment to innovation in financial services.
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The Federal Reserve Board and the Federal Deposit Insurance Corporation announced that they have extended the next resolution plan filing deadline for 14 domestic firms by one year to December 31, 2019, to allow additional time for the agencies to provide feedback to the firms on their last submissions and for the firms to produce their next plan submissions.
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The Plenary discussed, as part of its regular risk assessment, market developments and vulnerabilities in the global financial system. The Plenary continues to see a broad-based snap-back in long-term interest rates as a risk. After a decade of very low interest rates, financial institutions and markets in advanced and emerging market economies may not be sufficiently prepared for potential adverse economic and financial risks from market developments. A tightening of financial conditions could stem from surprises in economic growth, inflation, expectations of monetary and fiscal policies, or geopolitical events.
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Authorised push payment (APP) fraud is where a fraudster tricks an individual consumer or micro business to instruct their payment services provider (PSP), such as their bank, to send money from their account to an account controlled by that fraudster. UK Finance data show there were 43,875 cases of APP fraud and total losses of £236 million in 2017.
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Further to the announcement from HM Treasury (the Treasury) on its approach to amending financial services legislation under the European Union (Withdrawal) Act, this statement provides stakeholders with an update on how we are preparing for the UK leaving the European Union (EU). The Financial Conduct Authority (FCA) continue to prepare for a range of scenarios, including one in which the UK leaves the EU on 29 March 2019 without a withdrawal agreement and implementation period having been ratified between the UK Government and the EU.
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The European Banking Authority (EBA) recently published an Opinion relating to the risks posed by lack of preparation by financial institutions for the departure of the UK from the EU. In this Opinion, the EBA asks Competent Authorities to ensure that financial institutions take practical steps now to prepare for the possibility of a withdrawal of the UK from the EU with no ratified Withdrawal Agreement in place, and no transition period. 

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