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FCA on Consumer Duty – “Get on with it!”

The Financial Conduct Authority has issued a warning that firms must speed up their implementation of new Consumer Duty requirements. While some preparation has occurred, the overall message is that the FCA expects firms to do more, do it faster, and do it better. The FCA conducted a review of firms’ preparations for the upcoming […]

A Christmas present you may have missed

Headlines The 15th December joint policy statement from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) follows the consultation paper published in July, which received two responses. This policy statement has adjusted aspects of margin requirements for OTC derivatives contracts that are not transacted through central counterparty clearing, as well as making a […]

The limits of good faith – when your counterparty can absolutely do what they want

A summary of the recent case High Court case of Sibner Capital Limited v Neil David Martin Jarvis & Suzanne Jane Hughes [2022] EWHC 3273 (Ch) (link to judgment): What takes precedence between a general good faith clause and a clause allowing absolute discretion in certain actions? The High Court has ruled that, in a […]

Putting the TIGER to sleep – ISDA’s proposal for putting intragroup margin exemptions on a permanent footing

ISDA have published a letter from their CEO to HM Treasury, the FCA, and the Bank of England proposing to reform aspects of UK EMIR that touch upon intragroup exemptions. The letter, sent in December 2022, was published on 5th January 2023. ISDA’s intervention has been triggered by the lack of content touching upon EMIR […]

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