Financial Services news
The latest news from the financial services industry
[Banking] PRA cross-firm review of COREP returns
As promised in 2016, the Prudential Regulation Authority (PRA) is now undertaking a cross-firm review of the completeness and accuracy of COREP returns. The first reviews are likely to focus on the 31 December 2016 returns and continue to the end of the year.
[Financial Services] - The implications of Brexit
The new Brexit reality...
Although it only recently became clear that the British people had voted to leave the EU, the implications of that decision are already being felt in the financial markets and the financial services industry.
Although it only recently became clear that the British people had voted to leave the EU, the implications of that decision are already being felt in the financial markets and the financial services industry.
[Banking] - Infographic: Financial reporting by Iranian banks
Our 2016 survey, which analyses the financial reporting procedures of nine Iranian banks, where total assets are in excess of $1billion (IRR equivalent) and the annual report is prepared in English, shown as a simple infographic.
[Asset Management] German rules on tax credits
The German Ministry of Finance released its draft consultation bill on 17 December 2015 covering the taxation reform of capital market transactions. The proposed changes provide significant restrictions on tax refund and credits for German taxpayers in relation to withholding tax (WHT) on German dividends.
[Banking] European Union audit reform - Tax implications
EU legislation to reform the statutory audit market was adopted in April 2014. The new legislation will apply from 17 June 2016 and it will prohibit many non-audit services from being provided to companies by their statutory auditors.
[Banking] The Common Reporting Standard is now live
Are you compliant?
The Common Reporting Standard (CRS) went live in the UK with effect from 1 January this year. In the brave new world that we have now emerged into, all UK-based financial institutions (FI) (including banks, funds and insurance companies, as well as UK branches and subsidiaries of overseas FIs) should have implemented new on-boarding procedures to capture the tax residency of their customers, together with the information that will need to be reported to HMRC.
The Common Reporting Standard (CRS) went live in the UK with effect from 1 January this year. In the brave new world that we have now emerged into, all UK-based financial institutions (FI) (including banks, funds and insurance companies, as well as UK branches and subsidiaries of overseas FIs) should have implemented new on-boarding procedures to capture the tax residency of their customers, together with the information that will need to be reported to HMRC.
[Banking] Mazars comments to HMRC on the Personal Savings Allowance
At the last budget the UK Government announced a tax-free Personal Savings Allowance. It is designed to reduce the amount of tax payable on interest earned on savings by introducing an allowance of £1,000 (or £500 for higher rate tax payers). As part of the change in regulations, from April 2016 banks and building societies will stop deducting 20% income tax automatically from the interest earned on any non-ISA savings.
[Banking] The FCA and PRA launch new rules on Whistleblowing Programmes in banks and other deposit-takers
On 6 October 2015 the FCA/PRA published comprehensive mandatory rules on the management of whistleblowing within the banking sector. The rules come into effect in September 2016 and apply to firms with assets over £250 million. For the first time an individual within the firm will be personally accountable to the Regulator for the management of the Whistleblowing Programme (WBP).
[Insurance] The Insurance Act 2015
The Insurance Bill received Royal Assent on 12 February 2015 to become the Insurance Act 2015. The Act, which comes into effect in August 2016, is seen as modernising insurance law, and addressing some of the provisions made in the Marine Insurance Act 1906.
[Banking] The PRA’s new liquidity regime
The PRA has published the final rules amending the current liquidity regime. This aligns UK regulation with the Delegated Act to supplement EU regulation 575/2013 (CRR) regarding the liquidity coverage ratio (LCR) and the circumstances under which specific inflow and outflow levels should be imposed to cover institutions’ specific liquidity risks.