Solvency II. Omnibus II. What's new?

In the last few days, the European Presidency has published two versions of the draft "Proposal for a Directive of the European Parliament and of the Council amending the [Prospectus Directive] and the [Solvency II Directive]" (Omnibus II).

Solvency II for captive insurers - all set for the new regime?

Most large corporate groups include a captive insurer but almost one-fifth of those "captives" are dormant.

Solvency II - the impact on fund managers

Solvency II is attracting increasing media attention. But what is it? And how will it affect fund managers?

Solvency II for insurance groups - all set for the new regime?

Solvency II  fundamentally rewrites the prudential rules for insurers, reinsurers and (re)insurance groups. The new rules bring a number of improvements but are complicated, especially if the (re)insurer has a parent or subsidiary outside the EEA.

How are you measuring up to the FSA's guidance on assessing suitability of investments?

In setting out new guidance on assessing suitability in investment choices the Financial Services Authority (FSA) made clear it would be taking an "intrusive" and "intensive" supervisory approach.

Protecting with-profits policyholders - FSA proposals for change

In June 2010, the Financial Services Authority (FSA) published its "With-profits regime review report". On 24 February 2011, the FSA published a consultation paper that proposes amendments to its with-profits regime.

Last call to have your say on equity underwriting commissions

In its 27 January 2011 market study, the Office of Fair Trading (OFT) reached a provisional finding that no referral to the Competition Commission is required in respect of equity underwriting services. Further representations are invited by Friday 11 March 2011.

Electronic Money Directive: approach and key milestones in implementing the new regime

The Financial Services Authority (FSA) has published a web page on the second Electronic Money Directive (2009/110/ec) (EMD) and a draft approach document setting out its role under the Electronic Money Regulations 2011 (si2011/99).

Consultation brings greater clarity on plans for UK financial services regulation

In June 2010, the Government announced its plan for the UK's system of financial regulation. HM Treasury set out its initial thinking in a July 2010 consultation, "A new approach to financial regulation: judgment, focus and stability".

Consumer Credit Directive: key changes and new requirements from 1 February 2011

What are the key changes and new requirements under the UK consumer credit regime? The new legislation came into force on 1 February 2011, following the implementation of the Consumer Credit Directive (2008/48/EC) (CCD).

Liability of issuers in connection with published information – an extension of the regime

Issuers of securities admitted to trading on regulated markets are liable for fraudulent misstatements in periodic disclosures to the market. They are also liable for any dishonest concealment of a material fact in such publications.

Extension of the Approved Persons Rules

The Financial Services Authority (FSA) has extended the Approved Persons Rules beyond the directors of firms to include those "exercising significant influence". Firms have to apply for approval for such persons before 6th February 2010.

Alternative Investment Fund Managers Directive - a sledgehammer to crack a nut?!

This week the European Commission revealed its proposals for a directive on Alternative Investment Fund Managers.

Money laundering and terrorist financing

On 8 August 2008, the Joint Money Laundering Steering Group (JMSG) issued guidance on the meaning and importance of "equivalent jurisdictions". 

Are your terms and conditions up to scratch?

The Financial Services Authority's (FSA) paper, "Fairness of terms in consumer contracts: a visible factor in firms treating their customers fairly", lays bare its views regarding the terms and conditions used in firms' standard form consumer contracts.

CC finds fault with PPI industry

On 5 June 2008, the Competition Commission (CC) published its provisional findings regarding competition in the Payment Protection Insurance (PPI) industry.

High Court ruling on bank charges

The High Court has handed down judgment in the first stage of the OFT's challenge to the legality and fairness of bank charges. For all you need to know on the judgment, read Wragge & Co's expert analysis.

Banking update: report and review on recent cases

The proposed new general pre-action protocol, traceability of payments, receivers and foreign debts, unfair relationships and the Consumer Credit Act and the Uniform Rules for Collection; Wragge & Co's Banking & Finance experts bring you the latest news.

Consumer Credit Act 2006: Post-contract information on arrears and default sums

Consumer Credit Act 2006 - Post-contract information

Commission publishes final report on retail banking sector inquiry