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FCA grapples with forces reshaping financial services
Posted: 27/07/2021
On 15 July 2021, the Financial Conduct Authority (FCA) published its business plan (the Business Plan) for 2021/22, its first since Nikhil Rathi was appointed CEO in October 2020. Rathi warned that the Business Plan has been designed to grapple with the “profound forces” which are reshaping financial services......>>
Penningtons Manches Cooper expands Madrid office with first corporate partner
Posted: 02/07/2021
Leading law firm Penningtons Manches Cooper is expanding its Madrid office with the appointment of its first senior banking and finance law specialist......>>
Brexit and financial services: the Temporary Permissions Regime and Financial Services Contracts Regime
Posted: 12/03/2021
The UK left the EU on 31 January 2020 and entered into a ‘transition period’, during which EU law continued to apply directly in the UK. The transition period ended at 11pm on 31 December 2020 (referred to in section 39 of the European Union (Withdrawal Agreement) Act 2020 as ‘IP Completion Day’)……>>
LIBOR discontinuance: meeting regulatory milestones
Posted: 09/03/2021
With the input of ISDA, preparation in the derivatives market is further ahead than the cash/loans market. However, both markets are interlinked and, with pressure from regulators increasing, the cash/loans market is catching up. A reminder of some key milestones applicable to financial institutions in the UK...…>>
The house always wins: the re-introduction of the HMRC preference
Posted: 16/02/2021
In measures that came into effect from 1 December 2020, the Finance Act 2020 dictates that for certain debts, HM Revenue & Customs (HMRC) will now rank much further up the chain of creditors when a company enters administration or liquidation. This is a radical change to a process that had...…>>

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Finance update – Spring 2021
As the chips start to ‘fall where they may’ following Brexit, this quarter we look at the practical impact on continuing to operate in the financial services sector in the UK and the challenges of transferring data in the new environment.

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