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Recent news

Is the FCA concentrating on a regulatory approach when focusing on a cultural change within financial firms would be so much better?

The FCA’s goals to achieve the best possible outcomes for consumers are laudable. 

We agree with the FCA that ‘firms should be competing vigorously in the interests of consumers’ but regulation to protect consumers from harm is not synonymous with firms’ prioritising  consumer interests.   More emphasis is needed on firms providing a duty of care to consumers. See our response here.

UKSA and ShareSoc not convinced that IFRS 17 Insurance Contracts meets the UK Endorsement Board endorsement criteria of understandability, relevance, reliability and comparability

UKEB are assessing IFRS 17 Insurance Contracts for adoption in the UK under its endorsement criteria implemented on exiting the EU. While insurance companies desperately need accounting standards to stop them flattering their accounts, UKSA and ShareSoc are not convinced that IFRS 17 meets UKEB’s endorsement criteria.

Will IASB’s revised guidance help us see the wood for the trees?

To improve disclosures, the International Accounting Standards Board (IASB) has developed guidance it will apply when developing and drafting disclosure requirements in IFRS Standards.

The IASB has applied its new guidance in its proposed amendments to the disclosure sections of IFRS 13 Fair Value Measurement and IAS 19 Employee Benefits. It wants feedback on both the guidance and the proposed amendments to IFRS 13 and IAS 19.

Bank of England orders review in wake of Archegos scandal. Perhaps our letter had some effect!

In a letter to UK bank chief executives, the BoE said its analysis of the circumstances of the Archegos failure had found “significant cross-firm deficiencies” in the way bank prime brokerage businesses allowed the fund to build up huge loans that it ultimately defaulted on.

Interesting. How often have we been told that the great clean-up after the Great Financial Crisis had made it the Crisis to End all Crises?

Apparently there is a bit more tidying to do.

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