Articles in ‘Financial Services’ Category

Banks continue to release funds without a Grant of Representation where the monies in question are of a low value; each bank differs in what it classes as low value with some releasing funds up to £10,000 and others willing to release funds up to £50,000 after a customer has died.

The Corporate Insolvency and Governance Act 2020 (“CIGA”) was first published in May 2020 and obtained Royal assent on 25 June and came into force on 26 June 2020. Amendments made to the Act are as follows.

The Finance Act 2020 will result in HMRC salvaging its status as a preferential creditor for insolvencies that commence on or after 1 December 2020.

Punjab National Bank (International) Ltd v MBL Highway Development Company Ltd: Success in US $17 million cross border banking claim

As 1 January 2021 is fast approaching, we look at how this may impact on the flow of personal data between the UK and the EU, and what Banks can do to prepare.

Following their boom in 2017 and subsequent dip in popularity, the widespread use (and perception, to some extent) of digital currencies has stabilised in recent years. They are now expected to play an increasingly important role within mainstream financial services in the years to come.

With the UK-EU Trade and Cooperation Agreement now having been signed, what does this mean for the financial services industry, a sector which contributes 7% to the UK economy.

Whilst 2020 and the Covid-19 pandemic has forced lenders to embrace new practices, the financial services sector has tried to remain resilient during the turbulence at the same time as providing support to their customers who need it. At the end of 2020, the British Business Bank reported that the Coronavirus loan schemes had supported a total of over 1.5m facilities to businesses, providing over £68 billion of finance.

From the deliberate poaching of staff, through to people leaving to set up a competitor – for many Financial Service firms leavers present the biggest security risk.

Energy Minister Anne-Marie Trevelyan this week announced the Government’s plan to set up a Centre for Greening Finance and Investment (CGFI), supported by £10 million of funding from UK Research & Innovation. The intention is for this organisation to have a joint physical presence “research hubs” in London and Leeds.

Restrictive covenants are an essential tool for retaining goodwill and value in any business that you are looking to acquire. This is particularly so where the seller is intrinsically linked to the business or has the skillset to immediately compete with the target business, and could therefore quickly diminish its value.

The long awaited, government-backed review into the UK’s fintech industry has warned that the UK risks falling behind in the global fintech race if its recommendations aren’t swiftly implemented.