Like the US Department of Justice, Congress is sharpening its focus on lenders and FinTech companies who facilitated pandemic-relief programs. In the latest development, the United States House Select Subcommittee on the Coronavirus Crisis issued letters to two companies demanding documents and responses to specific questions. It is clear that investigations into pandemic-relief fraud are accelerating, and it appears the Department of Justice is not alone in setting its sights on lenders and their FinTech partners. Businesses and individuals in the financial industry now must be prepared for congressional investigations.

On 7 January 2021, the FCA published the results of its COVID-19 financial resilience survey data.

The surveys were sent to solo-regulated firms to inform the FCA of the impact of the pandemic on firms’ financial resilience. The surveys did not cover the 1,500 largest firms in the UK financial sector who are regulated by

In its latest regulatory round-up, the Financial Conduct Authority (FCA) has reminded insurers offering professional indemnity insurance of its Handbook requirements.

Insurance firms applying pandemic exclusions are reminded of the minimum requirements in MIPRU 3.2 and should consider whether exclusions are consistent with product governance obligations to ensure that the policy is compatible with the

A ‘Dear CEO’ letter written by Christopher Woolard, interim chief executive of the Financial Conduct Authority (FCA), has been sent to firms writing business interruption insurance cover following the judgment handed down in The Financial Conduct Authority v Arch and Others (Test Cast). Mr Woolard thanks the firms who participated in the Test Case for

The month of July 2020 has seen a number of regulatory updates, guides and reminders to the financial services industry addressing the continuing challenges due to the impact of COVID-19. In particular, ASIC has released an update to its Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements amending transitional arrangements due

The European Commission has published a paper setting out examples of best-practices relating to relief measures offered to the customers of financial services businesses in the COVID-19 crisis. The best-practice paper includes examples relevant to insurance.

The paper is the outcome of two roundtables including a number of participants from across the financial services industries,

Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector.

It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore,

On March 13, 2020, the Securities and Exchange Commission (“SEC”) announced conditional, temporary relief for funds (available here) and both registered and exempt reporting investment advisers (available here) impacted by COVID-19. The relief covers in-person board meetings by fund boards and certain filing and delivery requirements for both advisers and funds. Funds and