Both the RDR and FAMR (the latter carried out in collaboration with HM Treasury) sought to improve the distribution of retail financial services products, and the FCA committed to evaluate their impact, to test whether they delivered their desired outcomes. The aim of the RDR was to establish a resilient, effective and attractive retail investment market that consumers had confidence in and trusted. The objective of FAMR was to identify ways to make the UK’s financial advice market work better for consumers. Improving the mass market for consumer investments is a core plank of our Business Plan Priority to improve the overall consumer investments market.  Continue reading…

by Elfriede Sixt

Recently, the European Funds Recovery Initiative (EFRI) was joined by a group of more than 30 European1 people who fell victim to highly sophisticated and devious “boiler room” scams, which are currently coming from China and especially from its financial center, Hong Kong. The scammers routinely abuse the reputation of this Asian financial metropolis. By doing some research on this kind of scams, we have come to learn that with being a wonderful gateway between mainland China and the rest of the world and with being a known prospering investment place for Chinese technology companies, Hong Kong has clearly set the perfect grounds for immense fraud activities at the expense of unsuspecting Europeans for many years now. Evidently, hundreds, if not thousands, of Europeans have been transferring millions, if not billions, of their life-time savings to Hong Kong banks, trusted so it seemed in a safe and developed banking environment. Media reports about this kind of fraud occurring in Hong Kong date back to 20151.

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The European Commission recently launched a new complaints system for reporting market access barriers and breaches of Trade and Sustainable Development commitments in the EU’s trade agreements and under the Generalised Scheme of Preferences. The new complaints system reflects the Commission’s increased efforts to strengthen the enforcement and implementation of trade agreements. It follows the Commission’s appointment in July of its first Chief Trade Enforcement Officer (CTEO) to oversee its tougher action on enforcing trade policy, as well as the Commission’s 15-point Trade and Sustainable Development (TSD) Action Plan of 2018. This Plan reflects the consensus of promoting close long-term TSD engagement, on the one hand, and of stepping up monitoring efforts – and more assertive enforcement – on the other hand. Complaints will be channelled through a new centralised Single Entry Point system in DG Trade to allow for a responsive, focussed and structured process. Continue reading…

The UK will soon stop being a part of the EU single market customers union once the transition period is set to end on 31 December 2020. From 1 January 2021, changes will take place on how the UK will continue to trade with the European Union as well as in the customs, safety and regulatory checks that occur at the UK-EU border. The EU from the end of the transition period onwards will begin regarding the UK as a third country and execute full controls on goods being exchanged between the UK and the EU. The UK is currently in the process of negotiating its future relationship with the EU, including trying to arrive at a free trade agreement (FTA). Much unlike the deadlines that came before, and paying little mind to the resulting outcome of the current negotiations, a big change will be taking place from 31 December and onwards. Continue reading…

by Dina-Perla Portnaar

ProctorExam, the largest European online proctoring company and the global leader in providing a flexible SaaS proctoring technology, enables 2 million+ remote sessions during COVID-19 that would otherwise have been cancelled. Partners include universities, education technology / service providers and a range of older and newer clients that have used ProctorExam in their transition to a full online digital experience. These clients picked ProctorExam as the main European alternative to US based online proctoring vendors. Being European, ProctorExam offers the stringent General Data Protection Regulation (GDPR) to all its clients, regardless where they may be based.    Continue reading…

The Financial Stability Board (FSB) recently published a progress report on implementation of reforms to major interest rate benchmarks. The roadmap sets out a timetable of actions for financial and non-financial sector firms to take in order to ensure a smooth LIBOR transition by end-2021. With only one year left, all market participants – both financial and non-financial firms across the globe – must now ensure they follow the necessary steps to avoid disruption to the performance of their contracts. For transition to occur on time, market participants will need to cease use of LIBOR as a benchmark in all new activity across global markets as soon as possible and this needs to be a key priority for the months ahead. Continue reading…

To help meet the EU’s goal of climate neutrality by 2050, the European Commission recently presented the EU Strategy on Offshore Renewable Energy. The Strategy proposes to increase Europe’s offshore wind capacity from its current level of 12 GW to at least 60 GW by 2030 and to 300 GW by 2050. The Commission aims to complement this with 40 GW of ocean energy and other emerging technologies such as floating wind and solar by 2050. This ambitious growth will be based on the vast potential across all of Europe’s sea basins and on the global leadership position of EU companies in the sector. It will create new opportunities for industry, generate green jobs across the continent, and strengthen the EU’s global leadership in offshore energy technologies. It will also ensure the protection of our environment, biodiversity and fisheries. Continue reading…

Ms. Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of North Macedonia, recently gave a speech on the occasion of the World Savings Day, Skopje on the October 30, 2020. Ladies and gentlemen, it is my pleasure to address you at today’s event on the occasion of the World Savings Day. This year’s marking happens at a time when the world faces the worst crises since the big depression. It is a synchronised global crisis that does not spare a single economy, and small positive economic growth rates are expected in only 26 countries in the world. Unfortunately, the Western Balkan countries are not in this small group of countries, i.e. according to the IMF negative growth rates are expected in the region ranging from 2.5% in Serbia to 12% in Montenegro. Continue reading…