Bank accounts

Recent Articles

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    11/04/2018

    Securitisation Regulation: 60 minutes to understand the new rules and issues

    CMS cordially invite you to attend a webinar: 11 April 2018 | 10:00 UK/ 11:00 CET Securitisation Regulation: 60 minutes to understand the new rules and issues This webinar will last one hour (including a Q&A session) and will provide an update on new EU regulations regarding securitisation. Four expert speakers from the UK, France and Spain will cover the areas you need to be aware of. Agenda: Scope of the new regulations (STS and CRR treatment) New rules applicable to any EU securitisation STS CRR/other directive changes REGISTER NOW
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    01/12/2016

    FCA call for input on high-cost credit: broadening of scope to overdrafts, credit cards, motor finance?

    The call for input covers: High-cost products – the FCA is considering broadening the scope to include credit cards, motor finance, overdrafts, and some instalment lending. The FCA is also considering interventions if there is detriment to consumers. Definition/boundaries of HCSTC – the FCA is aware that firms are exploring the boundaries of the HCSTC definition and will continue to keep this under close review. The FCA is considering if the APR/repayment period continue to be appropriate given firms’ product innovation/interpretation of the rules.[2] Overdrafts – the FCA...
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    21/04/2016

    Further amendments to Art. 120 of the Italian Consolidated Banking Act on interest compounding

    Following these amendments the CICR (“Comitato Interministeriale per il Credito e il Risparmio” - Interministerial Committee for Credit and Savings) is entrusted to enact implementing provisions aimed at ensuring that: (1) interest accrued on current/payment bank accounts (either in favour of the bank or in favour of the account holder) shall be calculated on the same periodical basis which cannot be less than one year; (2) accrued interest cannot generate further interest, except for default interest, and must be calculated only on the principal. Furthermore, in case of bank-account...
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    30/07/2015

    New rules on depositor protection mean larger corporates will be entitled to compensation

    The key changes at a glance The DGSD provides that protection for sums deposited with banks by the relevant state guarantee scheme (in the UK the Financial Services Compensation Scheme (FSCS)) should be available up to €100,000. In the UK this means that from 3 July 2015: - the level of protection will be £75,000 per depositor per authorised firm, although those previously eligible for protection (being individuals, small, micro and medium sized businesses) will continue to benefit from the previous £85,000 limit until 31 December 2015. From 1 January 2016, protection will be...
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    23/06/2015

    Are regulatory barriers limiting innovation in digital and mobile solutions?

    Focus on innovation In 2014 the FCA launched Project Innovate to ensure that its regulatory regime supports the development of innovative products and services that can improve the lives of consumers. Acknowledging that regulatory barriers can distort competition and discourage new entrants to the market, Project Innovate seeks to identify regulatory barriers to innovation and work to resolve them without compromising the standards of consumer protection. The FCA has also been working closely with the new Payment Systems Regulator (PSR), which has a statutory objective to promote innovation in...
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    27/05/2015

    Italian Courts take position on interest compounding in banking transactions: the prohibition is effective since the 1st of January 2014

    IT
    Italian courts seem not to agree with such an interpretation, as the few decisions issued on this matter so far state that the interest compounding prohibition is effective since 1st January 2014, upon entry into force of the amendments to art. 120 CBA. A first decision was issued by the Court of Appeal of Genova (Ordinance dated 11 March 2014) stating that the prohibition of Art.120 CBA was effective independently from the enactment of the implementing measures by CICR. This approach has been recently confirmed by two decisions issued by the Court of Milan dated 25 March and 3 April 2015, clearly...
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