Temporary no-deal tariff regime published
Following the rejection last night of a revised version of the EU Withdrawal Agreement, the government has this morning published details of the UK’s temporary tariff regime under a no-deal scenario. It says British businesses would not pay customs duties on the majority of goods when importing into the UK if we leave the European Union without an agreement.
Extended ‘no-drone zone’ around airports comes into force
It is now illegal to fly a drone within 5km of an airport, with major penalties for those who break the law, as new legislation to extend the no-fly zone around airports comes into force today. This change to the law is brought in ahead of the new Drones Bill, which will give police significantly increased powers to deal with the illegal use of AUVs.
Mactavish challenges insurance industry on cyber flaws
Mactavish has challenged the Association of British Insurers and insurance providers to guarantee that flaws it says it has identified in cyber policies will never be used to block claims payments. Chief executive officer at Mactavish, Bruce Hepburn has said some insurers and brokers were quick to denounce the consultancy’s findings in “dozens of ‘off-the-shelf’ cyber insurance policies”.
Firms advised to document Brexit preparations
Ahead of the next round of UK-EU talks this weekend, commercial insurance advisory, Mactavish has reiterated its warning to firms to consider more carefully the risk that individual directors could be personally exposed to legal action because of traditional limitations applied to D&O. It is urging companies to ensure their Brexit plans are comprehensive and clearly documented as they may be needed "to defend themselves against lawsuits bought by disgruntled investors, as well as to ensure their insurance remains valid".
PRA and FCA’s joint Climate Financial Risk Forum
The PRA and FCA have hosted the first meeting of the Climate Financial Risk Forum (CFRF) with the objective of sharing best practice in responses to the financial risks from climate change. It brings together senior representatives from across the financial sector, including banks, insurers, and asset managers to discuss issues surrounding climate change and society’s response to it as it presents financial risks that are relevant to the PRA’s and FCA’s objectives.
Business Continuity Awards 2019: Finalists announced
The 2019 Business Continuity Awards finalists have been announced. Now in its 21st year, the Business Continuity Awards recognise those business continuity, security, resilience and risk professionals whose innovative strategies and industry savvy make them stand out above the rest.
UBS fined £27.6m for transaction reporting failures
UBS has been fined £27.6m by the Financial Conduct Authority for failings relating to 135.8 million transaction reports between November 2007 and May 2017. The FCA said UBS failed to ensure it provided complete and accurate information in relation to approximately 86.67m reportable transactions. It also erroneously reported 49.1m transactions to the regulator, which were not, in fact, reportable. Altogether, over a period of almost a decade, UBS made 135.8m errors in its transaction reporting, breaching FCA rules.
FRC to make way for new, more powerful regulator
Business secretary Greg Clark said today, Monday, that a new, more powerful regulator is to replace the current Financial Reporting Council in a move that will "transform the audit and accounting sector". The new Audit, Reporting and Governance Authority was recommended by the Sir John Kingsman's Independent Review submitted in December 2018. Among the shortcomings identified in the review were a lack of transparency and issues with enforcement activity.