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Global Payments Newsletter, May 2021 | Hogan Lovells


Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022; ....

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£76,000 found in old bank accounts has been given to a Derry cultural centre


£76,000 found in old bank accounts has been given to a Derry cultural centre
An Gaeláras benefits from dormant accounts initiative
Reporter:
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An Irish language and cultural organisation in Derry is one of the first organisations to be awarded a grant from The Dormant Accounts Fund NI.
Dormant accounts are defined as those which have seen no customer-initiated activity for at least 15 years. 
Under the Dormant Bank and Building Society Accounts Act 2008, money has been released from these unused accounts to the National Lottery Community Fund for distribution to good causes across the UK.
The programme, delivered by The National Lottery Community Fund in conjunction with the Department of Finance, is supporting the voluntary, community and social enterprise (VCSE) sector to be more resilient and prepared for the long-term future. ....

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Law and the Financial Act 2020 - Vanguard News


Vanguard News
Law and the Financial Act 2020
On
By Obadiah Mailafia
Law’s empire covers all those rules, institutions and norms that define the legal order of a society. Economics, on the other hand, is the science of reconciling scarcity and wants to enhance the wealth of nations.
Richard Posner at Chicago Law School was a pioneer in the study of law as a social tool to promote economic efficiency. Economist and Nobel laureate Joseph Stiglitz has argued that the structural challenges facing the American economy, for example, have to do with the inefficient rule-making that underpins American capitalism. Daron Acemoglu and James Robinson, in their book, ....

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