The European Commission today unveiled its Financial Package, comprised of two proposals aimed at improving the consumer protection framework for buyers of financial services at a distance, and bolstering equity financing in the Union to support businesses in their post-COVID recovery.

The Cicero/amo team have produced a short analysis of the key aspects of this Package and the impact they could have on business.

Please enter your details below to access Cicero/amo’s overview:

A new Financial Services Bill, set to be included in this year’s Queen’s Speech on 10th May, will be the most significant legislation in the area since the sector’s post-crisis financial reforms, with the financial regulators – the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) – all set to take on vast swaths of new policymaking powers.

Unlike the EU system that preceded it, we are currently destined for a regulatory process that leaves significant power in the hands of the regulators, with minimal oversight from a fleetingly interested Parliament.

Against this backdrop, the Cicero/amo team has produced an overview of what to expect from the Financial Services Bill and its impact on the sector.

Please enter your details below to access Cicero/amo’s overview:

Having delivered all of his fiscal statements to date against a backdrop of the COVID-19 pandemic, Chancellor Rishi Sunak was hoping today would be the first opportunity of his still-young chancellorship to make his mark on the British economy. With the cost-of-living at the front of voters’ minds, Sunak had to balance a worsening economic backdrop with MPs from all sides’ demands for a more interventionist approach.

Eye-catching announcements on raising the National Insurance threshold to £12,570 to match the Income Tax band, as well as cuts to fuel duty and Income Tax (that will come into force in April 2024) will boost Sunak’s ambition to be a ‘tax cutting Chancellor’. But overall the statement was a cautious one, showing the Conservatives doubling down on their orthodoxy for fiscal responsibility. As prices continue to rise, however, Sunak may have to revisit his support measures and funding for new energy development, especially once the energy price cap rise kicks in from next month.

Please enter your details below to access Cicero/amo’s Spring Statement 2022 overview:

Crypto asset adoption continues to grow among retail and institutional investors. With the market capitalisation of crypto assets now standing at around US$2 trillion, the crypto ecosystem is also becoming increasingly intertwined with the traditional finance system as a growing number of regulated institutions offer crypto-assets or services to their customers, or add crypto, or crypto derivatives, to their own portfolios.

The evolution of the market in this manner has made global regulators increasingly concerned with possible threats to global financial stability. As a result, regulators are either bringing crypto-assets inside existing regulatory parameters, designing new regulatory frameworks or, in some cases, banning cryptoassets or certain crypto-asset market features.

This extract from our comprehensive Financial Stability Board (FSB) members tracker summarises regulatory announcements in the EU, UK and multi-lateral organisations over the past six months. I do hope you find this to be of value.

Click here to access Cicero/amo’s FSB members’ crypto regulatory announcements tracker.

This week, the European Commission published a package of proposals on energy consumption, climate change and transport. The texts published complement the ‘Fit for 55’ package presented in July, continuing the Commission’s mission to deliver on the European Green Deal.

The Commission is doubling its efforts to tackle emissions from the buildings and transport sector, two sectors that have lagged behind in reducing emissions. Notable announcements include a revision to the Energy Performance of Buildings Directive, along with several publications promoting sustainable and smart mobility.

The Commission is also proposing a revision to the functioning Third Gas Package, a timely update given the EU’s new political interest in hydrogen, as well as the ongoing energy crisis. It also presented a Communication on encouraging sustainable carbon cycles within the European economy, setting out how the Commission seeks to support carbon farming as an economic activity.

Cicero/amo’s EU team have prepared an overview. Please click here to view it.

Please do get in touch if you would like to discuss any of these files further.

We have seen the Government use the momentum of the COP26 presidency to place the UK as a world leader in green finance, with hopes for the country to become the first Net Zero financial centre. In the landmark ‘future of financial services’ speech in November 2020, Chancellor Rishi Sunak detailed his goal to ensure the UK leads the world in “shifting finance towards a Net Zero future”.

Amid this ambition for the UK to be a world leader on green finance, questions remain around whether developments so far and the UK’s proposed green finance timeline have placed the country on track to achieve this aim, with a recent report from the New Financial think tank showing the City of London falling behind its EU counterparts across the majority of Environmental, Social and Governance (ESG) metrics.  The Cicero/amo team have prepared an overview outlining the state of play of green finance and a lookahead of key developments to expect in 2022.                               

Please scroll down or click here to access Cicero/amo’s overview of green finance in the UK.

We hope you find this document useful and please do get in touch if you would like to discuss further.