1.3 Wed 30/09/2020 - 12:00 Reference texts Articles 318-44, 321-77, 321-81 and 323-39 of the General Regulation Articles 47, 48 and 92 of Delegated Regulation (EU) 231/2013 of the European Parliament and of the Council of 19 December 2012 …

The European Banking Authority (EBA) today published a report, in which it reviewed the standardised terms for the most common services related to payment accounts, as mandated by the Payment Accounts Directive (PAD). These standardised terms, which the EBA had issued in 2018, aim at making it easier for consumers to make informed choices by being able to compare payment accounts fees and offers, including on a cross-border basis. The review finds that the standardised terms remain fit-for-purpose across the European Union.

The Financial Services and Markets Authority (FSMA) has today published its 2024 Annual Report. During a webinar presented on the occasion of that publication, the Chairman of the FSMA, Jean-Paul Servais, described the actions taken by the FSMA to improve the value for money of insurance products, and presented a new cost comparison tool for investment funds. In addition to the publication of the customary annual report, the FSMA has also made available a new online tool for the report. The tool comprises a selection of topics from the full annual report and makes it possible to navigate in a user-friendly manner through a wide range of topics, figures and videos. Please consult this new online tool on the FSMA website (available in French - Dutch only).The annual report provides an overview of the activities and actions of the FSMA in the course of 2024. One of its major themes is the value for money of financial products, that is, the principle that financial products must offer consumers a good price-quality ratio. That was also the topic of the webinar, which focused on the value for money of insurance products and investment funds, for which the FSMA has launched a new cost comparison tool. The FSMA tackles expensive insurance products Insurance companies may only develop and sell products that offer consumers value for money. The FSMA noted, however, that certain insurance products provided insufficient value for money and were therefore too expensive for consumers. The FSMA completed a total of 234 surveys of the value for money of insurance products. In the case of life insurance, the focus was on class 23 products, including a significant number of pension products. The FSMA also examined outstanding balance insurance policies, as well as a wide range of non-life insurance products (fire, legal assistance, auto, civil liability, etc.).In the case of life insurance products, the FSMA looked at the reduction in yield (RIY), in other words the total annual costs associated with a product. A high RIY is detrimental to the consumer. For non-life insurance products, the FSMA examined the claims ratio. This indicator measures how much is paid out in claims to policyholders relative to the premiums collected. A low RIY is detrimental to the consumer. If insurers could not give any justification – or only one that was insufficiently convincing – for a high RIY or a low claims ratio, the FSMA asked them to take the necessary measures to ensure that their products will offer value for money to consumers.The following table offers an overview of the results for the 2023-2024 period. LifeNon-lifeTotalDistribution halted285078Costs lowered1374141Coverage expanded 011Competence of another member state404Product is adequate9110Total17856234 The overview makes it clear that inadequate value for money offered by life insurance products has led for the most part to a lowering of the costs, whereas in the case of non-life insurance products the result was more often a halt in distribution of the product. Costs were lowered for 137 class 23 products following the action of the FSMA. The arithmetic average reduction in the RIY was 0.64 per cent. The result was a higher capital paid out to consumers. “Our research delivers tangible results”, Chairman Jean-Paul Servais noted. “Costs are reduced, and expensive insurance products disappear from the market, which is good for the consumer.” The FSMA has launched a cost comparison tool for fundsThe FSMA has today launched a new online tool that makes it possible to calculate the impact of costs on the expected return on an investment fund and to compare it with other funds. For individual investors, this is a handy tool when they wish to invest in a fund and want to get an idea of a fund’s value for money.Individual investors currently have various sources of information about the costs of investment funds sold in Belgium, such as their key information documents and their marketing communications approved by the FSMA. Nevertheless, they often find it difficult to determine the costs. What impact do the costs have on the expected return? Are the costs higher or lower than for comparable funds? These are questions to which individual investors have difficulty finding answers, even though costs are a decisive criterion when deciding to buy a fund. This is why the FSMA launched the cost comparison tool (available in French - Dutch only) as part of its mandate to protect and educate financial consumers. The new tool helps investors better assess costs and compare them with the average costs of funds with a comparable investment policy.Investing in funds is very popular in Belgium. At the end of 2024, Belgian families held 303 billion euros in units of Belgian or foreign funds, more than the 274 billion euros on regulated savings accounts. “This unique tool allows a consumer to evaluate the impact of costs in terms of his or her situation and to assess their impact in comparison to those of comparable funds,” according to Jean-Paul Servais, Chairman of the FSMA. “This tool is a valuable aid to consumers in their search for competitive funds and fits in with the series of practical tools that the FSMA has made available to help consumers make financial choices.”More information is available in the webinar presentation (available in French - Dutch only).

20 June 2025 ICMA Education & Training is delighted to launch its new suite of professional qualifications, ICMA-Certified. Each qualification recognises advanced and applied expertise in key areas of the capital markets, strengthening technical knowledge and immersing the candidate in real-world market practices, helping them to stay competitive in a fast-evolving landscape.Each certification brings together two intensive, assessed courses - Advanced and Specialist level - within one of four focus areas: ICMA-Certified Primary Market Professional Designed for capital markets participants involved in debt issuance, particularly in the investment-grade markets. ICMA-Certified Fixed Income Trader & Portfolio Manager For professionals seeking deeper expertise in fixed income trading, valuation, and portfolio construction, and a formal qualification that reflects their skills. ICMA-Certified Operations Professional Targeting professionals in post-trade operations, settlements, and trade support roles. ICMA-Certified Sustainable Finance Professional Designed for finance professionals with several years’ capital market experience across the sell-side, buy-side, and official sector who are involved in, or transitioning into, sustainable finance. For more information, register your interest through the ICMA-Certified webpages, or contact education@icmagroup.org.

The FCA has secured convictions against two individuals, Redinel Korfuzi and Oerta Korfuzi, for insider dealing and money laundering offences which netted them over £1 million. Redinel Korfuzi worked as a research analyst at an asset management firm. He regularly obtained confidential, price-sensitive information for publicly traded companies as part of his role.Between 17 December 2019 and 25 March 2021, Mr Korfuzi conspired with his sister, Oerta Korfuzi, to use that confidential information to deal in the shares of at least 13 companies ahead of market announcements.The trades were executed through accounts held by Mr Korfuzi’s sister, personal trainer (Rogerio de Aquino) and his partner (Dema Almeziad). They used Contracts for Difference (CFDs), taking positions that the value of the relevant shares would go down and closing the positions after the market announcements. The suspicious trading was detected by the FCA’s market monitoring systems despite their arrangements, which were designed to conceal Mr Korfuzi’s involvement in the trading and to maximise profits. Mr and Ms Korfuzi were also convicted of money laundering. Between 1 January 2019 and 25 March 2021 they received dirty cash derived from the proceeds of crime, making 176 cash deposits totalling £198,210. The source of the cash was unrelated to the insider dealing with which they were charged. Their co‑defendants, Rogerio de Aquino and Dema Almeziad, were acquitted of all charges.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'We are committed to fighting financial crime and protecting the integrity of our markets. Those who use inside information to unlawfully make profits should be aware that we will identify them and bring them to justice.'Mr and Ms Korfuzi will be sentenced on 4 July 2025. The FCA will also apply for confiscation orders in order to recover the proceeds of crime.Notes to editorsRedinel Korfuzi’s date of birth is 20 May 1987.Oerta Korfuzi’s date of birth is 10 September 1988.Rogerio de Aquino’s date of birth is 4 November 1961.Dema Almeziad’s date of birth is 30 January 1985.The Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute insider dealing, defined by the Criminal Justice Act 1993.The individuals were charged in January and February 2023.As these offences predate 1 November 2021, when the maximum sentence available increased to 10 years, the insider dealing here is punishable by a fine and/or up to 7 years’ imprisonment.The offence of money laundering is punishable by a fine or up to 14 years’ imprisonment.The prosecution were unable to identify the source of the crime from which the cash derived.To report market abuse to us or to speak to someone about it, please see our information on market abuse. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.The trial was prosecuted by Tom Forster KC of Red Lion Chambers and Tom Broomfield and Katherine Lloyd of QEB Hollis Whiteman Chambers on behalf of the FCA.Find out more information about the FCA.The court ordered a separate trial in the case for a fifth defendant, Iva Spahiu. Her trial has been fixed for 28 June 2027.Temporary Reporting Restrictions pursuant to s4(2) Contempt of Court Act 1981 are in place to avoid a substantial risk of prejudice to the administration of justice in the trial of Ms Iva Spahiu.Consequently, there is to be no further reporting of any evidence concerning the particular involvement of Ms Spahiu.

Expert Limited– Central Bank of Ireland Issues Warning on Unauthorised Firm

Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.

The Federal Financial Supervisory Authority (BaFin) warns consumers about services supposedly offered by Citadel Securities GCS (Ireland) Limited, which is registered with BaFin. It has come to BaFin’s attention that unknown perpetrators are providing financial and investment services as well as cryptoasset services without the required authorisation.

The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website grokr-lssc.com. According to information available to BaFin, the operators are offering cryptoasset services on the website without the required authorisation. The operators are not supervised by BaFin.

May 29, Chicago—NFA has ordered OANDA Corporation (OANDA), an NFA Member retail foreign exchange (forex) dealer and futures commission merchant headquartered in New York, N.Y. to pay a $600,000 fine.

Milan’s Insurance Landscape