News & Insights

Australia: Federal Court fines adviser for failure to manage cybersecurity risks

by Victoria Smith|31 May 2022|Our Thinking

summary The Federal Court has found that financial adviser, RI Advice, has breached its Australian Financial Services (“AFS”) licence obligations. RI Advice failed to have adequate risk management systems to manage its cybersecurity risks and as a result, breached its AFS license obligations to act ‘efficiently, honestly and fairly’ as required by section 912A of […]

Well-being and the legal profession

by Victoria Smith|26 May 2022|Our News

Well-being concerns Well-being is a long-standing concern in the legal profession. The consequences of poor mental health are wide-ranging and include: reduced employee performance; increased rates of absence and high employee turnover. The legal profession is known to be synonymous with a highly competitive culture, poor work-life balance and long hours. In a 2017 survey […]

Queen’s Speech 2022: Implications on financial services

by Victoria Smith|17 May 2022|Our Thinking

Background On 10 May 2022, her Majesty the Queen set out the UK Government’s legislative priorities for the upcoming parliamentary session in the Queen’s Speech. Following the Queen’s Speech, the Government published background briefing notes unveiling details of the key reforms it plans to make over the course of the next parliamentary session. Among the […]

Time to explore the great southern land: Opportunities in Australia for UK financial services providers

by Victoria Smith|12 May 2022|Our Thinking

If you are considering raising funds or providing other financial services in Australia, you may qualify for relief as a “Foreign Financial Services Provider” (“FFSPs”) due to having comparable obligations in your home jurisdiction. As a welcome development following its consultation in June 2021, the Australian Securities and Investments Commission (“ASIC”) announced that it would […]

FCA finalises scope rules and amendments to UK PRIIPS

by Victoria Smith|11 May 2022|Our Thinking

background Packaged Retail and Insurance-based Investment Products (“PRIIPS”) can be either (or both) (a) investments issued by special purpose vehicles where, regardless of the legal form, the amount repayable to retail investors is subject to fluctuation because of exposure to reference values or to the performance of one or more assets that are not directly […]

The UK funds regime: a summary of the ‘call for input’

by Victoria Smith|4 May 2022|Our Thinking

WHAT IS THE ‘CALL FOR INPUT’? The UK government announced at Budget 2020 that it would review the UK’s fund regime (the “Review”). In January 2021, the HM Treasury published the Review which set out the objectives and invited stakeholders to provide views on which reforms should be taken forward. On 10 February 2022, the […]

David Balchin joins Cleveland & Co as their first Global Chief Operating Officer

by Victoria Smith|3 May 2022|Our News

We are delighted to announce that Cleveland & Co has appointed its first Global Chief Operating Officer as we welcome David Balchin to the team. David has over 15 years’ experience in operational and delivery roles across a wide range of sectors and was most recently Global Business Operations & Risk Management Director at consultancy […]

Emma Cleveland nominated for Women in Investment Award 2022

by Victoria Smith|29 April 2022|Awards

We are thrilled to announce that our CEO Emma Cleveland, has again been recognised for her unstoppable support and encouragement of women to fulfil their potential in the workplace and has been nominated for two Investment Week Women in Investment Awards: Role Model of the Year and Mentor of the Year. Now in their sixth […]

LIBOR transition update: UK and Australia

by Victoria Smith|26 April 2022|Our Thinking

summary Interest rate benchmarks are widely relied upon in global financial markets by fund managers, investment banks and other important financial counterparties. They are referenced in contracts for derivatives, loans and securities. They are also used by market participants to value financial instruments, and by investment funds as benchmarks for assessing their performance. In response […]

FCA changes to MiFID II research rules and an end to RTS 27 and RTS 28 best execution reporting

by Victoria Smith|21 April 2022|Our Thinking

On 30 November 2021, the Financial Conduct Authority (“FCA”) published Policy Statement PS 21/20, which sets out its changes to the research rules and best execution reporting in RTS 27 and RTS 28, in a move likely to be welcomed by market participants… FCA reforms: end of best execution reporting The RTS 27 and RTS […]