Financial Services Blog

Commentary on the latest in regulation

Cultural Revolution: FCA offers re-education in the provinces

Posted on October 17, 2014 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
User is currently offline

In a speech at Mansion House last night, Martin Wheatley announced a masters degree inregulation in conjunction with Henley Business School which, he said, will "set the global standard". There have been previous mutterings about the FCA's Orwellian and Kafkaesque tendencies, however, this latest an... read more

FCA approves 'independent' use of internal specialist advisers

Posted on October 17, 2014 by Sarah Dowding
Sarah Dowding
Sarah is a Senior Associate in RPC's Financial and Professional Risks Group. Sa
User is currently offline

Ever since RDR 'independence' rules were introduced nearly two years ago, financial advisers have sought clarification on referring clients to internal specialists within their firm for expert advice.  Many firms have freely acknowledged that they routinely refer clients to their own advisers who ca... read more

Changes to the UK Corporate Governance Code – real change?

Posted on October 17, 2014 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
User is currently offline

Background The UK Corporate Governance Code (the Code) sets out principles of good governance for premium listed companies in the areas of board composition and development, remuneration, shareholder relations, accountability and audit. On 17 September 2014 the Financial Reporting Council (FRC), wh... read more

FOS is not unfair; it just doesn't apply the law

Posted on October 16, 2014 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
User is currently offline

The new CEO of FOS, Caroline Wayman, gave evidence to the Treasury Select Committee yesterday, including (reportedly) in response to a poll that revealed 58% of advisers considered FOS unfair in its decisions on financial advice.  She acknowledged the anti-adviser perception and promises to try to a... read more

Market Misconduct Tribunal gives Tiger Asia the "cold shoulder"

Posted on October 10, 2014 by Jonathan Cary
Jonathan Cary
Jonathan is partner in the Commercial Disputes group, based in Hong Kong where h
User is currently offline

Hong Kong's Market Misconduct Tribunal (the MMT) has banned Tiger Asia Management LLC (a hedge fund based in New York) and one of its principal officers from dealing in Hong Kong securities for four (of a maximum five) years.  This comes on the back of a finding that Tiger Asia and a number of its o... read more

Is no news always good news? Drop in complaints may hint at conclusions from over-due FCA complaints review

Posted on September 26, 2014 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
User is currently offline

The FCA's latest publication of complaints data has revealed a decrease of 5% in the overall number of complaints. Firms will be pleased about the decline, although the drop was largely due to big drops (10-11%) in the numbers of complaints about PPI (by far the most complained about product) and cr... read more

SIPPs: FCA announces new capital framework

Posted on September 18, 2014 by Rebecca Smith
Rebecca Smith
Rebecca has a strong financial services and professional indemnity background an
User is currently offline

SIPP Operators will be forced to hold an extra £18m in reserve capital under new rules outlined by the FCA last month. The proposals follow the FSA's (as it was then) consultation back in November 2012 on a new regulatory capital framework intended to ensure that if a SIPP Operator went bust there w... read more

Slapdash SIPPs told to sharpen up by FCA

Posted on September 15, 2014 by Rebecca Smith
Rebecca Smith
Rebecca has a strong financial services and professional indemnity background an
User is currently offline

SIPP Operators have repeatedly been in the headlines since the FCA completed its second thematic review in 2012. At that time, SIPPS had blossomed from a fairly bespoke offering to select investors into a more mainstream product selected by – or, rather, recommended to - an increasing number of reta... read more

Bank backs another winner in interest rate swaps saga – but is it luck or judgement?

Posted on September 11, 2014 by Nadia Lucherini
Nadia Lucherini
Nadia is an Associate in RPC's insurance group. Amongst other classes of bus
User is currently offline

Despite their costly on-going review work and redress exercises, banks that sold interest rate swaps are still facing parallel court claims.  So far they seem to have picked winners by settling stronger claims with better prospects of success.  Mark Bailey & MTR v Barclays Bank, a recent decisio... read more

A long way off for long stops?

Posted on September 08, 2014 by Tom Hunter
Tom Hunter
Tom Hunter is an Associate in the Professional Risks Group. Having trained at RP
User is currently offline

Earlier in the summer we noted that the FCA had agreed to consider the introduction of a 15-year long-stop for complaints against financial advisers – and there was an indication that the FCA may have been softening its stance. However, despite sterling campaigning efforts by, for example, Tenet, i... read more

About this blog

Regulation - of the financial services sector in particular - is constantly changing. At RPC, we watch the horizon of the regulated landscape with genuine interest on behalf of clients and others. There are consultants who (at considerable cost) provide more news and content but in this blog we share our thoughts on key developments as they occur and, drawing on our breadth of experience in regulation, we comment on legal and regulatory issues that might not occur to every financial services specialist.

Subscribe to this blog




About us