Financial Services Blog

Commentary on the latest in regulation

FCA report on complaints handling more optimistic than many feared

Posted on November 24, 2014 by Neel Robb
Neel Robb
Neel is an Associate in RPC’s Insurance Group. Neel trained at RPC and specialis
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The FCA has finally published its report on its review of consumer complaint handling at 15 major retail financial services firms. Despite the expressed intention at the launch of the review last year for phase 2 to "consider firms' approach to redress and root cause analysis", the report is explici... read more

Financial Services: Minimising Risk in a Dawn of Opportunity

Posted on November 12, 2014 by Simon Laird
Simon Laird
Simon is a Partner in the Professional Risks Group. Simon deals with insurance,
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Over the last few years, firms have been asking themselves how they will make money in the post RDR world.  Some have been more honest and transparent about this question than others.  A number of commentators along the way have predicted a large decrease in the number of financial advisers.  The si... read more

FCA keeps SIPP investments under close scrutiny

Posted on November 06, 2014 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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We blogged previously on the tougher attitude that the FCA is taking concerning the obligations of SIPP operators, and the increased focus on the suitability of underlying SIPP investments. On 31 October we had a concrete example of the FCA's pro-active attitude to high-risk or unusual SIPP investm... read more

In the garden but without pay

Posted on November 04, 2014 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
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Sunrise Brokers LLP v Rodgers is the salutary tale of an equity derivatives broker who gambled in his decision to leave his employer for a competitor.  He rolled the dice, choosing not to give notice and refusing to work.  The employer responded: affirming the contract and withholding salary.  The e... read more

Crestfallen claimants: High Court upholds bank disclaimers in claim for negligent advice

Posted on October 31, 2014 by Lucy Macdonald
Lucy Macdonald
Lucy is an associate in the Professional and Financial Risks team, having joined
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In the latest in a line of court rulings upholding disclaimers, the High Court, in the recent case of Crestsign v NatWest & RBS, held that, as a result of careful disclaimer wording, the banks did not owe a common law duty of care to their customer not to provide negligent advice. The facts C... read more

Project Innovate: an incubator for growth?

Posted on October 29, 2014 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
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The FCA launched its new Innovation Hub yesterday, with the aim of fostering support to businesses looking to benefit consumers in the financial services sector. The Innovation Hub builds on the published feedback from the FCA's Project Innovate. The response to the Project Innovate consultation p... read more

Arguing until Blue(fin) in the face: Court tells FOS that beneficiaries under a D&O policy are not consumers

Posted on October 24, 2014 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
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The Financial Ombudsman Service has suffered a major defeat in the Administrative Court which will come as a relief to D&O insurers and brokers.  D&O insurance is regarded in the market as commercial and not a retail line of business.  However, a decision by FOS that a director claiming in a... read more

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
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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
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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,
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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

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.

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