Financial Services Blog
Commentary on the latest in regulation
Is that your final answer? – FCA introduces "second line of defence" ahead of pension freedoms
In a 'Dear CEO' letter to pension providers published on Monday the FCA set out new protections that will constitute a "second line of defence" for customers seeking to access their pensions. Subject to approval by the FCA's board, the new "Additional Protections" will come into force alongside the ...
Simplified, retrospective and still inconsistent
Despite laudable aims, yesterday's FCA guidance on what constitutes regulated advice was published alongside a report on the (perceived) retrospective application of rules but neither is likely to achieve its stated aim – and there's a revealing contradiction between the two...
On inconsistency of ...
FCA takes a long hard look at how insurance brokers manage the risks of bribery and corruption…
Could do better, reports the Financial Crime team of the FCA on the cohort of commercial brokers who were subject to the recent thematic review on managing bribery and corruption risks (TR14/17).
Recently, financial sanctions is the hot financial crime topic for the insurance sector, but given FCA/...
'Many eyes' approach to sanctions compliance
The many eyes approach to sanctions compliance in the Lloyd's market is not just for managing agents but useful guidance for all.
With the new year, the Lloyd's International Regulatory Affairs team, led by Andy Wragg, has issued new guidance on sanctions compliance looking at systems and controls....
Chickens coming home to roost: SFO's first conviction of a company for bribery after contested trial
Hot on the heels of the SFO's first conviction under the Bribery Act 2010, discussed in George's post, and just as some of us were disappearing for a Christmas break, the SFO announced its first conviction of a company for bribery of foreign public officials after a contested trial. (Regular SFO-wa...
Complaint trends for 2015
The FOS yesterday published its 2015/16 budget consultation. In short, we can expect more of the same.
Of note for financial advisers:
FOS expects to receive 16,000 new investment and pension complaints during 2015/16. This is in line with the actual number of complaints received in 2013/14 an...
Merry Christmas from the FOS
With the festive season upon us, the FOS has taken the opportunity to spread some Christmas cheer by reminding everyone of the possible problems that can arise at this time of year, including "faulty presents, storm damage, broken boilers and even a spoilt surprise."
In its Yuletide bulletin, the F...
Financial Reporting has received its fair share of column inches in recent weeks
Headlines have, for obvious reasons, been grabbed by issues with Tesco's financial reporting. Indeed, the fallout from the scandal is still being felt – as Tesco issued a profit warning on 9 December 2014, following the discovery that it had overstated its first half profits by £263 million. This sc...
How far will the FCA stretch FIT?
Yesterday's Burrows final notice is a further sign that the FCA will look at the personal conduct of Approved Persons outside of their roles in financial services in order to assess their fitness and propriety. Mr Burrows was not convicted by a court of any offence but his admissions to fare evasion...
SFO makes first use of Bribery Act in prosecution for fraudulent UCIS
Earlier this week three individuals were sentenced at Southwark Crown Court following the first prosecution by the SFO under the Bribery Act 2010. The case hasn't give us a meaningful judicial interpretation of the Bribery Act, but it does show that the SFO is prepared to use the Act and the case a...
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.