Financial Services Blog
Commentary on the latest in regulation
Financial Services: Minimising Risk in a Dawn of Opportunity
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...
FCA keeps SIPP investments under close scrutiny
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...
In the garden but without pay
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...
Crestfallen claimants: High Court upholds bank disclaimers in claim for negligent advice
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.
Project Innovate: an incubator for growth?
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...
Arguing until Blue(fin) in the face: Court tells FOS that beneficiaries under a D&O policy are not consumers
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...
Cultural Revolution: FCA offers re-education in the provinces
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...
FCA approves 'independent' use of internal specialist advisers
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...
Changes to the UK Corporate Governance Code – real change?
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...
FOS is not unfair; it just doesn't apply the law
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...
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.