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Financial Services Blog

Commentary on the latest in regulation

Beyond the headlines some positive developments for depositors

Posted on July 03, 2015 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
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The PRA has today announced the existing level of deposit protection (£85,000) will be reduced to £75,000 after 31 December 2015. The FSCS currently protects deposits up to £85,000 in the event of the failure of a bank, building society or credit . The PRA is required by the European Deposit Guarant... read more

If you insist…a review of the FCA's position on insistent clients

Posted on July 02, 2015 by David Allinson
David Allinson
David has experience of defending various professionals, particularly in the fin
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On 8 June, the FCA published a fact sheet intended to provide a 'helpful reminder' of its position on 'insistent clients' (the full title being: Fact sheet 035. Pension reforms and insistent clients). Despite there being no rules or guidance on 'insistent clients', it actually provides a useful re-s... read more

sPIFfing! New capital requirements for Personal Investment Firms

Posted on July 01, 2015 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
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Can the PIF pay? Personal Investment Firms (PIFs) are advisory firms responsible for around half of all regulated investment and pension sales. Last month the FCA published Consultation Paper CP15/17 on capital resources requirements for PIFs which are designed to ensure that PIFs are able to pay re... read more

Taking the credit: FOS tackles broking and middlemen

Posted on June 30, 2015 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 impact of FCA rules on credit brokers has been significant, with a number of credit brokers having left the market since April 2014.  Perhaps the most difficult challenge for the industry has been that credit brokers have been brought within the compulsory jurisdiction of the FOS. The latest om... read more

UCIS in focus at FOS

Posted on June 26, 2015 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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FOS' latest edition of Ombudsman News contained some interesting insights into its approach to complaints concerning advice relating to UCIS investments. As we mentioned in our recent post on the FOS' annual review, the FOS continues to receive a significant number of complaints in relation to UCIS... read more

RPC responds to PRA's consultation paper concerning powers over auditors and actuaries

Posted on May 29, 2015 by Davina Given
Davina Given
Davina acts for clients on a range of commercial and financial disputes and has
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In a recent blog we noted that the PRA had outlined in a consultation paper its plans to introduce two significant changes for auditors and actuaries. The PRA proposed: 1. In relation to the largest domestic banks and building societies that pose most risk to financial stability (i.e. those with to... read more

Is credible deterrence really working? And other questions arising from a mixed week for the FCA

Posted on May 28, 2015 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
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Even though the FCA was able to trumpet that it had imposed its highest ever fine and that it had been successful in two decisions handed down by the Upper Tribunal, things have not gone entirely the regulator's way in the past week or so. The FCA lost in the Court of Appeal whilst in the two tribun... read more

Record FRC fine slashed on appeal

Posted on May 21, 2015 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
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The Financial Reporting Council (FRC) has long followed the trend amongst financial regulators for increasing scrutiny of firms' financial and professional compliance. Whilst we've noted the FRC's interest in the compliance of smaller firms in our blog, it is their efforts on a larger scale that hav... read more

FOS by numbers

Posted on May 20, 2015 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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The FOS has published its 2014/15 annual review, setting out a plethora of fascinating statistics about the service. Overall the volume of new complaints referred to the FOS fell significantly from 512,167 the previous year to 329,509. This was largely driven by PPI complaints which halved from rec... read more

New law and regulation adding to insurers' regulatory woes

Posted on May 18, 2015 by Rebecca Dulieu
Rebecca Dulieu
Rebecca is an associate in RPC's Regulatory Group specialising in contentious an
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The publication of the FCA's report on the impact of consumer credit regulation on the retail general insurance market adds another interesting dimension to a sector already under increasing regulatory scrutiny following recent legal developments, such as the imminent coming into force of the Insura... 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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