Financial Services Blog
Commentary on the latest in regulation
Regulatory censure of the Co-op really does send a message
The FCA and PRA jointly censured The Co-operative Bank plc for various regulatory breaches. The announcement that Co-op was not to be fined has raised some eyebrows, nonetheless this is not the only interesting aspect of this decision.
This is the PRA's second enforcement action following a joint i...
The Catalyst effect: ping pong between the FCA and Upper Tribunal?
The recent judgment of the Upper Tribunal in relation to the conduct of two directors of Catalyst Investment Group Limited serves as a reminder to those working in the financial services sector about the potential ramifications for individuals should consumers be misled. It also highlights a curious...
Reminder: new GAP insurance rules in force from 1 September 2015
The FCA's new rules on the sale of Guaranteed Asset Protection (GAP) insurance will come into force in a fortnight's time on 1 September 2015. The new rules require certain prescribed information to be provided at the point of sale and delay the point of sale to at least a day after the provision of...
FCA's new referral criteria: Are they really that transparent?
An updated set of enforcement referral criteria has been published by the FCA in response to recommendations made by HM Treasury at the end of last year. The FCA will use these updated criteria to determine which cases should be referred to the FCA's Enforcement Division for investigation. The recom...
Financial Advice Market Review – Bridging The "Advice Gap"?
HM Treasury have embarked on what they call a "major new review to radically improve access to financial advice". Last week HM Treasury launched a review that seeks to consider how financial advice could work better for consumers.
HM Treasury's press release explains that the review to be led by HM...
Complaints handling: Key amendments announced by the FCA
Our recent blog highlighted the key changes made to DISP rules by the ADR Directive. The FCA has since published the responses to its complaints handling consultation paper and subsequent policy statement setting out further rule changes.
There are 5 main changes about which firms need to be aware:...
Transfers, exit fees and financial advice - what next for the pension freedoms?
What do exit charges, the pension transfer process and financial advice all have in common? The Treasury's consultation paper "Pension transfer and early exit charges" suggests that these are all barriers to the Government's pension freedoms inhibiting consumers' ability to access their pension pots...
Power to the Pensioners?
It has been customary in recent years for George Osborne to pull a proverbial rabbit out of his red ministerial box. While the press have been chewing over Mr Osborne's most recent rabbit (namely, the "National Living Wage"), the implications of his last rabbit are just now being fully realised.
ADR Directive: the key changes to the DISP rules
The Financial Ombudsman Service (FOS) has amended the Dispute Resolution: Complaints sourcebook (DISP) in the FCA Handbook. FOS has made these amendments to reflect the Alternative Dispute Resolution Directive which had to be implemented by EU member states by 9 July 2015.
Amongst the various amend...
Senior Managers Regime - How many will fall foul of the new framework?
The FCA and PRA have now published a number of documents setting out some of the final rules for a new accountability framework for individuals working in 'relevant firms'; including banks, building societies, credit s and PRA-designated investment firms, as well as UK branches of overseas firms. 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.