Financial Services Blog
Commentary on the latest in regulation
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...
Market Misconduct Tribunal gives Tiger Asia the "cold shoulder"
Hong Kong's Market Misconduct Tribunal (the MMT) has banned Tiger Asia Management LLC (a hedge fund based in New York) and one of its principal officers from dealing in Hong Kong securities for four (of a maximum five) years. This comes on the back of a finding that Tiger Asia and a number of its o...
Is no news always good news? Drop in complaints may hint at conclusions from over-due FCA complaints review
The FCA's latest publication of complaints data has revealed a decrease of 5% in the overall number of complaints. Firms will be pleased about the decline, although the drop was largely due to big drops (10-11%) in the numbers of complaints about PPI (by far the most complained about product) and cr...
SIPPs: FCA announces new capital framework
SIPP Operators will be forced to hold an extra £18m in reserve capital under new rules outlined by the FCA last month. The proposals follow the FSA's (as it was then) consultation back in November 2012 on a new regulatory capital framework intended to ensure that if a SIPP Operator went bust there w...
Slapdash SIPPs told to sharpen up by FCA
SIPP Operators have repeatedly been in the headlines since the FCA completed its second thematic review in 2012. At that time, SIPPS had blossomed from a fairly bespoke offering to select investors into a more mainstream product selected by – or, rather, recommended to - an increasing number of reta...
Bank backs another winner in interest rate swaps saga – but is it luck or judgement?
Despite their costly on-going review work and redress exercises, banks that sold interest rate swaps are still facing parallel court claims. So far they seem to have picked winners by settling stronger claims with better prospects of success. Mark Bailey & MTR v Barclays Bank, a recent decisio...
A long way off for long stops?
Earlier in the summer we noted that the FCA had agreed to consider the introduction of a 15-year long-stop for complaints against financial advisers – and there was an indication that the FCA may have been softening its stance.
However, despite sterling campaigning efforts by, for example, Tenet, i...
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.