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Financial Services Blog

Commentary on the latest in regulation

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

FCA Authorisation team should share its findings from P2P applications

Posted on May 15, 2015 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
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The FCA's authorisation process is quite opaque and does not give the regulator much latitude to comment upon individual applications. Consequently there is no published information available to those who might be considering investing with companies that have been authorised by the FCA.  This is un... read more

Spot the Difference? Uncertainty continues for SIPP administrators and trustees in the wake of the Berkeley Burke decision

Posted on May 14, 2015 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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Please see our latest legal alert following the recent Pensions Ombudsman decision on the duties of SIPP Trustees when it comes to SIPP investments.  The decision of the Pensions Ombudsman stands in stark contrast to the decision issued by FOS last year, where FOS upheld a complaint against Be... read more

FCA approval times for firms expanding into new business lines up by 85% in two years

Posted on May 11, 2015 by Richard Burger
Richard Burger
Richard is a Partner in RPC’s Regulatory Group advising on non-contentious and c
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Based on information obtained from the FCA the time taken to authorise a financial services business adding an additional business line has increased by 85% in the last two years - 18.5 weeks in Q4 2014, up from 10 weeks in Q1 2013. The additional time taken by the FCA for theses approvals is most ... 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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