Financial Services Blog

Commentary on the latest in regulation

Competing agendas? How the FCA, PSR and CMA plan to work together

Posted on March 04, 2015 by Andrew Maxwell
Andrew Maxwell
Andrew is a Senior Associate specialising in competition and antitrust. He has w
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In mid-February, the UK investment and corporate banking sector braced itself for yet another regulatory investigation, as the FCA announced its plans to launch a wholesale market study into the industry in Spring 2015. This marks the FCA's first opportunity to use its new competition powers in re... read more

Pensions Freedoms and the Second Line of Defence – some flesh on the bone

Posted on March 02, 2015 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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In late January the FCA issued a Dear CEO letter to pension providers, proposing new protections to be provided to consumers seeking to access their pension pot when the new pension freedoms are introduced from 6 April 2015. The FCA has now published a new set of rules setting out the obligations on... read more

A step closer to ring-fencing of banking activities?

Posted on February 23, 2015 by Matthew Watson
Matthew Watson
Matt has recently joined RPC as an Associate within the Financial and Profession
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The Government has taken some tentative steps towards ensuring ring-fenced banks cannot become liable for the pension schemes of other entities. Last week, HM Treasury published its response to the recent banking pension's consultation. The Government's response suggests further regulatory requireme... read more

SFC provides further guidance on Corporate Professional Investor Regime

Posted on February 09, 2015 by Jonathan Cary
Jonathan Cary
Jonathan is partner in the Commercial Disputes group, based in Hong Kong where h
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Hong Kong - Recap As noted in my blog dated 3 October 2014 concerning the SFC's conclusions on professional investors and client agreements (link), the SFC is looking to enhance the protection afforded to professional investors who are not institutional investors. In particular, a new paragraph 15 ... read more

Is that your final answer? – FCA introduces "second line of defence" ahead of pension freedoms

Posted on January 28, 2015 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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In a 'Dear CEO' letter to pension providers published on Monday the FCA set out new protections that will constitute a "second line of defence" for customers seeking to access their pensions. Subject to approval by the FCA's board, the new "Additional Protections" will come into force alongside the ... read more

Simplified, retrospective and still inconsistent

Posted on January 23, 2015 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
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Despite laudable aims, yesterday's FCA guidance on what constitutes regulated advice was published alongside a report on the (perceived) retrospective application of rules but neither is likely to achieve its stated aim – and there's a revealing contradiction between the two... On inconsistency of ... read more

FCA takes a long hard look at how insurance brokers manage the risks of bribery and corruption…

Posted on January 13, 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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Could do better, reports the Financial Crime team of the FCA on the cohort of commercial brokers who were subject to the recent thematic review on managing bribery and corruption risks (TR14/17). Recently, financial sanctions is the hot financial crime topic for the insurance sector, but given FCA/... read more

'Many eyes' approach to sanctions compliance

Posted on January 13, 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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The many eyes approach to sanctions compliance in the Lloyd's market is not just for managing agents but useful guidance for all. With the new year, the Lloyd's International Regulatory Affairs team, led by Andy Wragg, has issued new guidance on sanctions compliance looking at systems and controls.... read more

Chickens coming home to roost: SFO's first conviction of a company for bribery after contested trial

Posted on January 07, 2015 by Given, Davina
Given, Davina
Davina acts for clients on a range of commercial and financial disputes and has
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Hot on the heels of the SFO's first conviction under the Bribery Act 2010, discussed in George's post, and just as some of us were disappearing for a Christmas break, the SFO announced its first conviction of a company for bribery of foreign public officials after a contested trial.  (Regular SFO-wa... read more

Complaint trends for 2015

Posted on January 07, 2015 by Simon Laird
Simon Laird
Simon is a Partner in the Professional Risks Group. Simon deals with insurance,
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The FOS yesterday published its 2015/16 budget consultation.  In short, we can expect more of the same. Of note for financial advisers: FOS expects to receive 16,000 new investment and pension complaints during 2015/16.  This is in line with the actual number of complaints received in 2013/14 an... 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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