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Financial Services Blog

Commentary on the latest in regulation

ADR Directive: the key changes to the DISP rules

Posted on July 22, 2015 by Aaron Osborn
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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... read more

Senior Managers Regime - How many will fall foul of the new framework?

Posted on July 14, 2015 by Marcus Bonnell
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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 ... read more

By George! A Budget full of surprises?

Posted on July 13, 2015 by Ben Roberts
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Ben is a senior tax associate within the RPC Corporate team. He advises clie
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Last week's "summer" Budget, the first by a (solely) Conservative government for nearly two decades, included a number of surprises. Confounding many commentators, the Chancellor's statement was not the dark shade of blue many had predicted. Dressed as a "one nation" Budget, Mr Osborne certainly bo... read more

Pension Transfers – seeing the wood for the trees – Part 2

Posted on July 10, 2015 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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This is the second of two blogs addressing the issues raised in the FCA's paper on the changes to the pension transfer regulations.  In this blog we look at the other issues raised during the consultation and the FCA's response. Other issues The FCA's paper interestingly raises four issues identif... read more

FCA's figures for authorisation applications leave many unanswered questions

Posted on July 09, 2015 by Marcus Bonnell
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Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
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Amongst the many topics covered within the FCA's annual report there is a frustratingly short section concerned with the efforts being made to deal with all of the applications for authorisation by consumer credit firms. As I have previously commented there are many questions to be answered about th... read more

Pension Transfers – seeing the wood for the trees – Part 1

Posted on July 09, 2015 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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The FCA has published changes to its regulations affecting advice on pension transfers.  The new rules took effect from 8 June 2015.  The changes create yet more regulation following the introduction of the pension freedoms in April and which permitted members over the age of 55 to access their pens... read more

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
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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

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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