Financial Services Blog
Commentary on the latest in regulation
A test of skill
Last week, the Administrative Court granted permission to judicially review the s.166 process for reviewing redress awarded as part of the interest rate hedging product scheme.
In very brief terms, the FCA (and the PRA) can use the powers at s.166 and s.166A of FSMA to appoint a skilled person to c...
Justice for taxpayer where tax charge "repugnant to common fairness"
The Upper Tribunal of the Tax and Chancery Chamber has upheld a taxpayer's appeal against a £383,000 tax charge which potentially left him facing bankruptcy.
Mr Joost Lobler, a Dutch national, invested £960,000 in a Zurich life insurance policy in March 2006. His investment, in fact, consisted of 1...
Pyrrhus defeats the FCA
The Upper Tribunal has directed the FCA to prohibit former insurance broker Stephen Allen from performing any function in relation to a regulated activity. The Tribunal concluded that Mr Allen should be banned from regulated financial services because he is not a 'fit and proper' person as demonstr...
Bringing EU regulation home – a sign of things to come?
A short recent judgment is a reminder of the need for financial institutions to keep an eye not only on what their home regulator is doing, but also European regulators.
By way of background, the European Securities and Markets Authority (ESMA) was established as part of the move towards more integ...
Under pressure: will the FOS provide Accelerated Dispute Resolution?
The FOS will soon be under increased pressure to reduce the time it takes to reach its decisions following the implementation of the EU Alternative Dispute Resolution (ADR) directive in three months' time. It is likely that the FOS will impose stricter response deadlines themselves, as a result.
Have the pension reforms lived up to eggs-pectations?
It was widely reported that this Easter anyone over the age of 55 would be considering their nest eggs, rather than chocolate ones, in the wake of the new pension reforms which came into force on Monday.
It was anticipated by some that 1 in 8 people were going to withdraw all of their savings from ...
Firms in danger where data breach causes distress
Hot on the heels of the launch of the pensions wave of the FCA's ScamSmart (as discussed by Sam's post), last Sunday a Daily Mail expose revealed that private pension data is being passed on by data firms without their customers' knowledge. Fraudsters ultimately got hold of this pensions data, cold...
Professional Indemnity insurance for financial advice: is the market broken?
In yesterday's New Model Adviser, Mark Neale has urged advisers to put pressure on professional indemnity insurers to fix a market he has described as a 'broken reed'.
I am no insurer and I do not profess to understand underwriting. I would, however, make the following observations.
PI insurers w...
Extending the PRA's powers over auditors and actuaries
Auditors and actuaries are used to being overseen by the Financial Reporting Council (FRC). In a recent Consultation Paper, the PRA has signalled that it intends to extend its disciplinary powers over the auditors and actuaries of all PRA‑authorised firms.
There are two significant changes propose...
Pensions, pensions, and yet more pensions in the FCA's Business Plan
The FCA has published its Business Plan for 2015/2016. One of the key themes for both regulation and risk is the pensions market given the pension reforms taking place on 6 April. The Business Plan highlights the fact that the pensions market is a key area of concern for the FCA and an area which ...
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.