'); if(navigator.userAgent.indexOf("Chrome") == -1 ) { WinPrint.document.close(); WinPrint.focus(); WinPrint.print(); WinPrint.close(); return false; } }
YoutubeTwitterLinkedinFacebook

Financial Services Blog

Commentary on the latest in regulation

Grandfathering grumbles - PRA and FCA highlight failings in S(I)MR notifications

Posted on February 03, 2016 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
User is currently offline

In the past few days both the PRA and FCA have reminded banks and insurers of the 8 February deadline for the submission of grandfathering notifications for individuals to perform roles under the Senior Managers Regime and the Senior Insurance Managers Regime.   As well as reminding firms of the d... read more

FCA – Feeling The Political Heat?

Posted on February 02, 2016 by Matthew Watson
Matthew Watson
Matt has recently joined RPC as an Associate within the Financial and Profession
User is currently offline

The FCA escaped a vote of "no confidence" during last night's debate in the House of Commons, despite facing a barrage of scathing remarks from MPs. The Commons proposed a motion that the FCA in its current form is not fit for purpose and that MPs have no confidence in its existing structure and pr... read more

FCA announces consultation about the role of GCs in regulated firms

Posted on January 29, 2016 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
User is currently offline

We are so accustomed to dissembling by politicians and others in public life that it is heartening to see individuals or institutions that are prepared to acknowledge responsibility for their mistakes. Perhaps even more remarkable is the sight of individuals or institutions that are prepared to ackn... read more

FCA announces rejection of change of control application

Posted on January 26, 2016 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
User is currently offline

It is rare for the FCA's objection to a change of control notification to ever become public. Acquirers usually discreetly withdraw their notification once the FCA's opposition is made clear to them. As such the recent publication by the FCA of a Final Notice, which outlines the reasons why it had d... read more

The politics of regulation

Posted on January 26, 2016 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
User is currently offline

Today's news about Andrew Bailey's appointment as CEO of the FCA is a significant and, no doubt, highly political appointment.   The decision to stop a review of culture in banks and the appointment of a prudential regulator at the FCA are linked (whether explicitly or deliberately or not).  The b... read more

PRA fines and bans former CEO and MD of Co-op Bank

Posted on January 22, 2016 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
User is currently offline

In its recent action against former senior figures at the Co-op Bank the PRA has highlighted the impact of the Senior Managers Regime on such enforcement cases, even though this was a case brought under the (now discredited) approved persons regime.   For those endeavouring to gauge what appetite ... read more

FX trader fails in third-party rights challenge to FCA

Posted on January 18, 2016 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
User is currently offline

The Upper Tribunal has rejected the well-publicised complaint by Christopher Ashton that the FCA identified him in two decision notices without giving him the opportunity to make representations - because the Tribunal concluded that he was not identified at all.   Rebecca Dulieu has previously com... read more

'Dear CEO letter' to debt management firms clarifies FCA's expectations on transfer of customers or their information

Posted on December 29, 2015 by Steve Wyndham
Steve Wyndham
Steve is a Senior Associate in RPC's Regulatory Group. Originally from a corpora
User is currently offline

Following ongoing consolidation in the debt management market, Jonathan Davidson, FCA Director of Supervision (Retail and Authorisations), has published a 'Dear CEO letter' which sets out the FCA's expectations of debt management firms when customers or customer information are being transferred.The... read more

Getting ahead of the curve: EBA consults on 'robo-advisers'

Posted on December 17, 2015 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam's practice encompasses all as
User is currently offline

Technology will transform the financial advice world, and this transformation has already begun.     The global assets under the management of robo-advisers is forecast to grow to an estimated $450 billion by 2020. Regulators across Europe need to get ahead of the curve because the move to so-call... read more

Show me the money: new capital requirements for PIFs

Posted on December 16, 2015 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
User is currently offline

Last week the FCA released its Policy Statement PS15/28: Capital resources requirements for personal investment firms (PIFs) updating rules that set the amount of capital to be held by directly authorised PIFs which date back to 1994. Broadly speaking, PIFs are those firms which provide advice to re... 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.

Subscribe to this blog

Extras

Glossary

Favourites

About us