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Financial Services Blog

Commentary on the latest in regulation

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

Attest in haste, repent at leisure

Posted on May 06, 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 has recently published another final notice issued to a large bank arising from LIBOR-related misconduct.  This disciplinary action is particularly noteworthy because the headline misconduct was compounded by a number of serious breaches by the bank of the obligation to be open and co-operat... read more

A test of skill

Posted on May 05, 2015 by David Allinson
David Allinson
David has experience of defending various professionals, particularly in the fin
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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... read more

Justice for taxpayer where tax charge "repugnant to common fairness"

Posted on April 29, 2015 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
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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... 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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