Financial Services Blog
Commentary on the latest in regulation
Record FRC fine slashed on appeal
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...
FOS by numbers
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...
New law and regulation adding to insurers' regulatory woes
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...
FCA Authorisation team should share its findings from P2P applications
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...
Spot the Difference? Uncertainty continues for SIPP administrators and trustees in the wake of the Berkeley Burke decision
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...
FCA approval times for firms expanding into new business lines up by 85% in two years
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 ...
Attest in haste, repent at leisure
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...
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...
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.