Financial Services Blog

Commentary on the latest in regulation

Slapdash SIPPs told to sharpen up by FCA

Posted on September 15, 2014 by Rebecca Smith
Rebecca Smith
Rebecca has a strong financial services and professional indemnity background an
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SIPP Operators have repeatedly been in the headlines since the FCA completed its second thematic review in 2012. At that time, SIPPS had blossomed from a fairly bespoke offering to select investors into a more mainstream product selected by – or, rather, recommended to - an increasing number of reta... read more

Bank backs another winner in interest rate swaps saga – but is it luck or judgement?

Posted on September 11, 2014 by Nadia Lucherini
Nadia Lucherini
Nadia is an Associate in RPC's insurance group. Amongst other classes of bus
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Despite their costly on-going review work and redress exercises, banks that sold interest rate swaps are still facing parallel court claims.  So far they seem to have picked winners by settling stronger claims with better prospects of success.  Mark Bailey & MTR v Barclays Bank, a recent decisio... read more

A long way off for long stops?

Posted on September 08, 2014 by Tom Hunter
Tom Hunter
Tom Hunter is an Associate in the Professional Risks Group. Having trained at RP
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Earlier in the summer we noted that the FCA had agreed to consider the introduction of a 15-year long-stop for complaints against financial advisers – and there was an indication that the FCA may have been softening its stance. However, despite sterling campaigning efforts by, for example, Tenet, i... read more

Credit where credit's due

Posted on August 29, 2014 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
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The controversy surrounding payday loans looks set to continue as the FOS has issued a warning to consumers about payday loan middlemen. As the FCA's massive consumer credit regime takes shape and thousands of newly regulated firms deal with the additional bureaucracy and regulatory burden, FOS has ... read more

FOS respondents still at risk of further action despite Clark v In Focus ruling

Posted on August 28, 2014 by James Morris
James Morris
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When Lady Justice Arden handed down her judgment in the Court of Appeal case of Clarkv In Focus, she held that a complainant cannot accept an Ombudsman's award at the statutory maximum (currently £150,000) and sue in court for the balance of their redress if it exceeds that limit. We hoped in vain t... read more

HMRC closing the gap on tax avoidance

Posted on August 07, 2014 by Neel Robb
Neel Robb
Neel is an Associate in RPC’s Insurance Group. Neel trained at RPC and specialis
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Anyone who has invested in, promoted, or advised on any form of tax mitigation scheme may be feeling slightly nervous following the latest announcement from HMRC concerning the on-going saga of tax avoidance. And understandably so. On 15 July, HMRC published a list of 1,200 investment schemes which... read more

CoCos go pop!

Posted on August 05, 2014 by Andrew Naylor
Andrew Naylor
Andrew is an Associate in RPC's Financial Risks Team, having trained at RPC and
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In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives.  Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR). ... read more

Has the FOS decided Lehman's collapse was not foreseeable; or is that too remote a hope?

Posted on July 15, 2014 by Lucy Joyce
Lucy Joyce
Lucy specialises in claims against financial professionals (including IFAs, netw
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Nearly six years have elapsed since we first saw the iconic photographs of Lehman Brothers' employees filing out of the former bank's worldwide headquarters, carrying their belongings in cardboard boxes. However, the downfall of Lehman is not yet a distant memory for many financial advisers, as the ... read more

Enhancing Supervision: How will the FCA's new regulatory model work in the real world?

Posted on July 10, 2014 by Andrew Naylor
Andrew Naylor
Andrew is an Associate in RPC's Financial Risks Team, having trained at RPC and
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Readers may recall the FSA's 'close supervision' of firms, which could arise after an ARROW visit if significant failings were identified. The FCA has now re-branded 'close supervision' and, in substance, 'Enhanced Supervision' will mean much the same, albeit couched in the new judgement-based, inte... read more

Tax 'tsunami': will litigation wave crash over tax advisers and IFAs as Revenue uses new powers?

Posted on July 10, 2014 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
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New powers which will be introduced via the Finance Act 2014 are leading to investors in tax schemes crystallising their tax losses much sooner than anticipated. Yesterday, news broke that celebrity investors in the £1.2 billion Liberty tax avoidance scheme faced significant losses as HMRC issues a... 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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