Financial Services Blog
Commentary on the latest in regulation
ADR Directive: the key changes to the DISP rules
The Financial Ombudsman Service (FOS) has amended the Dispute Resolution: Complaints sourcebook (DISP) in the FCA Handbook. FOS has made these amendments to reflect the Alternative Dispute Resolution Directive which had to be implemented by EU member states by 9 July 2015.
Amongst the various amend...
Senior Managers Regime - How many will fall foul of the new framework?
The FCA and PRA have now published a number of documents setting out some of the final rules for a new accountability framework for individuals working in 'relevant firms'; including banks, building societies, credit s and PRA-designated investment firms, as well as UK branches of overseas firms. A ...
By George! A Budget full of surprises?
Last week's "summer" Budget, the first by a (solely) Conservative government for nearly two decades, included a number of surprises.
Confounding many commentators, the Chancellor's statement was not the dark shade of blue many had predicted. Dressed as a "one nation" Budget, Mr Osborne certainly bo...
Pension Transfers – seeing the wood for the trees – Part 2
This is the second of two blogs addressing the issues raised in the FCA's paper on the changes to the pension transfer regulations. In this blog we look at the other issues raised during the consultation and the FCA's response.
The FCA's paper interestingly raises four issues identif...
FCA's figures for authorisation applications leave many unanswered questions
Amongst the many topics covered within the FCA's annual report there is a frustratingly short section concerned with the efforts being made to deal with all of the applications for authorisation by consumer credit firms. As I have previously commented there are many questions to be answered about th...
Pension Transfers – seeing the wood for the trees – Part 1
The FCA has published changes to its regulations affecting advice on pension transfers. The new rules took effect from 8 June 2015. The changes create yet more regulation following the introduction of the pension freedoms in April and which permitted members over the age of 55 to access their pens...
Beyond the headlines some positive developments for depositors
The PRA has today announced the existing level of deposit protection (£85,000) will be reduced to £75,000 after 31 December 2015. The FSCS currently protects deposits up to £85,000 in the event of the failure of a bank, building society or credit . The PRA is required by the European Deposit Guarant...
If you insist…a review of the FCA's position on insistent clients
On 8 June, the FCA published a fact sheet intended to provide a 'helpful reminder' of its position on 'insistent clients' (the full title being: Fact sheet 035. Pension reforms and insistent clients). Despite there being no rules or guidance on 'insistent clients', it actually provides a useful re-s...
sPIFfing! New capital requirements for Personal Investment Firms
Can the PIF pay? Personal Investment Firms (PIFs) are advisory firms responsible for around half of all regulated investment and pension sales. Last month the FCA published Consultation Paper CP15/17 on capital resources requirements for PIFs which are designed to ensure that PIFs are able to pay re...
Taking the credit: FOS tackles broking and middlemen
The impact of FCA rules on credit brokers has been significant, with a number of credit brokers having left the market since April 2014. Perhaps the most difficult challenge for the industry has been that credit brokers have been brought within the compulsory jurisdiction of the FOS.
The latest om...
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.