RPC Regulatory Blog
Commentary on the latest in regulation
FCA fines Lloyds TSB for financial incentives failings
Governance failings and conflicts mis-management can take many forms. Whilst we await the outcome of its review into broker conflicts of interest, the FCA has issued its biggest ever retail conduct fine, for failings in the way employees are remunerated.
The FCA announced yesterday that it was fini...
'Stranded on an island without a canoe'
Common sense may yet prevail at the Court of Appeal in the Clark v In Focus case about whether a complainant can take the maximum award from FOS and sue for the balance of their losses in Court. Section 228(5) of FSMA says: "If the complainant notifies the ombudsman that he accepts the determinatio...
Update on Clark v In Focus appeal
The landmark appeal in Clark v In Focus is today being heard by the Court of Appeal, who will decide whether a complainant can accept an award at FOS and then sue for the balance through the courts. This case has generated much interest, with FOS making written submissions to the Court of Appeal as...
Ofcom, Ofgem, Ofwat, OfFCA…? FCA set to become latest competition sectoral regulator
At its own request, the FCA is set to be granted expanded competition powers under new legislation. These new powers will put the FCA on a par with the existing UK competition sectoral regulators, including Ofcom, Ofgem and Ofwat.
These sector regulators currently have 'concurrent' competition pow...
No more moral high ground for whistle blowers?
Yet another US style importation is on the cards. Not content with Deferred Prosecution Agreements, the UK government (BIS, MOJ and HO) is now considering the case for incentivising whistle blowers including providing financial incentives in cases of alleged fraud, bribery and corruption (see paragr...
Handbook suffers from CIDRA hangover
Whilst FOS rightly considered itself ahead of the consumer insurance law reforms, the FCA has now caught up. In this month's FCA Handbook update the provisions of the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) have been transposed into ICOBS.
The FOS' guidance on mis-...
National Crime Agency – same old, same old?
If you, like me, tried to access SOCA's website (www.soca.gov.uk) to undertake a compare and contrast exercise with the website of the NCA, you would have found yourself directed seamlessly to www.nationalcrimeagency.gov.uk. This lends weight to Labour's assertions that this was simply a "rebranding...
CAT condemns the Competition Commission's Data Room Rules as unfair and in breach of principles of natural justice
On 2 October 2013, the CAT handed down its ruling on an application by BMI Healthcare, HCA International and Spire Healthcare (the 'Applicants') for a review of the CC's decision relating to the operation of a data room in its private healthcare market investigation. In its ruling, the CAT condemne...
Insurers beware: the FOS is stretching its powers to – and beyond – the limit
The FOS has publicly stated that when dealing with complaints about the validity of insurance policies it will not apply the principles established in the High Court cases of Bunney & Cahill that a 'direction' (like a 'money award') is also subject to the maximum award limit. Instead, FOS believ...
Lawyers – the ideal guardians of ill-gotten gains
A report produced by the Financial Action Task Force ("FATF") – the intergovernmental body recognised as the standard bearer when it comes to anti-money laundering ("AML") and counter-terrorist financing ("CTF") – has highlighted how law firms are the ideal conduits by which criminals ...
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.