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Financial Services Blog

Commentary on the latest in regulation

Merry Christmas from the FOS

Posted on December 22, 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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With the festive season upon us, the FOS has taken the opportunity to spread some Christmas cheer by reminding everyone of the possible problems that can arise at this time of year, including "faulty presents, storm damage, broken boilers and even a spoilt surprise." In its Yuletide bulletin, the F... read more

Financial Reporting has received its fair share of column inches in recent weeks

Posted on December 18, 2014 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
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Headlines have, for obvious reasons, been grabbed by issues with Tesco's financial reporting. Indeed, the fallout from the scandal is still being felt – as Tesco issued a profit warning on 9 December 2014. Elsewhere, whilst not so dramatic but still significant, the Financial Reporting Council rece... read more

How far will the FCA stretch FIT?

Posted on December 16, 2014 by Richard Burger
Richard Burger
Richard is a Partner in RPC’s Regulatory Group advising on non-contentious and c
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Yesterday's Burrows final notice is a further sign that the FCA will look at the personal conduct of Approved Persons outside of their roles in financial services in order to assess their fitness and propriety. Mr Burrows was not convicted by a court of any offence but his admissions to fare evasion... read more

SFO makes first use of Bribery Act in prosecution for fraudulent UCIS

Posted on December 11, 2014 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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Earlier this week three individuals were sentenced at Southwark Crown Court following the first prosecution by the SFO under the Bribery Act 2010.  The case hasn't give us a meaningful judicial interpretation of the Bribery Act, but it does show that the SFO is prepared to use the Act and the case a... read more

An uneasy contrast for the FCA – balancing commercial drive with cultural reform

Posted on December 03, 2014 by Rebecca Dulieu
Rebecca Dulieu
Rebecca is an associate in RPC's Regulatory Group specialising in contentious an
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Yesterday's speech delivered by Martin Wheatley has reinforced the FCA's increasingly more collaborative approach to its engagement with financial services firms. Mr Wheatley's speech on "the commercial importance of culture to industry" at this year's FCA Enforcement Conference emphasised the FCA'... read more

Conduct Risk Briefing offers wealth managers insights into regulator's thinking

Posted on December 02, 2014 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
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'Source of wealth' is key.  Whether dealing with AML or Politically Exposed Persons (PEPs) when on-boarding clients or building a sustainable business model for the future of your firm, the FCA's Wealth Management & Private Banking sector team's message in last week's speech by Robert Taylor cou... read more

FCA report on complaints handling more optimistic than many feared

Posted on November 24, 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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The FCA has finally published its report on its review of consumer complaint handling at 15 major retail financial services firms. Despite the expressed intention at the launch of the review last year for phase 2 to "consider firms' approach to redress and root cause analysis", the report is explici... read more

Financial Services: Minimising Risk in a Dawn of Opportunity

Posted on November 12, 2014 by Simon Laird
Simon Laird
Simon is a Partner in the Professional Risks Group. Simon deals with insurance,
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Over the last few years, firms have been asking themselves how they will make money in the post RDR world.  Some have been more honest and transparent about this question than others.  A number of commentators along the way have predicted a large decrease in the number of financial advisers.  The si... read more

FCA keeps SIPP investments under close scrutiny

Posted on November 06, 2014 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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We blogged previously on the tougher attitude that the FCA is taking concerning the obligations of SIPP operators, and the increased focus on the suitability of underlying SIPP investments. On 31 October we had a concrete example of the FCA's pro-active attitude to high-risk or unusual SIPP investm... read more

In the garden but without pay

Posted on November 04, 2014 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
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Sunrise Brokers LLP v Rodgers is the salutary tale of an equity derivatives broker who gambled in his decision to leave his employer for a competitor.  He rolled the dice, choosing not to give notice and refusing to work.  The employer responded: affirming the contract and withholding salary.  The e... 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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