Financial Services Blog
Commentary on the latest in regulation
Under pressure: will the FOS provide Accelerated Dispute Resolution?
The FOS will soon be under increased pressure to reduce the time it takes to reach its decisions following the implementation of the EU Alternative Dispute Resolution (ADR) directive in three months' time. It is likely that the FOS will impose stricter response deadlines themselves, as a result.
Have the pension reforms lived up to eggs-pectations?
It was widely reported that this Easter anyone over the age of 55 would be considering their nest eggs, rather than chocolate ones, in the wake of the new pension reforms which came into force on Monday.
It was anticipated by some that 1 in 8 people were going to withdraw all of their savings from ...
Firms in danger where data breach causes distress
Hot on the heels of the launch of the pensions wave of the FCA's ScamSmart (as discussed by Sam's post), last Sunday a Daily Mail expose revealed that private pension data is being passed on by data firms without their customers' knowledge. Fraudsters ultimately got hold of this pensions data, cold...
Professional Indemnity insurance for financial advice: is the market broken?
In yesterday's New Model Adviser, Mark Neale has urged advisers to put pressure on professional indemnity insurers to fix a market he has described as a 'broken reed'.
I am no insurer and I do not profess to understand underwriting. I would, however, make the following observations.
PI insurers w...
Extending the PRA's powers over auditors and actuaries
Auditors and actuaries are used to being overseen by the Financial Reporting Council (FRC). In a recent Consultation Paper, the PRA has signalled that it intends to extend its disciplinary powers over the auditors and actuaries of all PRA‑authorised firms.
There are two significant changes propose...
Pensions, pensions, and yet more pensions in the FCA's Business Plan
The FCA has published its Business Plan for 2015/2016. One of the key themes for both regulation and risk is the pensions market given the pension reforms taking place on 6 April. The Business Plan highlights the fact that the pensions market is a key area of concern for the FCA and an area which ...
Registering the effects of the MLRs
A recent case is a stark reminder of the wide-reaching impacts of the Money Laundering Regulations 2007. An estate agent's inadvertent failure to register its business under the MLRs rendered the claimant's commercial contracts illegal and therefore unenforceable.
In RTA (Business Consultants...
Do not-so smart pension reforms mean FCA wants pensioners to be ScamSmart?
Less than two weeks after Martin Wheatley's speech identifying April's 'big bang' pension reforms as "[t]he defining challenge of our time", the FCA has launched a website called 'ScamSmart' dedicated to helping retail investors identify fraudulent investment scams. Martin Wheatley's keynote speech...
Unrealistic expectations? - FCA research highlights investors' lack of understanding of structured products
Findings published by the FCA beg the question, are firms are doing enough to ensure that customers understand structured products before investing?
The FCA last week published a behavioural economics research paper on the returns that investors expect from structured products. The research, based...
New Senior Managers' Regimes to kick off in early March 2016
The FCA and PRA have taken their most significant step to date in the relentless pursuit of greater accountability of senior management and the promotion of good governance and culture.
The Treasury announced on 3 March that the commencement date for the new and much anticipated Senior Managers and...
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.