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Financial Services Blog

Commentary on the latest in regulation

Under pressure: will the FOS provide Accelerated Dispute Resolution?

Posted on April 17, 2015 by Tom Hunter
Tom Hunter
Tom Hunter is an Associate in the Professional Risks Group. Having trained at RP
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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. Th... read more

Have the pension reforms lived up to eggs-pectations?

Posted on April 08, 2015 by Lucy Joyce
Lucy Joyce
Lucy specialises in claims against financial professionals (including IFAs, netw
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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 ... read more

Firms in danger where data breach causes distress

Posted on April 07, 2015 by Rachel Huxley
Rachel Huxley
Rachel Huxley is a Senior Associate in RPC's Financial & Professional Risks Grou
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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... read more

Professional Indemnity insurance for financial advice: is the market broken?

Posted on April 01, 2015 by Simon Laird
Simon Laird
Simon is a Partner in the Professional Risks Group. Simon deals with insurance,
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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... read more

Extending the PRA's powers over auditors and actuaries

Posted on March 27, 2015 by Given, Davina
Given, Davina
Davina acts for clients on a range of commercial and financial disputes and has
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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... read more

Pensions, pensions, and yet more pensions in the FCA's Business Plan

Posted on March 27, 2015 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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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 ... read more

Registering the effects of the MLRs

Posted on March 26, 2015 by Given, Davina
Given, Davina
Davina acts for clients on a range of commercial and financial disputes and has
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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... read more

Do not-so smart pension reforms mean FCA wants pensioners to be ScamSmart?

Posted on March 24, 2015 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
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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... read more

Unrealistic expectations? - FCA research highlights investors' lack of understanding of structured products

Posted on March 13, 2015 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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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... read more

New Senior Managers' Regimes to kick off in early March 2016

Posted on March 10, 2015 by Rebecca Dulieu
Rebecca Dulieu
Rebecca is an associate in RPC's Regulatory Group specialising in contentious an
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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... 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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