Financial Services Blog
Commentary on the latest in regulation
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...
Competing agendas? How the FCA, PSR and CMA plan to work together
In mid-February, the UK investment and corporate banking sector braced itself for yet another regulatory investigation, as the FCA announced its plans to launch a wholesale market study into the industry in Spring 2015.
This marks the FCA's first opportunity to use its new competition powers in re...
Pensions Freedoms and the Second Line of Defence – some flesh on the bone
In late January the FCA issued a Dear CEO letter to pension providers, proposing new protections to be provided to consumers seeking to access their pension pot when the new pension freedoms are introduced from 6 April 2015. The FCA has now published a new set of rules setting out the obligations on...
A step closer to ring-fencing of banking activities?
The Government has taken some tentative steps towards ensuring ring-fenced banks cannot become liable for the pension schemes of other entities. Last week, HM Treasury published its response to the recent banking pension's consultation. The Government's response suggests further regulatory requireme...
SFC provides further guidance on Corporate Professional Investor Regime
Hong Kong - Recap
As noted in my blog dated 3 October 2014 concerning the SFC's conclusions on professional investors and client agreements (link), the SFC is looking to enhance the protection afforded to professional investors who are not institutional investors. In particular, a new paragraph 15 ...
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.