Financial Services Blog
Commentary on the latest in regulation
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 ...
Is that your final answer? – FCA introduces "second line of defence" ahead of pension freedoms
In a 'Dear CEO' letter to pension providers published on Monday the FCA set out new protections that will constitute a "second line of defence" for customers seeking to access their pensions. Subject to approval by the FCA's board, the new "Additional Protections" will come into force alongside the ...
Simplified, retrospective and still inconsistent
Despite laudable aims, yesterday's FCA guidance on what constitutes regulated advice was published alongside a report on the (perceived) retrospective application of rules but neither is likely to achieve its stated aim – and there's a revealing contradiction between the two...
On inconsistency of ...
FCA takes a long hard look at how insurance brokers manage the risks of bribery and corruption…
Could do better, reports the Financial Crime team of the FCA on the cohort of commercial brokers who were subject to the recent thematic review on managing bribery and corruption risks (TR14/17).
Recently, financial sanctions is the hot financial crime topic for the insurance sector, but given FCA/...
'Many eyes' approach to sanctions compliance
The many eyes approach to sanctions compliance in the Lloyd's market is not just for managing agents but useful guidance for all.
With the new year, the Lloyd's International Regulatory Affairs team, led by Andy Wragg, has issued new guidance on sanctions compliance looking at systems and controls....
Chickens coming home to roost: SFO's first conviction of a company for bribery after contested trial
Hot on the heels of the SFO's first conviction under the Bribery Act 2010, discussed in George's post, and just as some of us were disappearing for a Christmas break, the SFO announced its first conviction of a company for bribery of foreign public officials after a contested trial. (Regular SFO-wa...
Complaint trends for 2015
The FOS yesterday published its 2015/16 budget consultation. In short, we can expect more of the same.
Of note for financial advisers:
FOS expects to receive 16,000 new investment and pension complaints during 2015/16. This is in line with the actual number of complaints received in 2013/14 an...
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.