Financial Services Blog
Commentary on the latest in regulation
The Cost of Redress: Citizens Advice Bureau reveals £5 billion cost of CMCs
Last week we reported Lady Justice Arden's fears about the "development of a claims industry… that increases the cost of obtaining financial advice". New figures released today by the Citizens Advice Bureau confirm her worst fears.
Now in a new report, 'The cost of redress', the Citizens Advice Bur...
Top tips for corporates on conducting internal investigations
The ability to conduct and manage an internal investigation in a way which is proportionate to the issue which has arisen as well as timely and cost effective is a skill not to be under-estimated. Whilst each investigation needs to be tailored to the specific circumstances, there are some considerat...
Definitive Guideline published for sentencing corporates
To coincide with Deferred Prosecution Agreements (DPAs) going live earlier this week, the Sentencing Council recently published a Definitive Guideline on the appropriate penalties for corporates convicted of fraud, bribery and money laundering.
You may be thinking that the penalties for convicted c...
No need to plead and no need for CMCs
Those celebrating the common sense decision of the Court of Appeal in Clark v In Focus will have an additional reason to smile when they read comments in the leading judgment of Lady Justice Arden on the purpose of FOS and the role of CMCs.
Arden LJ's judgment recognises that con...
Deferred Prosecution Agreements (DPAs) go live today
The Director of the Serious Fraud Office, David Green, regards DPA s as "a welcome addition to the prosecutor's tool kit" but nevertheless has confirmed that "Prosecution remains the preferred option for corporate criminality". I read the SFO's press release as saying that David Green's appetite as...
Battle lines drawn as High Court supports FCA collective investment scheme finding
Further judicial guidance has been provided on unauthorised collective investment schemes ("CISs"). In FCA v Capital Alternatives Limited and others, the FCA alleged that a farming scheme in Sierra Leone and multi-jurisdiction carbon credit schemes were unauthorised CISs and therefore regulated acti...
FOS in focus
The Court of Appeal confirmed this morning that a FOS complainant with an award at the statutory maximum of £150k cannot sue for the balance of their losses in Court. If they accept the Ombudsman's award, it is final and binding. If they want to recover all of their losses, they must reject the aw...
Competition and Markets Authority announces its 'Vision, values and strategy'
The Competition and Markets Authority ("CMA") is the new combined successor body to the Office of Fair Trading and the Competition Commission, created by the Enterprise and Regulatory Reform Act 2013. The CMA will acquire its powers and replace its predecessors on 1 April 2014.
On 22 January ...
Offshore Ombudsman: Financial Ombudsman Service for Jersey and Guernsey on its way
With the first glimmers of spring breaking through the clouds, the Ombudsman, like many of us, is packing his bowler and planning a trip off-shore. His holiday plans were recently revealed in the Draft Financial Services Ombudsman (Jersey) Law 201 published by the States of Guernsey on 20 January 20...
Standard Bank, a non-standard fine and sub-standard AML systems
The £7.6m fine recently meted out to Standard Bank was accompanied by a self-congratulatory press release by the regulator heralding new firsts. It was apparently the first AML case brought with respect to commercial banking and first AML case to use the new FCA penalty regime which applies to breac...
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.