YoutubeTwitterLinkedinFacebook

Financial Services Blog

Commentary on the latest in regulation

Has the FOS decided Lehman's collapse was not foreseeable; or is that too remote a hope?

Posted on July 15, 2014 by Lucy Joyce
Lucy Joyce
Lucy specialises in claims against financial professionals (including IFAs, netw
User is currently offline

Nearly six years have elapsed since we first saw the iconic photographs of Lehman Brothers' employees filing out of the former bank's worldwide headquarters, carrying their belongings in cardboard boxes. However, the downfall of Lehman is not yet a distant memory for many financial advisers, as the ... read more

Enhancing Supervision: How will the FCA's new regulatory model work in the real world?

Posted on July 10, 2014 by Andrew Naylor
Andrew Naylor
Andrew is an Associate in RPC's Financial Risks Team, having trained at RPC and
User is currently offline

Readers may recall the FSA's 'close supervision' of firms, which could arise after an ARROW visit if significant failings were identified. The FCA has now re-branded 'close supervision' and, in substance, 'Enhanced Supervision' will mean much the same, albeit couched in the new judgement-based, inte... read more

Tax 'tsunami': will litigation wave crash over tax advisers and IFAs as Revenue uses new powers?

Posted on July 10, 2014 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
User is currently offline

New powers which will be introduced via the Finance Act 2014 are leading to investors in tax schemes crystallising their tax losses much sooner than anticipated. Yesterday, news broke that celebrity investors in the £1.2 billion Liberty tax avoidance scheme faced significant losses as HMRC issues a... read more

Pre-packs – improving a bad reputation?

Posted on July 03, 2014 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
User is currently offline

Pre-packs involve the pre-determined sale of a business before it enters administration, allowing a sale within days of an administrator's appointment. Examples of pre-packs include Dreams, JJB Sports and stockbroker Seymour Pierce. Pre-packs are a useful tool for the insolvency profession allowing ... read more

FOS in the D&Ock

Posted on July 02, 2014 by Robbie Constance
Robbie Constance
Robbie is a Partner in RPC’s Regulatory Group. He specialises in Financial Servi
User is currently offline

FOS is back in Court defending its latest jurisdictional land grab.  Permission has been granted by the Administrative Court for Judicial Review of FOS' jurisdiction to consider a complaint relating to D&O insurance on the basis a director takes the policy in a personal capacity as a consumer an... read more

FOS: for free or not for free?

Posted on June 27, 2014 by Rachel Huxley
Rachel Huxley
Rachel Huxley is a Senior Associate in RPC's Financial & Professional Risks Grou
User is currently offline

Should consumers pay a fee to bring a complaint to FOS? FOS handled 2.3m initial enquiries and complaints from consumers in 2013/2014. Around one in five of those initial consumer enquiries turned into a formal dispute, so FOS reviewed over half a million new cases last year - a record number. Reduc... read more

Are long stops still a long shot?

Posted on June 25, 2014 by Amy Parr
Amy Parr
Amy is an Associate in RPC's Professional and Financial Risks group. Amy has ex
User is currently offline

The long-running debate surrounding long stop time bars rumbles on, with articles appearing in the financial press this week which raise some interesting new points.  It has, for example, been widely reported that the FCA has apparently 'approved' the inclusion of a 15-year long stop in an IFA's ter... read more

Swap horror – not 'knowledge' for civil limitation

Posted on June 18, 2014 by David Allinson
David Allinson
David has experience of defending various professionals, particularly in the fin
User is currently offline

A recent High Court decision (Kays Hotels Ltd v Barclays Bank Plc) has ruled that a firm cannot rely merely on the terms of an interest rate hedging product going against the customer to trigger "knowledge" under section 14A of the Limitation Act 1980 and thus time-bar a civil claim. In 2005, Kays ... read more

Ignorance of the lawyer is no excuse

Posted on May 28, 2014 by Alex Lincoln-Antoniou
Alex Lincoln-Antoniou
Alex is a Senior Associate in RPC’s Regulatory Group, and advises on all aspects
User is currently offline

Unsurprisingly, the Court of Appeal has found that inadequate legal representation, like ignorance of the law, is no excuse. It allowed an appeal brought by the FCA against the decision of the Southwark Crown Court to stay the indictments against defendants accused of fraud because of the lack of su... read more

Battle for better regulation continues with parliamentary inquiry

Posted on May 27, 2014 by Sam Bishop
Sam Bishop
Sam is an associate in RPC's Regulatory Group. Sam recently joined the Group, ha
User is currently offline

In an apparent continuation of the Government's push to make regulators and regulation more cost-effective and business-centric, the Regulatory Reform Committee, a House of Commons select committee controlled by the Government, has announced an inquiry into the Government's Better Regulation framewo... 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.

Subscribe to this blog

Extras

Glossary

Favourites

About us