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Financial Services Blog

Commentary on the latest in regulation

Time is running out… clarity on time bar at FOS?

Posted on September 03, 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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New DISP pro forma final response language seems to allow firms to be more confident when time barring complaints. The confusion The precise meaning of the FOS time bar rules has brought confusion to legal practitioners, compliance officers, complaints handlers and even FOS adjudicators and ombuds... read more

Regulatory censure of the Co-op really does send a message

Posted on August 28, 2015 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
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The FCA and PRA jointly censured The Co-operative Bank plc for various regulatory breaches. The announcement that Co-op was not to be fined has raised some eyebrows, nonetheless this is not the only interesting aspect of this decision. This is the PRA's second enforcement action following a joint i... read more

The Catalyst effect: ping pong between the FCA and Upper Tribunal?

Posted on August 21, 2015 by Rebecca Dulieu
Rebecca Dulieu
Rebecca is an associate in RPC's Regulatory Group specialising in contentious an
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The recent judgment of the Upper Tribunal in relation to the conduct of two directors of Catalyst Investment Group Limited serves as a reminder to those working in the financial services sector about the potential ramifications for individuals should consumers be misled. It also highlights a curious... read more

Reminder: new GAP insurance rules in force from 1 September 2015

Posted on August 18, 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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The FCA's new rules on the sale of Guaranteed Asset Protection (GAP) insurance will come into force in a fortnight's time on 1 September 2015. The new rules require certain prescribed information to be provided at the point of sale and delay the point of sale to at least a day after the provision of... read more

FCA's new referral criteria: Are they really that transparent?

Posted on August 14, 2015 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
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An updated set of enforcement referral criteria has been published by the FCA in response to recommendations made by HM Treasury at the end of last year. The FCA will use these updated criteria to determine which cases should be referred to the FCA's Enforcement Division for investigation. The recom... read more

Financial Advice Market Review – Bridging The "Advice Gap"?

Posted on August 11, 2015 by Matthew Watson
Matthew Watson
Matt has recently joined RPC as an Associate within the Financial and Profession
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HM Treasury have embarked on what they call a "major new review to radically improve access to financial advice". Last week HM Treasury launched a review that seeks to consider how financial advice could work better for consumers. HM Treasury's press release explains that the review to be led by HM... read more

Complaints handling: Key amendments announced by the FCA

Posted on August 07, 2015 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
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Our recent blog highlighted the key changes made to DISP rules by the ADR Directive. The FCA has since published the responses to its complaints handling consultation paper and subsequent policy statement setting out further rule changes. There are 5 main changes about which firms need to be aware:... read more

Transfers, exit fees and financial advice - what next for the pension freedoms?

Posted on August 05, 2015 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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What do exit charges, the pension transfer process and financial advice all have in common? The Treasury's consultation paper "Pension transfer and early exit charges" suggests that these are all barriers to the Government's pension freedoms inhibiting consumers' ability to access their pension pots... read more

Power to the Pensioners?

Posted on July 31, 2015 by Drew Naylor
Drew Naylor
Drew is an Associate in RPC's Financial Risks Team, having trained at RPC and qu
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It has been customary in recent years for George Osborne to pull a proverbial rabbit out of his red ministerial box. While the press have been chewing over Mr Osborne's most recent rabbit (namely, the "National Living Wage"), the implications of his last rabbit are just now being fully realised. Re... read more

ADR Directive: the key changes to the DISP rules

Posted on July 22, 2015 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
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The Financial Ombudsman Service (FOS) has amended the Dispute Resolution: Complaints sourcebook (DISP) in the FCA Handbook. FOS has made these amendments to reflect the Alternative Dispute Resolution Directive which had to be implemented by EU member states by 9 July 2015. Amongst the various amend... 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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