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Financial Services Blog

Commentary on the latest in regulation

A test of skill

Posted on May 05, 2015 by David Allinson
David Allinson
David has experience of defending various professionals, particularly in the fin
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Last week, the Administrative Court granted permission to judicially review the s.166 process for reviewing redress awarded as part of the interest rate hedging product scheme. In very brief terms, the FCA (and the PRA) can use the powers at s.166 and s.166A of FSMA to appoint a skilled person to c... read more

Justice for taxpayer where tax charge "repugnant to common fairness"

Posted on April 29, 2015 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
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The Upper Tribunal of the Tax and Chancery Chamber has upheld a taxpayer's appeal against a £383,000 tax charge which potentially left him facing bankruptcy. Mr Joost Lobler, a Dutch national, invested £960,000 in a Zurich life insurance policy in March 2006. His investment, in fact, consisted of 1... read more

Pyrrhus defeats the FCA

Posted on April 29, 2015 by Marcus Bonnell
Marcus Bonnell
Marcus works within RPC’s Regulatory Group advising on non-contentious and conte
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The Upper Tribunal has directed the FCA to prohibit former insurance broker Stephen Allen from performing any function in relation to a regulated activity.  The Tribunal concluded that Mr Allen should be banned from regulated financial services because he is not a 'fit and proper' person as demonstr... read more

Bringing EU regulation home – a sign of things to come?

Posted on April 28, 2015 by Given, Davina
Given, Davina
Davina acts for clients on a range of commercial and financial disputes and has
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A short recent judgment is a reminder of the need for financial institutions to keep an eye not only on what their home regulator is doing, but also European regulators. By way of background, the European Securities and Markets Authority (ESMA) was established as part of the move towards more integ... read more

Under pressure: will the FOS provide Accelerated Dispute Resolution?

Posted on April 17, 2015 by Tom Hunter
Tom Hunter
Tom Hunter is an Associate in the Professional Risks Group. Having trained at RP
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The FOS will soon be under increased pressure to reduce the time it takes to reach its decisions following the implementation of the EU Alternative Dispute Resolution (ADR) directive in three months' time. It is likely that the FOS will impose stricter response deadlines themselves, as a result. Th... read more

Have the pension reforms lived up to eggs-pectations?

Posted on April 08, 2015 by Lucy Joyce
Lucy Joyce
Lucy specialises in claims against financial professionals (including IFAs, netw
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It was widely reported that this Easter anyone over the age of 55 would be considering their nest eggs, rather than chocolate ones, in the wake of the new pension reforms which came into force on Monday. It was anticipated by some that 1 in 8 people were going to withdraw all of their savings from ... read more

Firms in danger where data breach causes distress

Posted on April 07, 2015 by Rachel Huxley
Rachel Huxley
Rachel Huxley is a Senior Associate in RPC's Financial & Professional Risks Grou
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Hot on the heels of the launch of the pensions wave of the FCA's ScamSmart (as discussed by Sam's post), last Sunday a Daily Mail expose revealed that private pension data is being passed on by data firms without their customers' knowledge.  Fraudsters ultimately got hold of this pensions data, cold... read more

Professional Indemnity insurance for financial advice: is the market broken?

Posted on April 01, 2015 by Simon Laird
Simon Laird
Simon is a Partner in the Professional Risks Group. Simon deals with insurance,
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In yesterday's New Model Adviser, Mark Neale has urged advisers to put pressure on professional indemnity insurers to fix a market he has described as a 'broken reed'. I am no insurer and I do not profess to understand underwriting.  I would, however, make the following observations. PI insurers w... read more

Extending the PRA's powers over auditors and actuaries

Posted on March 27, 2015 by Given, Davina
Given, Davina
Davina acts for clients on a range of commercial and financial disputes and has
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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... read more

Pensions, pensions, and yet more pensions in the FCA's Business Plan

Posted on March 27, 2015 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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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 ... 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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