Financial Services Blog
Commentary on the latest in regulation
Merry Christmas from the FOS
With the festive season upon us, the FOS has taken the opportunity to spread some Christmas cheer by reminding everyone of the possible problems that can arise at this time of year, including "faulty presents, storm damage, broken boilers and even a spoilt surprise."
In its Yuletide bulletin, the F...
Financial Reporting has received its fair share of column inches in recent weeks
Headlines have, for obvious reasons, been grabbed by issues with Tesco's financial reporting. Indeed, the fallout from the scandal is still being felt – as Tesco issued a profit warning on 9 December 2014.
Elsewhere, whilst not so dramatic but still significant, the Financial Reporting Council rece...
How far will the FCA stretch FIT?
Yesterday's Burrows final notice is a further sign that the FCA will look at the personal conduct of Approved Persons outside of their roles in financial services in order to assess their fitness and propriety. Mr Burrows was not convicted by a court of any offence but his admissions to fare evasion...
SFO makes first use of Bribery Act in prosecution for fraudulent UCIS
Earlier this week three individuals were sentenced at Southwark Crown Court following the first prosecution by the SFO under the Bribery Act 2010. The case hasn't give us a meaningful judicial interpretation of the Bribery Act, but it does show that the SFO is prepared to use the Act and the case a...
An uneasy contrast for the FCA – balancing commercial drive with cultural reform
Yesterday's speech delivered by Martin Wheatley has reinforced the FCA's increasingly more collaborative approach to its engagement with financial services firms.
Mr Wheatley's speech on "the commercial importance of culture to industry" at this year's FCA Enforcement Conference emphasised the FCA'...
Conduct Risk Briefing offers wealth managers insights into regulator's thinking
'Source of wealth' is key. Whether dealing with AML or Politically Exposed Persons (PEPs) when on-boarding clients or building a sustainable business model for the future of your firm, the FCA's Wealth Management & Private Banking sector team's message in last week's speech by Robert Taylor cou...
FCA report on complaints handling more optimistic than many feared
The FCA has finally published its report on its review of consumer complaint handling at 15 major retail financial services firms. Despite the expressed intention at the launch of the review last year for phase 2 to "consider firms' approach to redress and root cause analysis", the report is explici...
Financial Services: Minimising Risk in a Dawn of Opportunity
Over the last few years, firms have been asking themselves how they will make money in the post RDR world. Some have been more honest and transparent about this question than others. A number of commentators along the way have predicted a large decrease in the number of financial advisers. The si...
FCA keeps SIPP investments under close scrutiny
We blogged previously on the tougher attitude that the FCA is taking concerning the obligations of SIPP operators, and the increased focus on the suitability of underlying SIPP investments.
On 31 October we had a concrete example of the FCA's pro-active attitude to high-risk or unusual SIPP investm...
In the garden but without pay
Sunrise Brokers LLP v Rodgers is the salutary tale of an equity derivatives broker who gambled in his decision to leave his employer for a competitor. He rolled the dice, choosing not to give notice and refusing to work. The employer responded: affirming the contract and withholding salary. The e...
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.