Financial Services Blog

Commentary on the latest in regulation

Simplified, retrospective and still inconsistent

Posted on January 23, 2015 by Robbie Constance
Robbie Constance
Robbie is a partner in RPC's Regulatory Group specialising in contentious and no
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Despite laudable aims, yesterday's FCA guidance on what constitutes regulated advice was published alongside a report on the (perceived) retrospective application of rules but neither is likely to achieve its stated aim – and there's a revealing contradiction between the two... On inconsistency of ... read more

FCA takes a long hard look at how insurance brokers manage the risks of bribery and corruption…

Posted on January 13, 2015 by Richard Burger
Richard Burger
Richard is a Partner in RPC’s Regulatory Group advising on non-contentious and c
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Could do better, reports the Financial Crime team of the FCA on the cohort of commercial brokers who were subject to the recent thematic review on managing bribery and corruption risks (TR14/17). Recently, financial sanctions is the hot financial crime topic for the insurance sector, but given FCA/... read more

'Many eyes' approach to sanctions compliance

Posted on January 13, 2015 by Richard Burger
Richard Burger
Richard is a Partner in RPC’s Regulatory Group advising on non-contentious and c
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The many eyes approach to sanctions compliance in the Lloyd's market is not just for managing agents but useful guidance for all. With the new year, the Lloyd's International Regulatory Affairs team, led by Andy Wragg, has issued new guidance on sanctions compliance looking at systems and controls.... read more

Chickens coming home to roost: SFO's first conviction of a company for bribery after contested trial

Posted on January 07, 2015 by Given, Davina
Given, Davina
Davina acts for clients on a range of commercial and financial disputes and has
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Hot on the heels of the SFO's first conviction under the Bribery Act 2010, discussed in George's post, and just as some of us were disappearing for a Christmas break, the SFO announced its first conviction of a company for bribery of foreign public officials after a contested trial.  (Regular SFO-wa... read more

Complaint trends for 2015

Posted on January 07, 2015 by Simon Laird
Simon Laird
Simon is a Partner in the Professional Risks Group. Simon deals with insurance,
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The FOS yesterday published its 2015/16 budget consultation.  In short, we can expect more of the same. Of note for financial advisers: FOS expects to receive 16,000 new investment and pension complaints during 2015/16.  This is in line with the actual number of complaints received in 2013/14 an... read more

Merry Christmas from the FOS

Posted on December 22, 2014 by Neel Robb
Neel Robb
Neel is an Associate in RPC’s Insurance Group. Neel trained at RPC and specialis
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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... read more

Financial Reporting has received its fair share of column inches in recent weeks

Posted on December 18, 2014 by Tom Lloyd
Tom Lloyd
Tom has experience in defending professionals in a number of different sectors,
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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, following the discovery that it had overstated its first half profits by £263 million. This sc... read more

How far will the FCA stretch FIT?

Posted on December 16, 2014 by Richard Burger
Richard Burger
Richard is a Partner in RPC’s Regulatory Group advising on non-contentious and c
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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... read more

SFO makes first use of Bribery Act in prosecution for fraudulent UCIS

Posted on December 11, 2014 by George Smith
George Smith
George is an Associate in RPC's financial risks team. He specialises in defendi
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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... read more

An uneasy contrast for the FCA – balancing commercial drive with cultural reform

Posted on December 03, 2014 by Rebecca Dulieu
Rebecca Dulieu
Rebecca is an associate in RPC's Regulatory Group specialising in contentious an
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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'... 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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