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Financial Services Blog

Commentary on the latest in regulation

FCA Focus on Suitability

Posted on May 13, 2016 by Esme Watson
Esme Watson
Esme is an Associate in the Financial Risks team. She defends claims against a v
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Have you received a request from the FCA for your suitability reports recently? If so, you're in good company. Hundreds of IFA firms received a request for their suitability reports from 2015 just days after the FCA published its new business plan for 2016/17 on 5 April 2016.    In their business ... read more

The subtleties of suitability

Posted on April 26, 2016 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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IFAs can expect guidance from the FCA about how to produce shorter client suitability reports following last month's publication of the Financial Advice Market Review (FAMR), the FCA has confirmed. Readers may recall from Esme's blog last month that FAMR was set up to investigate the so-called "adv... read more

The Pensions Ombudsman and SIPP Trustees and Administrators - The uncertainty continues

Posted on April 21, 2016 by Rachael Healey
Rachael Healey
Rachael is an Associate in RPC’s Insurance Group, specialising in claims against
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SIPP trustees and administrators don't have to consider suitability, the Pension Ombudsman has found in a recent complaint.  This is consistent with the stance previously taken by the Pensions Ombudsman but continues to stand in contrast to FOS' decision in a complaint against Berkeley Burke which r... read more

PRA refreshes approach on Corporate Governance in Supervisory Statement

Posted on April 12, 2016 by Rebecca Dulieu
Rebecca Dulieu
Rebecca is an associate in RPC's Regulatory Group specialising in contentious an
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There remain, in our view, a few issues which the PRA has not directly addressed, perhaps intentionally to allow firms the flexibility to interpret the regulator's requirements in accordance with their business model. The PRA has recently issued its Supervisory Statement on 'Corporate Governance: B... read more

Advising on accessing pension pots, is there gold at the end of the rainbow?

Posted on April 08, 2016 by David Allinson
David Allinson
David has experience of defending various professionals, particularly in the fin
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As readers of this blog will know, sweeping changes were made to the UK pensions industry in April 2015 which allowed retirees to access the full value of their pension fund without the need to purchase an annuity. Most readers will also remember that this change (emanating from 11 Downing Street) a... read more

The Supreme Court "takes stock" of the law on vicarious liability

Posted on March 29, 2016 by Emma Griffiths
Emma Griffiths
Emma has a range of experience of acting for banks and other financial instituti
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The Supreme Court has recently taken a very wide view of vicarious liability (where third parties can hold employers civilly liable for the actions of their employees), as I reported today in full on our Commercial Disputes blog.  An employer was even held liable where an employee assaulted a custom... read more

FCA to allow FOS and FSCS claims over P2P advice

Posted on March 24, 2016 by Katherine Roberts
Katherine Roberts
Katherine is an insurance litigator and deals with a wide range of professional
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Consumers who receive advice on peer-to-peer lending should have recourse to FOS and the FSCS, the FCA confirmed this week.  Previously, investors have been unable to lodge a complaint at the FOS or the FSCS following advice to invest in P2P agreements, as such advice had been classed as an unregu... read more

"Mind the gap": FAMR report is light on de-regulation

Posted on March 14, 2016 by Esme Watson
Esme Watson
Esme is an Associate in the Financial Risks team. She defends claims against a v
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Following its launch in August 2015, the Financial Advice Market Review (FAMR) has this morning published its final report.   The aim of FAMR was to explore how the financial advice market could be improved for all consumers, with particular emphasis on the so called 'advice gap'. The Report makes... read more

Upper Tribunal confirms interim permission lapses on FCA's decision to refuse authorisation

Posted on March 11, 2016 by Rebecca Dulieu
Rebecca Dulieu
Rebecca is an associate in RPC's Regulatory Group specialising in contentious an
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Firms still waiting for their regulatory approval of a full consumer credit licence should not be particularly surprised at the recent decision of the Upper Tribunal:  Judge Herrington has held that where the FCA declines to authorise a consumer credit firm, and the firm contests that decision, the ... read more

Block Notifications and Robo-advice

Posted on March 11, 2016 by Matthew Watson
Matthew Watson
Matt has recently joined RPC as an Associate within the Financial and Profession
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The recent case of Ocean Finance & Mortgages Ltd v Oval Insurance Broking Ltd provides useful guidance on the often contentious issue of making block notifications to PI insurers.   Background   In the Ocean Finance case the Court was faced with the task of apportioning liability between bro... 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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