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Financial Services - Regulatory & Risk

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Lloyds Bank's £500m problem is the first 'single firm consumer redress scheme'

21 February 2011

Lloyds Bank announced today that it has agreed an estimated £500m 'customer review and contact programme' relating to potentially confusing information about the Halifax standard variable mortgage rate between 2004 and 2007.

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FSA does its little bit to help the Middle East

18 February 2011

Political instability in any country can result in sudden cash or asset movements out of the jurisdiction.

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FSA avoids April Fool!

17 February 2011

The FSA has announced that it will begin the process of reorganisation to create a new prudential business unit and consumer and markets business unit on 4 April.

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Meteor hit by arbitrary FOS decision

15 February 2011

The industry press has reported that Meteor Asset Management had a complaint upheld by FOS about advice on Lehmans structured products because they apparently failed to disclose the downgrade in credit rating (to below Standard & Poor’s A+ grade) and, consequently, the advice was unsuitable thereafter.

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A victory for financial services firms who play by the rules

11 February 2011

In the recent case of Michael Duthie Wilson, PS Trustees Ltd v MF Global UK Limited, GNI Limited (In Members' Voluntary Liquidation) [2011] EWHC 138 (QB) it was held that financial investment brokers had complied with the COB rules when the Claimants as 'intermediate customers' and were not liable for trading losses suffered by them.

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Extended warranty cover plans in breach of s.19 FSMA

09 February 2011

The FSA's recent action in Re Digital Satellite Warranty Cover Ltd to wind up companies with 'public interest' petitions for carrying on insurance business without FSA authorisation, in breach of the general prohibition in s.19 FSMA, demonstrates its willingness to take robust action to tackle those who attack the perimeter by engaging in regulated activities without authorisation.

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An innocent crime? FSA's fine for market abuse halved by Upper Tribunal

02 February 2011

The Upper Tribunal has ruled that the FSA was too harsh when fining a former banker for market abuse.

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The FSA sets new standards of professionalism

31 January 2011

The FSA's Policy Statement on professionalism (part of the RDR) was published on 20 January 2011.

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Legal Ombudsman swamped by complaints against claims management companies (CMCs)

Published on 27 January 2011. By Graham Reid, Legal Director, Professional Regulation

The Legal Ombudsman, which launched in October 2010 under rules similar to the FOS' DISP regime, recently reported to a professional negligence conference that some 20,000 enquiries were received in its first few months.

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CASS pain for BarCap

26 January 2011

The FSA has fined Barclays Capital for client money breaches.

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Nick Clegg champions FoI at FOS

07 January 2011

In a speech today, Nick Clegg championed freedom of information (FoI) at the FOS:

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