Financial services regulatory and risk
Publication of enforcement action: only after Warning Notice but still a bad idea
On Thursday morning last week, I caused a stir with my reaction to the leaked news (in an FT interview) about the new FCA's planned approach to publication of enforcement cases.
Read moreA slightly happier ending for non-deliberate market abuser
I wrote on 2 February about David Massey and his partial success before the Tribunal.
Read moreSection 404 and the single firm
When the FSA decided against turning the endowments and PPI mis-selling problems into formal s.404 reviews (akin to the Pensions Review), it was assumed s.404 would remain in the regulatory tool-box; an idle threat that the FSA would struggle to put into action.
Read moreLloyds Bank's £500m problem is the first 'single firm consumer redress scheme'
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.
Read moreFSA does its little bit to help the Middle East
Political instability in any country can result in sudden cash or asset movements out of the jurisdiction.
Read moreFSA avoids April Fool!
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.
Read moreMeteor hit by arbitrary FOS decision
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.
Read moreA victory for financial services firms who play by the rules
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.
Read moreExtended warranty cover plans in breach of s.19 FSMA
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.
Read moreAn innocent crime? FSA's fine for market abuse halved by Upper Tribunal
The Upper Tribunal has ruled that the FSA was too harsh when fining a former banker for market abuse.
Read moreThe FSA sets new standards of professionalism
The FSA's Policy Statement on professionalism (part of the RDR) was published on 20 January 2011.
Read moreLegal Ombudsman swamped by complaints against claims management companies (CMCs)
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.
Read moreCASS pain for BarCap
The FSA has fined Barclays Capital for client money breaches.
Read moreNick Clegg champions FoI at FOS
In a speech today, Nick Clegg championed freedom of information (FoI) at the FOS:
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