Financial Services - Regulatory & Risk
Mind the gap: FAMR report is light on de-regulation
Following its launch in August 2015, the Financial Advice Market Review (FAMR) has this morning published its final report.
Read moreUT confirms interim permission lapses on FCA decision to refuse authorisation
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:
Read moreBlock Notifications and Robo-advice
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.
Read moreCMC fees: money for nothing?
Do regulated Claims Management Companies charge too much in fees for consumers making financial services claims? The Ministry of Justice wants your views.
Read moreFCA may not be value for money, says NAO
The National Audit Office has reported its findings on the roles and effectiveness of the FCA, FOS and the FSCS in the management of mis-selling cases.
Read moreA liability perspective: what would Brexit mean for financial advisers?
You cannot pick up a paper or check the news without seeing some reference to Brexit and the case for either staying in or leaving the Euro zone.
Read moreAdviser due diligence thematic review report short and not to the point
There's an irony in a report on due diligence being, in effect, just 2 pages long. The FCA's thematic review report today tells us more by what it doesn't say. What might DD stand for?
Read moreHill marches up and down again - MiFID II delayed
Last week, it was confirmed that MiFID II will be delayed for another year.
Read moreThe FCA and Upper Tribunal
The FCA's 'further decision notice' on Mr Tariq Carrimjee (senior partner and CEO of Somerset Asset Management) revealed that, the regulator has taken on board the Tribunal's view that banning Mr Carrimjee from all regulated activity would be 'irrational and disproportionate', and it has instead decided to prohibit him from performing compliance oversight (CF10) and money laundering reporting functions (CF11).
Read moreStandstills, FOS and time limits
FOS applies its own time limits when considering complaints.
Read moreGrandfathering grumbles - PRA and FCA highlight failings in S(I)MR
In the past few days both the PRA and FCA have reminded banks and insurers of the 8 February deadline for the submission of grandfathering notifications for individuals to perform roles under the Senior Managers Regime and the Senior Insurance Managers Regime.
Read moreFCA – feeling the political heat?
The FCA escaped a vote of "no confidence" during last night's debate in the House of Commons, despite facing a barrage of scathing remarks from MPs.
Read moreFCA announces consultation on role of GCs in regulated firms
We are so accustomed to dissembling by politicians and others in public life that it is heartening to see individuals or institutions that are prepared to acknowledge responsibility for their mistakes.
Read moreFCA announces rejection of change of control application
It is rare for the FCA's objection to a change of control notification to ever become public.
Read moreThe politics of regulation
Today's news about Andrew Bailey's appointment as CEO of the FCA is a significant and, no doubt, highly political appointment.
Read morePRA fines and bans former CEO and MD of Co-op Bank
In its recent action against former senior figures at the Co-op Bank the PRA has highlighted the impact of the Senior Managers Regime on such enforcement cases, even though this was a case brought under the (now discredited) approved persons regime.
Read moreFX trader fails in third-party rights challenge to FCA
The Upper Tribunal has rejected the well-publicised complaint by Christopher Ashton that the FCA identified him in two decision notices without giving him the opportunity to make representations - because the Tribunal concluded that he was not identified at all.
Read more'Dear CEO letter' to debt management firms clarifies FCA's expectations on transfer of customers or their information
Following ongoing consolidation in the debt management market, Jonathan Davidson, FCA Director of Supervision (Retail and Authorisations), has published a 'Dear CEO letter' which sets out the FCA's expectations of debt management firms when customers or customer information are being transferred.
Read moreGetting ahead of the curve: EBA consults on 'robo-advisers'
Technology will transform the financial advice world, and this transformation has already begun.
Read moreShow me the money: new capital requirements for PIFs
Last week the FCA released its Policy Statement PS15/28: Capital resources requirements for personal investment firms (PIFs) updating rules that set the amount of capital to be held by directly authorised PIFs which date back to 1994.
Read moreLitigation privilege: A tangled web unwoven
Deception undermines the "dominant purpose" necessary for a claim to litigation privilege in the most recent instalment in the ongoing saga of Property Alliance Group Ltd v Royal Bank of Scotland Plc.
Read moreIFAs quizzed by FCA over insistent clients
The FCA has asked IFAs to explain how they deal with situations where clients wish to act against advice on pension transfers.
Read morePRA fines bank for outsourcing failures
Last week, the PRA announced that it had imposed a fine of over £1.2 million on R. Raphael & Sons plc.
Read moreFCA frustrated by continuing shortcomings in wealth management sector but must accept subtleties of suitability
The FCA's thematic review report published today expresses concern about some wealth management firms who are still not getting suitability right despite five years of regulatory 'communications'.
Read moreDelegation of regulated activities – warning from the FCA
Adviser firms delegating regulated activities to unregulated third parties have been removed from the FCA's Christmas card list following a notice issued this week.
Read moreFCA has increasing appetite to use alternative enforcement penalties
In a recent appearance before the Treasury Select Committee the FCA has hinted that it may make further use of its restriction and suspension powers as an alternative as well as an addition to the power to impose financial penalties.
Read moreSmall businesses; large losses?
On Friday the FCA published a wide ranging discussion paper in which it seeks comments on proposed changes to the way in which it, and the FOS, deals with SME businesses.
Read morePOPLA likely to be more popular after Supreme Court rejects parking ticket appeal
The Supreme Court decision in ParkingEye v Beavis has attracted much attention, not least because it was all about a £85 parking fine.
Read moreSkilled persons focus on CASS and Conduct in small firms
The FCA has published statistics on the skilled persons reports commissioned in Q2 2015/16.
Read morePrivileged Information
As every lawyer knows, legal professional privilege is a tricky area and can be hotly contested.
Read moreICO upholds FCA decision not to disclose list of countries posing a high money laundering risk
The Information Commissioner's Office (ICO) has recently published a decision notice in which the ICO has upheld the FCA's decision to refuse to disclose certain information under the Freedom of Information Act 2000 (FOIA) relating to countries which the FCA deems to present a high money laundering risk.
Read moreBuilt on sand?
At the Treasury's request, the FCA has published plans for a 'regulatory sandbox' in which businesses can play with new, innovative products, services and business models without "all the normal regulatory consequences".
Read moreSpooky new powers for the FCA
We all thought that Halloween was last week, right? Wrong!
Read moreFCA restates commitment to consumer protection with fine against sale and rent back provider
In the latest of its enforcement actions in the mortgage market, the FCA announced last week the fining of Quick Purchase Limited for breach of Principle 6.
Read moreBack to the Future: FAMR could result in automated distribution, not robo-advice
'Back to the Future day' prompted myriad summaries of where technology has got us and where we're headed.
Read moreThird party rights relating to Final Notices trump litigation deadlines at the Upper Tribunal
In its recent decision the Upper Tribunal allowed for a late filing of a reference on third party rights in relation to FCA final notices.
Read moreFCA and PRA up the ante on regulatory references
The FCA and PRA have announced a consultation in respect of their proposals to introduce a mandatory form of employment reference (known as a "regulatory reference").
Read moreThe Pensions Freedoms and FOS – trends in complaints and enquiries
FOS has published a response to the Treasury's consultation paper looking at early exit penalties, the transfer process and communications with consumers in relation to financial advice on pensions.
Read moreFCA action highlights wider concerns with consumer credit lending practices
The FCA has recently announced that it has reached an agreement with Dollar Financial UK (Dollar), to refund over £15.4 million to 147,000 customers.
Read more"Vote Tracey"
Acting Chief Executive of the FCA, Tracey McDermott's speech at the Mansion House last night made a good case for appointing her to the role on a permanent basis by appealing to the sector with a warning about pendulum swings and the risk of getting "caught in a loop where we regulate, deregulate, repeat on an infinite cycle".
Read morePension freedoms guidance & advice - Parliament wades in
The Work & Pensions Committee, following a call for evidence in early September, has published a report considering the first six months of the new pension freedoms.
Read moreHMT extends and radically changes the Senior Managers and Certification Regime
The Senior Managers and Certification Regime (SM&CR) along with the Senior Insurance Managers Regime (SIMR) were designed to radically alter the playing field for personal responsibility within banks and insurers.
Read moreMoJ quietly halts work on new economic crime offence – what does the announcement tell us?
Recently the Justice minister Andrew Selous MP stated in an answer to a written question submitted by Byron Davies MP, that the Ministry of Justice has decided not to take forward the proposal for a new offence of a corporate failure to prevent economic crime offence.
Read moreMind the gap: Financial Advice Market Review must focus on consumer responsibility
Pension freedoms will mean a bigger advice gap. The burning question is - what are the Treasury and FCA going to do about it?
Read moreFCA blows the starting whistle on new rules
The FCA and PRA have introduced new rules to build on and formalise the good practice already found in the whistleblowing procedures of large UK-based banks, building societies*, investment firms and insurers.
Read moreThe responsibilities of SIPP administrators and trustees for investments – where are we now?
The Pensions Ombudsman has published a decision rejecting a complaint made against a SIPP administrator in relation to the suitability of investments held within a SIPP.
Read moreFCA fines finance director for failing to blow the whistle
Approved persons should be open and co-operative with their regulators, as highlighted by the FCA's recent enforcement action against Craig McNeil, former Keydata finance director.
Read moreIs Titan Steel rusting?
The definition of a 'private person' who can bring a court claim for breach of FCA rules may be extended after a potentially very significant development in the MTR Bailey v Barclays case.
Read moreUpdate: 'The Catalyst effect' - does the buck stop with the Upper Tribunal?
I recently blogged on the Upper Tribunal's judgment on the case of Roberts and Wilkins v FCA.
Read morePlanning for a vote in favour of Brexit
Recent events have brought into much sharper focus a question that in truth financial services firms should have been asking for some time - what are the implications if the UK votes to leave the EU in the forthcoming referendum?
Read more