Financial Services - Regulatory & Risk
FCA review of suitability finds big is best
Bigger, restricted firms scored better in the FCA's suitability review and so supervisory focus will be on smaller firms as the FCA plans a follow up review in 2019.
Read moreFCA examines blockchain technology in financial services in its new discussion paper
FCA discussion paper on distributed ledger technology and blockchain technology
Read morePrivate Fund Limited Partnership
Welcome addition of a new investment funds vehicle
Read moreThe Proceeds of Crime Act 2002: harsh but fair?
A recent case highlights the dilemma of businesses whose assets are frozen as suspected proceeds of crime.
Read moreWarning: Enhanced Penalties for Financial Sanctions
Penalties for breaching financial sanctions have increased this week (since 2 May 2017) as HM Treasury brings The European Union Financial Sanctions (Enhanced Penalties) Regulation 2017 (the Regulation) into force.
Read moreIn-specie pension contributions - what's the fuss all about?
SIPP and SSAS providers and members continue to be left in limbo over potential tax charges arising from in-specie contributions. HMRC has suspended tax relief on contributions whilst it investigates the position, leaving providers and members without tax relief and the risk of tax assessments back to 2009.
Read moreHas the FCA made settling more appealing?
Changes to the Regulatory Enforcement Process
Read moreRobo-Advice: not so black and white?
The Chairman of the FCA, John Griffith-Jones has provided an insight into the Regulator's concerns that the advent of technological developments has blurred the distinction between when customers are receiving advice or guidance.
Read moreThe importance of retainer letters
Court strikes out claim that an adviser owed a duty to point out a claim against a former adviser
Read moreThe long arm of the law: chasing the proceeds of (alleged) crime
The English Court has recently upheld a freezing order over the sale proceeds from shares alleged to be a Canadian company's bribes to a Chadian diplomat's wife in the US.
Read moreInvestment funds, January 2017
Senior Manager’s Regime and its applicability to all regulated firms - The FCA is consulting on extending the Senior Managers and Certification Regime (SM&CR) to all regulated financial services firms in 2018, which will include many managers of investment funds.
Read morePeer review: FCA signals tighter regulation for P2P lending platforms
The FCA has indicated its intention to apply more stringent regulation to the UK's booming peer-to-peer lending sector, amid concerns that increasingly sophisticated lending platforms are outgrowing the current regulatory regime.
Read moreECON scrutinises EBA's approach to RTS under PSD2
The EBA Chair has recently appeared before ECON to explain the EBA's approach to the development of RTS on strong customer authentication and secure communications under PSD2, and to answer concerns raised by the committee and others about these RTS.
Read moreWho is going to pay? FCA launches consultation on the funding of the FSCS
The FCA's consultation follows on from FAMR and focuses on how the FSCS should be funded going forward.
Read moreFCA identifies concerns with PI cover for general insurance intermediaries
The FCA has announced the results of a review into general insurance intermediaries' professional indemnity insurance. The FCA found sufficient breadth in the market, but also identified some significant concerns about the cover firms had purchased.
Read moreFCA consults about delaying disclosure of inside information
The FCA has issued a consultation on amendments it proposes to make to the Disclosure and Transparency Rules section of the FCA Handbook. The FCA proposes to make these amendments to make the FCA Handbook consistent with ESMA's guidelines on delay in the disclosure of inside information.
Read moreFCA market study findings
One year on from the FCA’s launch of its market study in November 2015 on the asset management sector, the regulator’s interim findings suggest there is more to be done to achieve effective competition. It has also proposed some interim remedies, on which it seeks feedback by 20 February 2017.
Read moreThird Party Rights and the SMR and SIMR: the regulators' Achilles' heel?
The FCA has recently gone to the Supreme Court in an attempt to overturn a significant ruling in relation to third party rights. This could have profound effects on the enforcement of SMR and SIMR.
Read moreScrapping of secondary annuity markets – a backpedalling on Pension Reforms?
In a further nail in the coffin of the Cameron-Osborne legacy the government announced this week that it would be scrapping one of George Osborne's flagship proposed reforms to the pensions market – a proposed secondary market for annuities.
Read moreNEDs to be subject to FCA's Code of Conduct
The FCA has announced plans to extend the application of the Code of Conduct Sourcebook to standard NEDs in banks and insurers. These changes will apply to all NEDs in regulated financial services from 2018
Read moreBrexit - A brief update on investment funds
RPC facilitates conversations between a number of private equity fund sponsors and the BVCA
Read moreFAMR keeps on giving
The launch of a public consultation on the pension advice allowance at the end of August is another product of the Financial Advice Market Review (FAMR).
Read moreIt doesn't rain it pours… New capital adequacy rules for SIPP firms introduced from 1 September
SIPPs are never far from the headlines at the moment. The most recent issue for SIPP firms to deal with are the new capital adequacy requirements. The effect of the new rules is to place an increased capital burden on SIPP firms holding so-called "non-standard assets".
Read moreAs the FOS sees a spike in fraud complaints, we take a look back at a year of FOS complaints
The FOS has recently ordered a financial adviser to pay out after falling foul of an email fraud that caused the adviser to authorise the transfer of its client's money to the fraudsters' account.
Read moreDon’t blag it!
Yesterday the FCA fined and prohibited a sole trader for failure to act with integrity and repeatedly misleading the regulator.
Read moreIntroducers & Inappropriate Influence
Last week must have been a busy one for those working at the FCA.
Read morePension redress methodology – more changes afoot?
Unsuitable DB pension transfer to personal pension? Advisers have woken up this morning to the Financial Conduct Authority's announcement that next year may see an update to the methodology used to calculate redress due in such situations.
Read moreMAR: enhancing investor protection, market integrity and harmonising the market abuse regime across the EU
Karen Hendy, Corporate Partner, explains the benefits and implications of the all new Market Abuse Regulation and highlights the grey areas to be aware of.
Read moreSanctions: brainteasers with serious consequences
Failure to comply with financial sanctions carries serious penalties, most notably in the US, where banks have collectively paid billions of dollars in fines.
Read morePensions freedoms where are we now?
On 14 July 2016 the Financial Conduct Authority published three releases relating to pension freedoms. The releases provide an insight into the FCA's areas of concern following the introduction of the pension freedoms in April 2015.
Read morePension freedom advice complaints: Delays and insistent clients cause of concern for the FOS
Following reassuring news about low pension-related complaint numbers, the Financial Ombudsman's latest newsletter has revealed further details of the types of complaints they have received since the sweeping changes to the pension freedom rules in April of last year.
Read moreFCA focuses on suitability
Have you received a request from the FCA for your suitability reports recently?
Read moreAdvising on accessing pension pots, is there gold at the end of the rainbow?
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.
Read moreThe subtleties of suitability
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.
Read morePension Ombudsman, SIPPs and the uncertainty
SIPP trustees and administrators don't have to consider suitability, the Pension Ombudsman has found in a recent complaint.
Read morePRA refreshes Corporate Governance approach in Supervisory Statement
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.
Read moreSupreme Court takes stock of law on vicarious liability
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.
Read moreFCA to allow FOS and FSCS claims over P2P advice
Consumers who receive advice on peer-to-peer lending should have recourse to FOS and the FSCS, the FCA confirmed this week.
Read moreMind 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.
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