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Financial Services - Regulatory & Risk

Blog

FCA consults about delaying disclosure of inside information

01 December 2016

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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.

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Publication

FCA market study findings

Published on 30 November 2016.

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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.

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Blog

Third Party Rights and the SMR and SIMR: the regulators' Achilles' heel?

26 October 2016

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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.

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Blog

Scrapping of secondary annuity markets – a backpedalling on Pension Reforms?

Published on 20 October 2016. By Matthew Watson, Associate

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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.

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Blog

NEDs to be subject to FCA's Code of Conduct

05 October 2016

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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

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Blog

Brexit - A brief update on investment funds

Published on 22 September 2016.

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RPC facilitates conversations between a number of private equity fund sponsors and the BVCA

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Blog

FAMR keeps on giving

Published on 13 September 2016. By Esme Watson, Associate

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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).

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Blog

It doesn't rain it pours… New capital adequacy rules for SIPP firms introduced from 1 September

Published on 06 September 2016. By Rachael Healey, Partner

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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".

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Blog

As the FOS sees a spike in fraud complaints, we take a look back at a year of FOS complaints

Published on 02 September 2016. By Cristina Faro, Associate

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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.

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Blog

Don’t blag it!

02 September 2016

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Yesterday the FCA fined and prohibited a sole trader for failure to act with integrity and repeatedly misleading the regulator.

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Blog

Introducers & Inappropriate Influence

Published on 08 August 2016. By Matthew Watson, Associate

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Last week must have been a busy one for those working at the FCA.

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Blog

Pension redress methodology – more changes afoot?

Published on 03 August 2016. By Matthew Watson, Associate

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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.

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Video

MAR: enhancing investor protection, market integrity and harmonising the market abuse regime across the EU

Published on 02 August 2016. By Karen Hendy, Head of Corporate

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.

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Blog

Sanctions: brainteasers with serious consequences

Published on 02 August 2016. By Davina Given, Partner

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Failure to comply with financial sanctions carries serious penalties, most notably in the US, where banks have collectively paid billions of dollars in fines.

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Blog

Pensions freedoms where are we now?

Published on 22 July 2016. By Rachael Healey, Partner

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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.

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Blog

Pension freedom advice complaints: Delays and insistent clients cause of concern for the FOS

Published on 01 July 2016. By Matthew Watson, Associate

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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.

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Blog

FCA focuses on suitability

Published on 13 May 2016. By Esme Watson, Associate

Have you received a request from the FCA for your suitability reports recently?

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Blog

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

Published on 13 May 2016. By David Allinson, Senior Associate

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.

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Blog

The subtleties of suitability

Published on 26 April 2016. By Drew Naylor, Senior Associate

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.

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Blog

Pension Ombudsman, SIPPs and the uncertainty

Published on 21 April 2016. By Rachael Healey, Partner

SIPP trustees and administrators don't have to consider suitability, the Pension Ombudsman has found in a recent complaint.

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Blog

PRA refreshes Corporate Governance approach in Supervisory Statement

12 April 2016

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.

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Blog

Supreme Court takes stock of law on vicarious liability

29 March 2016

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.

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Blog

FCA to allow FOS and FSCS claims over P2P advice

Published on 24 March 2016. By Katherine Roberts, Senior Associate

Consumers who receive advice on peer-to-peer lending should have recourse to FOS and the FSCS, the FCA confirmed this week.

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Blog

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

Published on 14 March 2016. By Esme Watson, Associate

Following its launch in August 2015, the Financial Advice Market Review (FAMR) has this morning published its final report.

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Blog

UT confirms interim permission lapses on FCA decision to refuse authorisation

11 March 2016

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:

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Blog

Block Notifications and Robo-advice

Published on 11 March 2016. By Matthew Watson, Associate

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.

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Blog

CMC fees: money for nothing?

03 March 2016

Do regulated Claims Management Companies charge too much in fees for consumers making financial services claims? The Ministry of Justice wants your views.

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Blog

FCA may not be value for money, says NAO

01 March 2016

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.

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Blog

A liability perspective: what would Brexit mean for financial advisers?

Published on 26 February 2016. By Simon Laird, Global Head of Insurance

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.

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Blog

Adviser due diligence thematic review report short and not to the point

19 February 2016

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?

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Blog

Hill marches up and down again - MiFID II delayed

Published on 16 February 2016. By Drew Naylor, Senior Associate

Last week, it was confirmed that MiFID II will be delayed for another year.

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Blog

The FCA and Upper Tribunal

15 February 2016

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).

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Blog

Standstills, FOS and time limits

Published on 08 February 2016. By Rachael Healey, Partner

FOS applies its own time limits when considering complaints.

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Blog

Grandfathering grumbles - PRA and FCA highlight failings in S(I)MR

03 February 2016

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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Blog

FCA – feeling the political heat?

Published on 02 February 2016. By Matthew Watson, Associate

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.

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Blog

FCA announces consultation on role of GCs in regulated firms

29 January 2016

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.

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Blog

FCA announces rejection of change of control application

26 January 2016

It is rare for the FCA's objection to a change of control notification to ever become public.

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Blog

The politics of regulation

26 January 2016

Today's news about Andrew Bailey's appointment as CEO of the FCA is a significant and, no doubt, highly political appointment.

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Blog

PRA fines and bans former CEO and MD of Co-op Bank

22 January 2016

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.

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Blog

FX trader fails in third-party rights challenge to FCA

18 January 2016

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.

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Blog

'Dear CEO letter' to debt management firms clarifies FCA's expectations on transfer of customers or their information

29 December 2015

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.

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Blog

Getting ahead of the curve: EBA consults on 'robo-advisers'

17 December 2015

Technology will transform the financial advice world, and this transformation has already begun.

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Blog

Show me the money: new capital requirements for PIFs

16 December 2015

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.

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Blog

Litigation privilege: A tangled web unwoven

Published on 15 December 2015. By Davina Given, Partner

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.

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Blog

IFAs quizzed by FCA over insistent clients

Published on 14 December 2015. By James Wickes, Partner

The FCA has asked IFAs to explain how they deal with situations where clients wish to act against advice on pension transfers.

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Blog

PRA fines bank for outsourcing failures

10 December 2015

Last week, the PRA announced that it had imposed a fine of over £1.2 million on R. Raphael & Sons plc.

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Blog

FCA frustrated by continuing shortcomings in wealth management sector but must accept subtleties of suitability

09 December 2015

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'.

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Blog

Delegation of regulated activities – warning from the FCA

Published on 03 December 2015. By Rachael Healey, Partner

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.

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Blog

FCA has increasing appetite to use alternative enforcement penalties

03 December 2015

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.

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