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Financial Services - Regulatory & Risk

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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Blog

Small businesses; large losses?

Published on 01 December 2015. By Robert Morris, Partner

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.

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Blog

POPLA likely to be more popular after Supreme Court rejects parking ticket appeal

16 November 2015

The Supreme Court decision in ParkingEye v Beavis has attracted much attention, not least because it was all about a £85 parking fine.

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Blog

Skilled persons focus on CASS and Conduct in small firms

12 November 2015

The FCA has published statistics on the skilled persons reports commissioned in Q2 2015/16.

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Blog

Privileged Information

Published on 12 November 2015. By Davina Given, Partner

As every lawyer knows, legal professional privilege is a tricky area and can be hotly contested.

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Blog

ICO upholds FCA decision not to disclose list of countries posing a high money laundering risk

11 November 2015

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.

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Blog

Built on sand?

10 November 2015

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".

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Blog

Spooky new powers for the FCA

Published on 06 November 2015.

We all thought that Halloween was last week, right? Wrong!

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Blog

FCA restates commitment to consumer protection with fine against sale and rent back provider

05 November 2015

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.

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Blog

Back to the Future: FAMR could result in automated distribution, not robo-advice

04 November 2015

'Back to the Future day' prompted myriad summaries of where technology has got us and where we're headed.

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Blog

Third party rights relating to Final Notices trump litigation deadlines at the Upper Tribunal

03 November 2015

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.

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Blog

FCA and PRA up the ante on regulatory references

Published on 02 November 2015. By Emma Griffiths, Senior Associate

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").

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Blog

The Pensions Freedoms and FOS – trends in complaints and enquiries

Published on 29 October 2015. By Rachael Healey, Partner

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.

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Blog

FCA action highlights wider concerns with consumer credit lending practices

29 October 2015

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.

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Blog

"Vote Tracey"

23 October 2015

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".

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Blog

Pension freedoms guidance & advice - Parliament wades in

Published on 22 October 2015. By Rachael Healey, Partner

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.

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Blog

HMT extends and radically changes the Senior Managers and Certification Regime

19 October 2015

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.

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Blog

MoJ quietly halts work on new economic crime offence – what does the announcement tell us?

13 October 2015

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.

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Blog

Mind the gap: Financial Advice Market Review must focus on consumer responsibility

Published on 12 October 2015. By Simon Laird, Global Head of Insurance

Pension freedoms will mean a bigger advice gap. The burning question is - what are the Treasury and FCA going to do about it?

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Blog

FCA blows the starting whistle on new rules

Published on 08 October 2015. By Emma Griffiths, Senior Associate and Joanna Holford, Senior Associate

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.

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Blog

The responsibilities of SIPP administrators and trustees for investments – where are we now?

Published on 05 October 2015. By Rachael Healey, Partner

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.

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Blog

FCA fines finance director for failing to blow the whistle

30 September 2015

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.

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Blog

Is Titan Steel rusting?

29 September 2015

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.

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Blog

Update: 'The Catalyst effect' - does the buck stop with the Upper Tribunal?

22 September 2015

I recently blogged on the Upper Tribunal's judgment on the case of Roberts and Wilkins v FCA.

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Blog

Planning for a vote in favour of Brexit

15 September 2015

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?

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Blog

New FCA handbook and FS register: Welcome to the 21st Century

11 September 2015

The FCA has updated and consolidated its Handbook and FS register.

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Blog

Pension freedoms - the 5 month report card

Published on 10 September 2015. By Rachael Healey, Partner

As children head back to school, what would the pension freedoms' report card look like 5 months in from the April reforms?

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Blog

Risk of AML own goals from football transfers

08 September 2015

European football's summer transfer window closed last week.

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Blog

Time is running out… clarity on time bar at FOS?

03 September 2015

New DISP pro forma final response language seems to allow firms to be more confident when time barring complaints.

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Blog

Regulatory censure of the Co-op really does send a message

28 August 2015

The FCA and PRA jointly censured The Co-operative Bank plc for various regulatory breaches.

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Blog

The Catalyst effect: ping pong between the FCA and Upper Tribunal?

21 August 2015

The recent judgment of the Upper Tribunal in relation to the conduct of two directors of Catalyst Investment Group Limited serves as a reminder to those working in the financial services sector about the potential ramifications for individuals should consumers be misled.

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Blog

Reminder: new GAP insurance rules in force from 1 September 2015

18 August 2015

The FCA's new rules on the sale of Guaranteed Asset Protection (GAP) insurance will come into force in a fortnight's time on 1 September 2015.

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Blog

FCA's new referral criteria: Are they really that transparent?

14 August 2015

An updated set of enforcement referral criteria has been published by the FCA in response to recommendations made by HM Treasury at the end of last year.

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Blog

Financial Advice Market Review – Bridging The "Advice Gap"?

Published on 11 August 2015. By Matthew Watson, Associate

HM Treasury have embarked on what they call a "major new review to radically improve access to financial advice".

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Blog

Complaints handling: Key amendments announced by the FCA

07 August 2015

Our recent blog highlighted the key changes made to DISP rules by the ADR Directive.

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Blog

Transfers, exit fees and financial advice - what next for the pension freedoms?

Published on 05 August 2015. By Rachael Healey, Partner

What do exit charges, the pension transfer process and financial advice all have in common?

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Blog

Power to the Pensioners?

Published on 31 July 2015.

It has been customary in recent years for George Osborne to pull a proverbial rabbit out of his red ministerial box.

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Blog

ADR Directive: the key changes to the DISP rules

22 July 2015

The Financial Ombudsman Service (FOS) has amended the Dispute Resolution: Complaints sourcebook (DISP) in the FCA Handbook.

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Blog

Senior Managers Regime - How many will fall foul of the new framework?

14 July 2015

The FCA and PRA have now published a number of documents setting out some of the final rules for a new accountability framework for individuals working in 'relevant firms' ...

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Blog

By George! A Budget full of surprises?

Published on 13 July 2015. By Ben Roberts, Senior Associate

Last week's "summer" Budget, the first by a (solely) Conservative government for nearly two decades, included a number of surprises.

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Blog

Pension Transfers – seeing the wood for the trees – Part 2

Published on 10 July 2015. By Rachael Healey, Partner

This is the second of two blogs addressing the issues raised in the FCA's paper on the changes to the pension transfer regulations.

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Blog

FCA's figures for authorisation applications leave many unanswered questions

09 July 2015

Amongst the many topics covered within the FCA's annual report there is a frustratingly short section concerned with the efforts being made to deal with all of the applications for authorisation by consumer credit firms.

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Blog

Pension Transfers – seeing the wood for the trees – Part 1

Published on 09 July 2015. By Rachael Healey, Partner

The FCA has published changes to its regulations affecting advice on pension transfers.

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Blog

Beyond the headlines some positive developments for depositors

03 July 2015

The PRA has today announced the existing level of deposit protection (£85,000) will be reduced to £75,000 after 31 December 2015.

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Blog

If you insist… a review of the FCA's position on insistent clients

Published on 02 July 2015. By David Allinson, Senior Associate

On 8 June, the FCA published a fact sheet intended to provide a 'helpful reminder' of its position on 'insistent clients' (the full title being: Fact sheet 035. Pension reforms and insistent clients).

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Blog

sPIFfing! New capital requirements for Personal Investment Firms

01 July 2015

Can the PIF pay? Personal Investment Firms (PIFs) are advisory firms responsible for around half of all regulated investment and pension sales.

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Blog

Taking the credit: FOS tackles broking and middlemen

30 June 2015

The impact of FCA rules on credit brokers has been significant, with a number of credit brokers having left the market since April 2014.

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Blog

UCIS in focus at FOS

Published on 26 June 2015. By George Smith, Senior Associate

FOS' latest edition of Ombudsman News contained some interesting insights into its approach to complaints concerning advice relating to UCIS investments.

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Blog

RPC responds to PRA's consultation paper concerning powers over auditors and actuaries

Published on 29 May 2015. By Davina Given, Partner

In a recent blog we noted that the PRA had outlined in a consultation paper its plans to introduce two significant changes for auditors and actuaries.

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