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Financial Services - Regulatory & Risk

Blog

No duty of care owed when conducting a redress procedure

Published on 04 August 2017. By Rachael Healey, Legal Director

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The Court of Appeal has found that banks did not owe a duty of care when conducting a past business review (PBR) of previous sales of interest rate hedging products. Although the decision is in the context of the review procedure agreed between the FCA and banks, the decision is likely to apply to all PBRs, except formal 'consumer redress schemes' under s404 FSMA.

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Publication

New corporate criminal offence

03 August 2017

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Failure to prevent the facilitation of tax evasion

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Blog

CMA approves new payment systems operator

Published on 25 July 2017. By Charles Buckworth, Senior Associate

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On 12 July 2017, the Competition and Markets Authority (CMA) approved the consolidation of the operators of Cheque and Credit Clearing Company, Faster Payments and Bacs into a new payment systems operator (NPSO). This consolidation was one of the key recommendations in the PSO Delivery Group's (PSODG) Report of 4 May 2017.

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Blog

High Court sheds light on compulsory jurisdiction of Financial Ombudsman Service

Published on 19 July 2017. By Matthew Evans, Senior Associate

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The High Court has provided some clarification of the scope of the compulsory jurisdiction of the Financial Ombudsman Service (FOS). The decision has left the scope of that jurisdiction open to discussion, and appears to suggest that the courts will take a more mechanical approach to reviewing regulatory decisions.

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Blog

MiFID II Policy Statement: still not had a chance to read it?

Published on 14 July 2017. By Rachael Ellis, Associate

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Rachael Ellis summarises some of the FCA's key new conduct requirements arising from MiFID II now that it has published its final rules.

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Blog

FCA releases its final rules for implementation of MiFID II

Published on 05 July 2017. By Dil-veer Kang , Trainee solicitor

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The FCA has released its final policy statement (PS17/14) detailing aspects of its implementation of MiFID II, including final rules and its response to the six preceding MiFID II consultation papers dating back to 2015.

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Blog

Retail CFD firms face potential EU market-wide restrictions and further criticism from the FCA

Published on 03 July 2017. By Lucy Kerr, Associate and Dil-veer Kang , Trainee solicitor

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The European Securities and Markets (ESMA) has announced it is considering imposing restrictions on contracts for difference (CFD) trading that would mean seismic changes for the industry, whilst the FCA has announced its serious concerns about the CFD industry's continued failure to meet expectations regarding the treatment of retail clients.

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Blog

FCA proposes remedies following asset management sector market study

28 June 2017

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The FCA today published the final findings of its asset management market study and it has announced the remedies that will be implemented to address the concerns previously identified.

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Blog

Cowboys beware; the AML Sheriff is on her way

Published on 26 June 2017. By Rachael Ellis, Associate

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With under a year until the first Financial Action Task Force ("FATF") visit to the UK in a decade, the FCA is consulting on proposed changes to its Handbook as the new money laundering regulations ("MLR 2017") come into force today.

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Blog

Will robo-advice mean checkmate for human financial advisers?

Published on 09 June 2017. By George Smith, Senior Associate

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With continuing advances in artificial intelligence and the rise in 'robo-advisers', is financial advice following in the footsteps of chess, where computers have long since outstripped humans in ability? Are human financial advisers nearing checkmate or is the endgame still unclear?

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