Financial services - regulatory and risk
HMT 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 moreNew FCA handbook and FS register: Welcome to the 21st Century
The FCA has updated and consolidated its Handbook and FS register.
Read morePension freedoms - the 5 month report card
As children head back to school, what would the pension freedoms' report card look like 5 months in from the April reforms?
Read moreRisk of AML own goals from football transfers
European football's summer transfer window closed last week.
Read moreTime is running out… clarity on time bar at FOS?
New DISP pro forma final response language seems to allow firms to be more confident when time barring complaints.
Read moreRegulatory censure of the Co-op really does send a message
The FCA and PRA jointly censured The Co-operative Bank plc for various regulatory breaches.
Read moreThe Catalyst effect: ping pong between the FCA and Upper Tribunal?
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.
Read moreReminder: new GAP insurance rules in force from 1 September 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.
Read moreFCA's new referral criteria: Are they really that transparent?
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.
Read moreFinancial Advice Market Review – Bridging The "Advice Gap"?
HM Treasury have embarked on what they call a "major new review to radically improve access to financial advice".
Read moreComplaints handling: Key amendments announced by the FCA
Our recent blog highlighted the key changes made to DISP rules by the ADR Directive.
Read moreTransfers, exit fees and financial advice - what next for the pension freedoms?
What do exit charges, the pension transfer process and financial advice all have in common?
Read morePower to the Pensioners?
It has been customary in recent years for George Osborne to pull a proverbial rabbit out of his red ministerial box.
Read moreADR Directive: the key changes to the DISP rules
The Financial Ombudsman Service (FOS) has amended the Dispute Resolution: Complaints sourcebook (DISP) in the FCA Handbook.
Read moreSenior Managers Regime - How many will fall foul of the new framework?
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' ...
Read moreBy George! A Budget full of surprises?
Last week's "summer" Budget, the first by a (solely) Conservative government for nearly two decades, included a number of surprises.
Read morePension Transfers – seeing the wood for the trees – Part 2
This is the second of two blogs addressing the issues raised in the FCA's paper on the changes to the pension transfer regulations.
Read moreFCA's figures for authorisation applications leave many unanswered questions
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.
Read morePension Transfers – seeing the wood for the trees – Part 1
The FCA has published changes to its regulations affecting advice on pension transfers.
Read moreBeyond the headlines some positive developments for depositors
The PRA has today announced the existing level of deposit protection (£85,000) will be reduced to £75,000 after 31 December 2015.
Read moreIf you insist… a review of the FCA's position on insistent clients
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).
Read moresPIFfing! New capital requirements for Personal Investment Firms
Can the PIF pay? Personal Investment Firms (PIFs) are advisory firms responsible for around half of all regulated investment and pension sales.
Read moreTaking the credit: FOS tackles broking and middlemen
The impact of FCA rules on credit brokers has been significant, with a number of credit brokers having left the market since April 2014.
Read moreUCIS in focus at FOS
FOS' latest edition of Ombudsman News contained some interesting insights into its approach to complaints concerning advice relating to UCIS investments.
Read moreRPC responds to PRA's consultation paper concerning powers over auditors and actuaries
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.
Read moreIs credible deterrence really working? And other questions arising from a mixed week for the FCA
Even though the FCA was able to trumpet that it had imposed its highest ever fine and that it had been successful in two decisions handed down by the Upper Tribunal, things have not gone entirely the regulator's way in the past week or so.
Read moreRecord FRC fine slashed on appeal
The Financial Reporting Council (FRC) has long followed the trend amongst financial regulators for increasing scrutiny of firms' financial and professional compliance.
Read moreFOS by numbers
The FOS has published its 2014/15 annual review, setting out a plethora of fascinating statistics about the service.
Read moreNew law and regulation adding to insurers' regulatory woes
The publication of the FCA's report on the impact of consumer credit regulation on the retail general insurance market adds another interesting dimension to a sector already under increasing regulatory scrutiny following recent legal developments, such as the imminent coming into force of the Insurance Act 2015.
Read moreFCA Authorisation team should share its findings from P2P applications
The FCA's authorisation process is quite opaque and does not give the regulator much latitude to comment upon individual applications.
Read moreSpot the Difference? Uncertainty continues for SIPP administrators and trustees in the wake of the Berkeley Burke decision
Please see our latest legal alert following the recent Pensions Ombudsman decision on the duties of SIPP Trustees when it comes to SIPP investments.
Read moreFCA approval times for firms expanding into new business lines up by 85% in two years
Based on information obtained from the FCA the time taken to authorise a financial services business adding an additional business line has increased by 85% in the last two years - 18.5 weeks in Q4 2014, up from 10 weeks in Q1 2013.
Read moreAttest in haste, repent at leisure
The FCA has recently published another final notice issued to a large bank arising from LIBOR-related misconduct.
Read moreA test of skill
Last week, the Administrative Court granted permission to judicially review the s.166 process for reviewing redress awarded as part of the interest rate hedging product scheme.
Read moreJustice for taxpayer where tax charge "repugnant to common fairness"
The Upper Tribunal of the Tax and Chancery Chamber has upheld a taxpayer's appeal against a £383,000 tax charge which potentially left him facing bankruptcy.
Read morePyrrhus defeats the FCA
The Upper Tribunal has directed the FCA to prohibit former insurance broker Stephen Allen from performing any function in relation to a regulated activity.
Read moreBringing EU regulation home – a sign of things to come?
A short recent judgment is a reminder of the need for financial institutions to keep an eye not only on what their home regulator is doing, but also European regulators.
Read moreUnder pressure: will the FOS provide Accelerated Dispute Resolution?
The FOS will soon be under increased pressure to reduce the time it takes to reach its decisions following the implementation of the EU Alternative Dispute Resolution (ADR) directive in three months' time.
Read moreHave the pension reforms lived up to eggs-pectations?
It was widely reported that this Easter anyone over the age of 55 would be considering their nest eggs, rather than chocolate ones, in the wake of the new pension reforms which came into force on Monday.
Read moreFirms in danger where data breach causes distress
Hot on the heels of the launch of the pensions wave of the FCA's ScamSmart (as discussed by Sam's post), last Sunday a Daily Mail expose revealed that private pension data is being passed on by data firms without their customers' knowledge.
Read moreProfessional Indemnity insurance for financial advice: is the market broken?
In yesterday's New Model Adviser, Mark Neale has urged advisers to put pressure on professional indemnity insurers to fix a market he has described as a 'broken reed'.
Read moreExtending the PRA's powers over auditors and actuaries
Auditors and actuaries are used to being overseen by the Financial Reporting Council (FRC).
Read more