Financial Services - Regulatory & Risk
Power 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 morePensions, pensions, and yet more pensions in the FCA's Business Plan
The FCA has published its Business Plan for 2015/2016.
Read moreRegistering the effects of the MLRs
A recent case is a stark reminder of the wide-reaching impacts of the Money Laundering Regulations 2007.
Read moreDo not-so smart pension reforms mean FCA wants pensioners to be ScamSmart?
Less than two weeks after Martin Wheatley's speech identifying April's 'big bang' pension reforms as "[t]he defining challenge of our time" ...
Read moreUnrealistic expectations? - FCA research highlights investors' lack of understanding of structured products
Findings published by the FCA beg the question, are firms are doing enough to ensure that customers understand structured products before investing?
Read moreNew Senior Managers' Regimes to kick off in early March 2016
The FCA and PRA have taken their most significant step to date in the relentless pursuit of greater accountability of senior management and the promotion of good governance and culture.
Read moreCompeting agendas? How the FCA, PSR and CMA plan to work together
In mid-February, the UK investment and corporate banking sector braced itself for yet another regulatory investigation, as the FCA announced its plans to launch a wholesale market study into the industry in Spring 2015.
Read morePensions Freedoms and the Second Line of Defence – some flesh on the bone
In late January the FCA issued a Dear CEO letter to pension providers, proposing new protections to be provided to consumers seeking to access their pension pot when the new pension freedoms are introduced from 6 April 2015.
Read moreA step closer to ring-fencing of banking activities?
The Government has taken some tentative steps towards ensuring ring-fenced banks cannot become liable for the pension schemes of other entities.
Read moreSFC provides further guidance on Corporate Professional Investor Regime
As noted in my blog dated 3 October 2014 concerning the SFC's conclusions on professional investors and client agreements (link), the SFC is looking to enhance the protection afforded to professional investors who are not institutional investors.
Read moreIs that your final answer? – FCA introduces "second line of defence" ahead of pension freedoms
In a 'Dear CEO' letter to pension providers published on Monday the FCA set out new protections that will constitute a "second line of defence" for customers seeking to access their pensions.
Read moreSimplified, retrospective and still inconsistent
Despite laudable aims, yesterday's FCA guidance on what constitutes regulated advice was published alongside a report on the (perceived) retrospective application of rules ...
Read moreFCA takes a long hard look at how insurance brokers manage the risks of bribery and corruption…
Could do better, reports the Financial Crime team of the FCA on the cohort of commercial brokers who were subject to the recent thematic review on managing bribery and corruption risks (TR14/17).
Read more'Many eyes' approach to sanctions compliance
The many eyes approach to sanctions compliance in the Lloyd's market is not just for managing agents but useful guidance for all.
Read moreChickens coming home to roost: SFO's first conviction of a company for bribery after contested trial
Hot on the heels of the SFO's first conviction under the Bribery Act 2010, discussed in George's post, and just as some of us were disappearing for a Christmas break...
Read moreComplaint trends for 2015
The FOS yesterday published its 2015/16 budget consultation. In short, we can expect more of the same.
Read moreMerry Christmas from the FOS
With the festive season upon us, the FOS has taken the opportunity to spread some Christmas cheer by reminding everyone of the possible problems that can arise at this time of year, including "faulty presents, storm damage, broken boilers and even a spoilt surprise."
Read moreFinancial Reporting has received its fair share of column inches in recent weeks
Headlines have, for obvious reasons, been grabbed by issues with Tesco's financial reporting. Indeed, the fallout from the scandal is still being felt -
Read moreHow far will the FCA stretch FIT?
Yesterday's Burrows final notice is a further sign that the FCA will look at the personal conduct of Approved Persons outside of their roles in financial services in order to assess their fitness and propriety.
Read moreSFO makes first use of Bribery Act in prosecution for fraudulent UCIS
Earlier this week three individuals were sentenced at Southwark Crown Court following the first prosecution by the SFO under the Bribery Act 2010.
Read moreAn uneasy contrast for the FCA – balancing commercial drive with cultural reform
Yesterday's speech delivered by Martin Wheatley has reinforced the FCA's increasingly more collaborative approach to its engagement with financial services firms.
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