Financial services regulatory and risk
PRA fines bank for outsourcing failures
Last week, the PRA announced that it had imposed a fine of over £1.2 million on R. Raphael & Sons plc.
Read moreFCA frustrated by continuing shortcomings in wealth management sector but must accept subtleties of suitability
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'.
Read moreDelegation of regulated activities – warning from the FCA
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.
Read moreFCA has increasing appetite to use alternative enforcement penalties
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.
Read moreSmall businesses; large losses?
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.
Read morePOPLA likely to be more popular after Supreme Court rejects parking ticket appeal
The Supreme Court decision in ParkingEye v Beavis has attracted much attention, not least because it was all about a £85 parking fine.
Read moreSkilled persons focus on CASS and Conduct in small firms
The FCA has published statistics on the skilled persons reports commissioned in Q2 2015/16.
Read morePrivileged Information
As every lawyer knows, legal professional privilege is a tricky area and can be hotly contested.
Read moreICO upholds FCA decision not to disclose list of countries posing a high money laundering risk
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.
Read moreBuilt on sand?
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".
Read moreSpooky new powers for the FCA
We all thought that Halloween was last week, right? Wrong!
Read moreFCA restates commitment to consumer protection with fine against sale and rent back provider
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.
Read moreBack to the Future: FAMR could result in automated distribution, not robo-advice
'Back to the Future day' prompted myriad summaries of where technology has got us and where we're headed.
Read moreThird party rights relating to Final Notices trump litigation deadlines at the Upper Tribunal
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.
Read moreFCA and PRA up the ante on regulatory references
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").
Read moreThe Pensions Freedoms and FOS – trends in complaints and enquiries
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.
Read moreFCA action highlights wider concerns with consumer credit lending practices
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.
Read more"Vote Tracey"
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".
Read morePension freedoms guidance & advice - Parliament wades in
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.
Read moreHMT 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.
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