Financial Services - Regulatory & Risk
No need to plead and no need for CMCs
Those celebrating the common sense decision of the Court of Appeal in Clark v In Focus will have an additional reason to smile when they read comments in the leading judgment of Lady Justice Arden on the purpose of FOS and the role of CMCs.
Read moreDeferred Prosecution Agreements (DPAs) go live today
The Director of the Serious Fraud Office, David Green, regards DPA s as "a welcome addition to the prosecutor's tool kit" but nevertheless has confirmed that "Prosecution remains the preferred option for corporate criminality".
Read moreBattle lines drawn as High Court supports FCA collective investment scheme finding
Further judicial guidance has been provided on unauthorised collective investment schemes ("CISs").
Read moreFOS in focus
The Court of Appeal confirmed this morning that a FOS complainant with an award at the statutory maximum of £150k cannot sue for the balance of their losses in Court.
Read moreCompetition and Markets Authority announces its 'Vision, values and strategy'
The Competition and Markets Authority ("CMA") is the new combined successor body to the Office of Fair Trading and the Competition Commission, created by the Enterprise and Regulatory Reform Act 2013.
Read moreOffshore Ombudsman: Financial Ombudsman Service for Jersey and Guernsey on its way
With the first glimmers of spring breaking through the clouds, the Ombudsman, like many of us, is packing his bowler and planning a trip off-shore.
Read moreStandard Bank, a non-standard fine and sub-standard AML systems
The £7.6m fine recently meted out to Standard Bank was accompanied by a self-congratulatory press release by the regulator heralding new firsts.
Read moreMoving with the times – welcome to RPC's Financial Services Blog
Regulatory change and client demand have prompted us to create a separate Corporate Insurance 'Hub' and re-brand our Regulatory Blog.
Read moreRegulator gets its Tiger in HK
Overseas hedge fund admits to insider dealing of listed shares in Hong Kong
Read moreComplaints-led regulation of general insurance – FOS' increasing role
The nature of annual insurance policies makes the GI market ripe for complaints-led regulation.
Read moreWhich? Why? More importantly, who else?
Which? and other similar consumer bodies have been granted 'super-complainant' status. How will they use it and, of greater concern, who else might be so empowered?
Read moreFCA fines Lloyds TSB for financial incentives failings
Governance failings and conflicts mis-management can take many forms.
Read more'Stranded on an island without a canoe'
Common sense may yet prevail at the Court of Appeal in the Clark v In Focus case about whether a complainant can take the maximum award from FOS and sue for the balance of their losses in Court.
Read moreUpdate on Clark v In Focus appeal
The landmark appeal in Clark v In Focus is today being heard by the Court of Appeal, who will decide whether a complainant can accept an award at FOS and then sue for the balance through the courts.
Read moreOfcom, Ofgem, Ofwat, OfFCA…? FCA set to become latest competition sectoral regulator
At its own request, the FCA is set to be granted expanded competition powers under new legislation.
Read moreNo more moral high ground for whistle blowers?
Yet another US style importation is on the cards.
Read moreHandbook suffers from CIDRA hangover
Whilst FOS rightly considered itself ahead of the consumer insurance law reforms, the FCA has now caught up.
Read moreNational Crime Agency – same old, same old?
If you, like me, tried to access SOCA's website (www.soca.gov.uk) to undertake a compare and contrast exercise with the website of the NCA, you would have found yourself directed seamlessly to www.nationalcrimeagency.gov.uk.
Read moreCAT condemns the Competition Commission's Data Room Rules as unfair and in breach of principles of natural justice
On 2 October 2013, the CAT handed down its ruling on an application by BMI Healthcare, HCA International and Spire Healthcare (the 'Applicants') for a review of the CC's decision relating to the operation of a data room in its private healthcare market investigation.
Read moreInsurers beware: the FOS is stretching its powers to – and beyond – the limit
The FOS has publicly stated that when dealing with complaints about the validity of insurance policies...
Read moreLawyers – the ideal guardians of ill-gotten gains
A report produced by the Financial Action Task Force ("FATF") – the intergovernmental body recognised as the standard bearer when it comes to anti-money laundering ("AML") and counter-terrorist financing ("CTF") -
Read moreFCA remains committed to the reduction of financial crime
In the first anti-money laundering annual report published by the FCA yesterday, the FCA has concluded that the level of anti-money laundering compliance in financial services firms is a "serious concern".
Read moreGovernment signals the dawning of a new regulatory era – whilst providing a damning indictment of the current regime
The Parliamentary Commission on Banking Standards has proposed to bring about significant change in the banking sector.
Read moreThe FCA – a "very different animal", that bites harder
Two notable recent fines, £2.8m levied against Policy Administration Services for poor complaints handling in relation to mobile phone insurance and £7.38m levied against Swinton for aggressive selling of add-on insurance, have a key common feature.
Read moreFCA confirms market study into general insurance 'add-ons'
The nascent Financial Conduct Authority (FCA) confirmed on 9 July 2013 that it will undertake its first market study since becoming responsible for the promotion of competition in the financial services industry1.
Read moreRegister of beneficial company ownership
The "Transparency and Trust" discussion paper published by the Business Secretary Vince Cable earlier this week outlines various proposed measures to help improve corporate transparency.
Read moreHong Kong regulator takes second shot at Asian Tiger
Hong Kong's principal regulator (the Securities and Futures Commission) has confirmed that it has launched proceedings before the Market Misconduct Tribunal (MMT) against Tiger Asia Management LLC and three of its principal officers.
Read moreFOS publishes first decisions naming insurers
The FOS has today published 110 of its insurance (non PPI) decisions on its website.
Read moreAnother speech, another thematic review – this time into conflicts management
The insurance sector has been informed through another speech by the FCA of plans for a potentially very important thematic review.
Read moreGeneral insurance conduct supervision takes shape
Thematic reviews are not new but, since April, the production of thematic review reports by the FCA is.
Read moreRegulatory rope? FCA guidance on 'super-complaints' offers firms chance to condemn themselves to a public hanging
FCA Guidance published on Wednesday invites firms to make 'comprehensive and robust' reports about their own 'regular' failures where they give rise to consumer detriment and to require the FCA to publish its planned response, with a copy of the firm's original report.
Read moreWhat does crime have to do with it…?
Two important recent developments touch upon a crucial issue: to what extent should misconduct or misbehaviour in the City sound in the criminal law?
Read moreFCA winning its battle to name and shame
Last week the Court of Appeal handed the FCA a significant fillip in what has become a notable goal of the regulator – to see that those subject to its disciplinary proceedings are exposed to public scrutiny.
Read moreTempered approach by Singaporean regulator into LIBOR equivalent reveals inconsistencies in approach to global rate rigging scandal
On Friday 14 June, the Monetary Authority of Singapore ("MAS") announced that it had completed its year-long review into the Singaporean equivalent of LIBOR – the Singapore Interbank Offered Rate ("SIBOR").
Read morePunched drunk by ICOBS and CIDRA? FCA proposes sobering detox
There has been surprisingly little fuss about the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) that came into force 6 April.
Read moreCompetition and cartel law reform edges closer
After more than two years of Government consultation, the Enterprise and Regulatory Reform Act 2013 was finally published in May, having received Royal Assent in April. Full implementation is anticipated within a year.
Read moreBlog editor promoted to Partnership
I am pleased to announce that Robbie Constance has been promoted to Partner, adding further depth and breadth to our Regulatory Group.
Read moreRegulator's pursuit of market misconduct in Hong Kong – Top court delivers written judgment
As noted in my blog of 30 April, the Court of Final Appeal in Hong Kong ("the CFA") abruptly dismissed the appeal in Tiger Asia Management LLC & Ors v Securities and Futures Commission ("the SFC"), FACV Nos. 10, 11, 12 and 13 of 2012.
Read moreFCA launches thematic probe into 'transition management' in asset management sector
It has been reported in the FT overnight that the FCA is swooping on the London offices of the world’s biggest banks and asset managers in a new probe aimed at a widespread (and lucrative) business known as "transition management".
Read moreClark v In Focus appeal – watch this space
In Focus has now been granted permission to appeal against the decision of the High Court in Clark v In Focus.
Read moreDawn raids: regulatory inspections of your IT equipment and storage media
The European Commission has recently affirmed its current practices for searching IT equipment and storage media during a 'dawn raid' inspection of business premises where it suspects a breach of EU competition law.
Read moreLeO maximum monetary award increases – but at least it's final
The Legal Ombudsman – or LeO to its new friends – has today been granted the power to award £50k (up from £30k).
Read moreFSA market study into insurance add-ons 'shines a light' on competition
The FSA has recently announced details of a market study into general insurance add-on products in a bid to 'shine a light' on how competition operates within the 'relevant markets' for such products.
Read moreFOS: Pit stop on the road to court?
As I reported in December, following the case of Clark v In Focus Asset Management and Tax Solutions, a complainant may now accept a maximum monetary award from FOS and then bring a civil claim through the courts to sue for the balance of their loss.
Read moreSuing for the balance – High Court tips the scales the other way
In a shocking about-turn, the High Court yesterday handed down judgment holding that a FOS complainant may accept a maximum monetary award and then bring a civil claim in court to claim for the balance.
Read moreRDR – from commission bias to service bias?
This morning’s research from Which?, that reveals continuing pressure within the big banks to sell, lays bare one of the fundamental shortcomings of RDR:
Read moreFOS six-month time limit upheld by High Court
The High Court confirmed on Wednesday that a decision of the FOS that a complaint against a bank was outside the six-month time limit for bringing a complaint could not be impugned as irrational or unlawful.
Read moreWatch the Regulatory panel session at the Xchanging Conference
The Xchanging London Market Conference 2012, one of the London insurance market’s biggest annual events, will be taking place all day on Tuesday 6 November.
Read moreThe FSA’s ‘Journey to the FCA’ embeds competition in the FCA’s regulatory approach
Following the June 2011 FSA publication “The Financial Conduct Authority: Approach to Regulation“, which placed the promotion of effective competition at the centre of the new FCA’s remit (discussed here), the FSA has now published ‘Journey to the FCA‘, which provides further detail on what that will mean in practice.
Read moreCosy chats out, prosecutions in
We always suspected that the arrival of David Green at the SFO in April would herald a new era at the beleaguered agency.
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