Financial Services - Regulatory & Risk
SIPPs: FCA announces new capital framework
SIPP Operators will be forced to hold an extra £18m in reserve capital under new rules outlined by the FCA last month.
Read moreSlapdash SIPPs told to sharpen up by FCA
SIPP Operators have repeatedly been in the headlines since the FCA completed its second thematic review in 2012.
Read moreBank backs another winner in interest rate swaps saga – but is it luck or judgement?
Despite their costly on-going review work and redress exercises, banks that sold interest rate swaps are still facing parallel court claims.
Read moreCredit where credit's due
The controversy surrounding payday loans looks set to continue as the FOS has issued a warning to consumers about payday loan middlemen.
Read moreFOS respondents still at risk of further action despite Clark v In Focus ruling
When Lady Justice Arden handed down her judgment in the Court of Appeal case of Clark v In Focus ...
Read moreHMRC closing the gap on tax avoidance
Anyone who has invested in, promoted, or advised on any form of tax mitigation scheme may be feeling slightly nervous following the latest announcement from HMRC concerning the on-going saga of tax avoidance. And understandably so.
Read moreCoCos go pop!
In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives.
Read moreHas the FOS decided Lehman's collapse was not foreseeable; or is that too remote a hope?
Nearly six years have elapsed since we first saw the iconic photographs of Lehman Brothers' employees filing out of the former bank's worldwide headquarters, carrying their belongings in cardboard boxes.
Read moreEnhancing Supervision: How will the FCA's new regulatory model work in the real world?
Readers may recall the FSA's 'close supervision' of firms, which could arise after an ARROW visit if significant failings were identified.
Read moreTax 'tsunami': will litigation wave crash over tax advisers and IFAs as Revenue uses new powers?
New powers which will be introduced via the Finance Act 2014 are leading to investors in tax schemes crystallising their tax losses much sooner than anticipated.
Read morePre-packs – improving a bad reputation?
Pre-packs involve the pre-determined sale of a business before it enters administration, allowing a sale within days of an administrator's appointment.
Read moreFOS: for free or not for free?
Should consumers pay a fee to bring a complaint to FOS? FOS handled 2.3m initial enquiries and complaints from consumers in 2013/2014.
Read moreAre long stops still a long shot
The long-running debate surrounding long stop time bars rumbles on, with articles appearing in the financial press this week which raise some interesting new points.
Read moreSwap horror – not 'knowledge' for civil limitation
A recent High Court decision (Kays Hotels Ltd v Barclays Bank Plc) has ruled that a firm cannot rely merely on the terms of an interest rate hedging product going against the customer to trigger "knowledge" under section 14A of the Limitation Act 1980 and thus time-bar a civil claim.
Read moreIgnorance of the lawyer is no excuse
Unsurprisingly, the Court of Appeal has found that inadequate legal representation, like ignorance of the law, is no excuse.
Read moreBattle for better regulation continues with parliamentary inquiry
In an apparent continuation of the Government's push to make regulators and regulation more cost-effective and business-centric, the Regulatory Reform Committee, a House of Commons select committee controlled by the Government, has announced an inquiry into the Government's Better Regulation framework.
Read moreOsborne keeps up the pressure on the FCA and PRA with enforcement review
A month after bringing the Regulator's Code into force as statutory guidance, George Osborne has announced that the Treasury will undertake a major review of enforcement decision-making at the FCA and the PRA.
Read moreOffshore Ombudsman Part II: busman's holiday continues in Jersey
The creation of a joint Office of the Financial Services Ombudsman ("OFSO") for Guernsey and Jersey took a step closer on 1 April 2014 as the States of Jersey approved the Financial Services Ombudsman (Jersey) Law 201.
Read moreGovernment tries to tame the regulators
The new Regulators' Code, first published by the aptly named Better Regulation Delivery Office in July 2013, came into statutory force on April 6.
Read moreFCA takes on the competition with appointment of former CEO of Competition Commission
The FCA has dispelled any doubts about how seriously it intends to take its new competition objective by announcing the appointment of David Saunders...
Read moreConsumer credit cards: FCA questions whether we are getting a fair deal
Martin Wheatley, Chief Executive of the FCA, speaking last week at the Credit Today Credit Summit, announced that the FCA would be launching a full-scale competition review into the UK's £150bn credit card market before the end of 2014.
Read moreDeal or No Deal: FOS recommends taking legal advice following Clark v In Focus
Reacting to the decision in Clark v In Focus, FOS has updated its technical notes to help guide complainants who might have previously sought to top up their award in Court.
Read moreThe Cost of Redress: Citizens Advice Bureau reveals £5 billion cost of CMCs
Last week we reported Lady Justice Arden's fears about the "development of a claims industry… that increases the cost of obtaining financial advice".
Read moreTop tips for corporates on conducting internal investigations
The ability to conduct and manage an internal investigation...
Read moreDefinitive Guideline published for sentencing corporates
To coincide with Deferred Prosecution Agreements (DPAs) going live earlier this week, the Sentencing Council recently published a Definitive Guideline on the appropriate penalties for corporates convicted of fraud, bribery and money laundering.
Read moreNo 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.
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