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Financial Services - Regulatory & Risk

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Are long stops still a long shot

Published on 25 June 2014. By Amy Winterbourne , Associate

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.

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Swap horror – not 'knowledge' for civil limitation

Published on 18 June 2014. By David Allinson, Senior Associate

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.

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Blog

Ignorance of the lawyer is no excuse

28 May 2014

Unsurprisingly, the Court of Appeal has found that inadequate legal representation, like ignorance of the law, is no excuse.

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Blog

Battle for better regulation continues with parliamentary inquiry

27 May 2014

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.

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Blog

Osborne keeps up the pressure on the FCA and PRA with enforcement review

20 May 2014

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.

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Blog

Offshore Ombudsman Part II: busman's holiday continues in Jersey

07 May 2014

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.

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Blog

Government tries to tame the regulators

30 April 2014

The new Regulators' Code, first published by the aptly named Better Regulation Delivery Office in July 2013, came into statutory force on April 6.

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Blog

FCA takes on the competition with appointment of former CEO of Competition Commission

25 April 2014

The FCA has dispelled any doubts about how seriously it intends to take its new competition objective by announcing the appointment of David Saunders...

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Blog

Consumer credit cards: FCA questions whether we are getting a fair deal

16 April 2014

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.

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Blog

Deal or No Deal: FOS recommends taking legal advice following Clark v In Focus

13 March 2014

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.

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Blog

The Cost of Redress: Citizens Advice Bureau reveals £5 billion cost of CMCs

05 March 2014

Last week we reported Lady Justice Arden's fears about the "development of a claims industry… that increases the cost of obtaining financial advice".

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Blog

Top tips for corporates on conducting internal investigations

04 March 2014

The ability to conduct and manage an internal investigation...

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Blog

Definitive Guideline published for sentencing corporates

28 February 2014

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.

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Blog

No need to plead and no need for CMCs

27 February 2014

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.

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Blog

Deferred Prosecution Agreements (DPAs) go live today

24 February 2014

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".

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Blog

Battle lines drawn as High Court supports FCA collective investment scheme finding

21 February 2014

Further judicial guidance has been provided on unauthorised collective investment schemes ("CISs").

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Blog

FOS in focus

14 February 2014

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.

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Blog

Competition and Markets Authority announces its 'Vision, values and strategy'

12 February 2014

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.

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Blog

Offshore Ombudsman: Financial Ombudsman Service for Jersey and Guernsey on its way

12 February 2014

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.

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Blog

Standard Bank, a non-standard fine and sub-standard AML systems

06 February 2014

The £7.6m fine recently meted out to Standard Bank was accompanied by a self-congratulatory press release by the regulator heralding new firsts.

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Blog

Moving with the times – welcome to RPC's Financial Services Blog

04 February 2014

Regulatory change and client demand have prompted us to create a separate Corporate Insurance 'Hub' and re-brand our Regulatory Blog.

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Blog

Regulator gets its Tiger in HK

Published on 08 January 2014. By David Smyth, Senior Partner, Hong Kong

Overseas hedge fund admits to insider dealing of listed shares in Hong Kong

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Blog

Complaints-led regulation of general insurance – FOS' increasing role

23 December 2013

The nature of annual insurance policies makes the GI market ripe for complaints-led regulation.

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Blog

Which? Why? More importantly, who else?

20 December 2013

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?

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Blog

FCA fines Lloyds TSB for financial incentives failings

12 December 2013

Governance failings and conflicts mis-management can take many forms.

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Blog

'Stranded on an island without a canoe'

23 October 2013

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.

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Blog

Update on Clark v In Focus appeal

22 October 2013

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.

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Blog

Ofcom, Ofgem, Ofwat, OfFCA…? FCA set to become latest competition sectoral regulator

21 October 2013

At its own request, the FCA is set to be granted expanded competition powers under new legislation.

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Blog

No more moral high ground for whistle blowers?

15 October 2013

Yet another US style importation is on the cards.

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Blog

Handbook suffers from CIDRA hangover

10 October 2013

Whilst FOS rightly considered itself ahead of the consumer insurance law reforms, the FCA has now caught up.

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Blog

National Crime Agency – same old, same old?

09 October 2013

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.

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Blog

CAT condemns the Competition Commission's Data Room Rules as unfair and in breach of principles of natural justice

08 October 2013

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.

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Blog

Insurers beware: the FOS is stretching its powers to – and beyond – the limit

02 October 2013

The FOS has publicly stated that when dealing with complaints about the validity of insurance policies...

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Blog

Lawyers – the ideal guardians of ill-gotten gains

10 September 2013

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") -

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Blog

FCA remains committed to the reduction of financial crime

26 July 2013

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".

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Blog

Government signals the dawning of a new regulatory era – whilst providing a damning indictment of the current regime

24 July 2013

The Parliamentary Commission on Banking Standards has proposed to bring about significant change in the banking sector.

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Blog

The FCA – a "very different animal", that bites harder

23 July 2013

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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Blog

FCA confirms market study into general insurance 'add-ons'

19 July 2013

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.

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Blog

Register of beneficial company ownership

Published on 18 July 2013. By Anthony Shatz, Partner

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.

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Blog

Hong Kong regulator takes second shot at Asian Tiger

Published on 18 July 2013. By David Smyth, Senior Partner, Hong Kong

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.

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Blog

FOS publishes first decisions naming insurers

12 July 2013

The FOS has today published 110 of its insurance (non PPI) decisions on its website.

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Blog

Another speech, another thematic review – this time into conflicts management

04 July 2013

The insurance sector has been informed through another speech by the FCA of plans for a potentially very important thematic review.

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Blog

General insurance conduct supervision takes shape

02 July 2013

Thematic reviews are not new but, since April, the production of thematic review reports by the FCA is.

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Blog

Regulatory rope? FCA guidance on 'super-complaints' offers firms chance to condemn themselves to a public hanging

27 June 2013

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.

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Blog

What does crime have to do with it…?

21 June 2013

Two important recent developments touch upon a crucial issue: to what extent should misconduct or misbehaviour in the City sound in the criminal law?

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Blog

FCA winning its battle to name and shame

20 June 2013

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.

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Blog

Tempered approach by Singaporean regulator into LIBOR equivalent reveals inconsistencies in approach to global rate rigging scandal

19 June 2013

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").

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Blog

Punched drunk by ICOBS and CIDRA? FCA proposes sobering detox

17 June 2013

There has been surprisingly little fuss about the new Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) that came into force 6 April.

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Blog

Competition and cartel law reform edges closer

05 June 2013

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.

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Blog

Blog editor promoted to Partnership

24 May 2013

I am pleased to announce that Robbie Constance has been promoted to Partner, adding further depth and breadth to our Regulatory Group.

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