Financial Services - Regulatory & Risk
Register 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.
Read moreRestrictive covenants – good paperwork is only part of the solution
It feels that the economic pie continues to shrink. And with that backdrop, most businesses are trying just to hold on to market share.
Read moreUCIS of death
The FSA’s relentless drive to impose personal responsibility on senior management took another significant step recently...
Read moreSporting decisions? Promotion, relegation and writing the rules of the game
Two recent rulings demonstrate the need for sports regulators such as the English and Welsh rugby unions to lay down clear and sufficiently comprehensive rules governing their sports that do not restrict competition.
Read moreThe first and final stop for exemplary damages?
Exemplary damages and competition law are not obvious bedfellows.
Read moreTough times, tough talk, tough regulator
At the FSA’s final Enforcement Conference on Monday, Tracy McDermott, the acting director of the FSA’s Enforcement and Financial Crime Division, issued a scathing attack on the financial services industry and gave an indication as to the interventionist future planned for the FSA’s successor, the FCA.
Read moreCable may tie down Goodwin, despite his eluding the FSA’s net; Turner and Sants call for smaller holes
In response to the October 2008 failure of RBS, news reports suggest that Vince Cable MP, Secretary of State for Business, Innovation and Skills, may apply for an order to disqualify Fred Goodwin from being able to hold any future directorship of a UK company.
Read moreBinary causation arguments could be turned into percentages as ‘loss of chance’ principle gains judicial support in investment loss case
The High Court recently considered whether it would be appropriate for FOS to make an award on the basis of an investor’s lost opportunity to decide – with the benefit of proper advice – whether or not to enter into a recommended investment scheme.
Read moreKeeping up with competition law reform – don’t rush
In March 2012, the Government confirmed its plans to merge the functions of the OFT and the Competition Commission into a single competition law body, the Competition and Markets Authority.
Read moreOFT gives provisional green light for in-depth review of private motor insurance market
The OFT announced last week its provisional decision to refer the private motor insurance market to the Competition Commission (CC) for in-depth review.
Read moreFSA roars as SFO reveals itself to be a paper tiger
In the same week that the SFO was criticised for its failure to act in two high profile cases and its failure to conduct a single raid in the last financial year, the FSA meted out its largest ever fine for an individual in a non market abuse case.
Read moreBreaching the perimeter – twice could be enough to be ‘by way of business’
The Court of Appeal has held that an individual who accepted deposits on two separate occasions, that were over 18 months apart, may be liable to conviction for carrying on an unauthorised regulated activity, contrary to the general prohibition (s.19 and 23 FSMA 2000).
Read moreDirectors & Officers beware - the SFO gets serious
Following the collapse of various high profile cases and the subsequent inquiry into its practices, change is clearly rife at the Serious Fraud Office.
Read moreNot so credible deterrence
The FSA's Enforcement Guide states that taking action against individuals sends an important message about the FSA's regulatory objectives and priorities and the FSA considers that such cases have important deterrent values.
Read moreFriday 13th brings bad news for CMCs
The Law Society Gazette has today revealed (following a FoI Request) that in the twelve months to March 2012, 734 CMC businesses were 'cancelled' by the MoJ.
Read moreFirst it was insurance brokers and now it's investment bankers... FSA tests anti-bribery and corruption controls at investment banks
The FSA recently published the findings of its thematic review of anti-bribery and corruption (ABC) systems and controls at 15 investment banks.
Read moreHector Sants’ resignation will throw finance sector into confusion
Hector Sants’ resignation this morning is surprising given that his remit was to deliver an orderly transition to the government’s new twin peaks regulatory structure.
Read moreIt ain't broke, but… - Government finally confirms how it proposes to fix the UK competition regime
The Department for Business Innovation and Skills today published its long-awaited response to its consultation on reforming the UK competition regime.
Read moreBack to the beginning – root cause analysis re-booted by de facto PPI past business review
The FSA's guidance to firms on contacting PPI customers that have not complained marks a resumption of hostilities in the PPI arena and amounts, in effect, to an industry-wide direction to conduct a past business review (PBR).
Read moreFRC plans to focus on disciplinary action
The FRC has published its Draft Plan & Budget for 2012/13.
Read morePPI – end of an era or a new chapter?
The FOS recently released its latest six-monthly figures showing the types and levels of complaints received by financial institutions.
Read moreWas Lehmans' collapse unforeseeable? The High Court said it was - but FOS disagrees
The courts and FOS are now headed down very different paths in their approach to credit crunch losses suffered by clients of regulated firms.
Read moreFSA delivers on AML promise
Following its thematic review and report on "Banks’ management of high money-laundering risk situations" published in June last year, the FSA on Monday announced that it has fined Coutts £8.75 million for anti-money laundering (AML) control failings.
Read moreSupreme Court widens scope of 'client money'
The Supreme Court yesterday ruled that client money held in un-segregated accounts should be treated the same as client money held in segregated accounts, ...
Read moreLeading regulatory and corporate crime silk to lead the AADB
Yesterday the FRC announced the appointment of Gareth Rees QC to the position of Executive Counsel to the Accountancy and Actuarial Discipline Board (AADB).
Read moreMoU between FCA and FOS: will complaints handling become more risky?
The FOS published a draft MoU with the future FCA that has blurred an already hazy line between the ombudsman and regulator.
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