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Financial Services - Regulatory & Risk

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CASS – FSA can't see the Wood for the trees?

18 November 2011

The FSA is hammering home its CASS message so hard that I am running out of CASS blog titles!

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Dodgy estate agents beware

17 November 2011

If you have failed to register with the OFT as an estate agent or have registered but are failing to comply with the AML regulations, then beware.

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"I like risky": spread betting firm did not exceed permissions by providing advice

15 November 2011

In for a penny, in for a pound, or in for £313,067.02.

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Aiming at different targets? An update on ARROW outcomes

14 November 2011

The FSA's recent Smaller Wholesale Insurance Intermediaries newsletter contains some interesting observations on ARROW visits it has carried out recently.

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RPC’s Financial Services Update – November 2011

11 November 2011

Our Financial Services Update (November 2011 edition) is now available.

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'SFO Confidential' - combatting corruption on a shoestring

11 November 2011

In a resourceful move by Richard Alderman, the SFO last week revealed a new service it hopes will help to identify fraud and bribery in the City.

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Everything you wanted to know about FOS and are no longer afraid to ask

10 November 2011

The FOS opened last week for the business of being open. It is now subject to the Freedom of Information Act.

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The regulator, regulated: Judge tells FSA to follow same procedures as police

10 November 2011

A High Court Judge has heavily criticised the FSA's use of legally privileged material in an enforcement action in circumstances where the individual concerned was never informed that such material would be used, much less consulted as to whether he waived privilege.

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More CASS casualties

08 November 2011

Recent announcements regarding Towry Investment Management Limited and MF Global UK confirm the protection of client money and custody assets remains one of the FSA's top priorities.

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Product intervention - is the FSA jumping the gun on its new powers?

07 November 2011

On two successive days last week, the FSA issued guidance consultation on product design.

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The FRC's proposals for reform - a clearer focus?

Published on 28 October 2011. By Rachael Healey, Legal Director

The FRC has recently published consultation proposals for its reform.

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Causation, causation, causation...

27 October 2011

Lord Turner's key note speech at the Mansion House on 20 October confirms the FSA wants Parliament to reconsider the 'trade-off'...

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Names of junior AML staff not disclosable under standard disclosure

26 October 2011

For many firms subject to the anti-money laundering regulations it is a case of 'damned if you do, damned if you don't':

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Lindsay Middleton joins RPC

26 October 2011

As Head of RPC’s Regulatory Group, I am delighted to announce that we have recruited Lindsay Middleton.

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Statutory interest and the real world – time to bridge the gap?

24 October 2011

In the UK it is accepted that the aim of compensation is to put a person back into the position they would have been in had they not suffered loss.

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Independence in the new world of RDR

21 October 2011

Go in search of an IFA who isn't worried about the impact of RDR on their independence, and you'll probably be searching for a while.

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PI 'trading debts exclusion' prevents claims for CFA scheme debts when ATE won't pay

Published on 21 October 2011. By Paul Castellani, Partner

A judgment became public yesterday which concerns the operation of the trading debts exclusion in a solicitors' indemnity policy and also the scope of cover afforded by such policies more generally.

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Lloyd's confirms that there is no movement in the Solvency II timetable

18 October 2011

For the avoidance of any doubt Lloyd's confirmed (yesterday) that the current timetable for both managing agents and Lloyd's still applies.

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Women wanted: FRC and ABI want greater diversity on boards

17 October 2011

Just 14 per cent of directors – executive and non-executive – of Britain’s 100 biggest companies are women.

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All aboard the causation bandwagon...

14 October 2011

Like the proverbial buses that eventually arrive in pairs, at a time when there has been much controversy about the issue of causation

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UK self-assesses anti-bribery controls as part of UN review

13 October 2011

The UK has now published a self-assessment of its anti-bribery controls as part of a UN review intended to evaluate the UK's compliance with its obligations as a signatory to the UN Convention against Corruption.

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Blog

Fighting the cause for causation...

Published on 07 October 2011. By Simon Laird, Global Head of Insurance

In response to my press release about a proposal to do away with the law of causation from the financial services sector (on which Robbie Constance commented in more detail)

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SRA Handbook - a slim volume of new rules for solicitors?

Published on 07 October 2011. By Graham Reid, Legal Direcor, Professional Regulation

In 1974 the Law Society published a slim volume entitled "A guide to the professional conduct of solicitors."

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Which will happen first - the end of the FSA or the introduction of Solvency II?

06 October 2011

The FSA's revised implementation assumption that Solvency II will not come into force for firms until 1 January 2014 is a belated acceptance of delay in the negotiation of the Omnibus Directive and the European legislation which had been known in Brussels for months.

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The missing link: FSA wants strict liability by disapplying the law of causation

04 October 2011

The FSA has now floated the idea of enshrining in statute what we have long known to be its (and FOS') objection to the law of causation.

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A word of 'advice'

22 September 2011

'Advice' is a loaded word. Different interpretations have very significant and distinct regulatory implications:

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OFT to investigate 'super-complaint' into high costs of currency and using cards overseas

21 September 2011

The OFT this morning confirmed that it has received a 'super complaint' from Consumer Focus, a dedicated consumer body, about the high costs to the consumer of using credit and debit cards overseas and obtaining foreign currency.

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Time (bar) is of the essence...

19 September 2011

Last Thursday marked the third anniversary of the collapse of Lehman Brothers which may have drawn a line in the sands of time for complaints about the mis-selling of investments before September 2005.

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CMC trade association should be welcomed, not derided

15 September 2011

A number of CMCs combined last week to launch the Association of Professional Claims Managers (APCM) to "increase the professionalism and levels of service provided by regulated claims management companies".

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FOS announces plans to publish Ombudsman decisions (in full)

13 September 2011

On Friday, the FOS released a consultation paper on its proposal to publish Ombudsman decisions.

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SFO turns to tax returns to uncover bribery

12 September 2011

It was reported last week that the SFO will call for companies' tax returns in a bid to uncover (particularly overseas) bribery payments.

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First Bribery Act prosecution - an opportunity missed

09 September 2011

The news of the first prosecution under the new Bribery Act will leave commentators and headline writers alike disappointed.

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Start your engines – OFT launches private motor insurance call for evidence

08 September 2011

The OFT has this morning issued a 'call for evidence' on the UK private motor insurance industry.

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FOS complaints: you win some; you lose some (or only a few; or almost all)

06 September 2011

Today's latest round of FOS complaints data tells the expected tale of woe about PPI complaints but also shows a remarkable disparity between firms' success rates.

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Mortgage Verification Scheme to combat mortgage fraud

Published on 06 September 2011. By Paul Castellani, Partner

HMRC, the CML and the BSA have just launched the Mortgage Verification Scheme aimed at combating mortgage application fraud.

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PPI: The storm before the hurricane?

Published on 31 August 2011. By James Wickes, Partner

Yesterday the FSA announced the levels of redress paid by firms during the first six months of 2011 to consumers who have complained about mis-selling of PPI.

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One ombudsman, two ombudsmen, three ombudsmen, more?

31 August 2011

In a world where the various ombudsmen are replacing the Courts for the resolution of consumer claims, what happens when two or more respondent firms are covered by the jurisdiction of different ombudsman schemes?

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Morrison fined by the FSA

25 August 2011

At first sight, headlines about a hefty fine meted out by the FSA on a former director of a supermarket chain may have led people to presume that Sir Ken Morrison had incurred the wrath of the Food Standards Agency rather than the Financial Service Authority.

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The CASS alarm bells continue to ring

17 August 2011

The FSA's latest pronouncements about CASS make it all the more likely that insurance intermediaries will press for 'risk transfer' in their terms of business agreements with insurers to avoid CASS altogether.

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Double immunity - the PRA and FCA will remain untouchable

16 August 2011

On reading reports recently about criticism of the FSA's handling of an unauthorised investment scheme which left 800 investors £11.5 million out of pocket

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Those who live in glass houses... UK's anti-bribery controls to be subject to UN peer review

11 August 2011

Timing is everything. Just as the Bribery Act 2010 beds in, it has been announced that the UK will be subject to peer review under the UN Convention against Corruption.

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Unravelling trust transactions – the party’s still on in Jersey

Published on 11 August 2011. By Simon Laird, Global Head of Insurance

I previously reported on the English Court of Appeal’s decision in the combined appeals of Futter v Futter and Pitt v Holt which clarified (or so we thought) the approach to setting aside transactions for mistake under English law.

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FOS believes respondent firms should be seen but not heard

03 August 2011

Tucked at the end of Ombudsman News edition 95 in a little Q&A section about recent queries to its technical advice desk is a bold statement about the FOS' reluctance to hold oral hearings.

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CMCs - why not cut out the middle man?

25 July 2011

A joint note from the MoJ, FSA, FOS and FSCS issued last week sets out the role that CMCs play in financial services complaints and highlighted the potential drawbacks of engaging a third party in the complaints procedure.

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RDR: To delay or not to delay, that is the question

21 July 2011

The Treasury Select Committee recommended in its recent report that the implementation of RDR be delayed for one year (until January 2014).

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EIS and VCT promotions: suitability not guaranteed

19 July 2011

The FSA's explicit warning about Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) financial promotions will do little to help financial advisers defend complaints about such investments if FOS makes a habit of disregarding their 'preferential tax status'.

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News Corp/BSkyB – a blow to an independent competition regime

14 July 2011

In my letter to the editor in today's Financial Times, I reported on the dangers of mixing politics with regulation.

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Insurance intermediaries must take care with CASS

13 July 2011

The FSA's avowed intention to zero in on insurance intermediaries' client money systems and controls should set alarm bells ringing.

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FSA wealth management review deadline only a month away

11 July 2011

By 9 August, wealth managers must respond to the FSA's Dear CEO letter to confirm they are currently meeting the FSA's suitability requirements for client portfolios and mitigating the risk of future non-compliance.

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Accountability without liability

08 July 2011

Last week the FSA laid the foundations of the FCA with the publication of "The Financial Conduct Authority - Approach to Regulation".

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