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Financial Services - Regulatory & Risk

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Causation - the multi-billion pound question

Published on 21 February 2012. By Simon Laird, Global Head of Insurance

The FSA's £1.5m fine imposed on Santander UK plc yesterday raises again the question of whether causation should be required for firms in the financial services industry to be liable to their clients.

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FOS undeterred in its plans to publish firm names in Ombudsman decisions, despite concerns

06 February 2012

The FOS has released a summary of responses to its September 2011 paper "publishing ombudsman decisions: next steps" confirming its plan to publish all Ombudsman decisions.

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Einhorn not pleased as Punch with insider dealing fine of £7.2m

03 February 2012

If you honestly believe that information given to you is not inside information but the FSA thinks your belief is unreasonably held, then you lay yourself open to sanctions for market abuse, notwithstanding that you have no intention to commit market abuse.

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Dividends paid to 'innocent' shareholders by 'criminal' companies vulnerable to civil recovery

17 January 2012

When Mabey & Johnson Limited's parent received a dividend, little did it think that it would be vulnerable to civil recovery following the conviction of its subsidiary's employees for corruption and breaches of UN sanctions.

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FOS supplementary PPI case fee suggests inefficiencies of scale

13 January 2012

The National Audit Office's report published yesterday into the FOS' 'efficient handling of financial services complaints' challenged FOS to 'achieve efficiencies of scale' but, ...

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The 22 more free FOS cases of Christmas

06 January 2012

On the twelfth day of Christmas, our Ombudsman service gave to us a proposal that would see smaller and medium sized firms given many more free complaints before a case fee applies.

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'Tentacles across the system':  Joint Committee believes in monsters too…

05 January 2012

The report published in December by the Joint Committee on the Draft Financial Services Bill offered no festive cheer:

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Happy New maximum award limit

23 December 2011

It is a sobering thought that FOS complaints made from January will be subject to the increased maximum award limit of £150k.

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No more nodding NEDs - FSA to make non-execs consumer champions

19 December 2011

NEDs (and their D&O insurers) will be increasingly exposed to regulatory risk because of the FSA's new guidance.

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Box on, ITV: OFCOM knocks out TV advertising industry review and regulatory change

16 December 2011

In contrast to this week's OFT decision that it was an 'administrative priority' to conduct a market study into aspects of the UK private motor insurance industry, OFCOM has declined to launch a similar market investigation into TV advertising for reasons of proportionality.

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OFT gives green light to market study into private motor insurance

14 December 2011

The OFT has this morning confirmed that it is launching a market study into the UK private motor insurance industry following the call for evidence made in September.

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You can't rely on it, but you can't ignore it!

12 December 2011

In furtherance of its statutory objective to reduce financial crime, on Friday the FSA has published a policy statement on financial crime - PS11/15 (the Guide) which has immediate effect.

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Underneath the mistletoe… UCIS review due in 2012

09 December 2011

Another Christmas treat the industry will be glad to put off until the New Year was revealed by the publication of the FSA's Board minutes for July.

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Old business, old customers, old liabilities - and HSBC is still paying

08 December 2011

In today's news it is reported that HSBC will not only have to meet the costs of four file reviews, the FSA Enforcement process, the resulting fine of £10.5m and compensation of nearly £30m

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Bans, bans and more bans

07 December 2011

For the fourth time in as many weeks, the FSA has curtailed the selling of a product under the guise of guidance.

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Making the punishment fit the crime

06 December 2011

The FSA's Final Notices are now littered with directors of financial services firms personally fined and made the subject of prohibition orders, not only for dishonesty but also for lacking competence and capability in the management of their businesses.

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If at first you don't succeed, give up

05 December 2011

Not deterred by the Court of Appeal's recent ruling that the names of junior AML staff are not disclosable under standard disclosure, Messrs Shah and Mahabeer continued their appeal against the following decisions.

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FSA's insistence on senior management responsibility tested before the Tribunal

05 December 2011

Two years on from the FSA's £8 million fine of UBS AG for systems and controls failures in breach of Principles 2 (skill, care and diligence) and 3 (adequate risk management systems)

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What a difference a week makes

Published on 02 December 2011. By Rachael Healey, Partner

This week has seen a number of unwanted early Christmas presents for the IFA industry.

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A reasonable approach to insuring your cat?

01 December 2011

The FSA has taken RBS' insurance firms to task under the UTCCR for the terms of their pet insurance. RBS' wordings had said they would not pay "any costs that we do not consider reasonable or necessary".

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Traded life policy ban – FSA jumps the gun

30 November 2011

I commented earlier in the month on the FSA guidance on product design covering payment protection and structured products.

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RPC evidence submitted to Joint Committee on the Draft Financial Services Bill

29 November 2011

Following up on our concern about FSA proposals to change the law of causation insofar as it applies to financial services ...

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Bribery Act sentence misses the mark

23 November 2011

The much reported first prosecution under the Bribery Act proved to be all but an irrelevance.

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LO, LO, LO…

21 November 2011

The Legal Ombudsman (LO) is reaching its long arm into law firms – and is not afraid to use its truncheon!

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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, Partner

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.

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 Director, 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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