Image of docks through cafeteria window.

Financial Services - Regulatory & Risk

Blog

FOS does not breach human rights

07 July 2011

The FOS' compliance with fundamental principles of justice was thrown into the spotlight by last week's ECHR decision in the cause célèbre case of Heather Moor & Edgecomb Limited (HME) v UK (FOS).

Read more
Blog

Is it time to regulate MPs like other professionals?

05 July 2011

I am delighted to announce that Sam Bishop, who joins RPC as a trainee in September, won ARDL's 2011 Marion Simmons QC Memorial Essay Prize.

Read more
Blog

Promotion of competition at the centre of new FCA's remit

05 July 2011

Last week the FSA published - "to inform public debate and facilitate stakeholder engagement" - the initial thinking behind how the new FCA, which is expected to be established by end-2012, will approach delivery of its objectives.

Read more
Blog

Eight things you need to know about the Bribery Act

01 July 2011

As we have already posted, the Bribery Act comes in force today.

Read more
Blog

Bribery Act goes live today - but it's never too late

01 July 2011

The birth of the Bribery Act 2010 today represents a new chapter in corporate criminal liability, but the requirements to have anti-bribery systems and controls in place should not surprise any FSA regulated firm.

Read more
Blog

The world (of complaints handling and redress) according to FOS

30 June 2011

Yesterday Natalie Ceeney, Chief Ombudsman, set out her vision for how the financial services complaints and redress system can be improved. Her speech came at an interesting time as the performance and powers of FOS are under scrutiny as never before.

Read more
Blog

Mortgage fraud against lenders: FSA's report on how lenders manage the risk

Published on 29 June 2011. By Paul Castellani, Partner

The FSA recently published a report on how lenders manage the risk posed by mortgage fraud.

Read more
Blog

Corporates facing criminal penalties need certainty when self-reporting

24 June 2011

On Monday of this week I reported in the Financial Times the increasing reliance by the OFT on whistleblowers who come to the OFT through its leniency programme to reveal details of anti-competitive arrangements in exchange for immunity from civil fines and criminal penalties.

Read more
Blog

Industry seeks to put FOS in its place - and FOS fights back

23 June 2011

In recent weeks the performance and powers of the FOS have been under intense scrutiny with its own Annual Review, the BBA's judicial review of the PPI complaints rules and FSA announcements about award limits and rule changes.

Read more
Blog

Audit – a global market requires global thinking

23 June 2011

The OFT has finally dared to lift the lid on the UK's audit market to peer inside what is likely to be a Pandora's box of complex issues.

Read more
Blog

FSA secures first conviction for boiler room fraud

22 June 2011

The FSA recently secured its first criminal conviction for boiler room fraud. At Southwark Crown Court, David Mason pleaded guilty to:

Read more
Blog

Law Society anti-bribery guide useful for non-lawyers

20 June 2011

The Law Society has recently published a guidance note on the Bribery Act 2010 and how its member firms should comply with the Act.

Read more
Blog

Treasury plans reduction in burden of the Money Laundering Regulations by decriminalisation

20 June 2011

HM Treasury has recently proposed amendments to the Money Laundering Regulations to encourage a risk based approach to anti money laundering compliance and thereby reduce the regulatory burden on SMEs.

Read more
Blog

Lloyd's Managing Agents faced with four separate anti-bribery reporting obligations

20 June 2011

The recent Lloyd's Market Bulletin on the Bribery Act is an excellent guide for Managing Agents, but it suggests that in the event of an incident of bribery (or even suspected bribery) the Managing Agents may need to make as many as four separate reports about their suspicions:

Read more
Blog

Financial Services Bill – FOS naming and shaming could harm blameless businesses

17 June 2011

The FOS, under proposed new legislation set out in yesterday’s draft Financial Services Bill, would be required to publish reports on its determinations into consumer complaints, naming and potentially shaming businesses involved.

Read more
Blog

National Crime Agency: an FBI for the UK?

16 June 2011

The recent speculation that the SFO would be wound up (as discussed in my earlier blog) has somewhat over-shadowed the plans for a National Crime Agency (NCA).

Read more
Blog

Timing is everything... but not in the fight against bribery and corruption!

16 June 2011

With the implementation of the Bribery Act only two weeks away, absolutely the last thing that should have been of concern was the break up of the lead anti-corruption investigator and prosecutor, the Serious Fraud Office (SFO).

Read more
Blog

Resolving PPI complaints – pay them all, defend in Court or request a FOS hearing?

14 June 2011

Barclays announced yesterday that it will reimburse all customers who complained about the sale of their PPI before 20 April in full (plus 8% interest) without any further investigation of the individual claims.

Read more
Blog

Cost of 'root cause' rule changes unknown

03 June 2011

The FSA's confirmation that the PPI complaints handling guidance relating to root cause analysis will be applied to all complaints handling from 1 September has clarified what the FSA expects of firms.

Read more
Blog

Richard Burger appointed Partner at RPC

03 June 2011

As Head of RPC's Regulatory Group, I am delighted to announce the appointment of Richard Burger as Partner.

Read more
Blog

FOS maximum award limit to rise to £150k

02 June 2011

A month later than planned, the FSA announced on 27 May that the proposals set out in CP 10/21 would be implemented.

Read more
Blog

Decline in FSA performance against service standards – as expected

31 May 2011

At a time when financial services firms are not only under more scrutiny from the FSA but also require their regulator to be as effective and efficient as possible, the FSA's level of performance has declined.

Read more
Blog

Bank of Scotland fined for root cause failings

27 May 2011

Far sooner than I expected, on Wednesday the FSA sent a strong message to the complaints handlers in every regulated firm that the rules on root cause analysis mean what they say.

Read more
Blog

Final responses by 1 June for complaints for over £100k

25 May 2011

There is likely to be a small but not insignificant flurry of final responses sent before 1 June regarding high value complaints as firms try to avoid the likely increase in the FOS award limit from £100k to £150k which will apply from January 2012.

Read more
Blog

Director of SFO talks tough on corrupt foreign companies

25 May 2011

Richard Alderman, Director of the SFO, says he will use the Bribery Act to tackle corrupt foreign companies as the SFO's top priority.

Read more
Blog

FSA suitability seminar: 'capacity for loss' is key

20 May 2011

Yesterday's FSA Retail Conduct Risk Seminar on assessing suitability went under the title 'Establishing the risk a customer is willing and able to take and making a suitable investment selection'.

Read more
Blog

OFT confirms a lack of competition amongst UK auditors

19 May 2011

The OFT announced on Tuesday its provisional conclusion that features of the audit market were not working well, stating its intention to consult further on whether the matter should be referred to the Competition Commission for an in-depth investigation.

Read more
Blog

A prudent approach to regulation

19 May 2011

The Bank of England and the FSA have today published a paper explaining the approach the new Prudential Regulation Authority will take to the regulation of deposit takers – banks, building societies, credit unions and investment firms.

Read more
Blog

FOS complains about 'entrenched', 'legalistic' positions

18 May 2011

In celebrating the achievement of dealing with a million frontline enquiries, Chief Ombudsman, Natalie Ceeney notes in today's annual review for 2010/11 that there are encouraging signs of improvements in (non-PPI) complaints handling.

Read more
Blog

CASS crusade gets personal: CF10 fined and banned

17 May 2011

The FSA's commitment to personal enforcement action as part of its senior management responsibility drive was confirmed today by the publication of the Final Notice against David McGrath, formerly of ActivTrades.

Read more
Blog

EU warning to financial services industry to keep its house in order

16 May 2011

EU Competition Commissioner Joaquin Almunia today warned that ex ante regulation of the financial services industry is no substitute for competition compliance.

Read more
Blog

BBA abandons PPI judicial review

13 May 2011

The BBA statement - that the banks will not appeal the judicial review decision in BBA v FSA & FOS - refers to "matters of important principle which we will be taking forward in other ways with the authorities".

Read more
Blog

Meteor launches judicial review of FOS ruling

06 May 2011

I read with interest yesterday's industry press reports that Meteor Asset Management is to launch a judicial review of an adverse FOS award relating to Lehmans structured products - but I wonder if it will get off the ground.

Read more
Blog

Lloyds Banking Group sets aside £3.2bn for PPI as rules bite

05 May 2011

Shocking estimates of the likely increased costs to the industry of PPI mis-selling arising from changes to the PPI complaints handling and root cause rules look set to be surpassed.

Read more
Blog

FSA report into RBS - whose report is it anyway?

04 May 2011

The continuing excitement about the FSA's report into the (near) collapse of RBS may be a storm in a teacup but it raises an interesting issue about the rights to similar reports and publicity.

Read more
Blog

FOS to award 'distress and inconvenience' compensation for unsuccessful complaints

28 April 2011

Today's Ombudsman News leads with a plea to resolve PPI complaints following the High Court's ruling in BBA v FSA & FOS and includes a note about awarding compensation for 'distress and inconvenience' even where the underlying complaint is not upheld.

Read more
Blog

CAT sheathes its claws after final construction appeals

28 April 2011

The Competition Appeal Tribunal (CAT) has now handed down its judgment in respect of the final three cases in appeals brought by 25 construction companies against fines levied by the OFT.

Read more
Blog

UCIS - unregulated and misunderstood

27 April 2011

The FSA's thematic work on UCIS has reached the enforcement stage, demonstrating the FSA's focus on those that misunderstood the promotion rules.

Read more
Blog

Bribery Act systems and controls - start with a risk assessment

14 April 2011

Companies have until 1 July 2011 to put in place anti-bribery systems and controls. There is some confusion though over what this entails.

Read more
Blog

FSA fines increase again - more 'crime'? Or just more 'punishment'?

12 April 2011

The latest twelve-month figure for the total of FSA fines has risen again.

Read more
Blog

Lloyds Banking Group – opportunist knocked?

12 April 2011

The Independent Commission on Banking, chaired by Sir John Vickers, published its long awaited report yesterday.

Read more
Blog

No 'Red Tape Challenge' for financial services

11 April 2011

The Government launched last week its Red Tape Challenge with no mention of financial services regulation.

Read more
Blog

OFT Annual Plan – Focus on economic growth

08 April 2011

The OFT's Annual Plan for 2011/2012, published on 31 March 2011, set out its priorities for the coming year and in the context of budget reductions of 25% over four years.

Read more
Blog

RPC's Financial Services Update - April 2011

07 April 2011

Our Financial Services Update (April 2011 edition) is now available. It includes:

Read more
Blog

Legal regulation catching up - and fast

07 April 2011

Yesterday saw the first publication of the SRA's "Handbook". The adoption of FSA terminology and approach continues.

Read more
Blog

Who's watching the London Insurance Market?

05 April 2011

As anticipated back in February, the FSA's restructure in anticipation of the new split between the PRA and the FCA came into operation yesterday.

Read more
Blog

Money Advice Service - costs lots of money but provides no specific advice

04 April 2011

The FSA today launched its rebranded Moneymadeclear and Consumer Financial Education Body as the Money Advice Service which will cost the industry £43.7m this year.

Read more
Blog

FSA warns firms about outsourcing of transaction monitoring

01 April 2011

FSA regulated firms must comply with their transaction reporting obligations and ensure adequate procedures are in place to check the accuracy of their reports to the FSA.

Read more
Blog

Complaints data is meaningless out of context

30 March 2011

Statisticians will say that today's publication by the FSA of its half-yearly complaints data on firms provides a useful insight into firms' behaviours.

Read more
Blog

Bribery Act guidance finally published

30 March 2011

After several refusals, the Bribery Act guidance has finally made it over the fence. The revised guidance should not come as a great surprise to UK plc; least of all to the FSA regulated sector which has been geared up to tackle the risks of bribery and corruption since at least 2009 and the FSA's thematic reviews in this area.

Read more