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Building Information Modelling
This is the first of three blogs about Building Information Models, or BIM. This blog will explain what a BIM is and why it is significant. We will then look at the risks associated with BIM; finally, we will provide some practical advice on how these risks can be tackled.
Read moreEnding legal aid for millionaire defendants
Readers may not be aware of an extraordinary anomaly in our criminal justice system which has led to a significant drain on the legal aid fund.
Read moreDividends paid to 'innocent' shareholders by 'criminal' companies vulnerable to civil recovery
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.
Read moreFOS supplementary PPI case fee suggests inefficiencies of scale
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, ...
Read moreTribunal criticises HMRC's unreasonable behaviour and awards costs to the taxpayer
In Nicholas Deluca v HMRC (TC01422) the First-tier Tribunal (Sir Stephen Oliver QC) criticised HMRC's conduct and directed that they make a contribution of half the costs incurred by Mr Deluca in connection with an HMRC enquiry into his tax return and his subsequent appeal to the Tribunal.
Read moreThe 22 more free FOS cases of Christmas
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.
Read more'Tentacles across the system': Joint Committee believes in monsters too…
The report published in December by the Joint Committee on the Draft Financial Services Bill offered no festive cheer:
Read moreHappy New maximum award limit
It is a sobering thought that FOS complaints made from January will be subject to the increased maximum award limit of £150k.
Read morePublic Accounts Committee Report – HMRC criticised for 'cosy' deals
The report of the Public Accounts Committee ('the Committee') into alleged 'sweetheart' deals reached by HMRC with some of the largest companies in the UK was published yesterday.
Read moreGoldman Sachs, Whistleblowing and HMRC – the sorry saga continues!
Osita Mba is a solicitor working at HMRC's Solicitor's Office.
Read moreNo more nodding NEDs - FSA to make non-execs consumer champions
NEDs (and their D&O insurers) will be increasingly exposed to regulatory risk because of the FSA's new guidance.
Read moreHMRC criticised again over delay in issuing late filing penalties
Readers may recall that in a recent blog I commented on the case of Hok Limited v Revenue & Customs Commissioners (TC1286) .
Read moreBox on, ITV: OFCOM knocks out TV advertising industry review and regulatory change
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.
Read moreOFT gives green light to market study into private motor insurance
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.
Read moreYou can't rely on it, but you can't ignore it!
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.
Read moreUnderneath the mistletoe… UCIS review due in 2012
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.
Read moreOld business, old customers, old liabilities - and HSBC is still paying
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
Read moreMore Swiss controversy!
I commented on the UK/Swiss tax deal in my blog of 26 August 2011.
Read moreBans, bans and more bans
For the fourth time in as many weeks, the FSA has curtailed the selling of a product under the guise of guidance.
Read moreMaking the punishment fit the crime
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.
Read moreIf at first you don't succeed, give up
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.
Read moreFSA's insistence on senior management responsibility tested before the Tribunal
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)
Read moreWhat a difference a week makes
This week has seen a number of unwanted early Christmas presents for the IFA industry.
Read moreGeneral Anti-Avoidance Rule ('GAAR') – will the 'centre ground' of tax planning be safe?
On 21 November the final report of the GAAR Study Group ('the Group'), a committee of the tax world's 'great and the good', chaired by Graham Aaronson QC, was published.
Read moreA reasonable approach to insuring your cat?
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".
Read moreTraded life policy ban – FSA jumps the gun
I commented earlier in the month on the FSA guidance on product design covering payment protection and structured products.
Read moreRPC evidence submitted to Joint Committee on the Draft Financial Services Bill
Following up on our concern about FSA proposals to change the law of causation insofar as it applies to financial services ...
Read moreSHIPS 2 - victory for the taxpayer!
The Supreme Court has refused HMRC's application for permission to appeal against the Court of Appeal's decision in HMRC v Mayes [2011] EWCA CIV 407, a case involving tax arrangements marketed as "Ships 2".
Read moreBribery Act sentence misses the mark
The much reported first prosecution under the Bribery Act proved to be all but an irrelevance.
Read moreThere's unreasonable, and there's wholly unreasonable!
When it comes to awarding legal costs, the Tribunal has often been viewed as an island of leniency, especially when compared to the strict regime which governs High Court litigation.
Read moreLO, LO, LO…
The Legal Ombudsman (LO) is reaching its long arm into law firms – and is not afraid to use its truncheon!
Read moreCASS – FSA can't see the Wood for the trees?
The FSA is hammering home its CASS message so hard that I am running out of CASS blog titles!
Read moreDodgy estate agents beware
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.
Read more"I like risky": spread betting firm did not exceed permissions by providing advice
In for a penny, in for a pound, or in for £313,067.02.
Read moreThe (Tax) League of Nations
This may not come as a huge surprise to tax and finance directors up and down the country, but the UK has continued its slide down the international league table of tax competitiveness, according to a new report from PWC.
Read moreAiming at different targets? An update on ARROW outcomes
The FSA's recent Smaller Wholesale Insurance Intermediaries newsletter contains some interesting observations on ARROW visits it has carried out recently.
Read moreRPC’s Financial Services Update – November 2011
Our Financial Services Update (November 2011 edition) is now available.
Read more'SFO Confidential' - combatting corruption on a shoestring
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.
Read moreEverything you wanted to know about FOS and are no longer afraid to ask
The FOS opened last week for the business of being open. It is now subject to the Freedom of Information Act.
Read moreThe regulator, regulated: Judge tells FSA to follow same procedures as police
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.
Read moreMore CASS casualties
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.
Read moreAn arresting development
HMRC officers have arrested a tax advisor on the very day that he was due to give evidence before the Tax Tribunal on a capital gains tax issue.
Read moreProduct intervention - is the FSA jumping the gun on its new powers?
On two successive days last week, the FSA issued guidance consultation on product design.
Read moreHigh Risk Avoidance Schemes – is another new regime really the way forward?
HMRC's consultation on "High Risk Tax Avoidance Schemes", which closed at the end of August, has attracted some heavyweight responses it seems.
Read moreThe FRC's proposals for reform - a clearer focus?
The FRC has recently published consultation proposals for its reform.
Read moreCausation, causation, causation...
Lord Turner's key note speech at the Mansion House on 20 October confirms the FSA wants Parliament to reconsider the 'trade-off'...
Read moreNames of junior AML staff not disclosable under standard disclosure
For many firms subject to the anti-money laundering regulations it is a case of 'damned if you do, damned if you don't':
Read moreLindsay Middleton joins RPC
As Head of RPC’s Regulatory Group, I am delighted to announce that we have recruited Lindsay Middleton.
Read moreGaines-Cooper – the end of the road for the taxpayer
The Supreme Court, by a majority of four to one, has dismissed both appeals in the jointly heard judicial review cases of R (Davies and another) v HMRC; R (Gaines-Cooper) v HMRC [2011] UKSC 47 on 19 October 2011.
Read moreStatutory interest and the real world – time to bridge the gap?
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.
Read more