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Super Injunctions: committee reporting soon
By the end of this month we expect the committee investigating super injunctions to publish its report.
Read moreRPC's Financial Services Update - April 2011
Our Financial Services Update (April 2011 edition) is now available. It includes:
Read moreLegal regulation catching up - and fast
Yesterday saw the first publication of the SRA's "Handbook". The adoption of FSA terminology and approach continues.
Read moreWho's watching the London Insurance Market?
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 moreMoney Advice Service - costs lots of money but provides no specific advice
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 moreThe EU Council’s Conclusions On Revising EU Data Protection Law — Why Did They Bother?
The super tanker that is the European Union legislative process is currently trying to turn itself round with a view to revising data protection law.
Read moreFSA warns firms about outsourcing of transaction monitoring
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 moreComplaints data is meaningless out of context
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 moreBribery Act guidance finally published
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 moreCMCs exposed to FOS and FSA attack under MoUs with CMR
The Memorandum of Understanding (MoU) published last week between the FOS and the Claims Management Regulator (CMR) may help respondent firms to deal effectively with perceived misconduct by CMCs.
Read moreLack of controlled IT function - glitch delays FSA implementation of Approved Person rules
The FSA announced last week it was delaying the implementation of its new rules on Controlled Functions because it had been unable to complete the necessary changes to its Online Notifications and Applications (ONA) system to process the new Controlled Function applications and notifications.
Read moreFSA lays down law for CASS audits
The FSA has turned its concerns about auditors' client assets reports into action with new rules and a clear policy statement. Client assets will remain a regulatory priority.
Read moreBudget 2011: Focus on tax relief and avoidance / evasion
As anticipated, this week's budget has targeted high net worth (HNW) individuals through its clampdown on tax relief and avoidance schemes.
Read moreCAT mauls OFT's fining policy
The OFT suffered a significant setback when the Competition Appeal Tribunal (CAT) recently handed down its judgment on appeals by construction companies against fines levied by the OFT, undermining its 'minimum deterrence threshold'.
Read moreAnother ruling on privacy injunctions
Judgment was handed down today in a case where a privacy injunction was made in 2008.
Read morePrivacy in Tweets - the debate continues
Addressing the Westminster Media Forum on the regulation of privacy and online media earlier today Baroness Buscombe, Chairman of the PCC, referred to the PCC's decision in Baskerville
Read moreWhat is suitability?
Many mis-selling claims turn on whether or not the investment recommended was suitable.
Read morePrivacy and the Protection of Freedoms Bill
The Protection of Freedoms Bill, introduced in the House of Commons on 11 February 2011, is the second part of the UK Coalition Government's mission to 'restore freedoms and civil liberties through the abolition of unnecessary laws'.
Read moreThe legal protection of online identities
Millions of people post comments on the web in response to articles, blogs and stories. Many do so anonymously.
Read moreHarassment by letter-writing
Are letters capable of amounting to a course of conduct amounting to harassment?
Read moreBIS Consultation on 'A Competition Regime for Growth' – evolution or revolution?
BIS has published for consultation detailed proposals on the reform of the competition regime in the UK.
Read moreUnravelling trust transactions: advisers in the firing line
Advisers can no longer expect trustees to mitigate unexpected losses by unravelling transactions under the Re Hastings Bass principle, leaving those advisers exposed to negligence claims.
Read moreAnother victim of the FSA's CASS crusade
The FSA today issued a Final Notice against ActivTrades Plc, a foreign exchange broker, that has been fined £85,754 for CASS breaches committed even after the high profile run of CASS cases in June last year.
Read moreGamekeeping, poaching and revolving doors
Following on from Steven Francis' comments on the need for the FSA to appreciate the benefits of a revolving-door policy to its recruitment and retention of quality regulators,...
Read moreTSC grills FSA on RDR
Before the 9 March Treasury Select Committee (TSC) hearing on the RDR, Conservative MP Mark Garnier had promised to give FSA chief executive Hector Sants and chairman Adair Turner "hell".
Read moreDamning criticism of the FSA - by the Chief Executive of the FSA
In his recent speech on the new regulatory framework, the FSA's Chief Executive, Hector Sants, provided a damning critique of the FSA's past approach to consumer protection, effectively conceding the failure of the FSA's headline TCF initiative.
Read moreCan employers spy on their employees?
The US media have reported a number of instances in which companies have hired private detectives to spy on workers taking "sickies".
Read moreFinality. Finally? Don't hold your breath…
Giving evidence to the Treasury Select Committee yesterday, FSA chief executive, Hector Sants conceded that the regulator is willing - if the Committee recommends - to re-examine whether a 15 year long-stop time bar should apply to financial services complaints.
Read moreGamekeepers and poachers should be friends
We noted in August 2010 that staff were leaving the FSA in record numbers after the general election, including all three managing directors.
Read moreFuzzy-matching and the sanctions regimes
Given the ongoing political unrest in the Middle East and the speed at which individuals, entities and entire regimes can be added to HM Treasury and OFAC's consolidated sanctions lists (most recently, Libya and Tunisia), ...
Read moreKaupthing arrests: will advisers be liable regardless?
The dramatic news today about dawn raids and nine arrests made by the SFO in London and Reykjavik at the culmination of a year-long investigation into Kaupthing's collapse will, regardless of the outcome of the criminal enquiries, have little bearing on any liabilities faced by advisers for complaints from clients who lost money in the collapse of the Icelandic bank.
Read moreGoing, going, gone concern
The Chief Executive of the FSA in a recent speech has talked about how the new FCA will approach prudential regulation of those firms for which it is responsible. This includes all insurance brokers.
Read moreThe FSA's last risks warning
The new FCA's focus will be 'conduct risk', "that is, the risk that firm behaviour will result in poor outcomes for customers."
Read moreOFT promises faster enforcement kick off
The OFT has published final Guidance setting out its process and procedures when undertaking Competition Act investigations.
Read moreEqual treatment means just that – ECJ confirms invalidity of derogation from Gender Directive
In a landmark judgment published today, the ECJ ruled that insurers cannot charge different premiums to women and men based on gender. As anticipated by us and the UK insurance market, the ECJ has agreed with the Advocate General's recommendations in the Test-Achats case.
Read moreGender Directive: will Sheilas' Wheels stop rolling?
The insurance industry anxiously awaits the European Court of Justice (ECJ) judgment in the Test-Achats case expected today.
Read moreAnonymity order lifted in marital privacy case
A High Court judge has lifted an anonymity order protecting the identity of a formerly married couple involved in a privacy dispute.
Read morePublication of enforcement action: only after Warning Notice but still a bad idea
On Thursday morning last week, I caused a stir with my reaction to the leaked news (in an FT interview) about the new FCA's planned approach to publication of enforcement cases.
Read moreThe Article 8 rights of sex offenders
A recent decision of the Supreme Court has unleashed a populist wave directed at the European Court of Human Rights and European judges generally.
Read moreA slightly happier ending for non-deliberate market abuser
I wrote on 2 February about David Massey and his partial success before the Tribunal.
Read moreForced sterilisation case heard in public
On 15 February 2011 Hedley J ordered that a case proceeding in the Court of Protection which featured medical information of the highest sensitivity should be held in open court.
Read moreMax Mosley and the public interest in exposing hypocrisy
In an interesting interview with the Financial Times, the UK's most indomitable privacy claimant, Max Mosley, challenges the notion that there might be a public interest in exposing hypocrisy.
Read moreSection 404 and the single firm
When the FSA decided against turning the endowments and PPI mis-selling problems into formal s.404 reviews (akin to the Pensions Review), it was assumed s.404 would remain in the regulatory tool-box; an idle threat that the FSA would struggle to put into action.
Read moreLloyds Bank's £500m problem is the first 'single firm consumer redress scheme'
Lloyds Bank announced today that it has agreed an estimated £500m 'customer review and contact programme' relating to potentially confusing information about the Halifax standard variable mortgage rate between 2004 and 2007.
Read moreFSA does its little bit to help the Middle East
Political instability in any country can result in sudden cash or asset movements out of the jurisdiction.
Read moreFSA avoids April Fool!
The FSA has announced that it will begin the process of reorganisation to create a new prudential business unit and consumer and markets business unit on 4 April.
Read moreMeteor hit by arbitrary FOS decision
The industry press has reported that Meteor Asset Management had a complaint upheld by FOS about advice on Lehmans structured products because they apparently failed to disclose the downgrade in credit rating (to below Standard & Poor’s A+ grade) and, consequently, the advice was unsuitable thereafter.
Read moreA victory for financial services firms who play by the rules
In the recent case of Michael Duthie Wilson, PS Trustees Ltd v MF Global UK Limited, GNI Limited (In Members' Voluntary Liquidation) [2011] EWHC 138 (QB) it was held that financial investment brokers had complied with the COB rules when the Claimants as 'intermediate customers' and were not liable for trading losses suffered by them.
Read moreNo privacy in Tweets
Publicly accessible postings on Twitter and other social media are not private, according to rulings by the Press Complaints Commission.
Read moreICO fines councils for losing laptops
On 8 February 2011 the Information Commissioner’s Office (“ICO”) issued two monetary penalty notices for serious breaches of the Data Protection Act.
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