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HMRC steps up the pace with new taskforces
We have already had the offshore disclosure facility, the new disclosure opportunity, the Liechtenstein disclosure facility and the new regime for offshore penalties.
Read moreCost of 'root cause' rule changes unknown
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 moreRichard Burger appointed Partner at RPC
As Head of RPC's Regulatory Group, I am delighted to announce the appointment of Richard Burger as Partner.
Read moreFOS maximum award limit to rise to £150k
A month later than planned, the FSA announced on 27 May that the proposals set out in CP 10/21 would be implemented.
Read moreDecline in FSA performance against service standards – as expected
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 moreA digest of recent news (1) - UK judgments
For one reason and another, the blog has been unable to report on much of the recent news. This entry is an attempt to remedy the situation. Normal service should be resumed shortly.
Read moreBank of Scotland fined for root cause failings
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 moreFinal responses by 1 June for complaints for over £100k
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 moreDirector of SFO talks tough on corrupt foreign companies
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 moreChristopher Lunn – the saga continues!
Readers may be familiar with the ongoing saga of Christopher Lunn & Co and HMRC.
Read moreFSA suitability seminar: 'capacity for loss' is key
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 moreOFT confirms a lack of competition amongst UK auditors
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 moreA prudent approach to regulation
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 moreFOS complains about 'entrenched', 'legalistic' positions
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 moreCASS crusade gets personal: CF10 fined and banned
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 moreEU warning to financial services industry to keep its house in order
EU Competition Commissioner Joaquin Almunia today warned that ex ante regulation of the financial services industry is no substitute for competition compliance.
Read moreThe Tribunal considers the meaning of 'power' over documents
An interesting case has just been heard by the First-tier Tribunal ('FTT'). The FTT held that a taxpayer had documents in its 'power', for the purposes of Section 20 Taxes Management Act 1970 (now repealed), despite not holding them or having a legally enforceable right to them.
Read moreUK close to Swiss tax deal
There has been much comment and speculation in the media recently on the landmark tax agreement between the UK and Switzerland which is close to signing (finalisation of the agreement is expected before the end of June 2011).
Read moreSupreme Court decision in Tower MCashback
The Supreme Court's eagerly awaited decision in Tower MCashback has now been released (the importance of the case is reflected in the fact that it was considered by seven Supreme Court Justices).
Read moreAre privacy injunctions too restrictive?
Has privacy law gone too far? It’s not just the editor of the Daily Mail who thinks so.
Read moreBBA abandons PPI judicial review
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 moreMeteor launches judicial review of FOS ruling
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 moreLloyds Banking Group sets aside £3.2bn for PPI as rules bite
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 moreFSA report into RBS - whose report is it anyway?
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 moreFOS to award 'distress and inconvenience' compensation for unsuccessful complaints
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 moreCAT sheathes its claws after final construction appeals
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 moreUCIS - unregulated and misunderstood
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 moreThe effect of privacy injunctions on third parties
In general, an injunction made against a defendant does not affect a third party.
Read moreReceipt of shares not emolument from employment
The First-tier Tribunal has decided that a transfer of shares to an employee was not an emolument from the individuals' employment for the purposes of section 19 ICTA 1988 because the office or employment was not the "active cause" of the transfer.
Read moreNew light on the Ramsay doctrine
In HMRC v Mayes [2011] EWCA Civ 407,the Court of Appeal was asked to decide whether a taxpayer was entitled to corresponding deficiency relief and/or capital gains tax loss relief under a tax avoidance structure known as "Ships 2".
Read moreWorkplace affairs are private - especially if one half of the couple has children
The Court of Appeal's judgment in ETK v News Group [2011] EWCA Civ 439 has prompted gasps of horror from some sections of the media.
Read moreOTS publishes final report on review of tax reliefs
On 3 March 2011, the Office of Tax Simplification (OTS) published its final report on its tax reliefs review.
Read moreTribunal finds for taxpayer in SDLT sub-sale partnership avoidance case
The First-tier Tribunal ('FTT') has ruled in favour of the taxpayer in relation to an SDLT avoidance arrangement that relied on the transfer of rights provisions in section 45 of the Finance Act 2003 and the partnership provisions in paragraph 10 of Schedule 15 to the Finance Act 2003 - DVS3 RS Ltd v HMRC [2011] UKFTT 138.
Read moreCourt of Appeal rules no UK relief for US tax paid by parent of tick-the-box company
The Court of Appeal has upheld HMRC's appeal in Bayfine against the decision of the High Court concerning the availability of treaty relief or unilateral relief in the UK – Bayfine v HMRC [2011] EWCA Civ 304.
Read moreBerry gilt strips tax avoidance arrangement fails on appeal to the Upper Tribunal
The Upper Tribunal (Lewison J) ('UT') has dismissed the taxpayer's appeal against the First-tier Tribunal's ('FTT') decision that he was not entitled to relief for losses suffered as a result of a gilt strip tax planning arrangement – Berry v HMRC [2011] UKUT 81.
Read morePhone-hacking is not a hanging offence
In February Donald Trelford, the respected former editor of the Observer, wrote in the Independent that the phone-hacking saga was a case of "dog eats dog gone barking-mad".
Read moreBribery Act systems and controls - start with a risk assessment
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 moreFSA fines increase again - more 'crime'? Or just more 'punishment'?
The latest twelve-month figure for the total of FSA fines has risen again.
Read moreLloyds Banking Group – opportunist knocked?
The Independent Commission on Banking, chaired by Sir John Vickers, published its long awaited report yesterday.
Read moreThe "half-lives" of celebrities: a theory of phone-hacking
In today's Independent Dominic Lawson offers an interesting view on how phone-hacking was allowed to take hold at the News of the World.
Read moreNo 'Red Tape Challenge' for financial services
The Government launched last week its Red Tape Challenge with no mention of financial services regulation.
Read moreOFT Annual Plan – Focus on economic growth
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 moreSuper 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.
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