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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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Blog

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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General Anti-Avoidance Rule ('GAAR') – will the 'centre ground' of tax planning be safe?

Published on 02 December 2011. By Adam Craggs, Partner

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.

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Blog

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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Blog

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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Blog

SHIPS 2 - victory for the taxpayer!

Published on 25 November 2011. By Adam Craggs, Partner

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".

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Blog

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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Blog

There's unreasonable, and there's wholly unreasonable!

21 November 2011

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.

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Blog

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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Blog

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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Blog

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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Blog

"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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Blog

The (Tax) League of Nations

14 November 2011

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.

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Blog

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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Blog

RPC’s Financial Services Update – November 2011

11 November 2011

Our Financial Services Update (November 2011 edition) is now available.

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Blog

'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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Blog

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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Blog

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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Blog

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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Blog

An arresting development

Published on 07 November 2011. By Adam Craggs, Partner

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.

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Blog

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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Blog

High Risk Avoidance Schemes – is another new regime really the way forward?

31 October 2011

HMRC's consultation on "High Risk Tax Avoidance Schemes", which closed at the end of August, has attracted some heavyweight responses it seems.

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Blog

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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Blog

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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Blog

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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Blog

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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Blog

Gaines-Cooper – the end of the road for the taxpayer

Published on 25 October 2011. By Adam Craggs, Partner

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.

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Blog

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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Blog

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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Blog

PI 'trading debts exclusion' prevents claims for CFA scheme debts when ATE won't pay

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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Blog

Is the net really closing on Swiss bank accounts?

Published on 21 October 2011. By Daniel Hemming, Senior Associate

HMRC announced last week that they will shortly be writing to UK resident individuals and organisations holding bank accounts with HSBC in Geneva, using information obtained under a tax treaty last year.

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Blog

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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Blog

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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Blog

There is no escape - collecting cross border tax

17 October 2011

On 16 March 2010 the EU introduced Council Directive 2010/24/EU which deals with the mutual assistance across EU member states for the recovery of tax claims.

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Blog

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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Blog

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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Blog

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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Blog

Personal liability for directors – No escape from the taxman

Published on 07 October 2011. By Adam Craggs, Partner

One of the criticisms that is often made of the UK's complex insolvency legislation is that it is too easy for the directors of a company to put it into liquidation or administration, 'dump' the company's debts and then effectively start the same business again under the guise of a new company.

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Blog

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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Blog

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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Blog

The Taxman vs. the Treasury Select Committee: round 2

Published on 03 October 2011. By Daniel Hemming, Senior Associate

Following his first outing before the House of Commons' Treasury Select Committee in March, and the publication of the Committee's report in July (see my previous post), Dave Hartnett, the Permanent Secretary for Tax, returned on 12 September to answer further questions from MPs.

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Blog

New Injunction Guidance

Published on 29 September 2011. By Keith Mathieson, Partner

We have previously reported on the controversy surrounding the number and effect of privacy injunctions

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Blog

Rio's "role model" image unravels - landslide media victory in privacy case

Published on 29 September 2011.

Serial tweeter Rio Ferdinand has lost his privacy battle against the Sunday Mirror. His privacy row related to a "kiss and tell" story published in the Sunday Mirror last year.

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Blog

When is a penalty unfair?

Published on 23 September 2011. By Adam Craggs, Partner

A recent tribunal case, Hok Limited v Revenue and Customs Commissioners (TC 1286) has found that HMRC did not act fairly and in good conscience where it had deliberately delayed sending out a penalty for the late filing of an employer's end of year returns until four months after the deadline had expired.

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Blog

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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Blog

OFT to investigate 'super-complaint' into high costs of currency and using cards overseas

21 September 2011

The OFT this morning confirmed that it has received a 'super complaint' from Consumer Focus, a dedicated consumer body, about the high costs to the consumer of using credit and debit cards overseas and obtaining foreign currency.

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Blog

Time (bar) is of the essence...

19 September 2011

Last Thursday marked the third anniversary of the collapse of Lehman Brothers which may have drawn a line in the sands of time for complaints about the mis-selling of investments before September 2005.

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