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RPC Practice Notes: guidance for the busy practitioner

Published on 04 July 2011. By Adam Craggs, Partner

In addition to regular updates on the latest tax news and case law developments, RPC Tax Take features Practice Notes written by specialist lawyers at RPC.

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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.

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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.

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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.

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Blog

Partnership residence – a rallying cry!

Published on 29 June 2011. By Daniel Hemming, Senior Associate

An important decision of the First-tier Tribunal has been released in the case of Mark Higgins Rallying (a firm) v. Revenue & Customs [2011] UK FTT 340 (TC).

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Blog

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

29 June 2011

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

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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.

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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.

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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.

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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:

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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.

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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.

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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:

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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.

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Blog

Justice Secretary expresses concern over MPs defying injunctions

Published on 16 June 2011. By Keith Mathieson, Partner

The Times has today reported that the Justice Secretary Ken Clarke yesterday told the Joint Committee on the Defamation Bill that he was concerned about the growing habit of using parliamentary privilege to defy court gagging orders.

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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).

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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).

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Blog

A former judge reflects on privacy injunctions

Published on 15 June 2011. By Keith Mathieson, Partner

Mr Justice Eady's interview last month by Joshua Rosenberg -

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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.

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Blog

HMRC steps up the pace with new taskforces

Published on 08 June 2011. By Adam Craggs, Partner

We have already had the offshore disclosure facility, the new disclosure opportunity, the Liechtenstein disclosure facility and the new regime for offshore penalties.

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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.

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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.

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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.

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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.

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Blog

A digest of recent news (1) - UK judgments

Published on 30 May 2011. By Keith Mathieson, Partner

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.

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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.

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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.

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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.

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Blog

Christopher Lunn – the saga continues!

Published on 24 May 2011. By Adam Craggs, Partner

Readers may be familiar with the ongoing saga of Christopher Lunn & Co and HMRC.

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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'.

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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.

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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.

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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.

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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.

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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.

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Blog

The Tribunal considers the meaning of 'power' over documents

13 May 2011

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.

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Blog

UK close to Swiss tax deal

13 May 2011

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).

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Blog

Supreme Court decision in Tower MCashback

Published on 13 May 2011. By Daniel Hemming, Senior Associate

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).

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Blog

Are privacy injunctions too restrictive?

Published on 13 May 2011. By Keith Mathieson, Partner

Has privacy law gone too far? It’s not just the editor of the Daily Mail who thinks so.

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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".

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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.

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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.

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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.

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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.

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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.

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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.

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The effect of privacy injunctions on third parties

Published on 21 April 2011. By Keith Mathieson, Partner

In general, an injunction made against a defendant does not affect a third party.

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Receipt of shares not emolument from employment

Published on 20 April 2011. By Adam Craggs, Partner

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.

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Blog

New light on the Ramsay doctrine

Published on 20 April 2011. By Adam Craggs, Partner

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".

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Workplace affairs are private - especially if one half of the couple has children

Published on 20 April 2011. By Keith Mathieson, Partner

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.

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