Directors could face ‘disciplinary action’ for financial reporting breaches, under FRC plans -OUT-LAW.com

‘Company directors could face “disciplinary action” over breaches of financial reporting rules under new plans announced by the Financial Reporting Council (FRC).’

Full story

OUT-LAW.com, 17th February 2017

Source: www.out-law.com

Comments Off on Directors could face ‘disciplinary action’ for financial reporting breaches, under FRC plans -OUT-LAW.com

UK bosses face tougher punishments over corporate pay rules – The Guardian

Posted February 16th, 2017 in company directors, consultations, financial regulation, fines, news by sally

‘Boardroom bosses face tougher punishments when they break financial reporting rules under proposals being submitted to the government by the body which polices corporate behaviour.’

Full story

The Guardian, 16th February 2017

Source: www.guardian.co.uk

Comments Off on UK bosses face tougher punishments over corporate pay rules – The Guardian

Knowing where your data is processed in the cloud not central to exercising control over it, says expert – OUT-LAW.com

‘It should not be obligatory for banks in the UK to pre-agree where their data will be processed and stored when contracting with cloud service providers.’

Full story

OUT-LAW.com, 13th February 2017

Source: www.out-law.com

Comments Off on Knowing where your data is processed in the cloud not central to exercising control over it, says expert – OUT-LAW.com

FCA overhaul risks deluge of contested enforcement probes – Daily Telegraph

Posted February 2nd, 2017 in enforcement, financial regulation, news, reports by tracey

‘The City watchdog has unveiled plans to overhaul the way it carries out enforcement investigations to make it easier for firms and individuals to dispute probes, sparking speculation the regulator could now become swamped in even lengthier cases.’

Full story

Full FCA press release

Daily Telegraph, 1st February 2017

Source: www.telegraph.co.uk

Comments Off on FCA overhaul risks deluge of contested enforcement probes – Daily Telegraph

BREXIT: FCA head asks for EU access for banks that conform to ‘global standards’ – OUT-LAW.com

Posted January 31st, 2017 in banking, EC law, financial regulation, news by sally

‘Access to the EU’s financial markets should be based on common recognition of global standards instead of the current “granular, technical and detailed” legislation, the head of the UK’s Financial Conduct Authority (FCA) has said.’

Full story

OUT-LAW.com, 30th January 2017

Source: www.out-law.com

Comments Off on BREXIT: FCA head asks for EU access for banks that conform to ‘global standards’ – OUT-LAW.com

Whistleblower wins 13-year campaign against HSBC – The Guardian

‘A lone whistleblower has won a 13-year “David and Goliath battle” against HSBC and Britain’s chief financial watchdog, resulting in a multimillion-pound compensation payout to thousands of people.’

Full story

The Guardian, 20th January 2017

Source: www.guardian.co.uk

Comments Off on Whistleblower wins 13-year campaign against HSBC – The Guardian

FCA to review ‘close relationships’ in mortgage market – The Guardian

Posted December 13th, 2016 in conflict of laws, consumer protection, financial regulation, mortgages, news by sally

‘Britain’s financial watchdog has launched a review of the mortgage market that will probe the “inducements” routinely paid to brokers and other industry players, to see whether consumers are losing out as a result.’

Full story

The Guardian, 12th December 2016

Source: www.guardian.co.uk

Comments Off on FCA to review ‘close relationships’ in mortgage market – The Guardian

FCA seeks reforms in 2017 to some crowdfunding rules – OUT-LAW.com

Posted December 12th, 2016 in disclosure, financial regulation, loans, news by sally

‘The Financial Conduct Authority (FCA) will seek to address potential investor detriment by outlining proposed reforms to crowdfunding rules in the early part of 2017, the regulator has said.’

Full story

OUT-LAW.com, 9th December 2016

Source: www.out-law.com

Comments Off on FCA seeks reforms in 2017 to some crowdfunding rules – OUT-LAW.com

Brave new world – Counsel

Posted December 9th, 2016 in EC law, financial regulation, freedom of movement, markets, news, passports by sally

‘How will losing passporting rights affect the UK’s financial services sector? Saima Hanif argues that the equivalence regime is not a satisfactory alternative.’

Full story

Counsel, December 2016

Source: www.counselmagazine.co.uk

Comments Off on Brave new world – Counsel

FCA to crack down on crowdfunding – The Guardian

Posted December 9th, 2016 in financial regulation, loans, news by sally

‘The City regulator has announced a crackdown on crowdfunding – the fast-growing sector that lets businesses and individuals raise money from online investors.’

Full story

The Guardian, 9th December 2016

Source: www.guardian.co.uk

Comments Off on FCA to crack down on crowdfunding – The Guardian

Home Secretary’s speech to the FCA’s Financial Crime Conference – Home Office

‘Home Secretary Amber Rudd gave a speech on economic crime at the Financial Conduct Authority annual crime conference on 10 November 2016.’

Full speech

Home Office, 14th November 2016

Source: www.gov.uk/home-office

Comments Off on Home Secretary’s speech to the FCA’s Financial Crime Conference – Home Office

Reform of proceeds of crime laws by Law Commission urgently needed, says expert – OUT-LAW.com

‘The current regime of confiscation orders is failing to deprive criminals of the proceeds of their crimes. The Law Commission of England and Wales must seize the opportunity to reform the law in this area as part of its 13th programme of law reform.’

Full story

OUT-LAW.com, 8th November 2016

Source: www.out-law.com

Comments Off on Reform of proceeds of crime laws by Law Commission urgently needed, says expert – OUT-LAW.com

Moving on from Bolam – the High Court applies the Montgomery v Larnarkshire test in a financial professionals – Hailsham Chambers

Posted November 9th, 2016 in banking, duty of care, financial regulation, negligence, news by sally

‘The High Court has for the first time outside a medical context declined to apply the traditional Bolam v Friern Barnet Hospital Management Committee [1957] 1 WLR 582 test for the standard of care in favour of the new test in Montgomery v Larnarkshire Health Board [2015] AC 1430. Coutts, the private bank, was found to owe a duty to take reasonable care to ensure that their clients were aware of the risks of suggested investments. This is an important development in professional negligence law and one that may have far-reaching consequences.’

Full story

Hailsham Chambers, 3rd November 2016

Source: www.hailshamchambers.com

Comments Off on Moving on from Bolam – the High Court applies the Montgomery v Larnarkshire test in a financial professionals – Hailsham Chambers

FCA to investigate banks’ high-cost credit including overdrafts – The Guardian

Posted November 3rd, 2016 in banking, competition, fees, financial regulation, loans, news by tracey

‘The City regulator is to launch an investigation into loans that charge high interest rates in a move that will also wade into the controversy over fees on overdrafts. The decision by the Financial Conduct Authority (FCA) to look at overdraft charges comes after the Competitition and Markets Authority stepped back from imposing a limit on these fees after a two-year investigation into high-street banking.’

Full story

The Guardian, 3rd November 2016

Source: www.guardian.co.uk

Comments Off on FCA to investigate banks’ high-cost credit including overdrafts – The Guardian

FCA increasingly favouring criminal prosecution in insider dealing cases, says expert – OUT-LAW.com

Posted October 3rd, 2016 in financial regulation, insider dealing, news, prosecutions by sally

‘The number of criminal investigations into cases of insider dealing opened by UK regulators increased by 175% over the last financial year and early figures indicate the total for 2016/17 will be higher still, an expert has said.’

Full story

OUT-LAW.com, 3rd October 2016

Source: www.out-law.com

Comments Off on FCA increasingly favouring criminal prosecution in insider dealing cases, says expert – OUT-LAW.com

Regulatory focus on data access restrictions could impact Uber, retailers, insurers and car manufacturers, says expert – OUT-LAW.com

Posted September 27th, 2016 in competition, data protection, EC law, financial regulation, insurance, news, privacy by sally

‘Retailers, insurers, car manufacturers and the fast-growing software company Uber are among the businesses that should take note of the increased regulatory scrutiny being placed on restrictions of access to data.’

Full story

OUT-LAW.com, 26th September 2016

Source: www.out-look.com

Comments Off on Regulatory focus on data access restrictions could impact Uber, retailers, insurers and car manufacturers, says expert – OUT-LAW.com

Decades-old legal test not suitable for assessing if investment advice met professional standards, says High Court – OUT-LAW.com

Posted September 21st, 2016 in banking, duty of care, financial advice, financial regulation, insurance, negligence, news by tracey

‘A long-standing legal test, that helps to determine whether professionals meet their duty of care to clients is not appropriate for determining whether UK investment advisers have sufficiently communicated with investors to be said to have provided suitable advice, the UK High Court has said.’

Full story

OUT-LAW.com, 20th September 2016

Source: www.out-law.com

Comments Off on Decades-old legal test not suitable for assessing if investment advice met professional standards, says High Court – OUT-LAW.com

Financial Ombudsman still receiving thousands of PPI complaints – The Guardian

Posted September 6th, 2016 in complaints, financial regulation, financial services ombudsman, news by sally

‘The £37bn bill for payment protection insurance mis-selling by Britain’s banks is likely to escalate further after the Financial Ombudsman revealed that it continues to be inundated with complaints.’

Full story

The Guardian, 6th September 2016

Source: www.guardian.co.uk

Comments Off on Financial Ombudsman still receiving thousands of PPI complaints – The Guardian

PwC fined £2.3m over auditing of subprime lender Cattles – The Guardian

Posted September 1st, 2016 in accountants, auditors, costs, financial regulation, fines, news by sally

‘PricewaterhouseCoopers has been fined £2.3m by the accountancy watchdog over its auditing of the subprime lender Cattles and its biggest division, Welcome Financial Services, in 2007.’

Full story

The Guardian, 31st August 2016

Source: www.guardian.co.uk

Comments Off on PwC fined £2.3m over auditing of subprime lender Cattles – The Guardian

Cashpoint merger subject to in-depth UK investigation – OUT-LAW.com

Posted August 31st, 2016 in banking, compensation, financial regulation, news by sally

‘The planned merger between Diebold and Wincor Nixdorf will be subject to an in-depth competition investigation, the UK’s Competition and Markets Authority (CMA) has said.’

Full story

OUT-LAW.com, 30th August 2016

Source: www.out-law.com

Comments Off on Cashpoint merger subject to in-depth UK investigation – OUT-LAW.com