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.’

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OUT-LAW.com, 26th September 2016

Source: www.out-look.com

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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.’

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OUT-LAW.com, 20th September 2016

Source: www.out-law.com

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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.’

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The Guardian, 6th September 2016

Source: www.guardian.co.uk

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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.’

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The Guardian, 31st August 2016

Source: www.guardian.co.uk

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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.’

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OUT-LAW.com, 30th August 2016

Source: www.out-law.com

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Blockchain debate is helping spur interest in how technology can support compliance, says expert – OUT-LAW.com

Posted August 23rd, 2016 in banking, computer programs, financial regulation, news by sally

‘Continued debate over the extent to which blockchain might be used within financial services is helping to spur a broader discussion over the way technology could be used to reduce regulatory compliance burdens in the sector, an expert has said.’

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OUT-LAW.com, 23rd August 2016

Source: www.out-law.com

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FCA branded ‘inadequate’ as MPs call for new bank watchdog – The Independent

Posted July 26th, 2016 in banking, financial regulation, news, parliament, select committees by sally

‘Britain needs a new financial watchdog to punish wrongdoing in order to win public confidence, further reshaping a regulatory structure that was overhauled just three years ago, the Treasury Select Committee has said.’

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The Independent, 26th July 2016

Source: www.independent.co.uk

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Financial Conduct Authority orders banks to shine light on dark pool stock exchanges and clean up operations – The Independent

Posted July 22nd, 2016 in banking, financial regulation, fines, news by sally

‘Barclays and Credit Suisse paid huge fines in the US to settle misconduct allegations over the operation of their dark pool share trading exchanges. The City watchdog says the UK market is different, but it still wants banks to do better.’

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The Independent, 21st July 2016

Source: www.independent.co.uk

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City watchdog battles to ban ‘reckless’ payday lender – Daily Telegraph

Posted July 15th, 2016 in financial regulation, loans, news, unfair commercial practices by tracey

‘The City watchdog faces a legal battle in its attempts to ban a payday lender from the industry, as financier Andrew Barry Hart fights claims he “took a reckless approach” to lending and “failed to address unfair business practices”.’

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Daily Telegraph, 14th July 2016

Source: www.telegraph.co.uk

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FCA will look to ensure consumer protection and support for fintech innovation in crowdfunding review, says expert – OUT-LAW.com

Posted July 12th, 2016 in consumer protection, disclosure, financial regulation, news by sally

‘The Financial Conduct Authority (FCA) will look to ensure that consumers are sufficiently protected against the risks inherent in crowdfunding while supporting innovation in the growing market in a forthcoming review of its regulation of the industry, an expert has said.’

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OUT-LAW.com, 11th July 2016

Source: www.out-law.com

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FCA gives green light to use of cloud computing in UK financial services – OUT-LAW.com

Posted July 8th, 2016 in electronic commerce, financial regulation, internet, news by sally

‘Financial services companies operating in the UK can make use of cloud-based services without falling foul of regulatory obligations, the Financial Conduct Authority (FCA) has said. However, firms may be disappointed that some of the guidance is not more specific or prescriptive in some areas, an expert has said.’

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OUT-LAW.com, 8th July 2016

Source: www.out-law.com

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City regulator’s fines drop from £819m to £7m in a year – The Guardian

Posted July 4th, 2016 in banking, financial regulation, fines, interest, news, statistics by michael

‘Fines imposed by the Financial Conduct Authority (FCA) in the first half of 2016 have fallen to £7.2m – less than 1% of the figure of a year before.’

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The Guardian, 3rd July 2016

Source: www.guardian.co.uk

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Trade bodies publish new market abuse guidance to replace Model Code – OUT- LAW.com

‘Guidance and specimen policy documents to help quoted companies comply with new market abuse rules when dealing in shares have been published by the UK’s main trade bodies for governance professionals and general counsel.’

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OUT-LAW.com, 29th June 2016

Source: www.out-law.com

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Former Schroders trader jailed for two years for insider trading – The Guardian

Posted June 14th, 2016 in financial regulation, insider dealing, news, sentencing by sally

‘Damian Clarke, a former equities trader at Schroders Investment Management, has been sentenced to two years in prison for insider trading.’

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The Guardian, 13th June 2016

Source: www.guardian.co.uk

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Financial watchdogs need more bite to bring shadow banking to heel – The Guardian

Posted June 6th, 2016 in banking, financial regulation, news by sally

‘Bank of England boss Mark Carney should listen to those who fear regulators need to do more to stop continued bad practice in the financial sector.’

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The Guardian, 5th June 2016

Source: www.guardian.co.uk

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Watchdog to ban penalties for savers accessing pensions – Daily Telegraph

Posted May 26th, 2016 in fees, financial regulation, news, penalties, pensions by tracey

Penal charges applying to people who want to access their retirement savings are to be banned by the City watchdog, the Financial Conduct Authority.’

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Daily Telegraph, 26th May 2016

Source: www.telegraph.co.uk

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City insider traders sentenced to eight years in prison – Daily Telegraph

Posted May 13th, 2016 in financial regulation, insider dealing, news, sentencing by tracey

‘Two men who were part of the most complex insider dealing ring uncovered by the City watchdog have been sentenced to a total of eight years in prison.’

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Daily Telegraph, 12th May 2016

Source: www.telegraph.co.uk

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New Acts – legislation.gov.uk

Posted May 6th, 2016 in banking, financial regulation, legislation, trade unions by tracey

Trade Union Act 2016

Bank of England and Financial Services Act 2016

Source: www.legislation.gov.uk

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New ‘unexplained wealth orders’ among UK anti-money laundering reforms – OUT-LAW.com

Posted April 26th, 2016 in consultations, financial regulation, fraud, money laundering, news by sally

‘Those suspected of money laundering could be required to explain the origins of any unexpected wealth or risk forfeiture as part of a package of measures put forward for consultation by the UK government.’

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OUT-LAW.com, 25th April 2016

Source: www.out-law.com

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FCA wins landbanking case, but investors still likely to lose out – The Guardian

Posted April 21st, 2016 in appeals, financial regulation, news, planning, sale of land, Supreme Court by tracey

‘Asset Land’s appeal rejected by the supreme court but the City regulator says investors “are likely only to get a fraction of their money back”.’

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The Guardian, 20th April 2016

Source: www.guardian.co.uk

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