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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Watchdog launches review of pension freedoms amid concerns over mis-selling – Daily Telegraph

Posted April 6th, 2016 in financial regulation, news, pensions by tracey

‘A major review of new pension freedoms announced by George Osborne last year is to be carried out by the Financial Conduct Authority amid fears of mis-selling.’

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Daily Telegraph, 6th April 2016

Source: www.telegraph.co.uk

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Holmcroft: Skilled person not amenable to judicial review – Henderson Chambers

Posted March 22nd, 2016 in banking, financial regulation, fraud, judicial review, negligence, news by sally

‘On 24 February 2016, in R (Holmcroft Properties Limited) -v- KPMG LLP and others, the Divisional Court dismissed Holmcroft’s judicial review challenge to the skilled person’s role in a mis-selling redress scheme. The skilled person, KPMG, had approved Barclays’ rejection of Holmcroft’s claims for consequential losses it claimed to have suffered as a result of the mis-sale. The court found that the skilled person was not amenable to judicial review and that, in any event, it had acted fairly.’

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Henderson Chambers, 3rd March 2016

Source: www.hendersonchambers.co.uk

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LIBOR case transferred to Financial List despite need for new judge – Litigation Futures

Posted March 1st, 2016 in banking, case management, courts, damages, financial regulation, interest, judges, news by sally

‘A claim against Royal Bank of Scotland (RBS), including allegations of rigging the LIBOR rate, has been transferred to the new Financial List even though the move means bringing in a new judge.’

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Litigation Futures, 1st March 2016

Source: www.litigationfutures.com

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FCA ‘lacks evidence’ of whether regulation is reducing mis-selling by financial firms, auditors say – OUT-LAW.com

Posted March 1st, 2016 in consumer protection, evidence, financial regulation, news by sally

‘Data collected by the Financial Conduct Authority (FCA) is insufficient to prove whether regulatory interventions have had an effect on mis-selling by financial firms, the UK’s public spending watchdog has said.’

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OUT-LAW.com, 26th February 2016

Source: www.out-law.com

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MPs to debate whether Financial Conduct Authority is up to job of regulating City – The Guardian

Posted February 1st, 2016 in banking, financial regulation, financial services ombudsman, news, parliament by tracey

‘The Financial Conduct Authority is expected to face criticism on Monday when MPs debate a motion on whether it is up to the job of regulating behaviour in the City.’

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The Guardian, 31st January 2016

Source: www.guardian.co.uk

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Financial list for cases over £50m working well, Mr Justice Blair says – Litigation Futures

Posted January 28th, 2016 in banking, budgets, costs, financial regulation, judges, news, pilot schemes, speeches, trials by sally

‘The ‘financial list’ launched by the High Court in October last year for claims linked to the financial markets and worth over £50m is “operating well”, Mr Justice Blair has said.’

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Litigation Futures, 27th January 2016

Source: www.litigationfutures.com

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‘Big Four’ audit firms never examined over illegal tax plans – The Independent

Posted January 18th, 2016 in accountants, auditors, financial regulation, news, tax avoidance by tracey

‘Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called “Big Four” firms – PricewaterhouseCoopers (PwC), KPMG, Deloitte & Touche and Ernst & Young – has ever faced regulatory investigation for such schemes. Court rulings condemning unlawful avoidance schemes are regularly overlooked by regulators.’

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The Independent, 18th January 2016

Source: www.independent.co.uk

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Court of Appeal permits early redemption of Lloyds Banking Group’s Enhanced Capital Notes – Commercial Disputes Blog

Posted January 13th, 2016 in appeals, banking, contracts, financial regulation, interpretation, news, time limits by sally

‘In BNY Mellon Corporate Trustee Services Ltd v LBG Capital No.1 and No. 2 Plc, the Court of Appeal reversed the first instance decision of the High Court, by allowing early redemption of certain convertible securities (known as Enhanced Capital Notes, or ECNs).’

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Commercial Disputes Blog, 4th January 2016

Source: www.rpc.co.uk

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The “Investment Mis-Selling” Controversy – What Should Footballers do Next? – Littleton Chambers

Posted January 12th, 2016 in financial regulation, fraud, negligence, news, sport by sally

‘This article by Daniel Northall was first produced for and published by LawinSport.com . Daniel examines the legal implications of the recent controversy1 concerning the mis-selling of investments2 to high net worth individuals, notably footballers.3 Specifically, it explores the nature of the problem, including the investments made, how they might come to be mis-sold, and the avenues available to a footballer who has sustained substantial losses through mis-sold investments. It will be particularly relevant to footballers and their professional advisors.’

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Littleton Chambers, 12th January 2016

Source: www.littletonchambers.com

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City watchdog denies going soft on banks after dropping inquiry – The Guardian

Posted January 11th, 2016 in banking, financial regulation, inquiries, news, ombudsmen, tax avoidance by tracey

‘The acting chief executive of the City watchdog has denied claims it has gone soft on banks following the decision to drop its inquiry into banking culture.’

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The Guardian, 9th January 2016

Source: www.guardian.co.uk

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Bank fined after outsourcing faults led to improper money transfers and exposure to financial risk – OUT-LAW.com

Posted December 3rd, 2015 in banking, financial regulation, fines, news by tracey

‘The Prudential Regulatory Authority (PRA) has fined a bank more than £1 million after finding that faults with its outsourcing arrangements helped rogue employees at a third party service provider to move money out of its bank accounts without its knowledge or consent and put the bank’s own financial health at risk.’

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OUT-LAW.com, 2nd December 2015

Source: www.out-law.com

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Court to rule on first proposed deferred prosecution agreement in the UK on Monday – OUT-LAW.com

Posted November 30th, 2015 in deferred prosecution agreements, financial regulation, fraud, news by sally

‘A court in London is expected to decide on Monday whether to approve a deferred prosecution agreement (DPA) provisionally put in place by the Serious Fraud Office (SFO) and Standard Bank.’

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OUT-LAW.com, 27th November 2015

Source: www.out-law.com

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City watchdog probes new ‘bank account’ pensions for rip-off fees – Daily Telegraph

Posted November 26th, 2015 in fees, financial regulation, news, pensions by tracey

‘The City watchdog has begun its first official probe into rip-off charges on new flexible “bank account” pensions over fears they are depriving pensioners of hundreds of pounds a year.’

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Daily Telegraph, 26th November 2015

Source: www.telegraph.co.uk

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HBOS collapse: report recommends formal investigation into executives – The Guardian

Posted November 20th, 2015 in banking, financial regulation, news, reports by tracey

‘Regulators will conduct a review into whether enforcement action against management team should be taken “as early as possible next year.” ’

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The Guardian, 19th November 2015

Source: www.guardian.co.uk

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Regulators to report on HBOS failings – BBC News

Posted November 19th, 2015 in banking, financial regulation, news, reports by tracey

‘A report into the collapse of HBOS is due later and is expected to be critical of its former bosses.’

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BBC News, 19th November 2015

Source: www.bbc.co.uk

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