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.’

Full story

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.’

Full story

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.’

Full story

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.’

Full story

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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Bank Mellat and disclosure in closed material proceedings

‘Bank Mellat is an Iranian bank, initially subjected to a 2009 order which prohibited anybody in the UK from dealing with it – until the Supreme Court quashed it: here, and my posts here and here. ‘

Full story

UK Human Rights Blog, 28th October 2015

Source: www.ukhumanrightsblog.com

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PPI payout deadline considered by regulator – BBC News

Posted October 2nd, 2015 in financial regulation, insurance, limitations, news by tracey

‘The financial regulator, the Financial Conduct Authority (FCA) is considering a deadline for claims over mis-sold payment protection insurance (PPI).’

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BBC News, 2nd October 2015

Source: www.bbc.co.uk

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Charities should face fundraising ban if they harass donors – report – The Guardian

Posted September 23rd, 2015 in charities, data protection, financial regulation, harassment, news, penalties by sally

‘Charities that harass or abuse donors should be named and shamed, and in some cases banned from approaching the public for money, a government-commissioned review of fundraising has recommended.’

Full story

The Guardian, 23rd September 2015

Source: www.guardian.co.uk

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The Limits of the Law – The role of compliance in the 21st Century – Attorney General’s Office

Posted September 11th, 2015 in corruption, financial regulation, fraud, prosecutions, speeches by tracey

‘Solicitor General’s keynote address to the 33rd Cambridge Symposium on Economic Crime.’

Full speech

Attorney General’s Office, 11th September 2015

Source: www.gov.uk/ago

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Payment Systems Regulator Publishes Guidance on Concurrent Competition Powers – Zenith Chambers

Posted September 4th, 2015 in banking, competition, financial regulation, news by sally

‘On 13 August 2015 the Payment Systems Regulator (PSR) issued guidance on how it will apply its concurrent competition law powers in relation to participation in payment systems.’

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Zenith Chambers, 26th September 2015

Source: www.zenithchambers.co.uk

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Co-op Bank escapes regulatory fine – BBC News

Posted August 11th, 2015 in banking, financial regulation, fines, news by sally

‘The Co-operative Bank has escaped a fine from regulators investigating the “failings” throughout 2009-13 that led to its bailout.’

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BBC News, 11th August 2015

Source: www.bbc.co.uk

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Limitation, latent damage and tax mitigation scheme claims – Hardwicke Chambers

‘As (relatively) recent press coverage of celebrity participants shows, litigation relating to tax mitigation (or avoidance) schemes is on the rise. HMRC has taken an increasingly harder line in recent years both in tightening the legislation surrounding tax avoidance and in refusing and litigating claims for tax relief based on “losses” incurred in tax mitigation schemes. Investors who have lost out are increasingly turning to their original financial advisers for recompense. Unfortunately, many such claims are only considered or intimated after the primary limitation period has passed.’

Full story

Hardwicke Chambers, 15th June 2015

Source: www.hardwicke.co.uk

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Co-operative Bank could face fines from regulators – The Guardian

Posted June 24th, 2015 in banking, financial regulation, fines, news by sally

‘The scandal which enveloped the Co-operative Bank was reawakened on Tuesday when the bank revealed it was facing fines from City regulators over the events that led to its near collapse two years ago.’

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The Guardian, 23rd June 2015

Source: www.guardian.co.uk

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Macris v Financial Conduct Authority – WLR Daily

Macris v Financial Conduct Authority [2015] EWCA Civ 490; [2015] WLR (D) 219

‘When determining whether, for the purposes of section 393 of the Financial Services and Markets Act 2000, “matters” in a notice issued by the Financial Conduct Authority as against a bank had “identified” a person who was not directly named, a simple objective test was to be applied.’

WLR Daily, 19th May 2015

Source: www.iclr.co.uk

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