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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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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