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.’

Full story

BBC News, 11th August 2015

Source: www.bbc.co.uk

Comments Off on Co-op Bank escapes regulatory fine – BBC News

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

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

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.’

Full story

The Guardian, 23rd June 2015

Source: www.guardian.co.uk

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

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

Comments Off on Macris v Financial Conduct Authority – WLR Daily

Banks face bigger PPI mis-selling bill as regulator considers compensation rules – The Guardian

‘Banks could face a bigger bill for mis-selling payment protection insurance after the City regulator said it was considering new rules on how customers should be compensated.’

Full story

The Guardian, 27th May 2015

Source: www.guardian.co.uk

Comments Off on Banks face bigger PPI mis-selling bill as regulator considers compensation rules – The Guardian

New Payment Systems Regulator issues Policy Statement – Zenith Chambers

Posted April 2nd, 2015 in banking, competition, financial regulation, news by sally

‘On 25 March 2015, and a week before its operational launch on 1 April 2015 the Payment Systems Regulator (PSR) issued a policy statement (PSR PS15/1). This sets out the new regulatory framework for payment systems in the UK. The PSR is an authority without peers domestically and internationally.Businesses who have not previously been subject to regulatory scrutiny including interbank operators, payment service providers and infrastructure providers will now be subject to industry-wide economic regulation.’

Full story (PDF)

Zenith Chambers, 27th March 2015

Source: www.zenithchambers.co.uk

Comments Off on New Payment Systems Regulator issues Policy Statement – Zenith Chambers

FCA focus on personal accountability driving increase in financial firm whistleblowing, says expert – OUT-LAW.com

Posted March 31st, 2015 in financial regulation, news, reports, whistleblowers by sally

‘A significant increase in the number of whistleblowing cases opened by the Financial Conduct Authority (FCA) over the course of the last year shows that the regulator’s increased focus on personal accountability is changing employee behaviour in the financial services industry, an expert has said.’

Full story

OUT-LAW.com, 30th March 2015

Source: www.out-law.com

Comments Off on FCA focus on personal accountability driving increase in financial firm whistleblowing, says expert – OUT-LAW.com

Financial Conduct Authority v Capital Alternatives Ltd and others – WLR Daily

Posted March 30th, 2015 in agriculture, appeals, financial regulation, law reports by sally

Financial Conduct Authority v Capital Alternatives Ltd and others [2015] EWCA Civ 284; [2015] WLR (D) 140

‘The critical question in deciding whether property was “managed as a whole” within section 235(3)(b) of the Financial Services and Markets Act 2000 was whether a characteristic feature of the arrangements under the scheme was that the property to which those arrangements related was managed as a whole. Whether that condition was satisfied required an overall assessment and evaluation of the relevant facts.’

WLR Daily, 25th March 2015

Source: www.iclr.co.uk

Comments Off on Financial Conduct Authority v Capital Alternatives Ltd and others – WLR Daily

FCA plans to ban ‘opt-out’ sales of add-on insurance products –

Posted March 27th, 2015 in consumer protection, financial regulation, insurance, internet by sally

‘UK financial services firms will be banned from using pre-ticked boxes and other methods to sell customers additional ‘add-on’ products when they are purchasing regulated financial products under plans published by the Financial Conduct Authority (FCA).’

Full story

OUT-LAW.com, 26th March 2015

Source: www.out-law.com

Comments Off on FCA plans to ban ‘opt-out’ sales of add-on insurance products –

Do not-so smart pension reforms mean FCA wants pensioners to be ScamSmart? – RPC Financial Services Blog

Posted March 26th, 2015 in consumer protection, financial regulation, news, pensions by sally

‘Less than two weeks after Martin Wheatley’s speech identifying April’s ‘big bang’ pension reforms as “[t]he defining challenge of our time”, the FCA has launched a website called ‘ScamSmart’ dedicated to helping retail investors identify fraudulent investment scams. Martin Wheatley’s keynote speech and the launch of the ScamSmart website indicate the level of concern in the FCA about the impact of the reforms on UK pensioners. The strength of these concerns is confirmed in today’s Business Plan which includes plans for the FCA to carry out a thematic review (with, presumably, intense supervisory and enforcement work to follow) into the suitability of pensions and retail investment advice.’

Full story

RPC Financial Services Blog, 24th March 2015

Source: www.rpc.co.uk

Comments Off on Do not-so smart pension reforms mean FCA wants pensioners to be ScamSmart? – RPC Financial Services Blog

Changes announced to UK’s venture capital rules – Technology Law Update

Posted March 19th, 2015 in budgets, financial regulation, news by sally

‘Although there is precious little detail until the Finance Bill is published next week you may be interested in the following new Budget announcements concerning SEIS/EIS/VCT investments – I haven’t included previously announced measures.’

Full story

Technology Law Update, 19th March 2015

Source: www.technology-law-blog.co.uk

Comments Off on Changes announced to UK’s venture capital rules – Technology Law Update

FCA warns of potential pitfalls of ‘retweeting’ in new social media guidance – OUT-LAW.com

Posted March 16th, 2015 in advertising, codes of practice, financial regulation, internet, news by sally

‘Financial services companies that ‘retweet’ comments on Twitter could find themselves in breach of rules on financial promotions, the Financial Conduct Authority (FCA) has warned.’

Full story

OUT-LAW.com, 13th March 2015

Source: www.out-law.com

Comments Off on FCA warns of potential pitfalls of ‘retweeting’ in new social media guidance – OUT-LAW.com

Payday lenders still misleading and threatening customers, says FCA – The Guardian

Posted March 11th, 2015 in debts, financial regulation, loans, news by tracey

‘The City regulator has uncovered a litany of unfair practices at payday lenders including sending threatening text messages, pursuing customers for the wrong amount and misleading people about the effect of non-payment on their credit rating.’

Full story

The Guardian, 10th March 2015

Source: www.guardian.co.uk

Comments Off on Payday lenders still misleading and threatening customers, says FCA – The Guardian

Bank of England to boost watchdog role after failing to spot forex rigging – The Guardian

Posted February 27th, 2015 in banking, financial regulation, news by tracey

‘The Bank of England plans to beef up its watchdog role after it failed to spot one of the biggest scandals in the City’s recent history. The central bank said a “root-and-branch” review of its market intelligence operations had found that some staff were unfamiliar with the way City firms operated.’

Full story

The Guardian, 26th February 2015

Source: www.guardian.co.uk

Comments Off on Bank of England to boost watchdog role after failing to spot forex rigging – The Guardian

FCA to conduct first review of competition in UK investment and corporate banking – OUT-LAW.com

Posted February 24th, 2015 in banking, competition, conflict of interest, financial regulation, news by sally

‘The UK’s Financial Conduct Authority (FCA) is to formally review competition between banks that provide investment and corporate banking services after finding “unanswered questions about potential conflicts of interest and value for money”, it has announced.’

Full story

OUT-LAW.com, 23rd February 2015

Source: www.out-law.com

Comments Off on FCA to conduct first review of competition in UK investment and corporate banking – OUT-LAW.com

PPI problems still the cause of most complaints to financial ombudsman – The Guardian

Posted February 24th, 2015 in banking, complaints, financial regulation, insurance, news, reports by sally

‘Complaints about payment protection insurance (PPI) are still making up two-thirds of all the cases being dealt with by the financial ombudsman, which named Lloyds and Barclays as Britain’s two “most complained-about” financial firms.’

Full story

The Guardian, 24th February 2016

Source: www.guardian.co.uk

Comments Off on PPI problems still the cause of most complaints to financial ombudsman – The Guardian

FCA could call time on PPI claims – The Guardian

Posted January 30th, 2015 in compensation, complaints, financial regulation, insurance, news, time limits by sally

‘Britain’s financial watchdog has raised the possibility of introducing a time limit on complaints about payment protection insurance, the mis-selling scandal that has cost banks more than £17bn in compensation.’

Full story

The Guardian, 30th January 2015

Source: www.guardian.co.uk

Comments Off on FCA could call time on PPI claims – The Guardian

P2P lending platforms’ marketing scrutinised by FCA – OUT-LAW.com

Posted January 29th, 2015 in advertising, banking, financial regulation, news by sally

Peer-to-peer (P2P) lending platforms risk being told what terminology they can and cannot use in their marketing material if concerns identified by the UK’s City watchdog go unaddressed, an expert has said.

Full story

OUT-LAW.com, 28th January 2015

Source: www.out-law.com

Comments Off on P2P lending platforms’ marketing scrutinised by FCA – OUT-LAW.com

New laws to protect those cashing in pension pots – The Guardian

Posted January 27th, 2015 in financial regulation, news by sally

‘The financial regulator is rushing in new rules aimed at protecting people keen to cash in their pension pots from making bad decisions that could cost them dearly later on.’

Full story

The Guardian, 26th January 2015

Source: www.guardian.co.uk

Comments Off on New laws to protect those cashing in pension pots – The Guardian

New rules governing UK banks and investment firms in financial difficulty come into force – OUT-LAW

Posted January 23rd, 2015 in banking, EC law, financial regulation, insolvency, news by sally

‘UK regulators have published final rules governing how they will treat banks and investment firms in financial difficulty, following changes to EU law which will require investors and bondholders to bear the cost of bank failure.’

Full story

OUT-LAW.com, 22nd January 2015

Source: www.out-law.com

Comments Off on New rules governing UK banks and investment firms in financial difficulty come into force – OUT-LAW