Category: financial regulation

City firms launch review into dispute resolution for companies wronged by banks after RBS scandal – Daily Telegraph

Posted March 29th, 2018 in banking, dispute resolution, financial dispute resolution, financial regulation, news, ombudsmen, small businesses by tracey

‘City firms have launched a review into dispute resolution for companies wronged by banks, in the wake of the scandal over RBS’s mistreatment of small businesses. UK Finance, the lobby group for 300 British finance companies, has commissioned an independent study to analyse how complaints and disputes can be resolved in a more time and cost effective manner.’

Full Story

Daily Telegraph, 29th April 2018

Source: www.telegraph.co.uk

Former BHS owner Chappell faces boardroom ban but Sir Philip Green escapes sanction over collapse – Daily Telegraph

Posted March 28th, 2018 in company directors, financial regulation, insolvency, news, pensions, sanctions by tracey

‘Former BHS owner Dominic Chappell will be banned from serving as company director for up to 15 years over his role in the the high street chain’s collapse, while its previous owner Sir Philip Green will escape any sanction. The Insolvency Service said that the retail mogul Sir Philip, who sold BHS to thrice bankrupt Mr Chappell little over a year before its demise for £1, will not face further action.’

Full Story

Daily Telegraph, 27th March 2018

Source: www.telegraph.co.uk

FCA crackdown on dodgy pensions advice after thousands of people hit by scandal – The Independent

Posted March 27th, 2018 in financial advice, financial regulation, news, pensions by tracey

‘The City watchdog has announced measures to deal with an “erupting pensions mis-selling scandal”, but MPs say the plans do not go far enough to protect people’s savings.’

Full Story

The Independent, 26th March 2018

Source: www.independent.co.uk

Speech by Sir Geoffrey Vos, Chancellor of the High Court: Integrity and independence in the judiciary and the financial services industry – a comparative study – Courts & Tribunals Judiciary

Posted March 26th, 2018 in courts, financial dispute resolution, financial regulation, judges, judiciary, professional conduct, speeches by tracey

‘Speech by Sir Geoffrey Vos, Chancellor of the High Court: Integrity and independence in the judiciary and the financial services industry – a comparative study.’

Full speech

Courts & Tribunals Judiciary, 21st March 2018

Source: www.judiciary.gov.uk

Call for stricter rules on doorstep loans – BBC News

Posted March 19th, 2018 in consumer credit, financial regulation, loans, news by sally

‘People who borrow money from doorstep lenders should get the same protection as those with payday loans, a charity has argued.’

Full Story

BBC News, 19th March 2018

Source: www.bbc.co.uk

FCA v Grout [2018] EWCA Civ 71: Anonymous or Synonymous? – 4 New Square

Posted March 16th, 2018 in financial regulation, identification, news, third parties by sally

‘The Court of Appeal confirms the restrictive approach to third party rights under FCA Notices adopted by the Supreme Court in Macris v FCA [2017] UKSC 19.’

Full Story

4 New Square, 6th February 2018

Source: www.4newsquare.com

City watchdog: Civil justice ‘out of reach’ for most British citizens – Law Society’s Gazette

Posted March 15th, 2018 in civil justice, financial regulation, news, speeches by tracey

‘Civil justice is readily available to the international super-rich but out of reach of most British citizens, according to a top City watchdog. But John Griffith-Jones, chairman of the Financial Conduct Authority, believes it is the job of parliament to boost consumer redress by changing the law, rather than simply tinkering with the regulator’s rulebook.’

Full Story

Law Society's Gazette, 14th March 2018

Source: www.lawgazette.co.uk

Regulator begins new sector-focused crackdown on cartels – OUT-LAW.com

Posted February 28th, 2018 in competition, construction industry, financial regulation, news, whistleblowers by sally

‘The UK’s Competition and Markets Authority (CMA) will target “industries that are at a greater risk of cartels forming” as part of a new campaign to crack down on anti-competitive behaviour.’

Full Story

OUT-LAW.com, February 2018

Source: www.out-law.com

Doorstep lender to return £169m to customers – BBC News

Posted February 27th, 2018 in consumer credit, financial regulation, fines, loans, misrepresentation, news by tracey

‘A division of troubled lender Provident Financial has been told to pay almost £169m in compensation to customers. The Financial Conduct Authority (FCA) said Provident’s Vanquis unit failed to properly disclose charges on one of its popular repayment plans.’

Full Story

BBC News, 27th February 2018

Source: www.bbc.co.uk

MPs publish full unredacted report into RBS small business scandal – The Guardian

Posted February 21st, 2018 in banking, financial regulation, news, Supreme Court by tracey

‘The Treasury committee has published the full unredacted report into Royal Bank of Scotland’s “disgraceful” treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis.’

Full Story

The Guardian, 20th February 2018

Source: www.theguardian.com

FCA flexes muscles with first ‘serious crime’ order – Law Society Gazette

Posted February 14th, 2018 in consumer credit, financial regulation, licensing, loans, news, sentencing by michael

“A money lender who ‘flouted the law’ to make more than £2 million from loan agreements despite being refused a credit licence has become the first person to be subjected to a serious crime order imposed by the Financial Conduct Authority (FCA).”

Full Story

Law Society Gazette, 14th February

Source: www.lawgazette.co.uk

GDPR not at odds with FCA Handbook, say UK authorities – OUT-LAW.com

Posted February 13th, 2018 in data protection, EC law, financial regulation, news by sally

‘New data protection laws are not at odds with regulatory requirements imposed on companies in the financial services sector, two UK authorities have said.’

Full Story

OUT-LAW.com, 12th February 2018

Source: www.out-law.com

MPs demand watchdog publishes report into RBS small business scandal by next week – Daily Telegraph

Posted February 8th, 2018 in banking, financial regulation, news, reports, select committees by tracey

‘MPs could publish a leaked version of the report into claims RBS mistreated small business customers whether regulators are ready or not. The Treasury Select Committee has told the Financial Conduct Authority it must publish the much-delayed report on the Global Restructuring Group (GRG) by the end of next week. If the FCA fails to do that, it must instead send a copy to the committee on that day.’

Full Story

Daily Telegraph, 7th February 2018

Source: www.telegraph.co.uk

Burns v Financial Conduct Authority [2017] EWCA Civ 214: a sign of things to come? – 4 New Square

Posted February 2nd, 2018 in company directors, costs, enforcement, financial regulation, news by sally

‘Directors’ duties, procedural fairness and issue based costs; the Court of Appeal decision sheds light on several aspects of financial regulatory enforcement action.’

Full Story

4 New Square, 15th January 2018

Source: www.4newsquare.com

A £1m fine for broker shows potential shortcomings with group-wide controls and surveillance, says expert – OUT-LAW.com

Posted January 31st, 2018 in financial regulation, fines, news by sally

‘A fine served on an online broker shows that financial firms should not rely solely on group-wide controls and surveillance systems to pick up on suspicious transactions, an expert has said.’

Full Story

OUT-LAW.com, 30th January 2018

Source: www.out-law.com

Government accused of “pulling its punches” over PI cold-calling ban – Legal Futures

Posted January 23rd, 2018 in advertising, bills, claims management, consumer protection, financial regulation, news, pensions, personal injuries, telecommunications by sally

‘The government was accused yesterday of “pulling its punches” and “shilly shallying” over introducing a ban on cold-calling for personal injury (PI) claims.’

Full Story

Legal Futures, 23rd January 2018

Source: www.legalfutures.co.uk

FCA refuses to close the door to ‘permissionless’ blockchain networks and steps up scrutiny of ICOs – OUT-LAW.com

Posted December 20th, 2017 in financial regulation, internet, news by sally

‘Financial services firms that wish to set up “permissionless” blockchain networks will not automatically be engaged in outsourcing and be in breach of Financial Conduct Authority (FCA) rules, the regulator has said.’

Full Story

OUT-LAW.com, 19th December 2017

Source: www.out-law.com

Proposed reforms to the UK Corporate Governance Code from 1 January 2019 – OUT-LAW.com

Posted December 19th, 2017 in codes of practice, company directors, company law, financial regulation, news by sally

‘A revised UK Corporate Governance Code, intended by the Financial Reporting Council (FRC) to be “shorter and sharper” and to restore public trust in business, is due to come into force for accounting periods beginning 1 January 2019’

Full Story

OUT-LAW.com, 18th December 2017

Source: www.out-law.com

Broker fined £4m by FCA over ‘truly independent’ claim – OUT-LAW.com

Posted December 13th, 2017 in financial regulation, fines, insurance, news, subsidiary companies by sally

‘An insurance broker has been fined over £4 million by the Financial Conduct Authority (FCA) for failing to adequately manage potential conflicts of interest involving its parent company.’

Full Story

OUT-LAW.com, 12th December 2017

Source: www.out-law.com

Watchdog calls on MPs to ease rules after being told to toughen up – Daily Telegraph

Posted December 1st, 2017 in accountants, financial regulation, news, takeovers by tracey

‘The UK’s accounting watchdog is hoping to make it easier to prosecute accountants after it was slammed for letting KPMG off the hook over its audits of HBOS just before the financial crisis.’

Full Story

Daily Telegraph, 30th November 2017

Source: www.telegraph.co.uk