Regulations broaden financial sanctions reporting obligation –

‘New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to report, but the duty now applies to a far broader range of professions and sectors.’

Full Story, 14th August 2017


Lawyers face prosecution threat over financial sanctions compliance – Legal Futures

Posted August 11th, 2017 in disclosure, financial regulation, legal profession, news, privilege, sanctions by tracey

‘Lawyers are among those who could face prosecution if they fail to report information that could undermine UK financial sanctions, after a change to the law that came into force this week.’

Full Story

Legal Futures, 10th August 2017


New law will tighten regulation of claims companies, move regulation to FCA –

Posted August 3rd, 2017 in claims management, financial regulation, news by tracey

‘Claims management companies (CMCs) will face stricter regulation when responsibility for regulation moves from the Ministry of Justice (MOJ) to the Financial Conduct Authority (FCA), though new rules stop short of a ban on cold calling and cold texting.’

Full Story, 3rd August 2017


FCA keeps payday loan cap after review –

Posted August 1st, 2017 in fees, financial regulation, interest, loans, news by sally

‘The UK’s Financial Conduct Authority (FCA) is to maintain a cap set on the interest and fees charged on high-cost short-term loans after a review concluded it had benefited consumers.’

Full Story, 31st July 2017


City regulator plans rule change to allow Saudi oil giant’s $2tn float in London – The Guardian

Posted July 14th, 2017 in financial regulation, London, news, Saudi Arabia, shareholders by tracey

‘The City regulator is proposing to water down stock market rules in a move regarded as an attempt to attract the world’s biggest ever flotation – of Saudi Aramco, the Gulf kingdom’s state oil company – to London.’

Full Story

The Guardian, 13th July 2017


Clearer rules needed in the UK to support customer authentication by video, says expert –

‘New rules are needed in the UK to make it clearer that it is acceptable for banks to verify the identity of new customers using video technology.’

Full Story, 4th July 2017


CMA plans to be ‘single port of call’ for regulated businesses seeking leniency from cartel prosecutions and fines –

‘Businesses operating in the financial services, energy or telecoms sectors are to be encouraged to report their involvement in cartels directly to the Competition and Markets Authority (CMA) under proposals put forward by the regulator.’

Full Story, 3rd July 2017


Local government pension scheme investment guidance was unlawful, High Court rules –

Posted June 29th, 2017 in EC law, financial regulation, local government, news, pensions by sally

‘Government guidance preventing the local government pension scheme (LGPS) from pursuing boycotts as part of their investment strategies has been found unlawful by the High Court.’

Full Story, 28th June 2017


Rise of the car hire cowboy: Ombudsman sees 73pc increase in driver grievances – Daily Telegraph

Posted June 13th, 2017 in complaints, consumer credit, financial regulation, news, ombudsmen, reports by sally

‘Car hire purchase deals are now among most complained about policies in Britain, Ombudsman figures show.’

Full Story

Daily Telegraph, 12th June 2017


Rise in anti money laundering inquiries poses challenge for banks, says expert –

‘Requests from foreign authorities for the UK’s assistance in anti money laundering (AML) investigations rose last year to record levels.’

Full Story, 12th June 2017


Payday loan complaints see sharp rise despite new rules – BBC News

‘Complaints about payday loans have risen sharply for the second consecutive year despite strict new regulations limiting interest charges.’

Full Story

BBC News, 13th June 2017


New corporate criminal offence: what will an investigation look like? –

Posted June 6th, 2017 in crime, financial regulation, HM Revenue & Customs, news, tax evasion by tracey

‘HMRC has stepped up its criminal investigations into corporates, without waiting for the new corporate offence of failing to prevent the facilitation of tax evasion to become effective Large companies should refresh their raids and critical incident procedures in case HMRC officers appear without warning.’

Full Story, 5th June 2017


‘Compensation for victims’ as FCA secures £2.2m confiscation orders, says expert –

Posted May 30th, 2017 in compensation, confiscation, financial regulation, news by sally

‘Victims of a failed unauthorised collective investment scheme (UCIS) can expect to receive about 40% of their investment back after the regulator secured two final confiscation orders from some of the major players in the scheme.’

Full Story, 26th May 2017


City watchdog claws back £2.2m for victims of land fraud – Daily Telegraph

Posted May 25th, 2017 in compensation, confiscation, financial regulation, fraud, news by tracey

‘Victims of a land investment scam are to receive almost £2.2m in compensation after money was clawed back by the City watchdog from the eight men who were convicted of the fraud following one of the biggest investigations by the regulator. The Financial Conduct Authority (FCA) has now secured confiscation orders against all eight defendants who were found to have taken over £5m from more than 100 investors through an unauthorised investment scheme that was focused on agricultural land.’

Full story

Daily Telegraph, 24th May 2017


Professional Disciplinary Case Digest – Cloisters

‘A summary of legally noteworthy judicial reviews and High Court appeals regarding professional disciplinary panels and their decisions.’

Full story

Cloisters, 11th May 2017


Retail banking business models under strategic review by UK regulator –

Posted May 15th, 2017 in banking, competition, financial regulation, news by sally

‘The UK’s Financial Conduct Authority (FCA) has opened a review into business models in retail banking to assess the impact those models are having on competition and conduct in the market.’

Full story, 12th May 2017


Right to damages for ‘unreasonably’ late insurance claims settlement now in force –

Posted May 9th, 2017 in contracts, damages, delay, financial regulation, insurance, news by tracey

‘Business and consumer insurance policyholders may now pursue their insurers in the courts if they do not settle claims within a reasonable amount of time.’

Full story, 8th May 2017


No direct right in restitution against HMRC for investment trust companies, rules Supreme Court –

Posted April 25th, 2017 in financial regulation, HM Revenue & Customs, news, restitution by sally

‘A group of investment trust companies (ITCs) cannot make out an ‘unjust enrichment’ claim against HM Revenue and Customs (HMRC) in order to recover VAT paid to their investment managers (managers) due to a mistake of law, the UK’s highest court has ruled.’

Full story, 25th April 2017


FCA to review investment platform market –

Posted April 20th, 2017 in banking, competition, consumer protection, financial regulation, news, reports by sally

‘The Financial Conduct Authority (FCA) will carry out an investment platforms market study in the coming year, it has announced.’

Full story, 20th April 2017


City watchdogs could ban ‘irresponsible’ car loans in new investigation – Daily Telegraph

Posted April 19th, 2017 in banking, consumer credit, financial regulation, loans, news by tracey

‘”Irresponsible” car loans will be probed by the City watchdog amid suggestion that drivers could soon be made to pass mortgage-style affordability tests before leasing new motors.’

Full story

Daily Telegraph, 18th April 2017