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.’

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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’

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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.’

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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.’

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Daily Telegraph, 30th November 2017

Source: www.telegraph.co.uk

Regulators toughen expectations on financial services firms’ Brexit preparations – OUT-LAW.com

Posted November 29th, 2017 in EC law, financial regulation, insurance, news, pensions by sally

‘The European Insurance and Occupational Pensions Authority (EIOPA) has warned UK financial firms that they should not rely on leniency from local regulators in the EU if the UK exits the trading bloc without a deal on the cross-border provision of financial services provision in place.’

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OUT-LAW.com, 28th November 2017

Source: www.out-law.com

City watchdog to regulate ‘addictive’ binary trading after scammers net £60m – Daily Telegraph

Posted November 15th, 2017 in consumer protection, financial regulation, gambling, news by tracey

‘The Financial Conduct Authority is to police firms offering “binary options” following complaints of large losses by consumers and the prevalence of scams.’

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Daily Telegraph, 14th November 2017

Source: www.telegraph.co.uk

City watchdog swoops on £68bn insurance broking market – Daily Telegraph

Posted November 9th, 2017 in competition, financial regulation, insurance, news by tracey

‘The City watchdog has turned its attention towards London’s £68bn insurance broking market following “significant changes” to the lucrative sector since its last probe a decade ago.’

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Daily Telegraph, 8th November 2017

Source: www.telegraph.co.uk

Compensation for customers of failed investment firms to rise from £50,000 to £85,000 – Daily Telegraph

Posted October 31st, 2017 in compensation, consumer protection, financial regulation, news by sally

‘Investors who lose out when their firms go bust could now receive up to £35,000 more compensation under plans unveiled by the City watchdog.’

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Daily Telegraph, 31st October 2017

Source: www.telegraph.co.uk

Suspicious transaction reports to FCA soar to record high – OUT-LAW.com

‘The number of reports notifying the UK’s Financial Conduct Authority (FCA) of suspicious transactions have risen to their highest ever level, more than doubling in the last two years.’

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OUT-LAW.com, 23rd October 2017

Source: www.out-law.com

FCA fines Merrill Lynch £34.5m for reporting failure – OUT-LAW.com

Posted October 24th, 2017 in banking, financial regulation, fines, news by sally

‘The UK’s Financial Conduct Authority (FCA) has fined Merrill Lynch International £34.5 million for failing to report 68.5 million exchange traded derivative (ETD) transactions over a two-year period.’

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OUT-LAW.com, 23rd October 2017

Source: www.out-law.com

FCA chief calls for continued cooperation in financial sector post-Brexit – OUT-LAW.com

Posted October 3rd, 2017 in EC law, financial regulation, news, treaties by sally

‘The chief executive of the UK’s Financial Conduct Authority (FCA), Andrew Bailey, has called for close cooperation between regulatory bodies to ensure continuity of service for financial institutions after Brexit.’

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OUT-LAW.com, 2nd October 2017

Source: www.out-law.com

UK pensions scheme calls on FCA to limit pensions freedoms – OUT-LAW.com

Posted September 21st, 2017 in consumer protection, financial regulation, news, pensions by sally

‘The UK’s state-backed pensions scheme, the National Employment Savings Trust (NEST), has asked for limits to be put on pensions freedoms to protect its members from losing retirement savings.’

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OUT-LAW.com, 20th September 2017

Source: www.out-law.com

FCA moves to clarify scope of regulation of account information services under PSD2 – OUT-LAW.com

‘Service providers that help other businesses to pool information from different payment accounts on behalf of customers will not be subject to regulation under new UK payment services laws if they do not deliver the aggregated data to the customer themselves, the Financial Conduct Authority (FCA) has confirmed.’

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OUT-LAW.com, 19th September 2017

Source: www.out-law.com

FCA refuses to publish leaked RBS report into disgraced unit that squeezed small businesses – The Independent

Posted September 15th, 2017 in banking, disclosure, financial regulation, news, reports by tracey

‘Britain’s financial watchdog has refused to publish a leaked report into the scandal at Royal Bank of Scotland’s controversial restructuring unit, despite demands for its release by an influential committee of MPs.’

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The Independent, 15th September 2017

Source: www.independent.co.uk

Clearing houses to be subject to formal cybersecurity reporting duties in the UK – OUT-LAW.com

‘Clearing houses in the UK will be subject to new formal cybersecurity incident reporting duties under changes likely to be implemented by 9 May next year.’

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OUT-LAW.com, 24th August 2017

Source: www.out-law.com

Financial ombudsman gearing up for more complaints ahead of PPI deadline – OUT-LAW.com

Posted August 21st, 2017 in complaints, financial regulation, insurance, news, ombudsmen, time limits by sally

‘The Financial Ombudsman Service (FOS) is anticipating a “significant increase in demand” for its services in the run-up to the August 2019 deadline for complaints about potentially mis-sold payment protection insurance (PPI)’

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OUT-LAW.com, 17th August 2017

Source: www.out-law.com

Regulations broaden financial sanctions reporting obligation – OUT-LAW.com

‘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.’

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OUT-LAW.com, 14th August 2017

Source: www.out-law.com

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.’

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Legal Futures, 10th August 2017

Source: www.legalfutures.co.uk

New law will tighten regulation of claims companies, move regulation to FCA – OUT-LAW.com

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.’

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OUT-LAW.com, 3rd August 2017

Source: www.out-law.com

FCA keeps payday loan cap after review – OUT-LAW.com

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.’

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OUT-LAW.com, 31st July 2017

Source: www.out-law.com