Multiplicity of legal regulators “not helping AML fight” – Legal Futures

Posted December 12th, 2018 in financial regulation, money laundering, news by sally

‘The “multiplicity” of legal and accountancy regulators in the UK is not helping the fight against money laundering, the Financial Action Task Force (FATF) has complained.’

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Legal Futures, 12th December 2018

Source: www.legalfutures.co.uk

Where are we now with the Criminal Finance Act 2017 – The New Tax Evasion Offence – Drystone Chambers

Posted December 11th, 2018 in financial regulation, news, tax evasion by sally

‘The Criminal Finance Act 2017 introduced two new offences: some eighteen months on I consider below how it is being used. The offences were first mooted after the panama papers scandal, prompted by the then Prime Minister’s involvement in it. Due to this the offences were considered to be largely politically motivated and the practicalities of using them were not really considered. In my view they will very rarely be used, if at all, but that does not mean that companies do not have to monitor the measures they have put in place to comply with the legislation. The majority of prosecutions are going to come from self disclosures or whistle blowers, if at all.’

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Drystone Chambers, November 2018

Source: drystone.com

Privilege and Maxwellisation – what can we learn from recent FRC cases? – 4 New Square

‘The same issues often crop up across an array of regulatory work. Legal professional privilege is the most obvious example, with a number of high profile cases arising out of SFO investigations. A second example concerns the rights of third parties to prevent the publication of adverse comment about them in regulatory reports and decisions (‘Maxwellisation’). In this article, Jamie Smith QC and Helen Evans explain how these two issues have arisen in the context of disciplinary investigations and proceedings undertaken by the Financial Reporting Council (FRC), which plays an important role in the regulation of accountants.’

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4 New Square, 11th December 2018

Source: www.4newsquare.com

Amenability to judicial review – Law Society’s Gazette

Posted December 10th, 2018 in banking, financial regulation, judicial review, news by sally

‘When is a private appointment a matter of public law? In an important case on this issue, R (on the application of Holmcroft Properties Ltd) v KPMG LLP [2018] EWCA Civ 2093, the Court of Appeal recently upheld the Divisional Court’s decision that KPMG was not amenable to judicial review when acting as an independent reviewer, whose appointment by a bank was approved by the Financial Services Authority.’

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Law Society's Gazette, 10th December 2018

Source: www.lawgazette.co.uk

City watchdog steps up its inquiries into ‘crypto’ firms – Daily Telegraph

Posted November 26th, 2018 in consumer protection, electronic commerce, financial regulation, fraud, news by tracey

‘As the price of the controversial “cryptocurrency” Bitcoin plunges, new figures show that the City watchdog is stepping up its investigations into the murky sector.’

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Daily Telegraph, 25th November 2018

Source: www.telegraph.co.uk

Price cap plan to clamp down on high rent-to-own fees – The Guardian

Posted November 22nd, 2018 in consumer credit, consumer protection, fees, financial regulation, interest, news by tracey

‘The City watchdog has proposed a price cap on rent-to-own companies in a clampdown on “excessive charges” expected to save 300,000 vulnerable customers up to £22.7m a year.’

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The Guardian, 22nd November 2018

Source: www.theguardian.com

MPs call for tribunal to bring ‘misbehaving banks’ to justice – The Guardian

Posted November 20th, 2018 in banking, financial regulation, news, tribunals by sally

‘A cross-bench group of MPs is gaining traction in its fight for a financial services tribunal that would bring misbehaving banks to justice, ahead of a key meeting with the chancellor this week.’

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The Guardian, 20th November 2018

Source: www.theguardian.com

Final salary pension transfers stall as High Court throws rules into doubt – Daily Telegraph

Posted November 12th, 2018 in banking, complaints, financial regulation, news, ombudsmen, pensions by tracey

‘People who attempt to swap final salary company pensions for cash are being left in limbo following a controversial legal judgment.’

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Daily Telegraph, 12th November 2018

Source: www.telegraph.co.uk

Environmental Law News Update – Six Pump Court

‘In this latest Environmental Law News Update, Christopher Badger and Mark Davies consider the environmental implications of yesterday’s Budget, a consultation between the FCA and the PRA on climate change and finance, and a recent case holding that an EIR request was “manifestly unreasonable”.’

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Six Pump Court, 30th October 2018

Source: www.6pumpcourt.co.uk

Tighter regulation of cryptoassets coming in the UK – OUT-LAW.com

Posted November 1st, 2018 in consultations, EC law, financial regulation, money laundering, news, terrorism by sally

‘The regulation of cryptoassets is likely to get tighter in the UK, starting from next year, according to a new report by a body tasked with exploring whether new rules are needed to address their growing popularity.’

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OUT-LAW.com, 31st October 2018

Source: www.out-law.com

Lord Hodge at East China University of Political Science and Law, Shanghai, China, Speech – Supreme Court

‘Financial Technology: Opportunities and Challenges to Law and Regulation, East China University of Political Science and Law, Shanghai, China.’

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Supreme Court, 26th October 2018

Source: www.supremecourt.uk

UK government reveals transition from EU to UK law for financial instruments – OUT-LAW.com

Posted October 18th, 2018 in brexit, EC law, financial regulation, news by sally

‘The UK’s Financial Conduct Authority (FCA) will be given a set of temporary powers giving it flexibility over the operation of the transparency regime for the EU’s second Markets in Financial Instruments Directive (MiFID II) after Brexit.’

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OUT-LAW.com, 16th October 2018

Source: www.out-law.com

Watchdog investigates firms over hidden fees – Daily Telegraph

Posted October 9th, 2018 in consumer protection, fees, financial regulation, news by tracey

‘A number of financial services firms that have failed to transparently declare what they charge their customers are being investigated by the industry watchdog, the Financial Conduct Authority (FCA).’

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Daily Telegraph, 8th October 2018

Source: www.telegraph.co.uk

Freezing injunction duty of disclosure ‘should not be taken lightly’ – OUT-LAW.com

Posted September 4th, 2018 in disclosure, financial regulation, injunctions, news by sally

‘The High Court has discharged a $3 billion worldwide freezing order (WFO) granted in favour of the sovereign wealth fund of Angola due to “serious and substantial” breaches of its duty to provide full and frank disclosure of all material facts in the case.’

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OUT-LAW.com, 30th August 2018

Source: www.out-law.com

Push payment fraud victims ‘not automatically negligent’ – OUT-LAW.com

Posted September 3rd, 2018 in banking, compensation, financial regulation, fraud, news, ombudsmen by sally

‘The Financial Ombudsman Service (FOS) will be looking for “clear evidence” that banks have properly investigated claims by customers for compensation in cases of suspected authorised push payment (APP) fraud.’

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OUT-LAW.com, 30th August 2018

Source: www.out-law.com

Pensions: don’t cash out of defined benefits, warns regulator – The Guardian

Posted August 29th, 2018 in financial regulation, news, pensions by sally

‘Pension schemes are being warned they may be being too generous when offering cash lump sums to people considering transferring out of their gold-plated deals.’

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The Guardian, 29th August 2018

Source: www.theguardian.com

Deal or No-deal? Brexit and financial services – Technology Law Update

Posted August 24th, 2018 in brexit, EC law, financial regulation, international trade, news by sally

‘On Monday, the Department for Exiting the EU published a presentation explaining the UK Government’s vision for the future UK-EU partnership on financial services, seeking to establish the principles of autonomy, bilaterality and co-operation.’

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Technology Law Update, 23rd August 2018

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

Big CMCs to be hit hardest as FCA seeks £17m – Legal Futures

‘The big claims management companies (CMCs) will be hit hardest by fee increases planned by the Financial Conduct Authority (FCA) to fund the £17m cost of their new regulatory regime, it has emerged.’

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Legal Futures, 23rd August 2018

Source: www.legalfutures.co.uk

Banks subject to UK disclosures on security and outage incidents – OUT-LAW.com

Posted August 23rd, 2018 in banking, computer crime, disclosure, financial regulation, news by sally

‘Rules requiring banks to publically disclose how often they have had to report major operational and security incidents have taken effect in the UK.’

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OUT-LAW.com, 22nd August 2018

Source: www.out-law.com

UK accounting regulator fines KPMG £2.1 million after misconduct admission – OUT-LAW.com

Posted August 21st, 2018 in auditors, financial regulation, fines, news, professional conduct by sally

‘The UK’s accountancy regulator, the Financial Reporting Council (FRC) has fined KPMG £2.1 million after an investigation into audits of fashion company Ted Baker.’

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OUT-LAW.com, 20th August 2018

Source: www.out-law.com