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

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.’

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The Guardian, 13th July 2017

Source: www.theguardian.com

Clearer rules needed in the UK to support customer authentication by video, says expert – OUT-LAW.com

‘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.’

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OUT-LAW.com, 4th July 2017

Source: www.out-law.com

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

‘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.’

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OUT-LAW.com, 3rd July 2017

Source: www.out-law.com

Local government pension scheme investment guidance was unlawful, High Court rules – OUT-LAW.com

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.’

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OUT-LAW.com, 28th June 2017

Source: www.out-law.com

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.’

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Daily Telegraph, 12th June 2017

Source: www.telegraph.co.uk

Rise in anti money laundering inquiries poses challenge for banks, says expert – OUT-LAW.com

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

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OUT-LAW.com, 12th June 2017

Source: www.out-law.com

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.’

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BBC News, 13th June 2017

Source: www.bbc.co.uk

New corporate criminal offence: what will an investigation look like? – OUT-LAW.com

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.’

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OUT-LAW.com, 5th June 2017

Source: www.out-law.com

‘Compensation for victims’ as FCA secures £2.2m confiscation orders, says expert – OUT-LAW.com

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.’

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OUT-LAW.com, 26th May 2017

Source: www.out-law.com

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.’

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Daily Telegraph, 24th May 2017

Source: www.telegraph.co.uk