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

Professional Disciplinary Case Digest – Cloisters

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

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Cloisters, 11th May 2017

Source: www.cloisters.com

Retail banking business models under strategic review by UK regulator – OUT-LAW.com

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.’

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OUT-LAW.com, 12th May 2017

Source: www.out-law.com

Right to damages for ‘unreasonably’ late insurance claims settlement now in force – OUT-LAW.com

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.’

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OUT-LAW.com, 8th May 2017

Source: www.out-law.com

No direct right in restitution against HMRC for investment trust companies, rules Supreme Court – OUT-LAW.com

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.’

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OUT-LAW.com, 25th April 2017

Source: www.out-law.com

FCA to review investment platform market – OUT-LAW.com

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.’

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OUT-LAW.com, 20th April 2017

Source: www.out-law.com

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.’

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Daily Telegraph, 18th April 2017

Source: www.telegraph.co.uk

BREXIT: Banks told to show Brexit plans to PRA – OUT-LAW.com

Posted April 11th, 2017 in banking, EC law, financial regulation, news, treaties by sally

‘The Bank of England has written to UK financial services firms asking them to send a summary of their contingency plans for Brexit to the Prudential Regulatory Authority (PRA) by July.’

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OUT-LAW.com, 10th April 2017

Source: www.out-law.com

Whistleblowing: Would you blow the whistle on your boss? What protections do you get? – The Independent

Posted April 11th, 2017 in arson, banking, disclosure, financial regulation, news, whistleblowers by sally

‘Some people may prefer the quiet life choosing not to rock the boat unless they really have to. Others could feel that the only correct thing to do is to spill the beans.’

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The Independent, 10th April 2017

Source: www.independent.co.uk

The Calumny of Bankers: Who’d be a Senior Manager now? – Littleton Chambers

‘In 1494 Botticelli completed painting “the Calumny of Apelles.” It depicts an innocent painter, Apelles, who has been wrongly accused of capital crimes, dragged before the King’s throne by personifications of Slander, Ignorance, Suspicion and Envy. It hangs in the Uffizi today and is thought to have been commissioned by a Florentine banker. In the story Apelles is pardoned from death at the last minute when a third party tells the king that he could not possibly have committed the offence, but the painting captures the moment when Apelles seems inevitably about to meet a sticky end, surrounded and almost entirely enveloped by Slander, Ignorance and Suspicion. Was this commissioned by a worried banker, concerned that he might meet his professional end without the ability to put the record straight or see the underlying disclosure? In Renaissance Florence this is unlikely but it does seem to reflect (at least some) of the anxieties of those who work in regulated professions today, that they may be hampered from obtaining future employment because of their previous employer’s interactions with a regulator.’

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Littleton Chambers, 3rd April 2017

Source: www.littletonchambers.com

Whose Rights are they anyway? Supreme Court gives judgment in FCA v Macris – Blackstone Chambers

‘Criticism can hurt. Public criticism by a regulator taking enforcement action can hurt more. The law has long sought to ensure that those potentially subject to criticism have an opportunity to answer what is said against them.’

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Blackstone Chambers, 5th April 2017

Source: www.blackstonechambers.com

A Brave New World: Partly Contesting FCA Enforcement Proceedings – Blackstone Chambers

Posted April 6th, 2017 in dispute resolution, enforcement, financial regulation, news by sally

‘Until 1 March 2017, people subject to FCA enforcement proceedings faced a binary choice: either settle or contest. That is no longer so. A key change to the FCA’s enforcement process in a recent policy statement has now taken effect: the introduction of partly contested cases. This new option will no doubt be of considerable interest to the regulated community and their legal advisers.’

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Blackstone Chambers, 5th April 2017

Source: www.blackstonechambers.com

FCA considers shake-up of credit card market to help consumers struggling with persistent credit card debt – OUT-LAW.com

Posted April 5th, 2017 in banking, consultations, consumer credit, debts, financial regulation, news by sally

‘Credit card companies could be required to take more active measures to help customers struggling with persistent debts, under plans outlined by the UK’s City regulator.’

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OUT-LAW.com, 4th April 2017

Source: www.out-law.com

City watchdog fines banker for using WhatsApp in industry first – Daily Telegraph

Posted March 31st, 2017 in banking, confidentiality, financial regulation, fines, news by tracey

‘The UK’s financial watchdog has fined a former investment banker more than £37,000 after he used WhatsApp to leak information and “impress” a friend.’

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Daily Telegraph, 30th March 2017

Source: www.telegraph.co.uk

Supreme Court backs regulator in investment bank management identification case – OUT-LAW.com

Posted March 28th, 2017 in appeals, banking, financial regulation, fines, news, notification by sally

‘The Financial Conduct Authority (FCA) did not improperly identify a manager at an investment bank in its final notice imposing a fine on that bank for losses incurred in a particular part of the business, the Supreme Court has ruled.’

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OUT-LAW.com, 27th March 2017

Source: www.out-law.com