Watchdog berates PwC over ‘misleading’ BHS accounts – The Guardian

Posted August 16th, 2018 in accountants, auditors, financial regulation, news, reports by sally

‘BHS’s accounts were misleading and featured unrealistic forecasts before Sir Philip Green sold the now collapsed department store chain, according to a report into the role of the retailer’s auditor, PwC.’

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The Guardian, 15th August 2018

Source: www.theguardian.com

FCA open to ‘broad range’ of post-Brexit bank structures – OUT-LAW.com

Posted August 14th, 2018 in banking, financial regulation, news by sally

‘UK banks will be given some flexibility when deciding how best to ensure that they can continue to serve customers in the EU after Brexit, the Financial Conduct Authority (FCA) has said.’

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OUT-LAW.com, 13th August 2018

Source: www.out-law.com

UK loan-based crowdfunding platforms face tighter regulation – OUT-LAW.com

Posted July 31st, 2018 in consumer protection, financial regulation, loans, news by sally

‘The largest loan-based crowdfunding platforms operating in the UK could be required to establish “an independent compliance function” and “independent risk and internal audit functions”, according to new rules proposed by the Financial Conduct Authority (FCA).’

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OUT-LAW.com, 31st July 2018

Source: www.out-law.com

UK regulators could enforce minimum interest rate for savers – The Guardian

Posted July 26th, 2018 in banking, consumer protection, financial regulation, interest, news by sally

‘Banks could be forced to pay savers a minimum interest rate after City regulators found that longstanding customers in instant access accounts are paid derisory rates because of their apathy about switching providers.’

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The Guardian, 25th July 2018

Source: www.theguardian.com

Financial regulator mulls ‘duty of care’ and new damages regime – OUT-LAW.com

‘The FCA is seeking views on whether there is a need for a new customer “duty of care” or “fiduciary duty”, or whether the existing rules already provide sufficient protections for consumers. It is also seeking views on a new right for consumers to seek private damages against firms which have breached the new duty or the regulatory principles set out in the FCA Handbook, particularly the requirement to “treat customers fairly”.’

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OUT-LAW.com, 23rd July 2018

Source: www.out-law.com

FCA must act in wake of judge’s criticism of failure to bring top bankers to book for Libor scandal – The Independent

Posted June 22nd, 2018 in banking, financial regulation, interest, news by tracey

‘A judge’s sharp criticism of the Financial Conduct Authority for its failure to go after top bankers has put a cat right into the middle of the City regulator’s pigeons.’

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The Independent, 21st June 2018

Source: www.independent.co.uk

FCA unveils beefed-up regulatory regime for claims management companies – Legal Futures

Posted June 6th, 2018 in claims management, consultations, financial regulation, news by tracey

‘The Financial Conduct Authority (FCA) has set out the more stringent regime it intends to apply to claims management companies (CMCs) when it takes over their regulation on 1 April 2019.’

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Legal Futures, 6th June 2018

Source: www.legalfutures.co.uk

TSB investigated over IT meltdown – BBC News

‘A computer failure at TSB that caused up to 1.9 million people to lose access to online banking services is being investigated by the financial regulator.’

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BBC news, 6th June 2018

Source: www.bbc.co.uk

Crackdown on high-interest lending announced by FCA – BBC News

Posted May 31st, 2018 in consumer credit, financial regulation, loans, news by sally

‘The rent-to-own sector faces a price cap similar to limits on payday loans, but the financial regulator will not rush to impose the same restrictions on overdrafts.’

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BBC News, 31st May 2018

Source: www.bbc.co.uk

New Acts – legislation.gov.uk

Financial Guidance and Claims Act 2018

Laser Misuse (Vehicles) Act 2018

Source: www.legislation.gov.uk

City firms launch review into dispute resolution for companies wronged by banks after RBS scandal – Daily Telegraph

‘City firms have launched a review into dispute resolution for companies wronged by banks, in the wake of the scandal over RBS’s mistreatment of small businesses. UK Finance, the lobby group for 300 British finance companies, has commissioned an independent study to analyse how complaints and disputes can be resolved in a more time and cost effective manner.’

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Daily Telegraph, 29th April 2018

Source: www.telegraph.co.uk

Former BHS owner Chappell faces boardroom ban but Sir Philip Green escapes sanction over collapse – Daily Telegraph

Posted March 28th, 2018 in company directors, financial regulation, insolvency, news, pensions, sanctions by tracey

‘Former BHS owner Dominic Chappell will be banned from serving as company director for up to 15 years over his role in the the high street chain’s collapse, while its previous owner Sir Philip Green will escape any sanction. The Insolvency Service said that the retail mogul Sir Philip, who sold BHS to thrice bankrupt Mr Chappell little over a year before its demise for £1, will not face further action.’

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Daily Telegraph, 27th March 2018

Source: www.telegraph.co.uk

FCA crackdown on dodgy pensions advice after thousands of people hit by scandal – The Independent

Posted March 27th, 2018 in financial advice, financial regulation, news, pensions by tracey

‘The City watchdog has announced measures to deal with an “erupting pensions mis-selling scandal”, but MPs say the plans do not go far enough to protect people’s savings.’

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The Independent, 26th March 2018

Source: www.independent.co.uk

Speech by Sir Geoffrey Vos, Chancellor of the High Court: Integrity and independence in the judiciary and the financial services industry – a comparative study – Courts & Tribunals Judiciary

‘Speech by Sir Geoffrey Vos, Chancellor of the High Court: Integrity and independence in the judiciary and the financial services industry – a comparative study.’

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Courts & Tribunals Judiciary, 21st March 2018

Source: www.judiciary.gov.uk

Call for stricter rules on doorstep loans – BBC News

Posted March 19th, 2018 in consumer credit, financial regulation, loans, news by sally

‘People who borrow money from doorstep lenders should get the same protection as those with payday loans, a charity has argued.’

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BBC News, 19th March 2018

Source: www.bbc.co.uk

FCA v Grout [2018] EWCA Civ 71: Anonymous or Synonymous? – 4 New Square

Posted March 16th, 2018 in financial regulation, identification, news, third parties by sally

‘The Court of Appeal confirms the restrictive approach to third party rights under FCA Notices adopted by the Supreme Court in Macris v FCA [2017] UKSC 19.’

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4 New Square, 6th February 2018

Source: www.4newsquare.com

City watchdog: Civil justice ‘out of reach’ for most British citizens – Law Society’s Gazette

Posted March 15th, 2018 in civil justice, financial regulation, news, speeches by tracey

‘Civil justice is readily available to the international super-rich but out of reach of most British citizens, according to a top City watchdog. But John Griffith-Jones, chairman of the Financial Conduct Authority, believes it is the job of parliament to boost consumer redress by changing the law, rather than simply tinkering with the regulator’s rulebook.’

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Law Society's Gazette, 14th March 2018

Source: www.lawgazette.co.uk

Regulator begins new sector-focused crackdown on cartels – OUT-LAW.com

Posted February 28th, 2018 in competition, construction industry, financial regulation, news, whistleblowers by sally

‘The UK’s Competition and Markets Authority (CMA) will target “industries that are at a greater risk of cartels forming” as part of a new campaign to crack down on anti-competitive behaviour.’

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OUT-LAW.com, February 2018

Source: www.out-law.com

Doorstep lender to return £169m to customers – BBC News

Posted February 27th, 2018 in consumer credit, financial regulation, fines, loans, misrepresentation, news by tracey

‘A division of troubled lender Provident Financial has been told to pay almost £169m in compensation to customers. The Financial Conduct Authority (FCA) said Provident’s Vanquis unit failed to properly disclose charges on one of its popular repayment plans.’

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BBC News, 27th February 2018

Source: www.bbc.co.uk

MPs publish full unredacted report into RBS small business scandal – The Guardian

Posted February 21st, 2018 in banking, financial regulation, news, Supreme Court by tracey

‘The Treasury committee has published the full unredacted report into Royal Bank of Scotland’s “disgraceful” treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis.’

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The Guardian, 20th February 2018

Source: www.theguardian.com