Category: financial regulation
Hedge fund use of private exit polls attracts City watchdog – The Guardian
‘The City watchdog is considering fresh guidelines around the sale of private polling data to hedge funds looking to profit from major political events such as Brexit.’
The Guardian, 15th January 2019
Source: www.theguardian.com
Change in regulation of claims management companies – OUT-LAW.com
‘The Financial Conduct Authority (FCA) will become responsible for the regulation of claims management companies in Great Britain from April this year in a move broadly welcomed within the insurance sector. Legislation implementing the reforms provides some details on how the new regime will work.’
OUT-LAW.com, 7th January 2019
Source: www.out-law.com
Review calls for new powers for corporate governance regulator – OUT-LAW.com
‘The UK needs a new corporate governance regulator, with a new mandate and enhanced powers to hold company directors to account, an independent review has concluded.’
OUT-LAW.com, 20th December 2018
Source: www.out-law.com
Financial Conduct Authority brings in new push payment complaints rules – OUT-LAW.com
‘The UK’s Financial Conduct Authority (FCA) has confirmed it is to make it easier for victims of authorised push payment (APP) fraud to make a complaint about a transaction.’
OUT-LAW.com, 18th December 2018
Source: www.out-law.com
FCA under fire over Lloyds compensation scheme – BBC News
‘The Financial Conduct Authority (FCA) has been criticised for allowing Lloyds Banking Group to set up a “flawed” compensation scheme for victims of a massive fraud.’
BBC News, 17th December 2018
Source: www.bbc.co.uk
Multiplicity of legal regulators “not helping AML fight” – Legal Futures
‘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.’
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
‘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.’
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.’
4 New Square, 11th December 2018
Source: www.4newsquare.com
Amenability to judicial review – Law Society’s Gazette
‘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.’
Law Society's Gazette, 10th December 2018
Source: www.lawgazette.co.uk
City watchdog steps up its inquiries into ‘crypto’ firms – Daily Telegraph
‘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.’
Daily Telegraph, 25th November 2018
Source: www.telegraph.co.uk
Price cap plan to clamp down on high rent-to-own fees – The Guardian
‘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.’
The Guardian, 22nd November 2018
Source: www.theguardian.com
MPs call for tribunal to bring ‘misbehaving banks’ to justice – The Guardian
‘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.’
The Guardian, 20th November 2018
Source: www.theguardian.com
Final salary pension transfers stall as High Court throws rules into doubt – Daily Telegraph
‘People who attempt to swap final salary company pensions for cash are being left in limbo following a controversial legal judgment.’
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”.’
Six Pump Court, 30th October 2018
Source: www.6pumpcourt.co.uk
Tighter regulation of cryptoassets coming in the UK – OUT-LAW.com
‘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.’
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.’
Supreme Court, 26th October 2018
Source: www.supremecourt.uk
UK government reveals transition from EU to UK law for financial instruments – OUT-LAW.com
‘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.’
OUT-LAW.com, 16th October 2018
Source: www.out-law.com
Watchdog investigates firms over hidden fees – Daily Telegraph
‘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).’
Daily Telegraph, 8th October 2018
Source: www.telegraph.co.uk
Freezing injunction duty of disclosure ‘should not be taken lightly’ – OUT-LAW.com
‘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.’
OUT-LAW.com, 30th August 2018
Source: www.out-law.com
