FCA gives green light to use of cloud computing in UK financial services – OUT-LAW.com

Posted July 8th, 2016 in electronic commerce, financial regulation, internet, news by sally

‘Financial services companies operating in the UK can make use of cloud-based services without falling foul of regulatory obligations, the Financial Conduct Authority (FCA) has said. However, firms may be disappointed that some of the guidance is not more specific or prescriptive in some areas, an expert has said.’

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OUT-LAW.com, 8th July 2016

Source: www.out-law.com

City regulator’s fines drop from £819m to £7m in a year – The Guardian

Posted July 4th, 2016 in banking, financial regulation, fines, interest, news, statistics by michael

‘Fines imposed by the Financial Conduct Authority (FCA) in the first half of 2016 have fallen to £7.2m – less than 1% of the figure of a year before.’

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The Guardian, 3rd July 2016

Source: www.guardian.co.uk

Trade bodies publish new market abuse guidance to replace Model Code – OUT- LAW.com

‘Guidance and specimen policy documents to help quoted companies comply with new market abuse rules when dealing in shares have been published by the UK’s main trade bodies for governance professionals and general counsel.’

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OUT-LAW.com, 29th June 2016

Source: www.out-law.com

Former Schroders trader jailed for two years for insider trading – The Guardian

Posted June 14th, 2016 in financial regulation, insider dealing, news, sentencing by sally

‘Damian Clarke, a former equities trader at Schroders Investment Management, has been sentenced to two years in prison for insider trading.’

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The Guardian, 13th June 2016

Source: www.guardian.co.uk

Financial watchdogs need more bite to bring shadow banking to heel – The Guardian

Posted June 6th, 2016 in banking, financial regulation, news by sally

‘Bank of England boss Mark Carney should listen to those who fear regulators need to do more to stop continued bad practice in the financial sector.’

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The Guardian, 5th June 2016

Source: www.guardian.co.uk

Watchdog to ban penalties for savers accessing pensions – Daily Telegraph

Posted May 26th, 2016 in fees, financial regulation, news, penalties, pensions by tracey

Penal charges applying to people who want to access their retirement savings are to be banned by the City watchdog, the Financial Conduct Authority.’

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Daily Telegraph, 26th May 2016

Source: www.telegraph.co.uk

City insider traders sentenced to eight years in prison – Daily Telegraph

Posted May 13th, 2016 in financial regulation, insider dealing, news, sentencing by tracey

‘Two men who were part of the most complex insider dealing ring uncovered by the City watchdog have been sentenced to a total of eight years in prison.’

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Daily Telegraph, 12th May 2016

Source: www.telegraph.co.uk

New Acts – legislation.gov.uk

Posted May 6th, 2016 in banking, financial regulation, legislation, trade unions by tracey

Trade Union Act 2016

Bank of England and Financial Services Act 2016

Source: www.legislation.gov.uk

New ‘unexplained wealth orders’ among UK anti-money laundering reforms – OUT-LAW.com

‘Those suspected of money laundering could be required to explain the origins of any unexpected wealth or risk forfeiture as part of a package of measures put forward for consultation by the UK government.’

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OUT-LAW.com, 25th April 2016

Source: www.out-law.com

FCA wins landbanking case, but investors still likely to lose out – The Guardian

Posted April 21st, 2016 in appeals, financial regulation, news, planning, sale of land, Supreme Court by tracey

‘Asset Land’s appeal rejected by the supreme court but the City regulator says investors “are likely only to get a fraction of their money back”.’

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The Guardian, 20th April 2016

Source: www.guardian.co.uk

Watchdog launches review of pension freedoms amid concerns over mis-selling – Daily Telegraph

Posted April 6th, 2016 in financial regulation, news, pensions by tracey

‘A major review of new pension freedoms announced by George Osborne last year is to be carried out by the Financial Conduct Authority amid fears of mis-selling.’

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Daily Telegraph, 6th April 2016

Source: www.telegraph.co.uk

Holmcroft: Skilled person not amenable to judicial review – Henderson Chambers

Posted March 22nd, 2016 in banking, financial regulation, fraud, judicial review, negligence, news by sally

‘On 24 February 2016, in R (Holmcroft Properties Limited) -v- KPMG LLP and others, the Divisional Court dismissed Holmcroft’s judicial review challenge to the skilled person’s role in a mis-selling redress scheme. The skilled person, KPMG, had approved Barclays’ rejection of Holmcroft’s claims for consequential losses it claimed to have suffered as a result of the mis-sale. The court found that the skilled person was not amenable to judicial review and that, in any event, it had acted fairly.’

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Henderson Chambers, 3rd March 2016

Source: www.hendersonchambers.co.uk

LIBOR case transferred to Financial List despite need for new judge – Litigation Futures

Posted March 1st, 2016 in banking, case management, courts, damages, financial regulation, interest, judges, news by sally

‘A claim against Royal Bank of Scotland (RBS), including allegations of rigging the LIBOR rate, has been transferred to the new Financial List even though the move means bringing in a new judge.’

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Litigation Futures, 1st March 2016

Source: www.litigationfutures.com

FCA ‘lacks evidence’ of whether regulation is reducing mis-selling by financial firms, auditors say – OUT-LAW.com

Posted March 1st, 2016 in consumer protection, evidence, financial regulation, news by sally

‘Data collected by the Financial Conduct Authority (FCA) is insufficient to prove whether regulatory interventions have had an effect on mis-selling by financial firms, the UK’s public spending watchdog has said.’

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OUT-LAW.com, 26th February 2016

Source: www.out-law.com

MPs to debate whether Financial Conduct Authority is up to job of regulating City – The Guardian

Posted February 1st, 2016 in banking, financial regulation, financial services ombudsman, news, parliament by tracey

‘The Financial Conduct Authority is expected to face criticism on Monday when MPs debate a motion on whether it is up to the job of regulating behaviour in the City.’

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The Guardian, 31st January 2016

Source: www.guardian.co.uk

Financial list for cases over £50m working well, Mr Justice Blair says – Litigation Futures

Posted January 28th, 2016 in banking, budgets, costs, financial regulation, judges, news, pilot schemes, speeches, trials by sally

‘The ‘financial list’ launched by the High Court in October last year for claims linked to the financial markets and worth over £50m is “operating well”, Mr Justice Blair has said.’

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Litigation Futures, 27th January 2016

Source: www.litigationfutures.com

‘Big Four’ audit firms never examined over illegal tax plans – The Independent

Posted January 18th, 2016 in accountants, auditors, financial regulation, news, tax avoidance by tracey

‘Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called “Big Four” firms – PricewaterhouseCoopers (PwC), KPMG, Deloitte & Touche and Ernst & Young – has ever faced regulatory investigation for such schemes. Court rulings condemning unlawful avoidance schemes are regularly overlooked by regulators.’

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The Independent, 18th January 2016

Source: www.independent.co.uk

Court of Appeal permits early redemption of Lloyds Banking Group’s Enhanced Capital Notes – Commercial Disputes Blog

Posted January 13th, 2016 in appeals, banking, contracts, financial regulation, interpretation, news, time limits by sally

‘In BNY Mellon Corporate Trustee Services Ltd v LBG Capital No.1 and No. 2 Plc, the Court of Appeal reversed the first instance decision of the High Court, by allowing early redemption of certain convertible securities (known as Enhanced Capital Notes, or ECNs).’

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Commercial Disputes Blog, 4th January 2016

Source: www.rpc.co.uk

The “Investment Mis-Selling” Controversy – What Should Footballers do Next? – Littleton Chambers

Posted January 12th, 2016 in financial regulation, fraud, negligence, news, sport by sally

‘This article by Daniel Northall was first produced for and published by LawinSport.com . Daniel examines the legal implications of the recent controversy1 concerning the mis-selling of investments2 to high net worth individuals, notably footballers.3 Specifically, it explores the nature of the problem, including the investments made, how they might come to be mis-sold, and the avenues available to a footballer who has sustained substantial losses through mis-sold investments. It will be particularly relevant to footballers and their professional advisors.’

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Littleton Chambers, 12th January 2016

Source: www.littletonchambers.com

City watchdog denies going soft on banks after dropping inquiry – The Guardian

Posted January 11th, 2016 in banking, financial regulation, inquiries, news, ombudsmen, tax avoidance by tracey

‘The acting chief executive of the City watchdog has denied claims it has gone soft on banks following the decision to drop its inquiry into banking culture.’

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The Guardian, 9th January 2016

Source: www.guardian.co.uk