Bank fined after outsourcing faults led to improper money transfers and exposure to financial risk –

Posted December 3rd, 2015 in banking, financial regulation, fines, news by tracey

‘The Prudential Regulatory Authority (PRA) has fined a bank more than £1 million after finding that faults with its outsourcing arrangements helped rogue employees at a third party service provider to move money out of its bank accounts without its knowledge or consent and put the bank’s own financial health at risk.’

Full story, 2nd December 2015


Court to rule on first proposed deferred prosecution agreement in the UK on Monday –

Posted November 30th, 2015 in deferred prosecution agreements, financial regulation, fraud, news by sally

‘A court in London is expected to decide on Monday whether to approve a deferred prosecution agreement (DPA) provisionally put in place by the Serious Fraud Office (SFO) and Standard Bank.’

Full story, 27th November 2015


City watchdog probes new ‘bank account’ pensions for rip-off fees – Daily Telegraph

Posted November 26th, 2015 in fees, financial regulation, news, pensions by tracey

‘The City watchdog has begun its first official probe into rip-off charges on new flexible “bank account” pensions over fears they are depriving pensioners of hundreds of pounds a year.’

Full story

Daily Telegraph, 26th November 2015


HBOS collapse: report recommends formal investigation into executives – The Guardian

Posted November 20th, 2015 in banking, financial regulation, news, reports by tracey

‘Regulators will conduct a review into whether enforcement action against management team should be taken “as early as possible next year.” ’

Full story

The Guardian, 19th November 2015


Regulators to report on HBOS failings – BBC News

Posted November 19th, 2015 in banking, financial regulation, news, reports by tracey

‘A report into the collapse of HBOS is due later and is expected to be critical of its former bosses.’

Full story

BBC News, 19th November 2015


Bank Mellat and disclosure in closed material proceedings

‘Bank Mellat is an Iranian bank, initially subjected to a 2009 order which prohibited anybody in the UK from dealing with it – until the Supreme Court quashed it: here, and my posts here and here. ‘

Full story

UK Human Rights Blog, 28th October 2015


PPI payout deadline considered by regulator – BBC News

Posted October 2nd, 2015 in financial regulation, insurance, limitations, news by tracey

‘The financial regulator, the Financial Conduct Authority (FCA) is considering a deadline for claims over mis-sold payment protection insurance (PPI).’

Full story

BBC News, 2nd October 2015


Charities should face fundraising ban if they harass donors – report – The Guardian

Posted September 23rd, 2015 in charities, data protection, financial regulation, harassment, news, penalties by sally

‘Charities that harass or abuse donors should be named and shamed, and in some cases banned from approaching the public for money, a government-commissioned review of fundraising has recommended.’

Full story

The Guardian, 23rd September 2015


The Limits of the Law – The role of compliance in the 21st Century – Attorney General’s Office

Posted September 11th, 2015 in corruption, financial regulation, fraud, prosecutions, speeches by tracey

‘Solicitor General’s keynote address to the 33rd Cambridge Symposium on Economic Crime.’

Full speech

Attorney General’s Office, 11th September 2015


Payment Systems Regulator Publishes Guidance on Concurrent Competition Powers – Zenith Chambers

Posted September 4th, 2015 in banking, competition, financial regulation, news by sally

‘On 13 August 2015 the Payment Systems Regulator (PSR) issued guidance on how it will apply its concurrent competition law powers in relation to participation in payment systems.’

Full story

Zenith Chambers, 26th September 2015


Co-op Bank escapes regulatory fine – BBC News

Posted August 11th, 2015 in banking, financial regulation, fines, news by sally

‘The Co-operative Bank has escaped a fine from regulators investigating the “failings” throughout 2009-13 that led to its bailout.’

Full story

BBC News, 11th August 2015


Limitation, latent damage and tax mitigation scheme claims – Hardwicke Chambers

‘As (relatively) recent press coverage of celebrity participants shows, litigation relating to tax mitigation (or avoidance) schemes is on the rise. HMRC has taken an increasingly harder line in recent years both in tightening the legislation surrounding tax avoidance and in refusing and litigating claims for tax relief based on “losses” incurred in tax mitigation schemes. Investors who have lost out are increasingly turning to their original financial advisers for recompense. Unfortunately, many such claims are only considered or intimated after the primary limitation period has passed.’

Full story

Hardwicke Chambers, 15th June 2015


Co-operative Bank could face fines from regulators – The Guardian

Posted June 24th, 2015 in banking, financial regulation, fines, news by sally

‘The scandal which enveloped the Co-operative Bank was reawakened on Tuesday when the bank revealed it was facing fines from City regulators over the events that led to its near collapse two years ago.’

Full story

The Guardian, 23rd June 2015


Macris v Financial Conduct Authority – WLR Daily

Macris v Financial Conduct Authority [2015] EWCA Civ 490; [2015] WLR (D) 219

‘When determining whether, for the purposes of section 393 of the Financial Services and Markets Act 2000, “matters” in a notice issued by the Financial Conduct Authority as against a bank had “identified” a person who was not directly named, a simple objective test was to be applied.’

WLR Daily, 19th May 2015


Banks face bigger PPI mis-selling bill as regulator considers compensation rules – The Guardian

‘Banks could face a bigger bill for mis-selling payment protection insurance after the City regulator said it was considering new rules on how customers should be compensated.’

Full story

The Guardian, 27th May 2015


New Payment Systems Regulator issues Policy Statement – Zenith Chambers

Posted April 2nd, 2015 in banking, competition, financial regulation, news by sally

‘On 25 March 2015, and a week before its operational launch on 1 April 2015 the Payment Systems Regulator (PSR) issued a policy statement (PSR PS15/1). This sets out the new regulatory framework for payment systems in the UK. The PSR is an authority without peers domestically and internationally.Businesses who have not previously been subject to regulatory scrutiny including interbank operators, payment service providers and infrastructure providers will now be subject to industry-wide economic regulation.’

Full story (PDF)

Zenith Chambers, 27th March 2015


FCA focus on personal accountability driving increase in financial firm whistleblowing, says expert –

Posted March 31st, 2015 in financial regulation, news, reports, whistleblowers by sally

‘A significant increase in the number of whistleblowing cases opened by the Financial Conduct Authority (FCA) over the course of the last year shows that the regulator’s increased focus on personal accountability is changing employee behaviour in the financial services industry, an expert has said.’

Full story, 30th March 2015


Financial Conduct Authority v Capital Alternatives Ltd and others – WLR Daily

Posted March 30th, 2015 in agriculture, appeals, financial regulation, law reports by sally

Financial Conduct Authority v Capital Alternatives Ltd and others [2015] EWCA Civ 284; [2015] WLR (D) 140

‘The critical question in deciding whether property was “managed as a whole” within section 235(3)(b) of the Financial Services and Markets Act 2000 was whether a characteristic feature of the arrangements under the scheme was that the property to which those arrangements related was managed as a whole. Whether that condition was satisfied required an overall assessment and evaluation of the relevant facts.’

WLR Daily, 25th March 2015


FCA plans to ban ‘opt-out’ sales of add-on insurance products –

Posted March 27th, 2015 in consumer protection, financial regulation, insurance, internet by sally

‘UK financial services firms will be banned from using pre-ticked boxes and other methods to sell customers additional ‘add-on’ products when they are purchasing regulated financial products under plans published by the Financial Conduct Authority (FCA).’

Full story, 26th March 2015


Do not-so smart pension reforms mean FCA wants pensioners to be ScamSmart? – RPC Financial Services Blog

Posted March 26th, 2015 in consumer protection, financial regulation, news, pensions by sally

‘Less than two weeks after Martin Wheatley’s speech identifying April’s ‘big bang’ pension reforms as “[t]he defining challenge of our time”, the FCA has launched a website called ‘ScamSmart’ dedicated to helping retail investors identify fraudulent investment scams. Martin Wheatley’s keynote speech and the launch of the ScamSmart website indicate the level of concern in the FCA about the impact of the reforms on UK pensioners. The strength of these concerns is confirmed in today’s Business Plan which includes plans for the FCA to carry out a thematic review (with, presumably, intense supervisory and enforcement work to follow) into the suitability of pensions and retail investment advice.’

Full story

RPC Financial Services Blog, 24th March 2015