‘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.’
OUT-LAW.com, 2nd December 2015
Source: www.out-law.com
‘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.’
OUT-LAW.com, 27th November 2015
Source: www.out-law.com
‘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.’
Daily Telegraph, 26th November 2015
Source: www.telegraph.co.uk
‘Regulators will conduct a review into whether enforcement action against management team should be taken “as early as possible next year.” ’
The Guardian, 19th November 2015
Source: www.guardian.co.uk
‘A report into the collapse of HBOS is due later and is expected to be critical of its former bosses.’
BBC News, 19th November 2015
Source: www.bbc.co.uk
‘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. ‘
UK Human Rights Blog, 28th October 2015
Source: www.ukhumanrightsblog.com
‘The financial regulator, the Financial Conduct Authority (FCA) is considering a deadline for claims over mis-sold payment protection insurance (PPI).’
BBC News, 2nd October 2015
Source: www.bbc.co.uk
‘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.’
The Guardian, 23rd September 2015
Source: www.guardian.co.uk
‘Solicitor General’s keynote address to the 33rd Cambridge Symposium on Economic Crime.’
Attorney General’s Office, 11th September 2015
Source: www.gov.uk/ago
‘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.’
Zenith Chambers, 26th September 2015
Source: www.zenithchambers.co.uk
‘The Co-operative Bank has escaped a fine from regulators investigating the “failings” throughout 2009-13 that led to its bailout.’
BBC News, 11th August 2015
Source: www.bbc.co.uk
‘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.’
Hardwicke Chambers, 15th June 2015
Source: www.hardwicke.co.uk
‘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.’
The Guardian, 23rd June 2015
Source: www.guardian.co.uk
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
Source: www.iclr.co.uk
‘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.’
The Guardian, 27th May 2015
Source: www.guardian.co.uk
‘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
Source: www.zenithchambers.co.uk
‘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.’
OUT-LAW.com, 30th March 2015
Source: www.out-law.com
‘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
Source: www.iclr.co.uk
‘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).’
OUT-LAW.com, 26th March 2015
Source: www.out-law.com
‘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.’
RPC Financial Services Blog, 24th March 2015
Source: www.rpc.co.uk
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