‘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
‘Although there is precious little detail until the Finance Bill is published next week you may be interested in the following new Budget announcements concerning SEIS/EIS/VCT investments – I haven’t included previously announced measures.’
Technology Law Update, 19th March 2015
Source: www.technology-law-blog.co.uk
‘Financial services companies that ‘retweet’ comments on Twitter could find themselves in breach of rules on financial promotions, the Financial Conduct Authority (FCA) has warned.’
OUT-LAW.com, 13th March 2015
Source: www.out-law.com
‘The City regulator has uncovered a litany of unfair practices at payday lenders including sending threatening text messages, pursuing customers for the wrong amount and misleading people about the effect of non-payment on their credit rating.’
The Guardian, 10th March 2015
Source: www.guardian.co.uk
‘The Bank of England plans to beef up its watchdog role after it failed to spot one of the biggest scandals in the City’s recent history. The central bank said a “root-and-branch” review of its market intelligence operations had found that some staff were unfamiliar with the way City firms operated.’
The Guardian, 26th February 2015
Source: www.guardian.co.uk
‘The UK’s Financial Conduct Authority (FCA) is to formally review competition between banks that provide investment and corporate banking services after finding “unanswered questions about potential conflicts of interest and value for money”, it has announced.’
OUT-LAW.com, 23rd February 2015
Source: www.out-law.com
‘Complaints about payment protection insurance (PPI) are still making up two-thirds of all the cases being dealt with by the financial ombudsman, which named Lloyds and Barclays as Britain’s two “most complained-about” financial firms.’
The Guardian, 24th February 2016
Source: www.guardian.co.uk
‘Britain’s financial watchdog has raised the possibility of introducing a time limit on complaints about payment protection insurance, the mis-selling scandal that has cost banks more than £17bn in compensation.’
The Guardian, 30th January 2015
Source: www.guardian.co.uk
Peer-to-peer (P2P) lending platforms risk being told what terminology they can and cannot use in their marketing material if concerns identified by the UK’s City watchdog go unaddressed, an expert has said.
OUT-LAW.com, 28th January 2015
Source: www.out-law.com
‘The financial regulator is rushing in new rules aimed at protecting people keen to cash in their pension pots from making bad decisions that could cost them dearly later on.’
The Guardian, 26th January 2015
Source: www.guardian.co.uk
‘UK regulators have published final rules governing how they will treat banks and investment firms in financial difficulty, following changes to EU law which will require investors and bondholders to bear the cost of bank failure.’
OUT-LAW.com, 22nd January 2015
Source: www.out-law.com
‘A non-executive director who failed to declare a conflict of interest has lost her appeal against the Financial Conduct Authority (FCA), which had fined her £154,800 and banned her from holding a regulated financial services role.’
OUT-LAW.com, 13th January 2015
Source: www.out-law.com
‘The FOS yesterday published its 2015/16 budget consultation. In short, we can expect more of the same.’
RPC Financial Services Blog, 7th January 2015
Source: www.rpc.co.uk
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